Projects per year
Personal profile
Biography
Thorough knowledge and deep understanding of accounting and finance, 15+ years of diversified academic and professional work experiences in Australia and overseas, fluent in Mandarin, English and Cantonese, highly developed interpersonal skills, flexible mindset, innovative, passionate about work and life, competent research abilities for new challenges.
Research interests
Information Economics, FinTech (Machine Learning Algorithms/Blockchain), Financial Innovations, Capital Market, Analytical Modelling, Accounting Information Discourse, Financial Statement Analysis and Behavioural Finance.
Being a passionate researcher, Cynthia's research is cutting edge, and her work on FinTech is attracting a lot of attention with two journals' best papers awards. Two papers on blockchain and behavioural finance are the MOST and the SECOND MOST downloaded articles on Wiley Online Library in 2019. A highly recognized international expert in fintech, specializing in blockchain, artificial intelligence, and analytical research, she is also a regular reviewer and an editorial board member for international A and A* journals.
Peter Brown Manuscript Winner 2018
https://onlinelibrary.wiley.com/page/journal/1467629x/homepage/peter_brownell_manuscript_award_winners.htm
The Ray Ball Prize Runner-Up 2019
https://www.business.unsw.edu.au/research/research-journals/australian-journal-management
Research Supervision
She is currently accepting research students whose interests align with her areas of expertise (broadly).
Contact at [email protected]
Supervision in Specific Research Areas
CSIRO Next Gen R&D Program – Central Bank Digital Currency: Infrastructure & Applications
Central Bank Digital Currency (CBDC) is a critical and transformative field. CBDCs and other trusted digital currencies have the potential to reshape financial infrastructure, influencing market operations, retail and business payments, as well as the buying and selling of digital assets.
Awarded by CSIRO (Commonwealth Scientific and Industrial Research Organisation) and led by the DFCRC (Digital Finance Cooperative Research Centre), this R&D program brings together the RBA and ANZ with Trovio and DigitalX, leading providers of digital market services and technology solutions, along with PhD students. Supervision is provided by investigators from Australia’s top universities, including Macquarie University.
For more information about the DFCRC and this program, visit:
DFCRC: https://dfcrc.com.au/
CSIRO: https://www.csiro.au/en/work-with-us/funding-programs/funding/next-generation-graduates-programs/awarded-programs/central-bank-digital-currency
If you are interested in pursuing PhD research in this specific area under Cynthia's supervision, contact at [email protected] !
External Fund Granted for Project: A Game of Throne: What Motivates Bitcoin Miner
Industrial Fund for Project: Sustainable Investment |Invest for Good
Teaching
With more than ten years of higher education lecturing experience in Australia, Cynthia has taught a wide range of accounting and finance subjects at both undergraduate and postgraduate levels at Macquarie University, University of Melbourne, Monash University, and Charles Sturt University.
Subject Designed and Delivering
Starting in 2020, Macquarie began offering the very first master's degree specialised in FinTech in Australia, with Cynthia being responsible for designing and delivering the two core subjects:
AFIN8014 FinTech and Innovations (Postgraduate)
AFIN8016 Payment, Cryptocurrencies and Blockchain (Postgraduate)
MMBA 8014 FinTech and Innovation (Postgraduate/MBA program)
Subjects Delivered include:
- Contemporary Business Issues (Capstone|Postgraduate)
- Accounting Systems and Process (Postgraduate)
- Financial Accounting (Undergraduate/Postgraduate)
- Current Developments in Accounting Thought (Postgraduate)
- Corporate Finance (Postgraduate)
- Investment Analysis (Postgraduate)
- Financial Markets and Instruments (Postgraduate)
- Financial Statement Analysis and Business Valuation (Undergraduate/Postgraduate)
- Advanced Financial Accounting (Postgraduate)
Community engagement
CPA Australia, full member since 2011
Education/Academic qualification
Financial Management, Bachelor, Nankai University
Accounting/Finance, PhD, The University of Melbourne
Accounting, Master, The University of Melbourne
Applied Commerce, Master, The University of Melbourne
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Collaborations and top research areas from the last five years
Projects
- 9 Active
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NPPG (DFCRC Led): Central Bank Digital Currency - Infrastructure & Applications
Putnins, T., Chen, F., Buckley, R., Selvadurai, N., Furche, A., Kaafar, D., Staples, M., Sheng, M. & Cai, C.
