• Doctor of Philosophy (Economics), May 1995, Boston University.
• Master of Arts in Political Economy, January 1993, Boston University.
• Laurea in Economia e Commercio, magna cum laude, July 1988, Università degli Studi di Roma, “La Sapienza”.

• September 2012 - : Professor of Financial Economics, Department of Economics, Birmingham Business School, University of Birmingham.Teaching: Advanced Research Methods (PhD) and China and the World Economy (second year undergraduate).
• April 2009 – September 2012: Professor of Financial Economics, Durham Business School, Durham University. Head of the Department of Economics and Head of the Department of Accounting and Finance.Teaching: Money and Banking (MSc), Research Methods (MSc), and Monetary Economics (third year undergraduate).
• January 2007 – April 2009: Associate Professor and Reader in Financial Economics, School of Economics, University of Nottingham. Teaching: Applied Money and Finance (MSc); Money and the Macroeconomy (second year undergraduate).
• July 2003-December 2006: Associate Professor, School of Economics, University of Nottingham. Teaching: Applied Money and Finance (MSc); Money and the Macroeconomy (second year undergraduate); Monetary Economics tutorials (third year undergraduate); Macroeconomics tutorials (MSc).
• August 2000-June 2003: Lecturer, Department of Economics, Keynes College, University of Kent. Teaching: Macroeconomics (undergraduate / MSc).
• 1995-2000: Lecturer, Department of Economics, University of Essex. Teaching: Applied Money and Finance (undergraduate); Mathematics, Statistics, and Econometrics (undergraduate/MA); Applied Econometrics (MA).
• CV

PhD: Advanced Research Methods Undergraduate: China and the World Economy

China is characterized by a very high saving ratio, which has attracted the interest of academics and policy makers alike. Academics have endeavoured to find explanations for why Chinese households saving behavior is so different from that of their US or UK counterparts. Following the decline in global demand associated with the recent financial crisis, policy makers are aiming to rebalance the country’s economic growth away from the reliance on investment and exports and towards consumption. We propose a series of topics aimed at shedding some light on a number of issues that could help better understand household consumption and saving behaviour in China, and could therefore help policy makers reach their objective. All topics will be based on an exclusive and very comprehensive datatset, the China Household Finance Survey, to which students will be given access. The dataset covers 8,438 households, corresponding to 29,495 individuals and is available for the year 2011. The topics are the following:

• Are Chinese households liquidity constrained?
• Do Chinese households save for precautionary reasons?
• Do Chinese households save for retirement?
• Understanding the relationship between housing and saving in China.
• Understanding heterogeneity in saving rates in China.
• Saving and health: Evidence from China
• Saving for education: Evidence from China
• Is saving behavior different for Chinese urban and rural households?
• Understanding portfolio choice in China

Completed

Jinghua Wang; SME Financing in the Zhejiang Province: the Role of Civilian Lending. Fudan/Durham University (DBA, submitted in September 2015).

Ratnam Vijayakumaran; Corporate Governance and Corporate Finance: Evidence from Chinese Listed Companies. Durham University. Completion year: 2015. Now lecturer at the Department of Finance, University of Jaffna, Sri Lanka.

Pei Liu; R&D and Financing Constraints: Evidence from China. Durham University. Completion year: 2015. Now intern at the Bank of China (UK) Limited in London. Now lecturer at Newcastle University.

Junhong Yang; Mergers and Acquisitions, Investment and Financing Constraints in China. Durham University. Completion year: 2014. Now lecturer at the University of Sheffield.

Feng Yue; The Effects of Financial Constraints on Firms’ Behavior in China. Durham University. Completion year: 2011. Now at the China Culture Industrial Investment Fund in Beijing.

Minjia Chen; Financial Effects on Firms’ Investment, Employment, and Productivity: Evidence from China. University of Nottingham. Completion year: 2011. Was awarded the Chinese Economic Association (UK) prize for one of the three best papers presented at the 2008 annual conference PhD colloquia. Now lecturer at Nottingham University Business School.

Agyapomaa Gyeke-Dako; Multinationals and Financial Constraints: Evidence from Ghana and China. University of Nottingham. Completion year: 2011. Now lecturer at the University of Ghana Business School.

