Email

mhliu@um.edu.mo

Tel

+853 8822-4707

Office

E22-4073
Faculty of Business Administration
University of Macau, E22
Avenida da Universidade,
Taipa, Macau, China

Associate Professor in Finance

Academic Qualifications

  • PhD in Economics, University of Wales, Bangor, UK
  • MSc in International Economics, University of Wales, Cardiff, UK
  • Bachelor in Economics, Renmin University of China, Beijing, China
  • FRM in (Financial Risk Management), GARP, USA

Related Working Experiences

  • Associate professor of finance/Professor of finance, Faculty of Business, Auckland University of Technology, New Zealand
  • Assistant/Associate professor, Nanyang Business School, Nanyang Technological University, Singapore
  • Assistant Vice President, Asset/Liability Management, DBS Bank, Singapore,
  • Lecturer (British system), Nanyang Business School, Nanyang Technological University, Singapore

Awards

  • FBA Service Award, Best of Department of Finance and Business Economics, FBA, University of Macau. 2015.
  • Best Paper Award, sponsored by New Zealand Treasury, Reserve Bank of New Zealand and Ministry of Economic Development, 2010 New Zealand Finance Colloquium, Auckland, New Zealand, 11 – 12 February 2010.
  • Best paper award. The 13th PACAP/FAM Annual Finance Conference, Seoul, Korea, July 2001.
  • Teacher of the Specialisation Award for Financial Analysis, 1999, Nanyang Business School, NTU, Singapore.
  • Best paper award. Chicago Board Options Exchange Award at the 7th Annual PACAP Finance Conference, Manila, July 1995.

Teaching

  • Undergraduate Courses
    • Derivative Securities (FINC3000)
    • Bank Management (FINC433)
    • Financial Markets and Institutions (FINC363)
    • Fixed Income Securities (FINC483)
    • Financial Management I (FINC300)
    • Financial Management II (FINC301)
  • Postgraduate Courses
    • International Finance and Derivatives (FINC7058)
    • Derivatives (FINC7027)
    • Financial Risk Management (FINC735)
    • Commercial Bank Management (FINC726)

