Dr. Shushu Liao

Assistant Professor of Finance

Dr. Shushu Liao

Assistant Professor of Finance

Dr. Shushu Liao is Assistant Professor of Finance at the KLU. She obtained her Ph.D. degree of Accounting and Finance from the Lancaster University Management School, United Kingdom. Prior to that, she received her M.Sc. in Finance from Imperial Collage London, United Kingdom, and her B.A. of Financial Management from Sun Yat-sen University, Guangzhou, China. Before joining KLU, she was appointed as a research fellow at Auckland Center for Financial Research of Auckland University of Technology, New Zealand. Before that, she was also employed as a lecturer in finance and engaged in teaching of finance courses at Lancaster University Management School.

Her research covers a broad range of topics in corporate finance and corporate governance. In general, her research constantly asks the question of what determines the optimal corporate strategies. Specifically, she investigates the interaction between financing and investment decisions, corporate risk management, financial stability, labor finance, product market competition, managerial styles and executives compensation. Moreover, she employs dynamic structural modelling techniques to explore the impact of financial shocks.

Dr. Shushu Liao is recognized as an Associate Fellow of the Higher Education Academy (HEA) in the UK. At Lancaster University, she taught students how to use Bloomberg for financial analysis and how to use Stata to conduct time series analysis. She also taught introductory course for Quantitative Methods for Finance and Investments, guiding students to develop mathematical techniques to build a financial model. At Auckland University of Technology, she supervised master students’ thesis required for the completion of the degree program.

 

Contact

Tel: +49 40 328707-262
Fax: +49 40 328707-209
shushu.liao@the-klu.org

Networks

Academic Positions

Since 9/2021

Assistant Professor of (Corporate) Finance, Kühne Logistics University, Hamburg, Germany
2020 - 2021

Research Fellow in Finance, Auckland Center for Financial Research, Auckland University of Technology, Auckland, New Zealand

2019 - 2020

Fixed-term Lecturer, Lancaster University, Lancaster, United Kingdom

Education

 2014 -  2019

PhD in Finance, Lancaster University, Lancaster, United Kingdom

2012 - 2013

M.Sc in Finance, Imperial College London, London, United Kingdom

2008 - 2012B.A. in Financial Management, Sun Yat-sen University, Guangzhou, China
  • Dodd, Olga and Liao, Shushu (2021): Health or wealth? New Zealand response to the Covid-19 pandemic and stock market performance. 25th Annual New Zealand Finance Colloquium Proceedings (Best Paper), Tauranga, New Zealand, 11-12 February 2021.
  • Dodd, Olga and Liao, Shushu (2021): Health or wealth? New Zealand response to the Covid-19 pandemic and stock market performance. 11th Financial Markets and Corporate Governance Virtual Conference, La Trobe Business School, Australia, 7-9 April 2021.
  • Liao, Shushu, Nolte, Ingmar and Pawlin, Grzegorz (2020): Hit by the Double Whammy: The Joint Effect of Measurement Error in Q and Covariance between Regressors on Coefficient Bias, FIRN Women Virtual Conference.
  • Gounopoulos, Dimitrios, Liao, Shushu, Yang, T., Zhang, X. (2020): It´s all about Family, Auckland University of Technology Department of Finance.
  • Kim, J.B., Liao, Shushu, Liu, Y. (2020): Married CEOs and Stock Price Crash Risk. 24th Annual New Zealand Finance Colloquium, Auckland, New Zealand, 13-14 February 2020.
  • Liao, Shushu (2019): The effect of credit shocks in the context of labor market frictions. 16th Corporate Finance Day, Groningen, The Netherlands, 19 September 2019.
  • Liao, Shushu (2019): The effect of credit shocks in the context of labor market frictions. EFiC 2019 Conference in Banking and Corporate Finance, Essex, United Kingdom, 4-6 July 2019.
  • Liao, Shushu, Nolte, Ingmar and Pawlina, Grzegorz (2019): Can Capital Adjustment Costs Explain the Decline in Investment-Cash Flow Sensitivity? Research Seminar Series, University of Southern Denmark, Odense, Denmark, May 2019.
  • Liao, Shushu, Nolte, Ingmar and Pawlina, Grzegorz (2019): Can Capital Adjustment Costs Explain the Decline in Investment-Cash Flow Sensitivity? Research Seminar Series, Bilkent University, Bilkent, Turkey, March 2019.
  • Liao, Shushu, Nolte, Ingmar and Pawlina, Grzegorz (2017): Can Capital Adjustment Costs Explain the Decline in Investment-Cash Flow Sensitivity? 6th Annual Corporate Finance Conference, Exeter, United Kingdom, July 2017.
  • Liao, Shushu, Nolte, Ingmar and Pawlina, Grzegorz (2017): Can Capital Adjustment Costs Explain the Decline in Investment-Cash Flow Sensitivity? World Finance Conference, Calgari, Italy, August 2017.
  • Liao, Shushu, Nolte, Ingmar and Pawlina, Grzegorz (2017): Can Capital Adjustment Costs Explain the Decline in Investment-Cash Flow Sensitivity? British Accounting and Finance Association Annual Meeting, Edinburgh, United Kingdom, March 2017.

Publications

DOI: https://doi.org/10.1016/j.jbankfin.2021.106091 

Abstract: The recent financial crisis was associated with a large and prolonged deterioration of the credit supply. I build and calibrate a structural model to explore the impact of credit-supply shocks on firm behavior in the context of labor market frictions. I discover that (i) a negative shock to the credit supply can lead to a protracted depression in business activities when firms have a steady level of productivity (demand) and that (ii) a reduction of labor adjustment costs can improve investment and mitigate the negative impact of credit-supply shocks, especially for firms with a high level of productivity. I also empirically corroborate that a lower labor unionization rate can mitigate the negative impact of supply shocks on high-demand firms during a crisis.

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DOI: 10.2139/ssrn.3743162 

Abstract: It is well documented that since at least the 1970s investment-cash flow (I-CF) sensitivity has been decreasing over time to disappear almost completely by the late 2000s. Based on a neoclassical investment model with costly external financing, we show that this pattern can be explained by the gradual increase of capital adjustment costs. The result is corroborated in the supplementary analysis that exploits the cross-country and cross-industry variation of capital adjustment costs, as proxied by the level of technological advancement. More generally, our findings demonstrate that I-CF sensitivity should only be interpreted as a joint measure of financial and real frictions.

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