Profile

Personal Information:

Dr. Pei (Jose) Liu is currently a Senior Lecturer in Accounting and Finance in Newcastle University Business School. Prior to that, he has worked as a teaching assistant in Durham University and a research assistant in Bank of China (UK) Limited. Dr. Liu has international experience in teaching at postgraduate (MSc, MA), post-experience and undergraduate (BSc) levels. His research interests are in the areas of finance and financial economics. Specifically, the focus of his research is on the links between macroeconomic activity and finance, and he also has interests on Financial Economics, Corporate Finance, Behavioral Finance, Firms' Information Disclosure, and M&A. 

Qualifications:

Education:

• PhD in Finance, Durham University (2015)
• MSc (Distinction) in International Banking and Finance, Durham University (2011)
• BA (Hons) in Economics, Wuhan University (2009) 

Others:

• Cert. in Learning & Teaching, Durham University (2011)
• HEA Certificate of Fellowship (2013)
• Researcher in Bank of China (London) (2015)

Google Scholar: Click here.

Research Supervisions:

• I am happy to supervise PhD students in the broad area of Accounting & Finance; Corporate Finance; Financial Economics; Behavioural Finance; Fintech; ESG; etc. Please contact me for further discussion.

Graduated PhD Students:

• Liquidity in the Equity Option Market (Dr Min Deng, graduated in 2021, now working as Teaching Associate in School of Economics and Finance, Queen Mary University of London, co-supervised with Dr. Minh Nguyen)
• Behavioral Finance among Chinese Investors (Dr Dun Han, graduated in 2022, now working as Lecturer in Finance in Queen's University Belfast Management School, co-supervised with Prof. David Higgins)
• Managerial Traits and Investment Efficiency (Dr Jiaxin Liu, graduated in 2023, now working as Lecturer in Accounting in Newcastle University Business School, co-supervised with Prof. Simon Hussain)
• Narrative Disclosure, Corporate Activity, and Market Reaction (Dr Qiwu Guo, graduated in 2024, co-supervised with Dr Linda Song and Dr Doris Xin)

Current PhD Students:

• Liquidity Creation: A Micro-Perspective and A Macro-Perspective Approach (Miss Sandra Adel Fares, 4th Year PhD candidate, co-supervised with Dr. Andrei Stancu)
• Environmental Disclosure, Political Connection, and Corporate Activity (Miss Siyang Guan, 3rd Year PhD candidate, co-supervised with Dr. Lana Liu)
• Climate Change and Corporate Risk (Miss Congjing Song, 2nd Year PhD candidate, co-supervised with Dr. Nikolaos Papanikolaou)
• Open Banking and FinTech (Mr Shuai Ren, 1st Year PhD candidate, co-supervised with Dr. Nikolaos Papanikolaou)
• Cybersecurity risk and innovation (Miss Zixia Wang, 1st Year PhD candidate, co-supervised with Dr. Doris Xin)

Research Projects:

• RMB internationalisation, Oversea Investment and Financial Risk Management. (Joint UK and Chinese project, supported by The ESRC and the National Science Foundation of China (NSFC) Newton Fund, submitted and under review) 
• Information Disclosure and Firm risk taking (with Dr Doris Xin from Newcastle University)
• P2P Lending in the US Secondary Market (with Prof Ke Tang from Tsinghua University)

Research Grants:

• 2023: The Research and Impact Support Fund of Newcastle University Business School on "The hedging performance of the green, climate-themed, social, and sustainable bonds" (£2,000, CI, with Nikolaos P, Newcastle University)
• 2022: The National Natural Science Foundation of China (NSFC) Fund on "The Mechanism, Implementation and Evolution of Corporate Social Responsibility on Carbon Emission under the 'Dual Carbon (Carbon Peak and Carbon Neutrality)' Target" (RMB 600,000, approximately £72,000, CI, with Qu W, Zhang X, and Lu C, Shanxi University )
• 2022: Digital Innovation Fund of Newcastle University Business School (£1,000, PI)
• 2018: The Research Simulation Funding of Sheffield University Management School “Brexit and Market attention” (£5,270, CI, with Yang J, Sheffield University)
• 2017: HEFCE Newton Fund on “Uncovered Equity Disparity in Emerging Markets” (£7,700, CI, with Yan C, Durham University).

Research Visiting:

• Visiting Scholar in Tsinghua University (China) (2019 - 2020)

Refereeing Activities:

• European Journal of Finance; Quantitative Finance; International Review of Financial Analysis; Economics Letter; Economic Modelling; International Journal of Accounting and Business Finance; Emerging Market Finance and Trade; Pacific-Basin Finance Journal; PLUS ONE; etc.

