Lian Liu
Management Associate Professor

Biography
Dr. Lian Liu earned her Ph.D. from Waseda University and B.A. and M.A. at the University of Science and Technology Beijing. Prior to joining NUCB, she worked at prestigious research institutions, including the Asian Development Bank Institute and JICA Ogata Research Institute, conducting applied research on topics such as ESG investment, climate change, financial markets in East Asia, and microfinance institution borrowing behavior. Dr. Liu has also held teaching positions at Musashino University and Meiji Gakuin University. Her research has been published in peer-reviewed journals such as the Journal of Risk and Financial Management, Economic Analysis and Policy, Cities, Journal of the Asia Pacific Economy, Singapore Economic Review, and
International Review of Economics & Finance, etc.
Research Interests
ESG, Financial Markets in East Asia, Chinese Economy
Final Education
Ph.D., Waseda University
Academic Papers
- Liu Lian (2025) How Has the Renminbi’s Role in Non-USD Currency Markets Evolved After COVID-19? An Analysis Based on Spillover Effects. International Journal of Financial Studies 13 (1) :2227-7072
- Liu Lian (2024) Climate Change and Corporate Financial Performance. Journal of Risk and Financial Management 17 (7) :1911-8066
- Liu Lian (2023) The Effect of ESG performance on the stock market during the COVID-19 Pandemic-Evidence from Japan. Economic Analysis and Policy 79 :2204-2296
- Liu Lian (2023) Spillover effect of the RMB and Non-USD currencies after the COVID-19 pandemic: Evidence captured from 30-minute high frequency data. International Review of Economics & Finance 84 :1059-0560
- Liu Lian (2022) Smart assessment and forecasting framework for healthy development index in urban cities. Cities 131 (Cities) :1873-6084
- Liu Lian (2022) International Competitiveness and Currency Internationalization: An Application to RMB Internationalization. Journal of the Asia Pacific Economy 29 (2) :1469-9648
- Liu Lian (2021) Empirical Study on the Effect of Environmental, Social and Governance (ESG) Factors on Sovereign Funding Costs. Singapore Economic Review :1793-6837
- Liu Lian (2021) Environmental, Social and Governance (ESG) evaluation and organizational attractiveness to prospective employees: evidence from Japan. Journal of Accounting and Finance 21 (4) :2722-3124
- Liu Lian (2020) Empirical study on intra-regional bond investment: an application to East Asia. Asian-Pacific Economic Literature 34 (1) :1467-8411
- Liu Lian (2020) The Domestic Politics of the Yen’s Re-internationalisation: Dynamic Interaction and the Core Executive. Asian Studies Review 45 (3) :1467-8403
Book & Case Publishing
- Naoko Nemoto, Lian Liu (2022) Strengthening Environmental, Social, and Governance Investment Under COVID-19. Asian Development Bank Institute