Chaojie (Jay) Liu
PhD Candidate in Finance, University of Bristol
(2024-2028)
Visiting Scholar, Luohan Academy (2026)
Visiting Scholar, USI Lugano & SFI (2026)
Research Interest: FinTech, Financial Advice, Behavioural Finance, Household Finance, AI and ML.
Contact: Jay.Liu@bristol.ac.uk
I aim to conduct impactful research in financial economics to improve social welfare, as I believe finance has its own goods beyond greed and fear.
Recent Updates
From November 2026, together with my peers (William Pan, Doni Prasetyo, George Sheng, Maoyi Yin; PhD candidates at the University of Bristol Business School), we are delighted to launch a novel and interesting PhD Brownbag Series in Finance, an informal and supportive research forum for all PhD students. Call for Presentations -- PhD Brownbag Series in Finance (External Speakers) – Fill out form.
From July 2026 to September 2026, I visited Luohan Academy as a visiting scholar.
Notes and ready-to-use skills I put together for fellow economics and finance researchers who want AI to speed up the work without compromising the rigour. Find them here for preview and here for all details on GitHub.
Welcome to Jay's Personal Website!
I am now a PhD candidate in Finance at the University of Bristol Business School. My PhD dissertation focuses on understanding the effects of artificial intelligence and algorithmic decision-making in the financial markets. I am trying to understand these effects via Robo-Advising, a welfare-improving financial technology.
I was a visiting scholar at USI Lugano and SFI and at Luohan Academy. Besides, I obtained both of my previous degrees also from the University of Bristol (BSc Finance & MSc Economics and Finance).
I am interested in understanding how people make financial decisions in a world increasingly shaped by AI. Many of the choices that decide a household’s financial future, like how much to save, where to invest, and when to act, can now be handed to algorithms. Whether that makes people better off depends on more than how good the technology is. It also depends on whether people trust it, how much control they are willing to give up, and how the AI behaves once it is deciding for them. Fintech is where people are already making these choices at scale, so I use it as a laboratory to learn when handing decisions to AI helps people, when it doesn’t, and why.
Under the supervision of Prof. Richard Harris (Bristol) and Dr. Manuela Pedio (Bristol & Bocconi), I lead a research project on retail investor's financial decision-making using data from Alipay, supported by the Digital Economy Open Research Platform and Ant Group. With Dr. Pedio as PI and myself as co-PI, we study how AI affects household decision-making, with support from Isambard-AI, the UK’s most powerful AI supercomputer. With Dr. Zeming Li (PI) and fellow PhD researchers Wenye (William) Pan and Zhengzhe Peng, we study how AI systems behave when they make decisions themselves, which is also supported by Isambard-AI.
As AI moves from advising people to acting for them, I aim to build a research agenda that shapes how this shift is designed and governed in finance, so that the households with the most to gain are the ones who actually benefit.
You can expect the following information from the web pages:
What I am doing is introduced in the Research.
Who I am and what makes me here are introduced in the Background.
In Finance and Economics, there are 1. conference information; 2. introductory level of finance and economics; 3. information about Pre-Docs and research assistantship (RA); 4. PhD Lecture Notes in Finance/Economics (from Leading Scholars); 5. Others.
In Data and Tech, there are financial and related databases & information about technology in finance (on the main page). On subpages, there is information and courses about 1. Data Processing and 2. Tech and AI.
In Brilliant Ideas, I present a summary on the main page. On subpages, I include some brilliant ideas for Life and PhD and Research.
Apart from my studies and research, I am also interested in thinking about the future of the financial advisory market. Together with my supervisors, we proposed Robo-Advising 4.0.
As I commit to sharing Chinese stories with all and building more inclusive communities, I am always happy to share resources and ideas that may be interesting and helpful. Besides this website, if you are interested, you can find my LinkedIn and RedNote (小红书) account, on which I share up-to-date information.
Let's make the world better together!
To my family for introducing me to the idea of home.
To all mentors for leading me during the journey of the unknown.
To my friends and rivals for joining me in the adventure of creating our own.
And to myself, for completing my own soul.
Don't have a good day!
Have a great day!
I hope that you find my webpage interesting and useful, please feel free to contact me by email or LinkedIn if you have any questions or queries!