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., S. Tian, & Zhang, Y. (2023), CEO Marital Status and Corporate Tax Planning Behavior, , Review of Quantitative Finance and Accounting, Forthcoming. (ABS3)
  2. 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.
  3. 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, 16 (3), 647-668 (ABS1)
  4. 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)
  5. 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)
  6. 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.
  7. “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.
  8. “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.
  9. “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.
  10. “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.
  11. “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.
  12. “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.
  13. “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)
  14. “Inflation transmission in Greater China”, Ming-Hua Liu, Dimitris Margaritis and Yang Zhang, China and World Economy 23, 2015, pp. 79 – 99. (ABS1)
  15. “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.
  16. “Effective derivative hedging and initial public offering long-run performance”, Hoa Nguyen and Ming-Hua Liu, Accounting & Finance 54, 2014, pp. 1263-1294. (ABS2)
  17. “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)
  18. “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.
  19. “Deposit rate pass-through and competition: Evidence of Macao”, Ming-Hua Liu and Mila Wang, Macao Monetary Research Bulletin 22, 2012, pp. 83-109.
  20. “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)
  21. “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)
  22. “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)
  23. “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)
  24. “Islamic Banking: interest-free or interest based?”, Beng Soon Chong and Ming-Hua Liu, Pacific Basin Finance Journal 17, 2009, pp. 125-144. (ABS2)
  25. “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)
  26. “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)
  27. “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)
  28. “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.
  29. “Share repurchases in New Zealand”, H. Koerniadi, Ming-Hua Liu and A. Tourani-Rad, Advances in Financial Economics12, 2007, 481- 498.
  30. “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)
  31. “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)
  32. “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.)
  33. “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)
  34. “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.
  35. “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.
  36. “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.
  37. “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.
  38. “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).
  39. “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