Personal Statement
Charlie X Cai is Professor of Finance at the University of Liverpool Management School, UK. Before this he held professorships at Leeds University Business School and Bradford University School of Management, UK.

Charlie's research career began with his PhD on the market microstructure of the London Stock Exchange — a journey that grounded him in the foundations of financial markets and equipped him with strong empirical modelling skills. Since then he has pursued a sustained interest in the impact of technology on financial markets (including algorithmic and high-frequency trading) and built expertise in big data analytics. He subsequently broadened his interests into asset pricing, corporate governance and banking. His recent work focuses on financial technology (fintech) in emerging markets, pricing anomalies around the world, and systemic risk in a global context — all significant features of today's global financial system.

Much of his work has been published in ABS 3- and 4-star journals, including the Journal of Accounting and Economics, Journal of Financial Quantitive Analysis, Journal of Money, Credit and Banking, the British Journal of Management and Financial Management. Since 2025 he has served as Joint Editor-in-Chief of The British Accounting Review (BAR), the flagship journal of the British Accounting and Finance Association (BAFA) and one of the most highly cited journals in the field.

Charlie's informed and rigorous approach has benefitted from active collaboration with scholars across academic, industrial and regulatory organisations. He has worked outside academia as a research consultant and is committed to building research links with other disciplines and academic institutions worldwide.

Research Overview
Thanks for being interested in my research. My main research interests are in asset pricing and investment research. The overarching research question is what drives expected returns. My approach to the problem is empirical while I have significant interests in testing theoretical propositions to further my understanding of the potential working of the capital market. Technology and social changes play essential roles in the evolution of markets. Studying how information (data and technique) affects wealth accumulation and management is my ongoing pursuit (e.g., data-driven quantitative investment). Equally important is to explore alternative risk and preference that traditionally ignored or cannot measures in dirving investment decisions (such as ambiguity or preference for social good). Both rational expectation and behavioural theories help shape my thinking, and I am hoping to be able to connect them more through studying the empirical data with an open mind.