Qiao Liu

Qiao Liu currently serves as Professor of Finance and Dean in the Guanghua School of Management, Peking University. Before he joined Guanghua, Qiao Liu taught in the Faculty of Business and Economics, University of Hong Kong, and was tenured at HKU. Qiao Liu also worked at McKinsey & Company’s Asia-Pacific Corporate Finance and Strategy Practice from December 2001 to July 2003, where he advised various MNCs and leading Asian companies on issues related to corporate finance and strategies. Qiao Liu holds a Ph.D. in Financial Economics from UCLA (2000), an M.A. in International Finance from the Graduate School of People's Bank of China (1994), and a B.S. in Economics and Mathematics from the Renmin University of China (1991).

Qiao Liu’s primary academic research interests are in corporate finance, empirical asset pricing models, financial markets, and Chinese economy. He has published dozens of articles at leading academic journals including Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Accounting Research, Management Science, Economic Journal, Journal of Corporate Finance, Journal of Accounting, Auditing, and Finance, Financial Analysts Journal, etc. He has co-edited two books on the Asian finance --- “Asia's debt capital markets: prospects and strategies for development” (Springer, 2006); and "Finance in Asia: A Critical Concept) (Routledge, 2013). His new book “Corporate China 2.0: The Great Shakeup” was published by Palgrave Macmillan in January 2017.

Qiao also writes in Chinese. His articles have been published in a variety of major Chinese journals. He has been interviewed by CCTV, CNBC, BBC on issues related to Chinese economy and banking. His book "Big to Brilliant" explores why China have so many Fortune 500 companies but very few great companies. Qiao provides very detailed analysis in this bestselling book.

Research Areas

• Empirical asset pricing
• Financial markets
• Corporate finance
• Chinese economy

Education Background

• 2000 University of California at Los Angeles Economics
  
• 1994 Graduate department of the people's bank of China International finance
  
• 1991 Renmin University of China Applied mathematic
  

Career Experience

• 2010—present Professor, Department of Finance, Guanghua School of Management
• 2000—2010 Assistant professor, Associate professor (Tenure), College of Economics & Business Administration, University of Hong Kong
• 2001—2003 Consultant, Financial and strategic consultation center, McKinsey Company Asia Pacific

Books and Monographs (in English)

• “Finance in Asia: institutions, regulation, and policy” (joint with Douglas Arner and Paul Lejot), London – New York: Routledge. Forthcoming in December 2010.
• “Asia’s debt capital markets: prospects and strategies for development” (co-edit with Paul Lejot, Douglas Arner, and Jae-Ha Park), New York: Springer 2006.

Publications at Peer-Reviewed Journals (in English)