24/10/23 → 8/06/28
Project: Research
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MQ Industry LP: Educating Retail Investors for Impact Investing
Bu, D., Liao, Y., Smith, T., Linnenluecke, M., Cai, C., Mollica, V., Singh, A., Cao, L. & Peng, C.
1/09/22 → 31/12/25
Project: Research
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Disclosure Quality, Cost of Capital and Competitor Effects: An Implication for Blockchain Ecosystem
Cai, C. & Clinch, G.
1/08/20 → …
Project: Research
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Disclosure Quality, Cost of Capital and Productivity Effects (Analytical Paper)
1/07/20 → …
Project: Research
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Triple‐entry accounting with blockchain: How far have we come?
Cai, C. W., Mar 2021, In: Accounting & Finance. 61, 1, p. 71-93 23 p.Research output: Contribution to journal › Article › peer-review
105 Citations (Scopus) -
Disruption of financial intermediation by FinTech: a review on crowdfunding and blockchain
Cai, C. W., Dec 2018, In: Accounting and Finance. 58, 4, p. 965-992 28 p.Research output: Contribution to journal › Article › peer-review
223 Citations (Scopus) -
The power of crowds: Grand challenges in the Asia-Pacific region
Cai, C., Gippel, J., Zhu, Y. & Singh, A. K., 1 Nov 2019, In: Australian Journal of Management. 44, 4, p. 551-570 20 p.Research output: Contribution to journal › Article › peer-review
13 Citations (Scopus) -
Blockchain integration with the SDGs
Cai, C. W., 2025, The Routledge handbook of accounting for the sustainable development goals. Venturelli, A. & Mio, C. (eds.). Abingdon, Oxon ; New York, NY: Routledge, p. 225-238 14 p. (Routledge international handbooks).Research output: Chapter in Book/Report/Conference proceeding › Chapter › peer-review
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Cryptocurrency puzzles: a comprehensive review and re-introduction
Cai, C., Xue, R. & Zhou, B., 2 Jan 2024, In: Journal of Accounting Literature. 46, 1, p. 26-50 25 p.Research output: Contribution to journal › Article › peer-review
Prizes
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2019 The Runner Up for the Ray Ball Prize
Cai, Cynthia (Recipient), Singh, Abhay (Recipient), Gipple, Jennifer (Recipient) & Zhu, Elizabeth (Recipient), 16 Jul 2020
Prize: Honorary award
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Peter Brown Manuscript Award, 2018: the best paper of the year 2018/2019
Cai, Cynthia (Recipient), 8 Jul 2019
Prize: Honorary award
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Press/Media
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ACCC wants to protect neobanks — and their customers — from big four bank takeovers
12/02/21
1 Media contribution
Press/Media: Expert Comment
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Inside Bitcoin: A Beginner’s Guide to the World’s Favourite – and Most Mysterious – Digital Currency
11/02/21
1 Media contribution
Press/Media: Expert Comment
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【Opinion]Trump's tariffs hit Australian stocks hard. Where will the Australian economy go?
9/04/25
1 Media contribution
Press/Media: Expert Comment
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【Opinion】Are you the biggest beneficiary of the tax cuts in the new fiscal year?
3/07/24
1 Media contribution
Press/Media: Expert Comment
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Banks say branch closures no longer a sign of a town in decline as online shift accelerates, but locals still worried
1/05/21
1 Media contribution
Press/Media: Expert Comment
Impacts
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Empowering Retail Investors for a Greener Future: The Pivotal Role of Environmental Literacy Education in Sustainable Investing
Di Bu (Participant), Yin Liao (Participant), Tom Smith (Participant), Vito Mollica (Participant), Cynthia Cai (Participant) & Abhay Singh (Participant)
Impact: Environment impacts, Policy impacts, Economy impacts
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From Knowledge to Action: Boosting Sustainable Investments with Financial Literacy and ESG Disclosure
Di Bu (Participant), Yin Liao (Participant), Vito Mollica (Participant), Tom Smith (Participant), Cynthia Cai (Participant) & Abhay Singh (Participant)
Impact: Society impacts