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Eliza Wu

Eliza Wu


Associate Professor;
Discipline Deputy Head of Research

Level 5, Room 540
H69 - Codrington Building
The University of Sydney
NSW 2006 Australia

Telephone +61 2 8627 4626
eliza.wu@sydney.edu.au
Curriculum vitae Curriculum vitae

Bio

Dr Eliza Wu is an Associate Professor in Finance. Prior to joining the University of Sydney Business School she was as Associate Professor in Finance at the University of Technology Sydney from 2011-2015 and a Senior Lecturer in Finance at the University of New South Wales (UNSW) from 2005-2010.  Eliza was a visiting Associate Professor at the University of Zurich and taught in the Swiss Finance Institute’s PhD program during 2011. Eliza has also been a visiting scholar at New York University’s Stern School of Business. Eliza has a joint honours degree in Economics and Econometrics and a PhD in Finance from UNSW.

Eliza’s research expertise lies within finance and banking. Her research is focused on the dynamic behaviour of international financial markets, financial institutions, the impact of financial regulations, sovereign credit risk and the role of information intermediaries. Eliza has published over 35 international academic journal articles and book chapters and her research papers have been accepted for presentations in leading Finance conferences including the annual meetings of the American Finance Association, American Economic Association, American Accounting Association, the European Finance Association, the Northern Finance Association and the Financial Intermediation Research Society amongst others. Her research has also been awarded best paper prizes internationally and she is a chief investigator on a current ARC Discovery grant. Eliza serves as an Associate Editor for the Journal of Banking and Finance and the International Review of Financial Analysis. She is also a member of the International Editorial Advisory Board of China Finance Review International and the editorial review board of Journal of Business Research.

Eliza teaches Banking units in the Undergraduate and Postgraduate curriculum and International Business Finance at the postgraduate level. She has received the Dean’s Citation for Teaching Excellence and is currently supervising several PhD students.

Outside of academia, Eliza has worked at the Reserve Bank of Australia and at the Bank for International Settlements’ (BIS) Representative Office for Asia and the Pacific. She has also served as a research fellow at the Hong Kong Institute for Monetary Research and undertaken consulting and policy work on international debt markets for the BIS. She recently conducted research on benchmark interest rates (BBSW rates) that was commissioned by the Australian Financial Markets Association. This work informed the public policy decisions made by the Council of Financial Regulators to implement changes designed to improve the efficiency and integrity of the Australian financial system.

Research Interests

Dr Eliza Wu’s research is empirical in nature. It is focused around three key topic areas: 1) The dynamic behaviour of international financial markets; 2) The role of information within financial markets provided through various information channels and intermediaries; and 3) Financial intermediation.

An integral part of Eliza’s research program has centred around modelling and understanding what drives asset price movements and risk transmission across international financial markets (stocks, bonds, credit derivatives and currency markets). Eliza has published extensively on international financial market integration, financial crises and in identifying the underlying sources behind why financial market linkages develop and evolve. She is currently engaged in applied research commissioned by the Australian Financial Markets Association to better understand the dynamic movements in the BBSW benchmark interest rates in Australia. In this overarching line of inquiry, she uses time-series econometric techniques to model the behaviour of asset prices and their financial interdependence over time.

She also conducts empirical research on the role of various types of information flows within capital markets – including credit rating agencies and the credit ratings and short-term credit assessments they provide, equity analysts and the value of their firm-specific coverage and assessments, the financial media with public news announcements, information developed through business trading relationships, financial market trading and so on. A suite of cross-sectional and panel regression techniques is applied in this line of Eliza’s research.

Eliza also has a strong research interest in financial institutions and financial intermediation. She is particularly interested in financial institutions’ risk exposures, the roles of bank capital and liquidity, and the impact of banking regulation and the provision of government support in affecting banks’ lending decisions and risk-taking behaviour. Her current research on the real effects of banking regulation is supported by a competitive 3-year Australian Research Council Discovery Grant titled ‘The real impacts of bank capital regulation on international bank lending’ (2017-2020).