• “Intellectual capital and financing decision: evidence from the US patent data” (with Keith K.P. Wong), Management Science, 2011, Vol. 57, No. 10, 1861-1878.
• “Institutions and corporate investment: evidence from an investment-implied return on capital in China” (with Alan Siu), 2011, accepted at Journal of Financial and Quantitative Analysis. The paper has been quoted and discussed in the articles “Bamboo Capitalism” “Let Millions of Flowers Bloom” in The Economist.
• “Sovereign funds,” The Encyclopedia of Financial Globalization, Elsevier, forthcoming.
• “Predict stock market returns with aggregate discretionary accruals” (with Qiang Kang and Rong Qi), Journal of Accounting Research, 2010, 48(4), 815-858. Featured and summarized in The CFA Digest, 2010, Vol. 40, No. 4 (by Georgeann Portokalis).
• “Information-based stock trading, executive incentives, and the principal-agent problem” (with Qiang Kang), Management Science, 2010, 56(4), 682-698.
• “The Sarbanes-Oxley Act and corporate investment: a structural assessment” (with Qiang Kang and Rong Qi), Journal of Financial Economics, 2010, 96 (2), 291-305.
• “Competition and corporate tax avoidance: evidence from Chinese industrial firms” (with Hongbin Cai), The Economic Journal, 2009, 119 (April), 764-795.
• “Market timing strategy with aggregate accruals” (joint with Qiang Kang and Rong Qi).Journal of Asset Management, 2009, 10 (3), 170-180. Featured and summarized in The CFA Digest, 2010, Vol. 40, No. 1: 118-120 (by Victoria Rati).
• “Stock market information production and executive incentives” (joint with Qiang Kang),Journal of Corporate Finance, 2008. 14, 484-498.
• “Stock trading and diversification discount” (with Rong Qi), Economics Letters, 2008, 98(1):35 – 40.
• “Corporate governance and earnings management in China: a tunneling perspective,” (with Joe Lu), Journal of Corporate Finance, 2007, 13: 881 – 906.
• “Do we accept accruals profits at our peril?” (with Rong Qi) 2006, Financial Analysts Journal,Volume 62 (4): 62-75.
• “How good is good news? Technology depth, book-to-market ratio, and innovative events,”2006, Journal of Accounting, Auditing, and Finance, Vol. 21(3), 293-321.
• “Missing links: regional reforms for Asian debt capital markets” (with Paul Lejot and Douglas Arner), Asia Pacific Business Review, 2006, 12(3):309-332.
• “High stakes in high technology: high-tech market values as options” (with Michael R. Darby and Lynne Zucker), Economic Inquiry, lead article, 2004, Vol. 42(3): 351-369.
• “Corporate governance in China: current practices, economic effects, and institutional determinants,” CESifo Economic Studies, 2006, 52(2), 415-453.
• “Corporate Governance and Firm valuations in China” (with Chong-En Bai, Joe Lu, Frank Song, Junxi Zhang), 2004, Journal of Comparative Economics, lead article, 32(4):599-616. A condensed and non-academic version was published at Beyond Transition: The Newsletter about Reforming Economies, Vol. 15, No. 1, 2004, a quarterly publication by World Bank.
• “The parent companies puzzle? when is the whole worth less than one of the parts?” (with Bradford Cornell), Journal of Corporate Finance, lead article, 2001, 341-366. Featured and summarized in The CFA Digest, 2002, Vol. 32, No. 2: 22-23.

SELECTED WORKING PAPERS

• “Trade liberalization and corporate financial policies” (with Hongbin Cai and Miaojie Yu),October 2011.
• “Trade liberalization and corporate investment” (with Hongbin Cai and Miaojie Yu),November 2011.
• “The real effects of S&P 500 additions: evidence from corporate investment” (with Yong Wei), April 2011.
• “The evolution and consequence of Chinese pyramids” (with Ying Zheng and Yuande Zhu),February 2011.
• “How do regulations affect corporate investment? evidence from state anti-takeover laws” (with Qiang Kang), January 2011.
• “Two Accrual Anomalies” (with Qiang Kang and Rong Qi), August 2009.
• “Credit rating changes and CEO incentives” (with Qiang Kang), 2009, working paper.Submitted.
• “The value of corporate control: propping and tunneling evidence from China" (with Chong-En Bai, Frank Song), 2009. Submitted.
• “Information production, cash flow, and corporate investment” (with Rong Qi). This version: July 2007. Under review. This paper has been presented at the 2003 American Finance Association annual meeting in Washington DC.
• “Information and accrual strategy: when does the market mis-price accruals?” (with Rong Qi), this draft, December 2008.

PUBLISHED BOOK CHAPTERS (IN ENGLISH)

• “Capitalizing China: Comment on “Assessing China’s Top-Down Securities Markets”,NBER book edited by Joseph Fan and Randall Morck.
• “Asia's debt capital markets – Contemporary markets for Asian debt capital market instruments” (with Paul Lejot, Douglas Arner), in “Asia’s debt capital markets: prospects and strategies for development” (co-ed by Paul Lejot, Douglas Arner, Qiao Liu, and Jae-Ha Park), Springer 2006.