Research Interests

  • Banking
  • Chinese financial markets.
  • Currency market
  • Petrol pricing

Selected Journal Papers

  1. Liu, M.-H., Margaritis, D., Zhang, Y. (2023), The impact of regulation on credit card market competition: evidence from Australia, Journal of Economics and Finance, Forthcoming.
  2. Li, J., Liu, M-H., Shrestha, K. (2023), Does the conventional money market overnight rate influence the investment rate of Islamic deposits? Evidence from Malaysia, International Journal of Islamic and Middle Eastern Finance and Management, Forthcoming. (ABS1)
  3. Li, J., Li, Z., Liu, M.-H., (2022), Bank competition, interest rate pass-through and the impact of the global financial crisis: evidence from Hong Kong and Macao, China Finance Review International, 12(4), pp. 646 – 666. (ABS1)
  4. Liu, M.-H., Liu, T., Shrestha, K., Zhang, Y., (2021), The impact of financial regulation on the stickiness of credit card lending rates: Evidence from the USA, Review of Quantitative Finance and Accounting, V57(4), 1195-1213. (ABS3)
  5. Choi, K., Liu, M.H., Zhang Y. (2021), The Relationship between Refined Retail Oil Prices and Crude Oil Prices: A Tale of Three Cities in the Greater Bay Area of China, The Chinese Economy , V54:3, 157-175.
  6. “Interest rate liberalization and pass-through of monetary policy rate to bank lending rates”, Jingya Li and Ming-Hua Liu, Frontiers of Business Research in China 13, 2019.
  7. “The global financial crisis and the export-led economic growth in China”, Ming-Hua Liu, Dimitris Margaritis and Yang Zhang, The Chinese Economy 52 (3), 2019, pp. 232 – 248.
  8. “Bank consolidation and interest rate pass through: Evidence from Singapore and Malaysia”, Jingya Li and Ming-Hua Liu, Journal of Financial Studies 27 (2), 2019, pp. 1 – 31.
  9. “The impact of deposit insurance on the risks and returns of commercial banks: Evidence from China”, Ming-Hua Liu, Yang Zhang and Kaimeng Zheng, Journal of Financial Studies 27 (1), 2019, pp. 1 – 29.
  10. “The Global Financial Crisis and retail interest rate pass-through in Australia”, Ming-Hua Liu, Dimitris Margaritis and Zhuo Qiao, Review of Pacific Basin Financial Markets and Policies 19 (4), 2016, pp. 1 – 32.
  11. “The Global Financial Crisis and Stock Market Reaction to Bank Loan Announcements”, Ming-Hua Liu and Cherrie Chen Xu, Frontiers of Business Research in China 10 (2), 2016, pp. 176– 219.
  12. “Competition and Petrol Pricing in the Smartphone Era: Evidence from Singapore”, Ming-Hua Liu, Dimitris Margaritis and Yang Zhang, Economic Modelling 53, 2016, pp. 144 – 155. (ABS2)
  13. “Inflation transmission in Greater China”, Ming-Hua Liu, Dimitris Margaritis and Yang Zhang, China and World Economy 23, 2015, pp. 79 – 99. (ABS1)
  14. “Inflation, Monetary Policy and Reserve Requirement Ratio Adjustments in China”, Ming-Hua Liu and Dimitris Margaritis, Froniters of Business Research in China 8, 2014, pp. 137-153.
  15. “Effective derivative hedging and initial public offering long-run performance”, Hoa Nguyen and Ming-Hua Liu, Accounting & Finance 54, 2014, pp. 1263-1294. (ABS2)
  16. “Market-driven coal prices and state-administered electricity prices in China”, Ming-Hua Liu, Dimitris Margaritis and Yang Zhang, Energy Economics 40, 2013, pp. 167-175. (ABS3)
  17. “Do Chinese retail option tradersknow anything about market volatility?” Ming-Hua Liu and Nanda K. Rangan. Frontier of Business Research in China 6, 2012, pp. 508-526.
  18. “Deposit rate pass-through and competition: Evidence of Macao”, Ming-Hua Liu and Mila Wang, Macao Monetary Research Bulletin 22, 2012, pp. 83-109.
  19. “Risk appetite, carry trade and exchange rates”, Ming-Hua Liu, Dimitri Margaritis, and Alireza Tourani-Rad, Global Finance Journal 23, 2012, pp. 48 – 63. (ABS2)
  20. “Asymmetric information and price competition in small business lending”, Ming-Hua Liu, Dimitri Margaritis, and Alireza Tourani-Rad, Journal of Banking and Finance 35, 2011, pp. 2189-2196. (ABS3)
  21. “Is there an asymmetry in the response of diesel and petrol prices to crude oil price changes? Evidence from New Zealand”, Ming-Hua Liu, Dimitri Margaritis, and Alireza Tourani-Rad, Energy Economics 32, 2010, pp. 926-932. (ABS3)
  22. “Monetary policy and rigidity of interest rates in China”, Ming-Hua Liu, Dimitri Margaritis, and Alireza Tourani-Rad, Applied Financial Economics 19, 2009, pp. 647-657. (ABS2)
  23. “Islamic Banking: interest-free or interest based?”, Beng Soon Chong and Ming-Hua Liu, Pacific Basin Finance Journal 17, 2009, pp. 125-144. (ABS2)
  24. “Monetary policy transparency and pass-through of retail interest rates”, Ming-Hua Liu, Dimitri Margaritis and Alireza Tourani-Rad, Journal of Banking and Finance 32 (2008), pp. 501-511. (ABS3)
  25. “Analysis of the long-term relationship between macroeconomic variables and the Chinese stock market using heteroscedastic cointegration”, Keshab. M. Shrestha and Ming-Hua Liu, Managerial Finance 34, 2008, pp.744-755. (ABS1)
  26. “Mean reversion of profitability: Evidence from the European listed firms”, Yener Altunbas, Antonis Karagiannis, Ming-Hua Liu and Alireza Tourani-Rad, Managerial Finance 34, 2008, pp. 799-815. (ABS1)
  27. “Do retail options traders know better about market volatility?”, Cheny Chen, Ming-Hua Liu, Hoa Nguyen, American Journal of Finance and Accounting 1, 2008, pp. 1-19.
  28. “Share repurchases in New Zealand”, H. Koerniadi, Ming-Hua Liu and A. Tourani-Rad, Advances in Financial Economics12, 2007, 481- 498.
  29. “The wealth effect of forced bank mergers and cronyism”, Beng Soon Chong, Ming-Hua Liu and Kok Hui Tan, Journal of Banking and Finance 30, 2006, pp. 3215 – 3233. (ABS3)
  30. “Monetary transmission via the administered rates channel”, Beng Soon Chong, Ming-Hua Liu and K. Shrestha, Journal of Banking and Finance 30, 2006, 1467-1484. (ABS3)
  31. “Contrarian and momentum strategies in the China stock market: 1993-2000”, Joseph Kang, Ming-Hua Liu and Sophie X. Ni, Pacific Basin Finance Journal 10, 2002, pp. 243-265. (ABS2) (This paper won the best paper award at the 13th PACAP/FAM Annual Finance Conference, Seoul, Korea, July 2001.)
  32. “Risk and Efficiency in Japanese Banking”, Y. Altunbas, Ming-Hua Liu, P. Molyneux and R. Seth, Journal of Banking and Finance 24, 2000, pp. 1605-1628. (ABS3)
  33. “Valuation of Singapore Corporate Bonds and Implications”, Joseph. Kang, Kah Hwa Ng, and Ming-Hua Liu, Advances in Pacific Basin Financial Markets 4, 1998, pp. 357-376.
  34. “Liberalization of Financial Markets: Singapore is almost there”, Ashish Lall and Ming-Hua Liu, Law and Policy in International Business 28, 1997, No. 2. pp. 619-647.
  35. “The Cost Structure of Philippines Banks”, Ming Hua Liu, Kah Hwa Ng, and Nanda K. Rangan. Advances in Pacific Business, Economics and Finance 2, 1996. pp. 109-120.
  36. “Operating Efficiency of Malaysian Banks”, Ming Hua Liu, Nanda K. Rangan, and Kah Hwa Ng. Advances in Pacific Basin Financial Markets 1, 1995, pp. 277-286.
  37. “The Impact of Universal Banking on the Risks and Returns of Japanese Financial Institutions”, Beng soon Chong, Ming-Hua Liu, and Yener Altunbas, Pacific Basin Finance Journal 4, 1996, pp. 181-195. (ABS2) (This paper won the Chicago Board Options Exchange Award at the 7th Annual PACAP Finance Conference in July 1995).
  38. “Budget Participation and Satisfaction: the Influence of Managerial Interaction and Uncertainty”, J. J. Williams and Ming Hua Liu. Accountancy and Business Review 2, 1995, pp. 85-110.

Selected Books and Book Chapters

  1. Huen, P. W. M., Chen, J. J. and Liu, M.-H. (2021), Seng Heng Bank: History and Acquisition by Industrial and Commercial Bank of China. Palgrave Macmillan.

Postgraduate Student Supervision

  • Master Students
    • Currently supervising 3

Editorialship/Society Membership

  • Editorial board member, Frontiers of Business Research in China