2017

4
Journal Article/s

Cumming D, Hou W and Wu E 2017 Forthcoming 'Exchange trading rules, governance and trading location of cross-listed stocks', European Journal of Finance

Cumming D, Hou W and Wu E 2017 Forthcoming 'The Value of Home-Country Governance for Cross-listed Stocks', European Journal of Finance

Khan MS, Scheule H and Wu E 2017 'Funding liquidity and bank risk taking', Journal of Banking and Finance, vol.82, pp. 203-16 [Link]

To T, Treepongkaruna S and Wu E 2017 Forthcoming 'Are all insiders on the inside? Evidence from the initiation of CDS trading and short selling in the financial sector', Journal of International Financial Markets, Institutions and Money [Link]

5
Conference Paper/s

Hasan I, Navone M, To T and Wu E 2017 Forthcoming 'Tournament incentives and acquisition performance', 2017 SFS Finance Cavalcade Asia-Pacific, Beijing, China, 15th December 2017

Bui C, Scheule H and Wu E 2017 Forthcoming 'The Good, Bad and Ugly Sides of Government Support: New Evidence on U.S. Crisis Liquidity Programs', Australasian Finance and Banking Conference, Sydney, Australia, 15th December 2017

Luong T, Pieters R, Scheule H and Wu E 2017 Forthcoming 'The impact of government guarantees on banks' wholesale funding costs and risk-taking: Evidence from a natural experiment', FIRN-Uluru Annual Conference, Uluru, Australia, 18th November 2017

Navone M, To T and Wu E 2017 Forthcoming 'Analyst coverage and the quality of corporate investment decisions', Financial Management Association Conference, Boston, United States, 14th October 2017

Moshirian F, Pham P, Tian S and Wu E 2017 'Economic integration breeds foreign investment: Evidence from the portfolio allocations of investment funds around the world', The Financial Intermediation Research Society (FIRS) Conference, Hong Kong, (China), 7th June 2017

Wu E, Kim S, Hasan I and Hassan G 2017 'The real impact of ratings-based capital rules on the finance-growth nexus', American Economic Association Annual Meeting, Chicago, United States, 8th January 2017

2016

4
Journal Article/s

Rothonis S, Tran D and Wu E 2016 'Does national culture affect the intensity of volatility linkages in international equity markets?', Research in International Business and Finance, vol.36, pp. 85-95 [Link]

Hong K and Wu E 2016 'The roles of past returns and firm fundamentals in driving US stock price movements', International Review of Financial Analysis, vol.43, pp. 62-75 [Link]

Do HX, Brooks R, Treepongkaruna S and Wu E 2016 'Stock and currency market linkages: New evidence from realized spillovers in higher moments', International Review of Economics and Finance, vol.42, pp. 167-85 [Link]

Wu E, Erdem M, Kalotychou E and Remolona E 2016 'The anatomy of sovereign risk contagion', Journal of International Money and Finance, vol.69, pp. 264-86 [Link]

5
Conference Paper/s

Wu E, Kim S, Hasan I and Hassan G 2016 'The real impact of ratings-based capital rules on the finance-growth nexus', Financial Management Association Conference, Las Vegas, United States, 22nd October 2016

He W, Hong K and Wu E 2016 'Does investor sentiment affect the value-relevance of accounting information?', American Accounting Association Annual Meeting, New York, United States, 10th August 2016

Luong T, Pieters R, Scheule H and Wu E 2016 'The impact of government guarantees on banks’ wholesale funding costs and risk taking: Evidence from a natural experiment', Financial Management Association Asia/Pacific Conference, Sydney, Australia, 15th July 2016

Wu E, Kim S, Hasan I and Hassan G 2016 'The real impact of Basel ratings-based capital rules on the finance-growth nexus', 6th International Conference of the Financial Engineering and Banking Society, Malaga, Spain, 12th June 2016

10
Report/s

Casavecchia L, Loudon G and Wu E 2016 'Interpolating BBSW rates', Report prepared for the Australian Financial Markets Association

