College of Business Illinois State University
Illinois State University
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Dr. Stella Liao

Associate Professor
Finance, Insurance and Law
Office
SFHB State Farm Hall of Business 420
  • About
  • Education
  • Awards & Honors
  • Research

Current Courses

381.001Educational Investment Fund: Applied Equity Analysis

344.001International Financial Management

344.002International Financial Management

242.007Investments

Teaching Interests & Areas

Investments
International Finance
Corporate Finance

Research Interests & Areas

Corporate Governance
Board of Directors
Cross-Listings
M&As

PhD

University of Missouri - Columbia

MBA

University of Illinois-Urbana-Champaign

Journal of Financial Research Editors' Choice Award

Journal of Financial Research
2024

Outstanding Teaching Award

Department of Finance, Insurance, & Law
2024

Dixie Mills Faculty Award

College of Business
2023

Outstanding Service Award

Department of Finance, Insurance, & Law
2022

Outstanding Teaching Award

Department of Finance, Insurance, & Law
2021

Summer Research Grant

College of Business
2021

University Research Grant

College of Business
2021

Emerald Literati Outstanding Paper Award

Emerald
2020

Manahan Family Award for Teaching Excellence in Business

College of Business
2020

University Research Grant

Illinois State University
2020

Journal Article

Liao, M., Ferris, S., & Jayaraman, N. Cultural, Trust, and Transparency Effects on the Use of Anchoring in Mergers and Acquisitions. Journal of Financial Research 47.1 (2024): 5-25.
Ferris, S., Jayaraman, N., & Liao, M. Better Directors or Distracted Directors? An International Analysis of Busy Boards. Global Finance Journal 44 (2020)
Howe, T., Kotomin, V., Liao, M., & Varma, A. A Tale of Two SMIPs: Equity and Fixed Income. Managerial Finance 46.5 (2020): 636-646.
Liao, M. Corporate Governance and Delisting: Evidence from Emerging Markets. Journal of Accounting and Finance 20.2 (2020): 178-191.
Ferris, S., & Liao, M. Busy Boards and Corporate Earnings Management: An International Analysis. Review of Accounting and Finance 18.4 (2019): 533-556.

Newspaper, Article

Ferris, S., Jayaraman, N., & Liao, M. Mergers and the Market for Busy Directors: An International Analysis. Columbia Law School Blog on Corporations and the Capital Markets (2018)
Ferris, S., Jayaraman, N., & Liao, M. Better Directors or Distracted Directors? An International Analysis of Busy Boards. Harvard Law School Forum on Corporate Governance and Financial Regulation (2017)

Presentations

CEO Outside Directorship Experience and Investment Efficiency. Financial Management Association (FMA). (2024)
CEO Outside Directorship Experience and Investment Efficiency. Financial Management Association(FMA). (2024)
Cultural, Trust, and Transparency Effects on the Use of Anchoring in Mergers and Acquisitions. Research Seminar. Soochow University. (2023)
I’ve Got to Catch a Flight: The Effects of Investor Travel on Earnings Announcement Responses. COB Research Seminar. (2022)
Anchor Pricing in the Global Market for Mergers and Acquisitions. COB Research Presentations. ISU COB. (2021)
An International Analysis of Director Equity Incentives and Earnings Management. MBAA - International Convention. (2018)
Corporate Governance and Delisting: Evidence from Emerging Markets. MBAA - International Convention. (2018)
The Compensation of Busy Directors: An international Analysis. Midwest Finance Association Annual Meeting. (2018)
The Effect of Countries' Economic Freedom on Firm Performance. MBAA - International Convention. (2018)
The Incidence and Usefulness of Busy Boards: The Global Examination. Midwest Finance Association Annual Meeting. (2017)

Grants & Contracts

University Research Grant. College of Business. Illinois State University. (2020)
2022-08-19T08:54:48.970348-07:00 2022