Jing Liu

Dr. Liu is Professor of Accounting and Finance, Chairman of the Faculty Executive Committee and Director of the Investment Research Center at the Cheung Kong Graduate School of Business (CKGSB). Prior to joining CKGSB, he was a tenured professor at UCLA’s Anderson School of Management. He earned his Ph.D. from the Columbia Business School in 1999.

Academically, Dr. Liu is an internationally recognized expert on capital markets and investment analysis. A key feature of his research is a broad range and a tight connection between theory and practice. His research has been published in a number of leading international journals and has received wide recognition and citation. He is a recipient of the Outstanding Research Award from CKGSB, Eric E. Juline Research Award from the UCLA Anderson School, and the Barclays Global Investors (BGI) Best Paper Award from the Review of Accounting Studies.

From the angle of practice, Dr. Liu’s research and teaching revolves around the general topic of value investing. He directs CKGSB’s Center for Investment Research, where students and analysts study economic trends at the macro, industry and company level for investment implications. This effort received wide attention from the investment community and the media. Dr. Liu is regularly invited to speak at public forums, write opinion pieces, and give interviews to business news outlets.

At CKGSB, Dr. Liu has played multiple leadership roles. He is the Chairman of the Faculty Executive Committee, a democratically elected faculty governance body, former Chairman for the school’s alumni association and its development foundation. From 2014 to 2022, he oversaw CKGSB’s flagship Business Scholars Program as well as its highly acclaimed accelerator for start-up companies. From 2008 to 2015, he also guided the school’s finance, HR and IT functions.

Dr. Liu serves as a director on the boards of several large Chinese as well as international companies. He also consults widely on management and investment issues.

Areas of Expertise

Corporate Finance, Economic Reforms, Financial Accounting, Investments, Real Estate

Education

• Columbia University, PhD, 1999, and M.Phil, 1998
• University of Cincinnati, MS, 1994
• University of Mississippi, BA, 1992
• University of Science and Technology of China, 1988-1991, transferred

Achievements

Liu’s research has earned a number of awards, including the 2005 Eric and “E” Juline Faculty Excellence in Research Award from UCLA’s Anderson School and the 2007 Barclays Global Investors (BGI) Best Paper Award from the Review of Accounting Studies. In 2010, he received the Best Research Award from CKGSB.

Grants And Honors

• Chinese Most Cited Researchers by Elsevier, 2014. 2015, 2016, 2017, 2018, 2019
• CKGSB Grants, every year form 2008
• CKGSB Outstanding Research Award, 2010
• Barclays Global Investors Best Paper Award, Review of Accounting Studies, 2007
• Eric and “E” Juline Faculty Excellence in Research Award, UCLA, 2005
• Research Fellow, China Business Research Institute, CKGSB, 2005 –
• China Research Institute Grant, CKGSB, 2004
• Faculty Career Development Award, UCLA, 2002
• Academic Senate Grants from UCLA, 2000, 2001
• Columbia Business School, Dean’s List, 1994, 1995

Publication

• Vipshop vs JD.com: Different Paths of B2C E-commerce Giants, 2015

Academic Research

• “Stock Returns and Accounting Earnings,” with Jacob Thomas, Journal of Accounting Research, spring 2000.
• “The Feltham-Ohlson (1995) Model: Empirical Implications,” with James Ohlson, Journal of Accounting, Auditing and Finance, summer 2000.
• “Equity Valuation Using Multiples,” with Jacob Thomas and Doron Nissim, Journal of Accounting Research, March 2002.
• “Measuring Value Relevance in a (possibly) Inefficient Market,” with David Aboody and John Hughes, Journal of Accounting Research, September 2002.
• “Valuation and Accounting for Inflation and Foreign Exchange,” with John Hughes and Mingshan Zhang, Journal of Accounting Research, September 2004
• “Discussion of ‘The role of changes in expectations in explaining the cross-section of returns.'” Review of Accounting Studies, September 2004.
• “Earnings quality, insider trading and cost of capital,” with David Aboody and Jack Hughes, the Journal of Accounting Research, 2005.
• “On international accounting valuation,” the Journal of International Accounting Research, 2006.
• “Cash flow is king? Comparing valuations based on cash flow versus earnings multiples,” with Jacob Thomas and Doron Nissim, the Financial Analyst Journal, 2007.
• “Information asymmetry, diversification and cost of capital” with John Hughes and Jun Liu, the Accounting Review, 2007.
• “Are executive stock option exercises driven by private information?” with David Aboody, John Hughes and Wei Su, the Review of Accounting Studies, 2008.
• “On the relation between predictable market returns and predictable analysts’ forecast errors,” with John Hughes and Wei Su, the Review of Accounting Studies, 2008. Winner of the BGI best paper award.
• “On the relation between expected returns and implied cost of capital,” with John Hughes and Jun Liu, the Review of Accounting Studies, 2009.
• “Leverage, excess leverage and future stock returns,” with Judson Caskey and John Hughes, the Review of Accounting Studies, 2011.
• “A comparison of US and Chinese firms’ profitability: from 2005 to 2013,” with James Ohlson and Weining Zhang, the Accounting Horizons, 2015.

Working Papers

• “The Warren Buffet Anomaly,” with John Hughes and Mingshan Zhang.
• “Market and analyst reactions to earnings announcements: an efficiency comparison.”
• “Estimating the market risk premium using implied cost of capital,” with Ruihao Ke.