Dr. Stella Liao
Associate Professor
Office
SFHB State Farm Hall of Business 420
Office Phone
Email
- About
- Education
- Awards & Honors
- Selected Research
Current Courses
FIL 370.001 Educational Investment Fund
FIL 242.003 Investments
FIL 242.007 Investments
FIL 370.001 Educational Investment Fund | Syllabus
FIL 242.001 Investments | Syllabus
FIL 242.002 Investments | Syllabus
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 and Contracts
University Research Grant
Stella Liao
College of Business. 2020 - 2021
Journal Article
I’ve Got to Catch a Flight: The Effects of Investor Travel on Earnings Announcement Responses
Liao, M., Gupta, P., & Houston, R.
Review of Financial Economics, 43, 407-429, (2025)
Cultural, Trust, and Transparency Effects on the Use of Anchoring in Mergers and Acquisitions
Liao, M., Ferris, S., & Jayaraman, N.
Journal of Financial Research, 47 (1), 5-25, (2024)
A Tale of Two SMIPs: Equity and Fixed Income
Howe, T., Kotomin, V., Liao, M., & Varma, A.
Managerial Finance, 46 (5), 636-646, (2020)
Better Directors or Distracted Directors? An International Analysis of Busy Boards
Ferris, S., Jayaraman, N., & Liao, M.
Global Finance Journal, 44, (2020)
Corporate Governance and Delisting: Evidence from Emerging Markets
Liao, M.
Journal of Accounting and Finance, 20 (2), 178-191, (2020)
Busy Boards and Corporate Earnings Management: An International Analysis
Ferris, S., & Liao, M.
Review of Accounting and Finance, 18 (4), 533-556, (2019)
Labor Market Consequences for Busy Directors: Evidence from Mergers and Acquisitions
Ferris, S., Jayaraman, N., & Liao, M.
Journal Of Financial Research, 42 (3), 449-489, (2019)
An International Analysis of Director Equity Incentives and Earnings Management
Liao, M., & Ferris, S.
Journal of Accounting and Finance, 18 (2), 123-143, (2018)
International Evidence on Economic Freedom, Governance, and Firm Performance
Liao, M.
Advances in Financial Economics, 20, 85-103, (2018)
Relative Governance and the Global Cross-Listing Decision: Extending the Bonding Hypothesis
Ferris, S., & Liao, M.
Accounting and Finance Research, 7 (1), 82-98, (2018), https://doi.org/10.5430/afr.v7n1p82
The Compensation of Busy Directors: An international Analysis
Ferris, S., Liao, M., & Tamm, C.
Research In International Business And Finance, 46, 294-312, (2018)
U.S. Cross-Listings and Director Compensation: A Cross-Country Analysis
Liao, M.
Managerial Finance, 44 (9), 1083-1100, (2018)
Keeping up with the Joneses: Cross-Listing Spillover Effects
Liao, M., & Ferris, S.
Managerial Finance, 41 (12), 1258-1279, (2015)
Capital Structure Changes around Cross-Listings
Liao, M., & Tamm, C.
Advances in Financial Economics, 17, 1-34, (2014)
The Effect of Issuer Conservatism on IPO Pricing and Performance
Ferris, S., Hao, Q., & Liao, M.
Review of Finance, 17 (3), 993-1027, (2013)
Newspaper, Article
Mergers and the Market for Busy Directors: An International Analysis
Ferris, S., Jayaraman, N., & Liao, M.
Columbia Law School Blog on Corporations and the Capital Markets, (2018)
Better Directors or Distracted Directors? An International Analysis of Busy Boards
Ferris, S., Jayaraman, N., & Liao, M.
Harvard Law School Forum on Corporate Governance and Financial Regulation, (2017)
Presentations
CEO Outside Directorship Experience and Investment Efficiency
Min-Yu Liao
Financial Management Association (FMA), Grapevine, TX, October 18, 2024
CEO Outside Directorship Experience and Investment Efficiency
Md Raihan Uddin Chowdhury, Erik Devos, Min-Yu Liao
Financial Management Association(FMA), Dallas, Texas, October 18, 2024
Cultural, Trust, and Transparency Effects on the Use of Anchoring in Mergers and Acquisitions
Stella Liao
Research Seminar, Taiwan, February, 2023
I’ve Got to Catch a Flight: The Effects of Investor Travel on Earnings Announcement Responses
Stella Liao
COB Research Seminar, Normal, September, 2022
Anchor Pricing in the Global Market for Mergers and Acquisitions
Stella Liao
COB Research Presentations, Normal, September, 2021
An International Analysis of Director Equity Incentives and Earnings Management
Min-Yu Liao
Chicago Illinois, , 2018
Corporate Governance and Delisting: Evidence from Emerging Markets
Min-Yu Liao
Chicago Illinois, , 2018
The Compensation of Busy Directors: An international Analysis
Stephen Ferris, Min-Yu Liao, Chris Tamm
San Antonio Texas, , 2018
The Effect of Countries' Economic Freedom on Firm Performance
Min-Yu Liao
Chicago Illinois, , 2018
The Incidence and Usefulness of Busy Boards: The Global Examination
Min-Yu Liao, Stephen Ferris, Narayanan Jayaraman
Chicago Illinois, , 2017
The Incidence and Usefulness of Busy Boards: The Global Examination
Min-Yu Liao, Stephen Ferris, Narayanan Jayaraman
Las Vegas Nevada, , 2016