Transforming Finance Education Through Interactive Trading Simulation (link)
This study explores the transformative potential of interactive trading simulations in finance education, focusing on their implementation in a UK higher education context. The Portfolio Management module at the University of St Andrews incorporates a simulation where students work in teams to manage a virtual portfolio, bridging theoretical knowledge with real-world financial decision-making. Each team member takes on a specific role—analyst, strategist, portfolio builder, or trader—similar to the responsibilities in real fund management. Students found this method helpful for understanding complex ideas, gaining practical skills, and building important qualities like teamwork, digital skills, and leadership. This approach makes learning more engaging and practical, preparing students with the skills they need in the future.
From Boredom to Engagement: Using Pop Quiz Voting in Economics and Finance Education (link)
This case study provides findings regarding the use of Pop Quiz Voting in higher education. Instead of using traditional teaching methods, we use technology to capture students' attention and engagement. With the students' feedback, this approach has improved student engagement and understanding.
Through Student Eyes: Graduate Attributes in the Economics & Finance Curriculum (link)
We use self-reported student data on graduate attributes from more than 80 modules across three semesters in the School of Economics & Finance at the University of St Andrews. The data are generated within the end of semester module evaluation questionnaires which ask students to identify the five graduate attributes which they have enhanced the most within each of their modules. Students select from a list of 20 attributes introduced by the University in 2021.
Listen to all: Feedback and Dialogue between staffs and students (link)
Our focus is on reducing the power imbalance between staff and students and providing prompt and helpful feedback without overburdening staff and students. To achieve this, we introduced a shift from "top-down feedback and dialogue between staff and students" to a "bottom-up approach." This approach places a stronger emphasis on students' needs and satisfaction, which is more likely to yield valuable insights in a timely manner. We are introduced and tested an alternative feedback method - the "traffic light system." During the first lecture of the semester. we gave papers to students at the beginning of the lecture, which allowed them to indicate their level of satisfaction using traffic light colours. Green indicated happiness, amber indicated a moderate level of satisfaction, and red indicated dissatisfaction. Students were also given the option to provide written feedback on the back of the paper. At the end of the lecture, we collected the papers in an envelope placed at the front of the class, ensuring complete anonymity.
I participated 3 minutes thesis competition in 2020.
Three minutes are enough to understand my paper.
Cash is king or trash? The review of political uncertainty and corporate behaviour (The CRBF Working Paper Series)
Using the data on national elections and a comprehensive set of corporate data, we examine whether political uncertainty can affect companies’ cash holdings and asset growth in eight Asian emerging economies. The analysis covers the period from 1990 to 2018. We focus on two significantly different electoral systems: a presidential or legislative electoral system (Indonesia, Korea, Malaysia, the Philippines, Singapore, Thailand and Taiwan (China)), and an assembly-elected presidential electoral system (China). The two different national electoral systems can affect corporate behaviour differently. The cash flow sensitivity of cash during election periods is assessed by estimating panel models with fixed effects. In addition, we employ the first-difference Generalized Method of Moments technique to evaluate the impact of the availability of internal finance on asset growth during election periods. The line of discussion builds upon the motivation theory of cash holdings introduced by Keynes (1936) and the internal finance theory of growth. The findings show that the magnitude of cash holdings varies with the national electoral system adopted in the country and firm size. The findings also suggest that firms residing in a country with a presidential or legislative electoral system are more sensitive to political uncertainty than those residing in a country with an assembly-elected presidential electoral system. During election periods, firms residing in a country with a presidential or legislative electoral system tend to hold more cash during election periods due to being precautionary against the uncertainty that may occur. While large firms residing in a country with an assemblyelected presidential electoral system lessen a grabbing hand problem by holding a smaller amount of cash reserves, small firms in a country with a presidential or legislative electoral system tend to use internal funds to grow during election periods. (JEL: D80, E44, G32, G38)
Prior empirical studies have shown a mix of findings on the relationship between social trust and country governance environments. The majority reports that they are substitutes while there is relatively little evidence of their complementary effect. Using a rich set of bond-firm matched data across eight emerging economies covering the period 19972018, we investigate whether social trust can affect a decision to issue corporate bonds and how this effect changes when the country has a better governance environment. We find that a higher level of social trust can encourage firms to issue bonds. Two interesting findings on the interaction effect between social trust and country governance environments are that firms with a high level of social trust are more likely to issue bonds when the country have a more effective governance environment, and that the effect of social trust on the decision to issue domestic currency denominated bonds is more prominent in the country with a poor governance environment. The result indicates that the complementary effect of social trust and country governance environments, except voice and accountability, can lead to an increase in corporate bond issuance and their substitution effect can encourage a firm to issue bonds in the domestic currency. It implies that the government can promote bond issuance through improving social trust in the policymaking process such as supporting an effective engagement and decision-making process in the country and increasing the public investment on school level education. (JEL: E44, F32, G32, G38, O16)
Trade credit, market power and asymmetric information
This paper aims to examine the effect of customer’s market power and information asymmetry on trade credit decision. Using data from nine Asian emerging economies, we find that customers with a high market share can obtain more trade credit. They will be offered less trade credit if there is information asymmetry between their suppliers and themselves; the firms that tend to face this issue are small firms, young firms and RD firms. The lower trade credit taken in small firms and young firms is more evident in low-social trust economies. Moreover, we confirm that firms in high-social trust economies receive more trade credit when they support a trading relationship by investing in RD, which is called a relationship-specific investment (RSI). The results are robust to the measurements of market share and RSI. This chapter proposes that high social trust can enhance the relationship between trade credit offered and a customer’s market share. (JEL: D22, D80, G32)