12
Newspaper Article/s

Cumming D, Hou W and Wu E 2016 'Exchange trading rules and local investor protection matter for global stock trading', Cayman Financial Review, Pinnacle Media Group Ltd, George Town, Cayman Islands [Link]

2015

4
Journal Article/s

Brooks R, Faff R, Treepongkaruna S and Wu E 2015 'Do Sovereign Re-Ratings Destabilize Equity Markets during Financial Crises? New Evidence from Higher Return Moments', Journal of Business Finance & Accounting, vol.42:5-6, pp. 777-99 [Link]

Chiarella C, ter Ellen S, He X and Wu E 2015 'Fear or fundamentals? Heterogeneous beliefs in the European sovereign CDS market', Journal of Empirical Finance, vol.32, pp. 19-34 [Link]

Hassan GM and Wu E 2015 'Sovereign credit ratings, growth volatility and the global financial crisis', Applied Economics, vol.47:54, pp. 5825-40 [Link]

Hasan I, Kim S and Wu E 2015 'The effects of ratings-contingent regulation on international bank lending behavior: Evidence from the Basel 2 Accord', Journal of Banking and Finance, vol.61:S1, pp. S53-S68 [Link]

Kim S, Salem L and Wu E 2015 'The role of macroeconomic news in sovereign CDS markets: Domestic and spillover news effects from the U.S., the Eurozone and China', Journal of Financial Stability, vol.18, pp. 208-24 [Link]

2014

4
Journal Article/s

Do HX, Brooks R, Treepongkaruna S and Wu E 2014 'How does trading volume affect financial return distributions?', International Review of Financial Analysis, vol.35, pp. 190-206 [Link]

Do HX, Brooks R, Treepongkaruna S and Wu E 2014 'The effects of sovereign rating drifts on financial return distributions: Evidence from the European Union', International Review of Financial Analysis, vol.34, pp. 5-20 [Link]

2013

2
Book Section/s

Humphery-Jenner M and Wu E 2013 'Transaction costs and execution strategies in emerging markets' in Market Microstructure in Developed and Emerging markets (Robert W. Kolb Series in Finance), ed. Baker, H.K. and Kiymaz, H., John Wiley & Sons, Inc, New Jersey, United States

Kim S, Lee L and Wu E 2013 'The Impact of Domestic and International Monetary Policy News on U.S. and German Banks' in Global Banking, Financial Markets and Crises: International Finance Review - Volume 14, ed. Bang Nam Jeon and Maria Pia Olivero, Emerald, Bingley, United Kingdom, pp. 175-209

4
Journal Article/s

Lin S, Tian S and Wu E 2013 'Emerging Stars and Developed Neighbors: The Effects of Development Imbalance and Political Shocks on Mutual Fund Investments in China', Financial Management, vol.42:2, pp. 339-71 [Link]

2012

4
Journal Article/s

Treepongkaruna S and Wu E 2012 'Realizing the volatility impacts of sovereign credit ratings information on equity and currency markets: Evidence from the Asian Financial Crisis', Research in International Business and Finance, vol.26:3, pp. 335-52 [Link]

Christopher R, Kim S and Wu E 2012 'Do sovereign credit ratings influence regional stock and bond market interdependencies in emerging countries?', Journal of International Financial Markets, Institutions & Money, vol.22:4, pp. 1070-89 [Link]

2011

2
Book Section/s

Kim S and Wu E 2011 'Can Sovereign Credit Ratings Promote Financial Sector Development and Capital Inflows to Emerging Markets?' in Sovereign Debt: From Safety to Default, ed. Robert W. Kolb, John Wiley & Sons, Hoboken, United States, pp. 345-51

4
Journal Article/s

Kim S and Wu E 2011 'International bank flows to emerging markets: Influence of sovereign credit ratings and their regional spillover effects', Journal of Financial Research, vol.34:2, pp. 331-64

2010

4
Journal Article/s

Moshirian F, Ng D and Wu E 2010 'Model specification and IPO performance: New insights from Asia', Research in International Business and Finance, vol.24:1, pp. 62-74 [Link]

