Cai Liu, PhD in Finance

Assistant Professor

Contact Details

Office: GD2202

Tel: 8590 2319

Email: cailiu@cityu.edu.mo

Education

2018, PhD in Finance, University of Reading

2017 Fall, Visiting Finance Ph.D. student, University of Texas at Dallas

2014, Master of Science in Financial Risk Management, University of Reading

2013, Bachelor of Science in Accounting and Finance, Cardiff University

Bibliography

Dr. Liu is currently an Assistant Professor in Faculty of Finance at City University of Macau. He received his PhD degree from University of Reading in 2018. His major research interests are corporate finance, corporate governance, financial institutions and banking regulation. His research papers have been published in internationally recognized journals, including: Journal of International Money and Finance, International Review of Financial Analysis, Finance Research Letters. He also works as the anonymous reviewer for several journals. Before joining City University of Macau, he worked at the School of Finance of the Southwestern University of Finance and Economics for 5 years. His course of Investment was awarded as the first-class undergraduate online course in Sichuan.

Employment

2024.08-present: City University of Macau, Assistant Professor

2019.07-2024.06: Southwestern University of Finance and Economics, Associate Professor

2019.01-2019.07: Southwestern University of Finance and Economics, Assistant Professor

Research and Teaching Fields

• Corporate Finance;
• Banking and Financial Institutions;
• Portfolio Management

Publications

1. Liu, C., 2021. The IRB model, bank regulatory arbitrage, and the Eurozone crisis. Journal of International Money and Finance, 102411
2. Liu, C., and Varotto, S., 2021. Is Small Beautiful? The Resilience of Small Banks during the European Debt Crisis. International Review of Financial Analysis, 101793
3. He, X. and Liu, C.*, 2023. Monitoring Attention of Institutional Investors and Trade Credit Financing. Finance Research Letters, 104007
4. Liu, C., and Chao, Y., 2023. Institutional Investors’ Monitoring Attention, CEO Compensation, and Relative Performance Evaluation. Finance Research Letters，104121
5. Li, W. P., Xie, C. Y., & Liu, C*. (2024). The power of the many: how retail investor attention reshapes corporate trade credit and bank loans. Finance Research Letters. Volume 69 Part B, 106217
6. Liu, C., & He, X. X. (2025). The unintended consequences of retail investor attention: the case of the long-term use of short-term debt. Finance Research Letters. Volume 82, 107587
7. Yao, K., Zheng, Z.X., & Liu, C*. (2025). The Colour of Finance Words in Chinese. Pacific-Basin Finance Journal. Available online 23 June 2025, 102854
8. Zhang, N., & Liu, C.* (2026). Confucian culture and corporate maturity mismatch: evidence from China. Finance Research Letters, 87, 108961. https://doi.org/10.1016/J.FRL.2025.108961
9. Liu, C., (2025). The risk-mitigating effect of artificial intelligence on corporate financing: Evidence from asset-liability maturity mismatch. Applied Economics Letters. DOI: 10.1080/13504851.2025.2606927 
   * Corresponding Author

Working Papers