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Buhui Qiu

Buhui Qiu


Senior Lecturer

Rm 512
H69 - Codrington Building
The University of Sydney
NSW 2006 Australia

Telephone +61 2 9036 6435
Fax +61 2 9351 6461
buhui.qiu@sydney.edu.au
Curriculum vitae Curriculum vitae
Web

Bio

Buhui commenced as a Senior Lecturer at the University of Sydney in July 2015. He received his PhD in Finance from the University of Cincinnati in July 2009 and holds a Master of Arts in Accounting from Sun Yat-sen University and a Bachelor of Science in Physics from Fudan University. Prior to joining the University of Sydney, he was an assistant professor of finance at Rotterdam School of Management, Erasmus University. Before pursuing an academic career, he worked as a financial analyst and advanced financial consultant at Ford, PwC Consulting and IBM. His research interests are in the areas of corporate finance, accounting and capital markets. He has six articles published or forthcoming in ABDC A* journals in finance and accounting, among which three are in Financial Times top-50 business journals. He has received five international research awards including two Chicago Quantitative Alliance (CQA) Academic Competition Awards. His research papers have been included in top economics, finance, and accounting conferences such as American Economic Association (AEA) meeting, Western Finance Association (WFA) meeting, and American Accounting Association Financial Accounting and Reporting Section (FARS) meeting. His research has been cited by various media including The Economist.

Research Interests

Buhui’s research interests are in the broad area of corporate finance and its interaction with capital markets. For example, Buhui is interested in studying the determinants of corporate investment such as intangible assets investment and mergers and acquisitions (M&A). His recent paper (joint with T. Wang at Federal Reserve Board) finds that knowledge protection benefits firm shareholders and incentivises firms to invest in knowledge assets. Another recent paper of his (joint with K. Li at the University of British Columbia and R. Shen from Nanyang Technological University) documents that organization capital of an acquiring firm is an important determinant of its M&A performance. Buhui is also interested in studying corporate disclosure related issues. His theoretical work (with S. Slezak at the University of Cincinnati) shows that mandating an increase in internal governance strength and/or the penalties for managerial fraudulent misreporting (e.g., the 2002 Sarbanes-Oxley Act in the USA) can lead to lower firm productivity via reducing managerial pay-for-performance sensitivity. His empirical work (with H. Guo at the University of Cincinnati) develops a better measure of institutional informed trading and shows that the measure can be used to address some important research questions in corporate finance and accounting.

Buhui will continue to explore interesting research questions in corporate investment, corporate disclosure, M&A, institutional ownership and corporate governance in the years to come.

2017

4
Journal Article/s

Fu R, Gao F, Kim YH and Qiu B 2017 'Performance Volatility, Information Availability, and Disclosure Reforms', Journal of Banking & Finance, vol.75, pp. 35-52 [Link]

Qiu B and Wang T 2017 Forthcoming 'Does Knowledge Protection Benefit Shareholders? Evidence from Stock Market Reaction and Firm Investment in Knowledge Assets', Journal of Financial and Quantitative Analysis

Li K, Qiu B and Shen R 2017 Forthcoming 'Organization Capital and Mergers and Acquisitions', Journal of Financial and Quantitative Analysis

5
Conference Paper/s

Gan Q and Qiu B 2017 Forthcoming 'Do Corporate Managers Manipulate Disclosure through Changing 10-K File Size?', FIRN-Uluru Annual Conference, Uluru, Australia, 18th November 2017

Min B, Qiu B and Roh T 2017 Forthcoming 'What Drives the Dispersion Anomaly?', FIRN-Uluru Annual Conference, Uluru, Australia, 18th November 2017

Qiu B, Xu F and Zeng C 2017 'Stock Price Crashes along the Supply Chain', 6th Annual Corporate Finance Conference, Exeter, United Kingdom, 7th July 2017

Foster FD, Luong TS and Qiu B 2017 'Is Family Ownership a Solution to Agency Problems of Public Firms? The Case of Manchester United', 2017 Financial Management Association Asia Pacific Conference, Taipei, Taiwan, 26th May 2017

Qiu B, Xu F and Zeng C 2017 'Stock Price Crashes along the Supply Chain', 40th Annual Congress of the European Accounting Association, Valencia, Spain, 12th May 2017

