Eliza Wu
Associate Professor
Finance Discipline Group
UTS Business School
University of Technology, Sydney
EDUCATION
Degree
Field
Institution
BEc. (Hons)
Economics
University of New South Wales
Ph.D
Finance
University of New South Wales
AREAS OF EXPERTISE
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International Banking & Finance
Sovereign Debt Markets
Emerging Financial Markets
Financial market integration
Credit ratings
City Campus
1-59 Quay Street
Haymarket NSW 2001
Australia
Kuring-gai Campus
Eton Road
Lindfield NSW 2070
Australia
PUBLICATIONS AND CURRENT RESEARCH
Book Chapters:
Treepongkaruna, Sirimon and Eliza Wu, 2009 ‘Rating skewness spillovers in equity and currency
markets: Evidence from the Pacific Rim’ In Gregoriou, G. N. (ed.) Emerging Markets: Performance,
Analysis and Innovations, Chapman-Hall /Taylor and Francis, London UK.
Kim, Suk-Joong and Eliza Wu, 2011 ‘Can sovereign credit ratings promote financial sector
development and capital inflows to emerging markets?’ In Robert W. Kolb Series in Finance (ed.) The
Political Economy of Sovereign Debt Sovereign Debt: From Safety to Default, John Wiley & Sons, Inc,
New Jersey, US.
Humphery-Jenner, Mark and Eliza Wu, 2013 ‘Transaction costs and execution strategies in emerging
markets’ In Baker, H.K. and Kiymaz, H. (eds.) Market Microstructure in Developed and Emerging
markets, Robert W. Kolb Series in Finance, John Wiley & Sons, Inc, New Jersey, US.
Kim, Suk-Joong., Linda Lee, and Eliza Wu, 2013 ‘The impact of domestic and international monetary
policy news on U.S. and German bank stocks’, In Jeon, B.N. and Olivero, M.P. (eds.) International
Finance Review Vol. 14: Global Banking, Financial Markets and Crises, 175-210.
Journals:
1. Ter Ellen, Saskia, Carl Chiarella, Tony He and Eliza Wu, 2015. ‘Fear or fundamentals?
Heterogeneous beliefs in the European sovereign CDS market’, Journal of Empirical Finance,
forthcoming.
2. Do., Hung, Robert Brooks, Sirimon Treepongkaruna, and Eliza Wu, 2014. ‘How does trading
volume affect financial return distributions?’, International Review of Financial Analysis 35,
190-206.
3. Cumming, Douglas, Wenxuan Hou, and Eliza Wu, 2014. ‘The Value of Home-Country
Governance for Cross-listed Stocks’, The European Journal of Finance, forthcoming.
4. Do., Hung, Robert Brooks, Sirimon Treepongkaruna, and Eliza Wu, 2014 ‘The effects of
sovereign rating drifts on financial return distributions: Evidence from the European Union’,
International Review of Financial Analysis, 34, 5-20.
City Campus
1-59 Quay Street
Haymarket NSW 2001
Australia
Kuring-gai Campus
Eton Road
Lindfield NSW 2070
Australia
5. Lin, Shu, Shu Tian and Eliza Wu, 2012. ‘Emerging stars and developed neighbours: The
effects of development imbalance and political shocks on mutual fund investments in China’,
Financial Management, 40, 1-33.
6. Christopher, Rachel, Suk-Joong Kim and Eliza Wu, 2012, Do sovereign credit ratings influence
regional stock and bond market interdependencies in emerging countries?’, Journal of
International Financial Markets, Institutions and Money, 22(4), 1070-1089.
7. Treepongkaruna, Sirimon and Eliza Wu, 2012, ‘Realizing the volatility impacts of sovereign
credit ratings information on currency and equity markets: Evidence from the Asian Financial
Crisis’, Research in International Business and Finance, 26, 335-352.
8. Kim, Suk-Joong and Eliza Wu, 2011, ‘International bank flows to emerging markets: Influence
of sovereign credit ratings and their regional spillover effects’, Journal of Financial Research,
34(2), 331-365.
9. Moshirian, Fariborz, David Ng and Eliza Wu, 2009, ‘Model specification and IPO
performance: New insights from Asia’, Research in International Business and Finance, 24,
62-74.
10. Moshirian, Fariborz, David Ng and Eliza Wu, 2009, ‘The value of stock analysts’
recommendations in emerging markets’, International Review of Financial Analysis, 18, 7483.
11. Panchenko, Valentyn and Eliza Wu, 2009, ‘Time-varying market integration and stock and
bond return concordance in emerging markets’, Journal of Banking and Finance, 33(6),
1014-1021.
12. Li, Donghui, Fariborz Moshirian, Timothy Wee and Eliza Wu, 2009, ‘Foreign exchange
exposure: Evidence from the U.S. insurance industry’, Journal of International Financial
Markets, Institutions and Money, 19, 306-320.
13. Remolona, Eli, Michela Scatigna and Eliza Wu, 2008, ‘The dynamic pricing of sovereign risk in
emerging markets: Fundamentals and risk aversion’, Journal of Fixed Income, 17(4) (Spring),
57-71.