Muhamed Zulkhibri Abdul Majid; Assessing the Credit and Cost Channels of the Monetary Transmission Mechanism in Malaysia. University of Nottingham. Completion year: 2010. Now at the Central Bank of Malaysia.

Evren Ceritoglu; Precautionary Saving in Turkey. University of Nottingham. Completion year: 2009. Now at the Central Bank of Turkey.

Harshana Kasseeah; Capital Structure Choice and Financing Behavior of Small and Medium-Sized Enterprises in the UK and China. University of Nottingham. Completion year: 2008. Was awarded the Chinese Economic Association (UK) prize for the second best papers presented at the 2007 annual conference PhD colloquia. Now lecturer at the University of Mauritius.

Kullapat Suetrong; Strategic Plant Location of FDI. University of Nottingham. Completion year: 2007. Now with the Royal Thai Government.

Mariacristina Rossi; Essays on Savings. University of Essex. Completion year: 2004. Now at the University of Torino.

Yiing-Jia Loke; Recent Trends in Payments Systems: Theory and Evidence. University of Essex. Completion year: 2001. Now at the University of Science Malaysia.

Ongoing

Lin Tian; How does health affect portfolio choice? Evidence from China’s over 45 (starting in September 2015)

Siyao Yang; The effects of multiple home ownership on savings and portfolio choice: Evidence from China (starting in September 2015)

Lin Fu; Effects of the New Rural Cooperative Medical Care System (NRCMCS) on the saving rates and medical expenditure of China’s rural population (starting in September 2015)

Yanan Zhang; Understanding the reasons behind China’s high savings rate: Evidence from Chinese provinces and households (ongoing)

Danying Li; To what extent are Chinese Households Liquidity Constrained? University of Birmingham (ongoing).

Sashka Stoedinova; Research & Development Expenditure and Firm Performance: A Cross-Country Comparative Analysis. University of Birmingham (ongoing).

Marco Giansoldati; Trade, Finance and FDI: Microeconometric Evidence from China. University of Birmingham (ongoing).

Jing Du; Political Connections, Financing Constraints, and Growth in China. University of Birmingham (ongoing). Was awarded the Neil Hood and Stephen Young prize for the most original new work at the 42nd AIB (UK & Ireland chapter) annual conference held at Manchester Metropolitan University Business School in April 2015.

Sunitha Vijayakumaran; Capital Structure and Corporate Governance in China. Durham University (ongoing).

• How can Chinese firms experience extremely high growth rates, in spite of the malfunctioning of the Chinese financial system?
• Is there evidence of investment misallocation in China owing to the inadequacy of the Chinese financial system? In detail, are soft budget constraints still present in the Chinese economy, leading to a misallocation of financial resources, and therefore of investment, in favor of the (least efficient) state-owned enterprises?
• Is there evidence of 'overinvestment' in China, thus threatening the Chinese economy? If so, which firms' characteristics are likely to be associated with this behavior?
• Is there evidence of rapid and dramatic structural changes in the industrial sector in China, with considerable divestment as well as heavy investment, and how can this be explained?
• How does investment in social capital affect the financing decisions of Chinese small and medium-sized enterprises (SMEs)?
• How does investment irreversibility affect the relationship between investment and cash flow?
• Does the way in which investment opportunities are measured affect the investment-cash flow sensitivities for unlisted SMEs?

 

• 1992-93 and 1994-1995: Teaching Assistant, Department of Economics, Boston University.
• March 1989-August 1990 and summer 1991: Staff Economist, Economic Research Department, Banco di Roma, Rome, Italy.

Discussion papers

“To what Extent are Savings-Cash Flow Sensitivities Informative to Test for Capital Market Imperfections?” (with J. Tsoukalas and S. Tsoukas).

“Negative Investment in China: Financing Constraints and Restructuring versus Growth” (with S. Ding and J. Knight). Leverhulme Centre for Research on Globalization and Economic Policy, Research Paper 12/01.

“Herding Behavior in Innovation Activities: Evidence from China” (with J. Guo and P. Liu).