Guo H and Qiu B 2017 'Conditional Equity Premium and Aggregate Investment: Is the Stock Market a Sideshow?', 8th Financial Markets and Corporate Governance Conference, Wellington, New Zealand, 21st April 2017

Qiu B, Xu F and Zeng C 2017 'Stock Price Crashes along the Supply Chain', 8th Financial Markets and Corporate Governance Conference, Wellington, New Zealand, 21st April 2017

Qiu B and Wang T 2017 'Does Knowledge Protection Benefit Shareholders? Evidence from Stock Market Reaction and Firm Investment in Knowledge Assets', 2017 American Economic Association Annual Meeting, Chicago, United States, 8th January 2017

2016

4
Journal Article/s

Guo H and Qiu B 2016 'A Better Measure of Institutional Informed Trading', Contemporary Accounting Research, vol.33:2, pp. 815-50 [Link]

5
Conference Paper/s

Qiu B, Xu F and Zeng C 2016 'Stock Price Crashes along the Supply Chain', 2016 Australasian Finance & Banking Conference, Sydney, Australia, 16th December 2016

Qiu B and Gan Y 2016 'Tax Avoidance and Mergers and Acquisitions', 2016 Australasian Finance & Banking Conference, Sydney, Australia, 16th December 2016

Qiu B and Gan Y 2016 'Tax Avoidance and Mergers and Acquisitions', 2016 FIRN Conference, Barossa Valley, Australia, 12th November 2016

Qiu B and Wang T 2016 'Does Knowledge Protection Benefit Shareholders? Evidence from Stock Market Reaction and Firm Investment in Knowledge Assets', 2016 Northern Finance Association Meeting, Mont Tremblant, Canada, 18th September 2016

Qiu B and Wang T 2016 'Does Knowledge Protection Benefit Shareholders? Evidence from Stock Market Reaction and Firm Investment in Knowledge Assets (Awarded Best Paper in Corporate Finance/Financial Institutions)', 2016 Financial Management Association Asia Pacific Conference, Sydney, Australia, 14th July 2016

Li K, Qiu B and Shen R 2016 'Organization Capital and Mergers and Acquisitions', 2016 Financial Management Association Asia Pacific Conference, Sydney, Australia, 14th July 2016

Li K, Qiu B and Shen R 2016 'Organization Capital and Mergers and Acquisitions', 2016 Edinburgh Corporate Finance Conference, Edinburgh, United Kingdom, 24th May 2016

Qiu B and Wang T 2016 'Does Knowledge Protection Benefit Shareholders? Evidence from Stock Market Reaction and Firm Investment in Knowledge Assets', 2016 Eastern Finance Association Meeting, Baltimore, United States, 4th April 2016

2015

5
Conference Paper/s

Dyakov T, Harford J and Qiu B 2015 'Better Kept in the Dark? Portfolio Disclosure and Agency Problems in Mutual Funds', 5th Auckland Finance Meeting, Auckland, New Zealand, 19th December 2015

Dyakov T, Harford J and Qiu B 2015 'Better Kept in the Dark? Portfolio Disclosure and Agency Problems in Mutual Funds', 2015 Annual FIRN Conference, Palm Cove, Australia, 15th November 2015

Qiu B and Wang T 2015 'Does Knowledge Protection Benefit Shareholders? Evidence from Stock Market Reaction and Firm Investment in Knowledge Assets', 2015 Annual FIRN Conference, Palm Cove, Australia, 15th November 2015

Dyakov T, Harford J and Qiu B 2015 'Better Kept in the Dark? Portfolio Disclosure and Agency Problems in Mutual Funds', 2015 Financial Management Association FMA Annual Meeting, Orlando, United States, 17th October 2015

Dyakov T, Qiu B and Harford J 2015 'Better Kept in the Dark? Portfolio Disclosure and Agency Problems in Mutual Funds', 2015 American Accounting Association Financial Accounting and Reporting Section Midyear Meeting, Nashville, United States, 17th January 2015

2014

4
Journal Article/s

Qiu B, Trapkov S and Yakoub F 2014 'Do Target CEOs Trade Premiums for Personal Benefits?', Journal of Banking and Finance, vol.42, pp. 23-41 [Link]