14. Kim, Suk-Joong and Eliza Wu, 2008, ‘Sovereign credit ratings, capital flows and
financial sector development in emerging markets’, Emerging Markets Review, 9(1),
17-39.
15. Remolona, Eli, Michela Scatigna and Eliza Wu, 2008, ‘A ratings-based approach to
measuring sovereign risk’, International Journal of Finance and Economics, 13(1),
26-39.
City Campus
1-59 Quay Street
Haymarket NSW 2001
Australia
Kuring-gai Campus
Eton Road
Lindfield NSW 2070
Australia
16. Chan, Plato, Fariborz Moshirian, David Ng and Eliza Wu, 2007 ‘IPO underperformance in
Hong Kong’s Growth Enterprise Market’, Research in International Business and
Finance, 21(3), 428-446.
17. Lucey, Brian and Suk-Joong Kim, 2006,‘Dynamics of bond market integration between
established and accession European Union countries’, Journal of International Financial
Markets, Institutions and Money, 16(1), 41-56.
18. Kim, Suk-Joong, Fariborz Moshirian and Eliza Wu, 2006, ‘Evolution of international stock and
bond market integration: Influence of the European Monetary Union’, Journal of Banking
and Finance, 30(5), 1507-1534.
19. Faff, Robert, David Gallagher and Eliza Wu, 2005, ‘Tactical asset allocation: Australian
evidence’, Australian Journal of Management, 30(2), 261-282.
20. Kim, Suk-Joong, Fariborz Moshirian and Eliza Wu, 2005, ‘Dynamic stock market integration
driven by the European Monetary Union: An empirical analysis’, Journal of Banking and
Finance, 29(10), 69-96.
Other Publications:
Hong, KiHoon and Eliza Wu, 2014, ‘Can momentum factors be used to enhance accounting
information based fundamental analysis in explaining stock price movements?’ UTS Quantitative
Finance Research Centre Working paper No. 346.
Hasan, Iftekhar, Suk-Joong Kim and Eliza Wu, 2014, ‘The effects of sovereign ratings-contingent
financial regulation on international bank lending behaviour: Evidence from the Basel 2 Accord’
Bank of Finland Discussion Paper No.25.
Remolona, Eli, Elena Kalotychou and Eliza Wu, 2014 ‘What makes systemic risk systemic? Contagion
and common spillovers in the international sovereign debt market’, Hong Kong Institute for
Monetary Research Working paper No. 07/2014, April.
Remolona, Eli, Michela Scatigna and Eliza Wu, 2007 ‘Interpreting sovereign spreads’, Bank for
International Settlements (BIS) Quarterly Review, March.
City Campus
1-59 Quay Street
Haymarket NSW 2001
Australia
Kuring-gai Campus
Eton Road
Lindfield NSW 2070
Australia
Working papers:
(available from SSRN http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=377085):
1. Hasan, Iftekhar, Suk-Joong Kim and Eliza Wu, 2014 ‘The effects of sovereign ratingscontingent financial regulation on international bank lending behaviour: Evidence from the
Basel 2 Accord’.
2. Hassan, Gazi and Eliza Wu, 2013 ‘Sovereign credit ratings, growth volatility and the Global
Financial Crisis’.
3. Remolona, Eli, Elena Kalotychou and Eliza Wu 2014, ‘What makes systemic risk systemic?
Intra-regional credit contagion and global systemic risk in international sovereign debt
markets’.
4. Brooks, Robert, Robert Faff, Sirimon Treepongkaruna and Eliza Wu 2014, ‘Are the effects of
sovereign credit assessments on equity market return distributions higher during financial
crises?’.
5. Cumming, Douglas, Wenxuan Hou, and Eliza Wu, 2014, ‘Exchange trading rules, governance
and trading location of cross-listed stocks?’.
6. Kim, Suk-Joong, Leith Salem and Eliza Wu, 2013, ‘The role of macroeconomic news in
sovereign credit default swap markets: Domestic and spillover news effects from the U.S.,
the Eurozone and China’.
7. Hong, KiHoon, 2014, ‘Momentum Indicators and Fundamentals in Stock Price Movements’.
8. Khan, Muhammad, Harald Scheule and Eliza Wu, 2014, ‘The impact of bank liquidity on bank
risk taking: Do high capital buffers and big banks help or hinder?’.
9. Ng, Lilian, Bruno Solnik, Eliza Wu and Bohui Zhang, 2013, ‘Characterizing Global Financial and
Economic Integration Using Cash Flow Expectations’.
10. Moshirian, Fariborz, Peter Pham, Shu Tian and Eliza Wu, 2012, ‘Beyond visibility and
transparency: What distinguishes the investment decisions of foreign and domestic
investors?’.
City Campus
1-59 Quay Street
Haymarket NSW 2001
Australia
Kuring-gai Campus
Eton Road
Lindfield NSW 2070
Australia

2014 Washington Finalists