“To what Extent does Liquidity affect M&As’ Method of Payment and Performance? Evidence from China” (with J. Guo and J. Yang).

“'Growing out of the Growing Pain’: The Role of Financial Literacy on the Demand for Life Insurance in China” (with D. Zhang, H. Wang, and G. Fan).

“Health Status and Cash Holdings: Evidence from Chinese Households” (with N. Horsewood and L. Tian)

“Investment and Asset Growth of Asian Firms: Evidence for Financial Resilience in the Recent Financial Crisis” (with P. Mizen). Hong Kong Institute for Monetary Research Discussion Paper No. 32/2012.

Publications

1. “The determinants of productivity in Chinese industry, 1998-2007” (with S. Ding and R. Harris). Journal of Productivity Analysis (forthcoming).

2. “A Balancing Act: Managing Financial Constraints and Agency Costs to Minimize Investment Inefficiency in the Chinese Market” (with J. Yang). Journal of Corporate Finance (forthcoming).

3. “Adjustment Behavior and Value of Corporate Cash Holdings: the China Experience” (with J. Yang). European Journal of Finance (forthcoming).

4. “How does the Interest Burden Affect Firm Survival? Evidence from UK Firms during the Recent Financial Crisis” (with M. Spaliara and S. Tsoukas). Oxford Bulletin of Economics and Statistics (forthcoming).

5. “Managerial Incentives, Corporate Governance, and Exporting Decisions: Evidence from Chinese Listed Companies” (with R. Dixon and R. Vijayakumaran). European Journal of Finance (forthcoming).

6. “Does Political Affiliation Affect Credit Extension? Evidence from China” (with S. Mateut). European Journal of Finance (forthcoming).

7. “Do Social Capital Building Strategies Influence the Financing Behavior of Chinese Private Small and Medium-Sized Enterprises?” (with J. Du and A. Newman). Entrepreneurship Theory and Practice, 2015, 39, 3, 601-31.

8. “Does the Investment Opportunities Bias Affect the Investment-Cash Flow Sensitivities of Unlisted SMEs?” (with B. D’Espallier). European Journal of Finance, 2015, 21, 1, 1-25.

9. “To what Extent do Financing Constraints Affect Chinese Firms’ Innovation Activities?” (with P. Liu). International Review of Financial Analysis, 2014, 36, 223-240.

10. “The More the Better? Foreign Ownership and Corporate Performance in China” (with D. Greenaway and Z. Yu). European Journal of Finance, 2014, 20, 7-9, 681-702.

11. “Financial Constraints and Firm Productivity in China: Do Liquidity and Export Behavior Make a Difference?” (with M. Chen). Journal of Comparative Economics, 2013, 41, 4, 1123-40.

12. “Technological Asymmetries and Strategic Plant Location for Export-Platform Foreign Direct Investment” (with A. Mukherjee and K. Suetrong). The Manchester School, 2013, 81, 5, 712-29.

13. “Investment and Financing Constraints in China: does Working Capital Management Make a Difference?” (with S. Ding and J. Knight). Journal of Banking and Finance, 2013, 37, 5, 1490-1507.

14. “Investment, Irreversibility, and Financing Constraints: Evidence from a Panel of Transition Economies” (with J. Tsoukalas and S. Tsoukas). Economics Letters, 2012, 117, 3, 582-584.

15. “Volatility, Financial Constraints, and Trade” (with M. Garcia de la Vega and M. Spaliara). International Review of Economics and Finance, 2012, 21, 57-76.

16. “Internal Finance and Growth: Microeconometric Evidence on Chinese Firms” (with X. Liu and L. Song). Journal of Development Economics, 2011, 96, 1, 79-94.

17. “Inventory Investment, Global Engagement, and Financial Constraints in the UK: Evidence from Micro Data” (with S. Mateut). Journal of Macroeconomics, 2010, 32, 1, 239-50.

18. “Could Financial Distortions be no Impediment to Economic Growth After All? Evidence from China” (with S. Poncet). Journal of Comparative Economics, 2008, 36, 633-57.

19. “Cash Flow, Investment, and Investment Opportunities: New Tests using UK Panel Data” (with R. Carpenter). Journal of Banking and Finance, 2008, 32, 1894-1906.