Guo H and Qiu B 2014 'Options-implied variance and future stock returns', Journal of Banking and Finance, vol.44, pp. 93-113 [Link]

5
Conference Paper/s

Guo H and Qiu B 2014 'A Better Measure of Institutional Informed Trading', 26th Annual Northern Finance Association NFA Conference, Ottawa, Canada, 14th September 2014

Guo H and Qiu B 2014 'A Better Measure of Institutional Informed Trading', 2014 International Finance and Banking Society IFABS Conference, Lisbon, Portugal, 20th June 2014

Li K, Qiu B and Shen R 2014 'Organization Capital and Mergers and Acquisitions', 14th Belgium Financial Research Forum, Louvain-la-Neuve, Belgium, 27th May 2014

Li K, Qiu B and Shen R 2014 'Organization Capital and Mergers and Acquisitions', 37th Annual Congress of the European Accounting Association EAA, Tallinn, Estonia, 23rd May 2014

Li K, Qiu B and Shen R 2014 'Organization Capital and Mergers and Acquisitions', 2014 CEAR Conference - Corporate Control Mechanisms and Risk, Atlanta, United States, 5th April 2014

8
Magazine Article/s

Qiu B 2014 'Do CEOs trade premiums for personal gain in M&As?', RSM Discovery - Management Knowledge, pp. 8-9

2013

5
Conference Paper/s

Guo H and Qiu B 2013 'Options-Implied Variance and Future Stock Returns: Cross-Sectional and Time-Series Evidences', 16th Annual Conference of the Swiss Society for Financial Market Research, Zurich, Switzerland, 12th April 2013

Qiu B and Slezak S 2013 'The Strategic Interaction between Committing and Detecting Fraudulent Misreporting', 2013 American Accounting Association Financial Accounting and Reporting Section Midyear Meeting, San Diego, United States, 10th January 2013

2012

5
Conference Paper/s

Guo H and Qiu B 2012 'Informed Trading, Earnings Surprises, and Stock Returns', 2012 Finance Management Association FMA Annual Meeting, Atlanta, United States, 20th October 2012

Guo H and Qiu B 2012 'Options-Implied Variance and Future Stock Returns', 2012 Finance Management Association FMA Annual Meeting, Atlanta, United States, 20th October 2012

2011

5
Conference Paper/s

Qiu B and Yakoub F 2011 'Do Target CEOs Trade Premiums for Personal Benefits? Evidence from the Last Two Merger Waves', 24th Australasian Finance and Banking Conference, Sydney, Australia, 16th December 2011

Guo H and Qiu B 2011 'Options-Implied Variance and Future Stock Returns', Chicago Quantitative Alliance CQA Fall Meeting 2011, Chicago, United States, 15th September 2011

Fu R, Kim Y and Qiu B 2011 'Endogenous Information Disclosure and Regulatory Reforms', 2011 American Accounting Association Financial Accounting and Reporting Section Meeting, Denver, United States, 10th August 2011

Ferguson M, Qiu B and Song W 2011 'Does Equity-Based Compensation Really Have a 'Dark Side'? The Influence of Regulatory Discretion', 5th Singapore International Conference on Finance SICF, Singapore, 20th July 2011

Ferguson M, Qiu B and Song W 2011 'Does Equity-Based Compensation Really Have a 'Dark Side'? The Influence of Regulatory Discretion', 2011 China International Conference in Finance CICF, Wuhan, China, 7th July 2011

Fu R, Kim Y and Qiu B 2011 'Endogenous Information Disclosure and Regulatory Reforms', 2011 China International Conference in Finance CICF, Wuhan, China, 7th July 2011

Fu R, Kim Y and Qiu B 2011 'Endogenous Information Disclosure and Regulatory Reforms', Korea-America Finance Association 20th Year Anniversary Conference (Joint with Korea Capital Market Institute), Seoul, Korea, (South) Republic of, 1st June 2011

Fu R, Kim Y and Qiu B 2011 'Endogenous Information Disclosure and Regulatory Reforms', 34th Annual Congress of the European Accounting Association EAA, Rome, Italy, 22nd April 2011