2009

2
Book Section/s

Treepongkaruna S and Wu E 2009 'Rating skewness spillovers in equity and currency markets: Evidence from the Pacific Rim' in Emerging Markets: Performance, Analysis and Innovations, ed. Gregoriou, G. N., Chapman-Hall /Taylor and Francis, London, United Kingdom

4
Journal Article/s

Li D, Moshirian F, Wee T and Wu E 2009 'Foreign exchange exposure: Evidence from the U.S. insurance industry', Journal of International Financial Markets, Institutions and Money, vol.19:2, pp. 306-20 [Link]

Moshirian F, Ng D and Wu E 2009 'The value of stock analysts’ recommendations in emerging markets', International Review of Financial Analysis, vol.18:1-2, pp. 74-83 [Link]

Panchenko V and Wu E 2009 'Time-varying market integration and stock and bond return concordance in emerging markets', Journal of Banking and Finance, vol.33:6, pp. 1014-21 [Link]

Selected grants

2017 - 2020

  • The real impacts of bank capital regulation on international bank lending; Wu E, Kim S, Hasan I; Australian Research Council (ARC)/Discovery Projects (DP).

2015 - 2015

  • Effects of Bank Capital Recommendations from the Financial System Inquiry; Wu E, Scheule H; Centre for International Finance and Regulation/Research Support.

2014 - 2014

  • Assessing the influence of sovereign ratingcontingent banking regulation on international bank lending behaviour; Wu E, Kim S; Centre for International Finance and Regulation/Research Support.

2013 - 2014

  • Explaining Expected Stock Price Movements Using Accounting Information and Technical Analysis; Wu E, Hong K; Accounting and Finance Association of Australia and New Zealand (AFAANZ)/Research Grant.

2010 - 2012

  • Financial crises, volatility and sovereign ratings: Do ratings really matter when they are needed most?; Wu E, Faff R, Treepongkaruna S, Brooks R; Australian Research Council (ARC)/Discovery Projects (DP).

2009 - 2009

  • Globalisation and the global financial crisis; Wu E; UNSW/International Research Collaboration Grant.

2009 - 2011

  • An investigation of country and firm level barriers to Australian institutional investments in foreign equity markets; Wu E, Moshirian F, Pham P; Australian Research Council (ARC)/Discovery Projects (DP).

Recent Units Taught

  • BANK2011 Banking and the Financial System

    2017: S2,

  • BANK3011 Bank Financial Management

    2017: S2,

  • BANK6002 Bank Management

    2016: S2,

  • FINC6013 International Business Finance

    2016: S1,

Newsroom articles

  • Banking for the future: Money transfers will be 'instant' from next year 05 Oct 2017

    SBS News

    Associate Professor of Finance Eliza Wu, comments on new banking technology which allows customers to transfer money between two separate financial institutions in real time.

  • APRA could have investigated CBA years ago: experts 28 Aug 2017

    The Conversation

    Eliza Wu was quoted by The Conversation on the Australian Prudential Regulation Authority’s (APRA) investigation of the Commonwealth Bank of Australia.

  • Bank taxes recall time when governments felt they could meddle with the sector 23 Jun 2017

    Australian Financial Review

    Associate Professor Eliza Wu was quoted in The Australian Financial Review (online and print) on the federal and South Australian governments' decisions to levy transactions taxes on banks.

  • Businesses React to US Climate Move 03 Jun 2017

    BBC World Service Business Matters

    Associate Professor Eliza Wu featured on the BBC World Service Business Matters podcast, 'Businesses React to US Climate Move'. The podcast invites business experts to comment on current events.

  • A risky mandate 02 Mar 2017

    Australian Broker

    Dr Eliza Wu wrote an article for Australian Broker about the ramifications of US President Trump's plans to deregulate the banks, and how they could affect Australian banks and the economy.

See all Newsroom items for Eliza Wu

Videos

In times of economic uncertainty, international banks are likely to pull-back on cross-border banking activities. Dr Eliza Wu, Associate Professor in the Discipline of Finance discusses the potential implications from Brexit on Asia Pacific- a region heavily reliant on bank financing.

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