Start your brilliant career with a degree from Australia's #1 ranked university.


Find contact details for any general enquiries.


Find contact details for any general enquiries.

Study with us

Our graduates gain the knowledge and skills to lead organisations, develop public policy, create new companies and undertake research.

Our research

Our research is focused on issues that are highly significant for organisations, the Australian economy, and society at large.

Student resources

Whether you're a new or continuing student, you can find everything you need here about managing your program and the opportunities available to you.


Our alumni may be found in the world’s leading companies, policy agencies and universities.

Contact us

Find contact details for any general enquiries.

International recognition for RSFAS researcher

International recognition for RSFAS researcher

2 June 2017

A paper written by The ANU Research School of Finance, Actuarial Studies and Statistics (RSFAS) researcher, Dr Xin (Kelly) Liu, has been accepted into the prestigious Journal of Financial Economics (JFE).

JFE is a peer-reviewed academic journal covering theoretical and empirical topics in financial economics, and is among the top three financial journals in the world.

The paper, titled ‘One Fundamental and Two Taxes: When Does a Tobin Tax Reduce Financial Price Volatility?’ was co-authored by Professor Yongheng Deng of the National University of Singapore and Professor Shang-jin Wei from Columbia University. The paper examines how stock trading transaction tax affects financial price volatility in the Chinse stock market, using seven stock transaction stamp duty changes.

“We aim to make two contributions to the literature on the effects of transaction costs on financial price volatility,” said Dr Liu.

“We found a significant negative relationship, on average, between stamp duty increases and price volatility. However, this average effect masks some important heterogeneity. In particular, when institutional investors have become a significant part of the traders’ pool, we find an opposite effect.

“This suggests that a Tobin tax may work in an immature market but can backfire in a more developed market.”

The paper has also received the Best Paper Awards in the China International Conference in Finance (CICF) and the Supplementary Policy Prize in the FIRN Annual Conference, and has been widely presented at institutions, such as the World Bank and Federal Reserve Bank.

Dr Liu says that she is excited about the reception her work is receiving.

“The recognition of our work means a lot to me and my co-authors. Particularly, the paper has important policy implications and we hope that our work could provide more in-depth insights on long-lasting debate of Tobin’s Tax and also contribute to the improvement of financial stability around the world,” she said.

This research builds upon RSFAS’s and the College of Business and Economics (CBE) already strong contribution to policy, particularly in relation to financial markets and regulation.

Director of RSFAS, Professor Steven Roberts, has praised Dr Liu for her achievements.

“The RSFAS is extremely proud of Kelly’s publication in the Journal of Financial Economics (JFE). A publication in the JFE is an outstanding achievement and is testament to the quality and importance of Kelly and her co-authors’ work. Kelly’s career is off to fantastic start and she is clearly one of Australia’s most promising junior Finance academics,” he said.

In addition to her research, Dr Liu currently teaches Applied Corporate Finance. 

Read more about CBE research

In a candid interview, CBE's cryptocurrency expert Dr Priya Dev discusses why blockchain technology is a pillar of trust

Find out more »

Dr Di Fan from CBE has been appointed as a guest editor of a Special Issue of the Journal of Operations Management.

Find out more »

John Mitchell Fellow Dr Sutanuka Roy is conducting large-scale field experiments to improve student outcomes.

Find out more »

Recent conference explores the role of India’s history in shaping the country’s current economic structure.

Find out more »

Updated:   27 March 2019 / Responsible Officer:  CBE Communications and Outreach / Page Contact:  College Web Team