2010

5
Conference Paper/s

Qiu B 2010 'What Drives the Return Predictive Power of Institutional Ownership: Information or Speculation?', Center for Research in Security Prices CRSP Forum, Chicago, United States, 5th November 2010

Kim Y, Fu R and Qiu B 2010 'Endogenous Information Disclosure and Regulatory Reforms', 14th International Conference of the Korean Economic Association, Seoul, Korea, (South) Republic of, 11th August 2010

Qiu B 2010 'What Drives the Return Predictive Power of Institutional Ownership: Information of Speculation?', 2010 China International Conference in Finance CICF, Beijing, China, 7th July 2010

2009

5
Conference Paper/s

Qiu B and Slezak S 2009 'The Strategic Interaction between Committing and Detecting Fraudulent Misreporting', 7th International Paris Finance Meeting AFFI - EUROFIDAI 2009, Paris, France, 18th December 2009

Qiu B 2009 'What Drives the Return Predictive Power of Institutional Ownership: Information of Speculation?', XVII Finance Forum at the IESE Business School, Madrid, Spain, 5th November 2009

2008

4
Journal Article/s

Qiu B 2008 'The Effects of the Bank Holding Equity of the Firm: From a Moral Hazard Perspective', Corporate Ownership & Control, vol.6:1, pp. 459-66 [Link]

5
Conference Paper/s

Ferguson M, Qiu B and Song W 2008 'Strategic Regulator, Sarbanes-Oxley and Fraud', Finance Management Association FMA Annual Meeting, Grapevine, United States, 11th October 2008

Qiu B and Slezak S 2008 'The Impact of a Strategic Regulator on Executive Compensation and Fraudulent Misreporting', Finance Management Association FMA Annual Meeting, Grapevine, United States, 11th October 2008

Qiu B 2008 'Two Essays on Corporate Fraud', Doctoral Seminar of the 2008 Finance Management Association FMA Annual Meeting, Grapevine, United States, 11th October 2008

Qiu B 2008 'The Return Predictive Power of Institutional Ownership', Chicago Quantitative Alliance CQA Fall Meeting 2008, Chicago, United States, 13th September 2008

Qiu B 2008 'Two Essays on Corporate Fraud', Doctoral Seminar of the 2008 European Finance Management Association EFMA Meeting, Athens, Greece, 28th June 2008

Qiu B and Slezak S 2008 'The Strategic Interaction between Committing and Detecting Fraudulent Misreporting', 43rd Annual Conference of the Western Finance Association, Waikoloa, United States, 25th June 2008

2000

4
Journal Article/s

Tan J and Qiu B 2000 'On the Transition of Property Rights Arrangements of the Firm and its Impact on Accounting', Finance and Accounting, vol.6, pp. 18-21

Tan J, Qiu B and Lin J 2000 'The Economic Considerations of Improving Accounting Information Quality', Accounting Research, vol.6, pp. 14-20

1999

4
Journal Article/s

Qiu B 1999 'On Determining the Goal of Accounting in China', Sichuan Accounting, vol.4, pp. 18-21

Selected grants

2016-2017

Recent Units Taught

  • BUSS4403 Finance Honours B

    2017: S1,
    2016: S1,

  • FINC3013 Mergers and Acquisitions

    2017: S2,
    2016: S2,
    2015: S2,

  • FINC6001 Intermediate Corporate Finance

    2017: S2,
    2016: S2,

  • FINC6013 International Business Finance

    2017: S1,
    2016: S1,

Newsroom articles

  • Follow the smart money 05 Aug 2016

    Money Week

    Buhui Qiu’s research work “A Better Measure of Institutional Informed Trading”, formerly circulated under the titles “Informed Trading, Earnings Surprises, and Stock Returns” and “The Return Predictive Power of Institutional Ownership”, was cited in MoneyWeek, the UK’s best-selling financial magazine.

  • A zeal for deals: Corporate takeovers are booming once again 18 Apr 2015

    The Economist

    The Economist cited Buhui Qiu's research titled 'Do Target CEOs Trade Premiums for Personal Benefits?', which suggests that executives might be trading away shareholder value in return for personal benefits in corporate takeovers.

See all Newsroom items for Buhui Qiu