Academics

Nancy Tao

Associate Professor of Finance

Economics Business and Finance

Research Interests

Financial Economics
Financial Markets and Institutions
Industrial Organization
International Finance
Applied Econometrics

Education

PhD    Economics, Claremont Graduate University, California, USA
MSc    Operational Research, Lancaster University, United Kingdom
BA      Management, Shandong University, China 

Publications in Peer-Reviewed Journals

“Prepayment and Credit Utilization in Peer-to-Peer Lending” (with Yuan Yuan), forthcoming in Managerial Finance

“The Effects of Deflation and Macroeconomic Shocks on Leisure Spending in the Pre-War Era: Evidence from Major League Baseball, 1890-1940” (lead author, with Richard Burdekin and David Berri), Atlantic Economic Journal, January 2023, vol. 50, pp. 119-132. https://doi.org/10.1007/s11293-022-09756-3

“Quantifying China’s Financial Reach up through the Pandemic: The African Experience"(with Richard Burdekin and Dawson Reckers),  North American Journal of Economics and Finance, November 2022, vol. 63, article 101833. https://doi.org/10.1016/j.najef.2022.101833

“Chinese Influences on Inflation Determination in Australia and the ASEAN group: A Markov-Switching Analysis” (with Richard Burdekin), Asia and the Global Economy, July 2022, vol. 2, no. 2, article 100037. https://doi.org/10.1016/j.aglobe.2022.100037

“Price leadership and asynchronous movements of multi-market listed stocks” (with Krastina Dzhambova and Yuan Yuan), International Review of Financial Analysis, January 2022, vol. 79, article 101970. https://doi.org/10.1016/j.irfa.2021.101970

“The Golden Hedge: From Global Financial Crisis to Global Pandemic” (with Richard Burdekin), Economic Modelling, February 2021, vol. 95, pp. 170-180. https://doi.org/10.1016/j.econmod.2020.12.009

"From Shanghai to Sydney: Chinese Stock Market Influences on Australia" (with Richard
Burdekin), Finance Research Letters, January 2021, vol. 38, article 101502
doi:10.1016/j.frl.2020.101502

"Chinese Liquidity Effects on the Australian Macroeconomy" (with Richard Burdekin), Applied
Economics, February 2020, vol. 52, no. 18, pp. 1973–1985.

"The Importance of Debt for Household Risky Asset Allocation and Portfolio Structure" (with
Yuan Yuan), lead article in Financial Services Review, Winter 2019, vol. 27, no. 4, pp.
325–344.

"Bank Deserts in the United States and the Great Recession: Geography and Demographics"
(with Russ Kashian and Robert Drago), Journal of Economic Studies, 2018, vol. 45, no. 4,
pp. 691–709.

"An Empirical Examination of Factors Driving the Offshore Renminbi Market" (with Richard
Burdekin), China Economic Journal, September 2017, vol. 10, no. 3, pp. 287–304.

"A Computational Dynamic Model of Strategic Behavior in the U.S. Retail Banking Markets,"
Managerial and Decision Economics, March 2016, vol, 27, no. 3, pp. 182–194.

"Health Benefit Downward Rigidity: Employers' Responses to Rising Insurance Costs" (with
Xuguang Guo), Risk Management and Insurance Review, September 2015, vol. 18, no. 2, pp.
217–241.

"Off-balance Sheet Activities and Community Bank Performance" (with Russ Kashian), Journal
of Economic Studies, November 2014, vol. 41, no. 6, pp. 789–807.

"Bank Lending Margins in China and the Effects of the June 2012 Liberalization" (with Richard
Burdekin), Journal of International Commerce, Economics and Policy, May 2014, vol. 5, no. 2, 19 pages.

"China Real Estate Market Performance: Stock Market Linkages, Liquidity Pressures, and
Inflationary Effects" (with Richard Burdekin), The Chinese Economy, March–April 2014, vol. 47, no. 2, pp. 5–26.

"Management of Information in the Public Sector: The Analysis of Information Issues Regarding
Water Management" (2nd author, with David S. Kung, Harold Dyck, and Parviz
Partow-Navid), Leadership and Organizational Management Journal, March, 2012.

"Bank Lending, Inflation and China's Stock Market, 2004–2010" (with Richard Burdekin),
Economics Research International, vol. 2011, Article ID 652983, 7 pages.
doi:10.1155/2011/652983

"An ABC Guide to Provincial Lending Patterns in China: Progress and Prospects" (with Richard
Burdekin), The Chinese Economy, September–October 2011, vol. 44, no. 5, pp. 34–54.

"Corporate Governance – A Two-Way Analysis Model for the Development of Compliance.
Principles, U.S.A. vs. China." (with Harold Dyck, Linda C. Gordon, and David S. Kung),
Leadership and Organizational Management Journal, March, 2011.

"China's State-Owned Banks' Lending Practices, 1994–2005: Empirical Tests and Policy
Implications" (with Richard Burdekin), The Open Economics Journal, 2008, no. 1, pp. 14–24.

Book Chapter

"The Evolution of Bank Lending Patters in China: A Post-1994 Province-by-Province Analysis" (with Richard Burdekin). In James R. Barth, John A. Tatom, and Glenn Yago (eds.), China's Emerging Financial Markets: Challenges and Opportunities. New York: Springer, 2009.

Publications in Popular Media

"London Calling: The Shanghai-London Stock Connect" (with Richard Burdekin), China-US Focus, May 30, 2018.