Editorial Experiences:

• Youth Editorial Board Member, Journal of Digital Economy (JDE) with ISSN 2773-0670
• Editorial Board Member, International Journal of Finance and Banking Research (IJFBR) with ISSN 2472-226X (Print) and ISSN 2472-2278 (Online)
• Advisory Board Member, International Journal of Accounting and Business Research (IJFAB) with ISSN 2448-9867 (Print) and ISSN 2448-9875 (Online)

Other Activities:

• PhD Viva External Examiner
• PhD Viva Internal Examiner
• PhD Viva Independent Chair
• PG & UG Dissertation Supervisor

Papers under Review/Resubmission:

• "The Impact of Political Connections on Firm Carbon Performance: The Moderating Effect of Media Exposure", , under R&R on Journal of Management (ABS4*)
• "Corporate Environmental Performance and Stock Price Crash Risk" (with N. Papanikolaou and C. Song), under R&D on The Financial Review (ABS3*)
• "Textural similarity and market reaction"(with Q. Guo and J. Xin), under R&R on Journal of International Financial Markets, Institutions & Money (ABS3*)
• “Managerial ability, narrative tone and State-designated vs. market-orientated media coverage” (with S. Hussain and J. Liu), under R&R on Journal of International Accounting, Auditing and Taxation (ABS3*)
• “Textual Innovation Disclosure and Stock Return: Evidence from the Chinese Stock Market” (with Q. Guo and X. Song), under R&R on The International Journal of Accounting (ABS3*)
• "Do ecological concerns of local governments matter? Evidence from stock price crash risk" (with X. Ren), under R&D on International Review of Economics and Finance (ABS3*)
• “Philanthropic Donations and Corporate Financial Performance: A Multiple Mediation Analysis” (with W. Qu), under R&R on Pacific-Basin Finance Journal (ABS2*)
• "The impact of corporate social responsibility on financial distress risk: The mediation effect of social capital", under R&R on Emerging Markets Finance and Trade (ABS2*)

Working Papers:

• “Selling the Best: Rank Effect in Chinese Individual Investors” (with D. Han)
• “Textual Similarity and Stock Return” (with Q. Guo)
• “To what extent do CEOs’ financial ability affect corporate responsibility performance” (with S Hussain and J. Liu)
• “The hedging performance of the green, climate-themed, social, and sustainable bonds” (with N. Papanikolaou and C. Song)
• “Words That Matter: Voluntary Disclosure Characteristics and Investor Risk Perception” (with J. Xin and S. Hussain) 
• “'Do CEOs’ financial ability matter? The effect of financial background on financial constraints” (with S Hussain and J. Liu) 

Current Teaching Covers:

• NBS8332 Financial Theory (MSc, Module leader)
• NBS8020 Dissertation (MSc)
• NBS8223 Dissertation (MSc)
• NBS8567 Topics in Finance (PhD)

Previous Teaching Covers:

• ACC2002 Managerial and Business Economics (Undergraduate)
• NBS8005 Corporate Strategy and Valuation (MSc)
• NBS8632 Financial Technology (MSc)
• NBS8998/8999 Academic Skills (MSc)

Interested Teaching Areas:

• Econometrics
• Quantitative Research Methods
• Banking and Finance
• Financial Economics
• Microeconomics
• Financial Modelling and Forecasting

Admin Roles:

• Degree Programme Director (DPD) of 5148F MSc in Banking and Finance
• Degree Programme Director (DPD) of 5149F MSc in Finance
• Data Coordinator (Refinitiv, Bloomberg, WRDS, FAME, IBES, CMIE, etc.)
• PG Selector (Finance programmes, includes MSc Banking and Finance; MSc Finance; MSc International Economics and Finance; MSc Quantitative Finance and Risk Management)
• Personal Tutor
• Tri-Uni Conference co-organizer

• Articles

  • Zhang H, Shi Y, Han D, Liu P, Xu Y. The Term Structure of Credit Default Swap Spreads and the Cross Section of Options Returns. Journal of Futures Markets 2025, Epub ahead of print.
  • Yang J, Xin J, Zeng Y, Liu P. Signaling and perceiving on equity crowdfunding decisions — a machine learning approach. Small Business Economics 2025, epub ahead of print.
  • Xu Y, Hong Y, Liu P, Zhang Z. Greeks-Neutral Option Excess Returns. The Journal of Futures Markets 2025. In Press.
  • Xiao Z, Cui S, Xiang L, Liu P, Zhang H. The Environmental Cost of Cryptocurrency: Assessing Carbon Emissions from Bitcoin Mining in China. Journal of Digital Economy 2023, 2, 119-136.
  • Ren X, Cao Y, Liu PJ, Han D. Does geopolitical risk affect firms' idiosyncratic volatility? Evidence from China. International Review of Financial Analysis 2023, 90, 102843.
  • Zhang A, Wang S, Liu B, Liu P. How fintech impacts pre- and post-loan risk in Chinese commercial banks?. International Journal of Finance and Economics 2022, 27(2), 2514-2529.
  • Liu P, Yang J, Peng Y, Shi Y. Financial structures, political risk and economic growth. The European Journal of Finance 2022, 28(4-5), 356-376.
  • Liu P, Song C, Xin J. Does green governance affect financing constraints? Evidence from China’s heavily polluting enterprises. China Journal of Accounting Research 2022, 15(4), 100267.
  • Han D, Han LY, Wu YR, Liu P. Dividend or Growth Funds: What Drives Individual Investors' Choices?. International Review of Financial Analysis 2021, 77, 101863.
  • Liu P, Shi S, Xin J. Digital Economy Era: The Role of Telecommunications Sector in Frequency-Dependent Default Risk Connectedness. Quantitative Finance 2020, 20(12), 2085-2100.
  • Guariglia A, Liu P. To what extent do financing constraints affect Chinese firms' innovation activities?. International Review of Financial Analysis 2014, 36, 223-240.