20. “Internal Financial Constraints, External Financial Constraints, and Investment Choice: Evidence from a Panel of UK Firms.” Journal of Banking and Finance, 2008, 32, 1795-1809.

21. “Financial Constraints, Global Engagement, and Firm Survival in the UK: Evidence from Micro Data” (with S. Bridges). Scottish Journal of Political Economy, 2008, 55, 4, 444-464.

22. “Does Low Education Delay Structural Transformation?” (with P. Basu). Southern Economic Journal, 2008, 75, 1, 104-127.

23. “Financial Factors and Exporting Decisions” (with D. Greenaway and R. Kneller). Journal of International Economics, 2007, 73, 2, 377-95.

24. “Foreign Direct Investment, Inequality, and Growth” (with P. Basu). Journal of Macroeconomics, 2007, 29, 4, 824-39.

25. “Investment Behavior, Observable Expectations, and Internal Funds: A Comment on Cummins, Hassett, and Oliner (AER, 2006)” (with R. Carpenter). Economics Bulletin, 2007, 5, 12, 1-12.

26. “Credit Channel, Trade Credit Channel, and Inventory Investment: Evidence from a Panel of UK Firms” (with S. Mateut). Journal of Banking and Finance, 2006, 30, 10, 2835-56.

27. “The Dynamics of Moonlighting: What is Happening in the Russian Informal Economy?” (with B-Y Kim). Economics of Transition, 2006, 14, 1, 1-45.

28. “Private Medical Insurance and Saving: Evidence from the British Household Panel Survey” (with M. Rossi). Journal of Health Economics, 2004, 23, 761-83.

29. “Earnings Uncertainty, Precautionary Saving, and Moonlighting in Russia” (with B-Y Kim). Journal of Population Economics, 2004, 17, 289-310.

30. “What Determines the Value and Volume of Non-Cash Transactions? Evidence from a Panel of European and North American Countries” (with Y. J. Loke). Applied Economics, 2004, 36, 4, pp. 291-303.

31. “Wage Arrears Uncertainty and Precautionary Saving in Russia” (with B-Y Kim). Economics of Transition, 2003, 11, 3, 493-512.

32. “The Effects of Consumption Variability on Saving: Evidence from a Panel of Muscovite Households” (with B-Y Kim). Oxford Bulletin of Economics and Statistics, 2003, 65, 3, 357-77.

33. “Estimating Saving Functions in the Presence of Excessive-Zeros Problems” (with A. Yoshida). Econometrics Journal, 2002, 5, 435-56.

34. “Superstores and Labour Demand: Evidence from Great Britain” Journal of Applied Economics, 2002, 5, 2, 233-52.

35. “Liquidity Constraints and Investment Return Behaviour” (with P. Basu). Economica, 2002, 69, 563-81.

36. “Consumption, Habit Formation and Precautionary Saving: Evidence from the British Household Panel Survey” (with M. Rossi). Oxford Economic Papers, 2002, 54, 1-19.

37. “Saving Behavior and Earnings Uncertainty: Evidence from the British Household Panel Survey” Journal of Population Economics, 2001, 14, 4, 619-640. Also published in Family, Household and Work; Klaus F.; Vogler, Michael (Eds.); 2003.

38. “Voluntary Contributions to Personal Pension Plans: Evidence from the British Household Panel Survey” (with S. Markose). Fiscal Studies, 2000, 21, 4, 469-88.

39. “Inventory Investment and Capital Market Imperfections: A Generalization of the Linear Quadratic Inventory Model.” Oxford Bulletin of Economics and Statistics, 2000, 62, 2, 223-42.

40. “An Analysis of the Inventory Behavior in a Q-Theoretic Framework.” International Journal of Production Economics, 1999, 58, 131-46.

41. “The Effects of Financial Constraints on Inventory Investment: Evidence from a Panel of UK Firms.” Economica, 1999, 66, 43-62.

42. “Production Smoothing, Firms’ Heterogeneity, and Financial Constraints: Evidence from a Panel of UK Firms” (with F. Schiantarelli). Oxford Economic Papers, 1998, 50, 63-78.