Working Papers

“Determinants of Attendance in the Early Days of Major League Baseball: Panel Estimation, 1890-1940” (with Richard Burdekin and David Berri), under review at International Journal of Sport Finance.

“Transmission of Stock Market Movements from China to Australia, Hong Kong and the ASEAN Group: Do Chinese Effects Outweigh US Effects?” (with Richard Burdekin), under review at East Asian Economic Review

“Stock Ownership and Market Efficiency: Evidence from Cross-listed Stocks” (with Muris Hadzic), work in progress.

“Social, Environmental, and Governance (ESG) investing,” work in progress.

Grants

Research Grant, College of Business and Economics, University of Wisconsin, Whitewater:
2019 $5,000; 2018 $5,000; 2015 $5,000; 2014 $5,000; 2013 $4,000; 2012 $4,000

Research Grant, UW-Whitewater Foundation: 2014 $6,500

Ultra Grant, College of Business and Economics, University of Wisconsin, Whitewater:
2012 $1,500

Phi Beta Kappa International Scholarship, the Alpha Association, U.S.A.: 2006-2007 $2,000

John Randolph Haynes and Dora Haynes Social Science Dissertation Grant, Claremont
Graduate University: 2005-2006 $12,000

Conference Presentations/Paper

“Prepayment and Credit Utilization in Peer-to-Peer Lending,” presented at the Midwest Business Administration Association (MBAA) International Convention, Chicago, March 2023

“Price Leadership and Asynchronous Movements of Multi-Market Listed Stocks,” received Distinguished Research Award, presented at the MBAA International Convention, March 2021

"Return Disparity and Information Friction: Evidence from Multi-Market Listed Chinese Stocks,"
presented at the Midwest Economic Research Group (MERG) Virtual Annual Conference,
August 2020

"Inflation Determination in Australia and the ASEAN Group: Is There a Chinese Locomotive
Effect," presented at the annual conference of the Chinese Economics Society Australia,
Melbourne, Victoria, Australia, July 2019

"Inflation Determination in Australia and the ASEAN group: Is There a Chinese Locomotive
Effect," presented at the 94th Annual Conference of the Western Economics Association, San
Francisco, CA, June 2019

"The Importance of Debt for Household Risky Asset Allocation and Portfolio Structure,"
presented at the 15th Annual International Meetings of the Western Economic Association,
Tokyo, Japan, March 2019

"Households' Allocation of Debts and Assets: Evidence from the Survey of Consumer Finances,"
presented at the Annual Meeting of the Midwest Economic Research Group (MERG), La
Crosse, WI, August 2018

"Financial Market Interdependence between China and Australia," presented at the 93th Annual
Conference of the Western Economics Association, Vancouver, BC, Canada, June 2018

"From Shanghai to Sydney: Chinese Stock Market Influences on Australia," presented at the 92th
Annual Conference of the Western Economics Association, San Diego, CA, June 2017

"Chinese Influences on the Australian Macro Economy," presented at the Sydney International
Business Research Conference, Sydney, Australia, March 2017

"Beyond the Burdekin: Chinese Influences on Australian Financial Markets," presented at the
91th Annual Conference of the Western Economics Association, Portland, OR, June 2016

"An Empirical Examination of Factors Driving the Offshore Renminbi Market," presented at the
90th Annual Conference of the Western Economics Association, Honolulu, HI, June 2015

"Banking the Unbanked: Bank Deserts in the United States" (with Russ Kashian and Claudia
Perez-Valdez), presented at the Southwestern Finance Association Annual Meetings, Houston,
TX, March 12, 2015

"Regional Water Environmental Issues in Western United States: Salinity in Water Treatment
Process," accepted by the International Conference on Environment Engineering and
Computer Application (ICEECA), Hong Kong, December 2014

"Lessons from the Offshore Renminbi Market," presented at the 89th Annual Conference of the
Western Economics Association, Denver, CO, June 2014

"Bank Lending Margins in China and the Effects of the June 2012 Liberalization," presented at
the 88th Annual Conference of the Western Economics Association, Seattle, WA, June 2013

"Health Benefit Downward Rigidity: Employers' Responses to Rising Insurance Costs,"
nominated for the Best Paper Award, presented at the Industrial Studies Association Annual
Conference, Kansas City, KS, May 2013

"China Real Estate Market Performance: Stock Market Linkages, Liquidity Pressures, and
Inflationary Effects," presented at the 87th Annual Conference of the Western Economics Association, San Francisco, CA, July 2012

"China Real Estate Market Performance: Stock Market Linkages, Liquidity Pressures, and
Inflationary Effects," presented at the Workshop on International Financial Policy Research
sponsored by the Claremont Institute for Economic Policy Studies, Claremont, CA, April
2012

"Bank Lending, Inflation and China's Stock Market, 2004-2010," presented at the 86th Annual
Conference of the Western Economics Association, San Diego, CA, July 2011

"An ABC Guide to Provincial Lending Patterns in China: Progress and Prospects," presented at
the fifth international conference of Asia-Pacific Economic Association (APEA), Santa Cruz,
CA, June 2009

"The Evolution of Bank Lending Patterns in China: A Post-1994 Province-By-Province
Analysis," presented at the Western Economics Association Annual Conference, Honolulu,
Hawaii, June 2008

"China's State-Owned Banks' Lending Practices, 1994–2005: Empirical Tests and Policy
Implications," presented at the third international conference of APEA, Hong Kong, July
2007