Quanxi Liang is a Professor in Finance and currently serves as the Vice Dean at the School of Economics at Guangxi University. His research interests focus on corporate finance and governance practices of China’s listed companies from an international perspective. These areas include stock price crash risk, corporate innovation, peer effects on corporate behaviors, corporate misconduct, social dynamic finance, capital market liberalization, and corporate ESG performance. His work has been accepted for publication at Journal of Banking and Finance, Journal of Business Finance and Accounting, Pacific-Basin Finance Journal, Quarterly Review of Economics and Finance, Emerging Market Finance and Trade, Journal of Risk, Management World (in Chinese), Journal of Financial Research (in Chinese), and Studies of International Finance (in Chinese). He has also received many research grants totaling over one million RMB. These include three grants from the National Natural Science Foundation of China, two grants from the Natural Science Foundation of Guangxi Province, and one grant from the Humanity and Social Science Foundation of the Ministry of Education of China. In 2022, Professor Liang was honored as the recipient of the 26th Annual “My Ideal Teacher” award at Guangxi University.

Educational Background

Jinan University, Guangzhou, Ph.D. in Finance, Jun. 2012

Guangxi University, Nanning, M.A. in Finance, Jun. 2009

Yunnan University, Kunming, B.S. in Statistics, Jun. 2005

Work Experience

Vice Dean, School of Economics, Guangxi University, 2023 – Present.

Professor, School of Economics, Guangxi University, 2023 – Present.

Associate Professor, School of Business, Guangxi University, 2014 – 2022.

Lecturer, School of Business, Guangxi University, 2012 – 2013.

Research Interest

Corporate finance and capital market (corporate governance, stock price crash risk, corporate innovation, peer effects on corporate policies, corporate misconduct, social dynamic finance, capital market liberalization, and corporate ESG performance).

Publications

1. Liang, Q., Li, Q.*, Lu, M., Shan, Y. and Wang, P., 2024. Peer effects on corporate environmental protection: Competition, information cascades or career concerns?. Pacific-Basin Finance Journal, p.102313. (ABDC rank A, SSCI Q1)

2. Liang, Q., Huang, J.*, Liang, M. and Li, J., 2024. Economic growth targets and bank risk exposure: Evidence from China. Economic Modelling, p.106702. (ABDC rank A, SSCI Q1)

3. Liang, Q., Jin, Q.*, Lu, M. and Shan, Y., 2023. When school ties meet geography: Education-province bias in mutual fund portfolios. Journal of Banking & Finance, Vol. 157, p.107021. (ABDC rank A*, SSCI Q1)

4. Liang, Q., Gao, W. and Yan, L.*, 2023. Directors’ and officers’ liability insurance and corporate cash holdings: From principal–principal perspective. Journal of Business Finance & Accounting, forthcoming. (ABDC rank A*, SSCI Q2)

5. Liang, Q., Wang, Z.*, Guan, X. and Qin, W., 2023. Party direct control and corporate fraud: Evidence from China. The Quarterly Review of Economics and Finance, 92, 274-290. (SSCI Q1)

6. Qin, W., Liang, Q.*, Jiao, Y., Lu, M. and Shan, Y., 2022. Social trust and dividend payouts: Evidence from China. Pacific-Basin Finance Journal, Vol. 72, p. 101726. (ABDC rank A, SSCI Q2)

7. Liang, Q., Liao, J.* and Ling, L., 2022. Social interactions and mutual fund portfolios: The role of alumni networks in China. China Finance Review International, Vol. 12 (3), pp. 433-450.

8. Liu, H., Liang, Q. and Ling, L.*, 2022. Underrepresentation of female CEOs in China: the role of culture, market forces, and foreign experience of directors. Research in International Business and Finance, Vol. 63, p. 101793. (SSCI Q1)

9. Liang, Q., Gao, W. and Xie, H.*, 2022. Do foreign investors deter corporate fraud? Evidence from China. The Quarterly Review of Economics and Finance, 84, 92-111. (SSCI Q1)

10. Pan, L., Mao, W., Pan, X. and Liang, Q., 2022. Influence of foreign investors on corporate real activities manipulation in emerging markets: Evidence from China. Emerging Markets Finance and Trade, Vol. 58(12), pp. 3309-3323. (SSCI Q1)

11. Liang, Q., Li, Q., Lu, M. and Shan, Y., 2021. Industry and geographic peer effects on corporate tax avoidance: Evidence from China. Pacific-Basin Finance Journal, Vol. 67, 101545. (ABDC rank A, SSCI Q2)

