Professor Liu is a Professor of Finance at Cheung Kong GSB and a tenured Associate Professor at Rady School of Management of UCSD. From 1999 to 2005, he also taught at Anderson School of Management of UCLA as an Assistant Professor.

Theoretical and Empirical Asset Pricing, Econometrics.

Professor Liu has published 10 papers in top finance journals such as Journal of Finance, Review of Financial Studies, and Journal of Financial Economics and also four papers in Journal of Business, Review of Accounting Studies, Accounting Review, and Financial Analyst Journal. He has won the Michael Brennan Award for the best paper published in Review of Financial Studies in 2005. His papers have been widely cited and made impact among both academics and practitioners.

"The Market Price of Credit Risk: An Empirical Analysis of Interest Rate Swap Spreads", with Francis Longstaff and Ravit E. Mandell, Journal of Business, forthcoming.

"Debt Policy, Corporate Taxes, and Discount Rates" with Mark Grinblatt, Journal of Economic Theory, Forthcoming.

"On the relation between expected returns and implied cost of capital." with John Hughes, conditional acceptance at the Review of Accounting Studies, 2008.

"Information, Diversification, and Asset Pricing" with Jing Liu and Jack Hughes, v82, n3, 705-730, Accounting Review.

"Risk, Return and Dividends" with Andrew Ang, v85, n2, 1-38, Journal of Financial Economics, August, 2007.

"Portfolio Selection in Stochastic Environments", Review of Financial Studies, v20, n1, 1-39, January, 2007.

"Why Stocks May Disappoint" with Andrew Ang and Geert Bekaert, Journal of Financial Economics, v76, n3, 471-508, 2005.

"An Equilibrium Model of Rare Event Premia" with Jun Pan and TanWang, Review of Financial Studies, v18, n1, 131-164, Spring 2005.

"How to Discount Cashflows with Time-Varying Expected Returns" with Andrew Ang, Journal of Finance, v59, n6, 2745-2783, December, 2004.

"Losing Money on Arbitrages: Optimal Dynamic Portfolio Choice in Markets with ArbitrageOpportunities" with Francis Longstaff, Review of Financial Studies, v17, n3, 611-641, Fall, 2004.

Lessons:
1. Investments (MBA), 2000.
2. Theory of Finance (MBA), 2001, 2002.
3. Security Analysis and Investment Management (MBA), 2003, 2004, 2005.
4. Continuous-Time Finance (PhD), 2000, 2002, 2003, 2004.
5. Financial Economics (PhD) 2004.
6. Corporate finance (MBA), 2006.
7. New Venture Finance (MBA), 2006.

Awards:
1. First Place, Higher Mathematics Contest of Peking University, 1981.
2. Blackett Scholarship, Erice International School of Subnuclear Physics, 1986.
3. Barclays Global Investors/Michael Brennan Best Paper Award, Review of Financial Studies, 2005.

Papers:
1. “Density-Based Inference of Jump-Diffusion Processes” (with Jun Pan and Lasse Pedersen), reviseresubmit, Journal of Econometrics, 2002.
2. “Debt Policy, Corporate Taxes, and Discount Rates” (with Mark Grinblatt), submitted, 2004. revise-resubmit, Journal of Economic Theory.
3. “Endogenous Retirement, Endogenous Labor Supply, andWealth Shocks” (with Eric Neis), working
paper, 2002.
4. “The Value of Private Information” (with Ehud Peleg and Avanidhar Subrahmanyam), working paper, 2004.