Dr. Stella Liao
Associate Professor
Finance, Insurance and Law
Office
SFHB State Farm Hall of Business 420
Office Phone
Email
- About
- Education
- Awards & Honors
- Research
Current Courses
FIL 344.001 International Financial Management
FIL 242.001 Investments
FIL 370.001 Educational Investment Fund
FIL 242.003 Investments
FIL 242.007 Investments
Teaching Interests & Areas
Investments
International Finance
Corporate Finance
Research Interests & Areas
Corporate Governance
Board of Directors
Cross-Listings
M&As
PhD
University of Missouri - Columbia
MBA
University of Illinois-Urbana-Champaign
Journal of Financial Research Editors' Choice Award
Journal of Financial Research
2024
Outstanding Teaching Award
Department of Finance, Insurance, & Law
2024
Dixie Mills Faculty Award
College of Business
2023
Outstanding Service Award
Department of Finance, Insurance, & Law
2022
Outstanding Teaching Award
Department of Finance, Insurance, & Law
2021
Summer Research Grant
College of Business
2021
University Research Grant
College of Business
2021
Emerald Literati Outstanding Paper Award
Emerald
2020
Manahan Family Award for Teaching Excellence in Business
College of Business
2020
University Research Grant
Illinois State University
2020
COB Featured Research
College of Business
2019
COUNTRY Financial Faculty Scholar Award
College of Business
2019
Outstanding Service Award
Department of Finance, Insurance, & Law
2019
Best Paper Awards
MBAA International Convention
2018
Best Paper First Prize
CFA Institute Investment Management at the 8th India Finance Conference
2018
Best Paper in Track Award
Academy of Finance MBAA International Convention
2018
Outstanding Teaching Award
Department of Finance, Insurance, & Law
2017
Grants & Contracts
University Research Grant. College of Business. Illinois State University. (2020)
Journal Article
Liao, M., Gupta, P., & Houston, R. I’ve Got to Catch a Flight: The Effects of Investor Travel on Earnings Announcement Responses. Review of Financial Economics 43 (2025): 407-429.
Liao, M., Ferris, S., & Jayaraman, N. Cultural, Trust, and Transparency Effects on the Use of Anchoring in Mergers and Acquisitions. Journal of Financial Research 47.1 (2024): 5-25.
Ferris, S., Jayaraman, N., & Liao, M. Better Directors or Distracted Directors? An International Analysis of Busy Boards. Global Finance Journal 44 (2020)
Howe, T., Kotomin, V., Liao, M., & Varma, A. A Tale of Two SMIPs: Equity and Fixed Income. Managerial Finance 46.5 (2020): 636-646.
Liao, M. Corporate Governance and Delisting: Evidence from Emerging Markets. Journal of Accounting and Finance 20.2 (2020): 178-191.
Ferris, S., & Liao, M. Busy Boards and Corporate Earnings Management: An International Analysis. Review of Accounting and Finance 18.4 (2019): 533-556.
Ferris, S., Jayaraman, N., & Liao, M. Labor Market Consequences for Busy Directors: Evidence from Mergers and Acquisitions. Journal Of Financial Research 42.3 (2019): 449-489.
Ferris, S., & Liao, M. Relative Governance and the Global Cross-Listing Decision: Extending the Bonding Hypothesis. Accounting and Finance Research 7.1 (2018): 82-98.
Ferris, S., Liao, M., & Tamm, C. The Compensation of Busy Directors: An international Analysis. Research In International Business And Finance 46 (2018): 294-312.
Liao, M., & Ferris, S. An International Analysis of Director Equity Incentives and Earnings Management. Journal of Accounting and Finance 18.2 (2018): 123-143.
Liao, M. International Evidence on Economic Freedom, Governance, and Firm Performance. Advances in Financial Economics 20 (2018): 85-103.
Liao, M. U.S. Cross-Listings and Director Compensation: A Cross-Country Analysis. Managerial Finance 44.9 (2018): 1083-1100.
Liao, M., & Ferris, S. Keeping up with the Joneses: Cross-Listing Spillover Effects. Managerial Finance 41.12 (2015): 1258-1279.
Liao, M., & Tamm, C. Capital Structure Changes around Cross-Listings. Advances in Financial Economics 17 (2014): 1-34.
Ferris, S., Hao, Q., & Liao, M. The Effect of Issuer Conservatism on IPO Pricing and Performance. Review of Finance 17.3 (2013): 993-1027.
Newspaper, Article
Ferris, S., Jayaraman, N., & Liao, M. Mergers and the Market for Busy Directors: An International Analysis. Columbia Law School Blog on Corporations and the Capital Markets (2018)
Ferris, S., Jayaraman, N., & Liao, M. Better Directors or Distracted Directors? An International Analysis of Busy Boards. Harvard Law School Forum on Corporate Governance and Financial Regulation (2017)
Presentations
CEO Outside Directorship Experience and Investment Efficiency. Financial Management Association (FMA). (2024)
CEO Outside Directorship Experience and Investment Efficiency. Financial Management Association(FMA). (2024)
Cultural, Trust, and Transparency Effects on the Use of Anchoring in Mergers and Acquisitions. Research Seminar. Soochow University. (2023)
I’ve Got to Catch a Flight: The Effects of Investor Travel on Earnings Announcement Responses. COB Research Seminar. (2022)
Anchor Pricing in the Global Market for Mergers and Acquisitions. COB Research Presentations. ISU COB. (2021)
An International Analysis of Director Equity Incentives and Earnings Management. MBAA - International Convention. (2018)
Corporate Governance and Delisting: Evidence from Emerging Markets. MBAA - International Convention. (2018)
The Compensation of Busy Directors: An international Analysis. Midwest Finance Association Annual Meeting. (2018)
The Effect of Countries' Economic Freedom on Firm Performance. MBAA - International Convention. (2018)
The Incidence and Usefulness of Busy Boards: The Global Examination. Midwest Finance Association Annual Meeting. (2017)
The Incidence and Usefulness of Busy Boards: The Global Examination. Financial Management Association International Annual Meeting. (2016)