12. Liang, Q., Miao, J., Li, D. and Chen, Z., 2021. Does learning by observing matter for M&As? International evidence from the insurance industry. Spanish Journal of Finance and Accounting, Vol. 50 (2), pp.162-186. (SSCI Q3)

13. Liang, Q., Li, D. and Gao, W., 2020. Ultimate ownership, crash risk, and split share structure reform in China. Journal of Banking & Finance, 113, 105751. (ABDC rank A*, SSCI Q1)

14. Liang, Q., Ling, L., Tang, J., Zeng, H. and Zhuang, M., 2020. Managerial overconfidence, firm transparency, and stock price crash risk: Evidence from an emerging market. China Finance Review International, Vol. 10(3), pp. 271-296.

15. Liang, Q. and Mao, W., 2019. Crash risk exposure, diversification and cost of equity capital: Evidence from a natural experiment in China. Journal of Risk, Vol. 22(1), pp. 1-31.

16. He, X., Liang, Q. and Wang, S., 2019. Information and communication technology, labor structure, and firm productivity. Journal of Management World (in Chinese), 09, pp.65-80.

17. Liang, Q. and Zeng H., 2016. Independent boards and stock price crash risk: A natural experiment from China. Journal of Management World (in Chinese), 03, pp.144-159.

Monograph

1. Liang Q., 2017, “Ownership Structure, Corporate Opacity, and Stock Price”, Economic & Management Publishing House. ISBN 978-7-5096-4968-8.

2. Liang Q. and Xie H., 2019, “Government Regulation, Policy Uncertainty, and Corporate Innovation”, Economic & Management Publishing House. ISBN 978-7-5096-6633-3.

Reserrch Awards

1. 2024, Third prize of the 9th Outstanding Achievement Award for Scientific Research (Humanities and Social Sciences) in Higher Education Institutions, for paper with He X. et al. “Information and communication technology, labor structure, and firm productivity”.

2. 2021, First Prize of the 19th Outstanding Achievements in Philosophy and Social Sciences of Jiangxi Province, for paper with He X. et al. “Information and communication technology, labor structure, and firm productivity”.

3. 2018, Second Prize of the 15th Outstanding Achievements in Philosophy and Social Sciences of Guangxi Province, for paper with Zeng H. “Information and communication technology, labor structure, and firm productivity”.

4. 2012, Third Prize of the 7th Outstanding Achievement Award in Financial Research of Guangdong Finance Association, for paper with Cunzhi Tian “Sudden Stops, Banking Crises, and Economic Growth”.

5. 2012, Third Prize of the 12th Outstanding Achievement Award of Philosophy and Social Sciences of Guangxi Province, for paper with Quanhua Xu and Hua Wang “Accounting Conservatism, Financial Distress and Risk Shifting”.

6. 2014, Second Prize of the 13th Outstanding Achievement Award of Philosophy and Social Sciences of Guangxi Province, for paper with Lili Teng and Fei Wei “The Governance Effects of Managerial Ownership of Mutual Fund: Theory and Empirical Evidence”.

Selected Research Grants

Total funded amount (over RMB ¥1000,000)

1. National Natural Science Foundation of China Grant for the research project “The Real Effects of Insurance Market: The Case of Corporate Innovation” (Grant No. 72372038), 2024-2027, ¥430,000.

2. National Natural Science Foundation of China Grant for the research project “Government Regulation, Policy Uncertainty, and Corporate Innovation” (Grant No. 71762005), 2018-2021, ¥280,000.

3. National Natural Science Foundation of China Grant for the research project “Ownership Structure, Crash Risk, and Asset Price” (Grant No. 71362013), 2014-2017, ¥351,000.

4. Humanity and Social Science Foundation of the Ministry of Education of China Grant for the research project “Managerial Stock-based Incentives and Corporate Risk Taking” (Grant No. 13YJC790088), 2013-2016, ¥75,000.

5. National Natural Science Foundation of Guangxi Province Grant for the research project “Insurance Market Development, Risk Governance Capability, and Corporate Innovation” (Grant No. 2023GXNSFAA026151), 2023-2026, ¥100,000.

6. National Natural Science Foundation of Guangxi Province Grant for the research project “On the Microeconometric Models of Stock Crash Risk in the Chinese Stock Market” (Grant No. 2013GXNSFBA019011), 2013-2016, ¥50,000.

7. Special Research Grant from School of Business, Guangxi University, 2017-2020, ¥200,000.