Academic & Professional Qualification

Ph.D., University of Pennsylvania
B.A., Fudan University

Biography

Dr. Yang Liu joined The University of Hong Kong as Assistant Professor of Finance in 2017. He received his Ph.D. in Economics from University of Pennsylvania, and his B.A. in Economics from Fudan University.

His research interests span asset pricing, macro-finance and international finance. He has won the 2018 Annual Conference in International Finance Best Paper Award and the Cubist Systematic Strategies PHD Candidate Award for Outstanding Research by Western Finance Association. He has been a visiting scholar at the International Monetary Fund and the World Bank, and was a research associate at the Federal Reserve Bank of Philadelphia.

Research Interest
Asset Pricing
Macro-Finance
International Finance

Selected Publications

• “Volatility (Dis)Connect in International Markets”
  (with Riccardo Colacito, Mariano M. Croce, and Ivan Shaliastovich), Management Science, forthcoming.
• “Getting to the Core: Inflation Risks Within and Across Asset Classes”
  (with Xiang Fang and Nikolai Roussanov), Review of Financial Studies, forthcoming.
• “Dynamic ESG Equilibrium”
  (with Doron Avramov, Abraham Lioui, and Andrea Tarelli), Management Science, 2025, 71(4): 2867-2889.
• “Government Debt and Risk Premia”
  Journal of Monetary Economics, 2023, 136:18-34.
• “Government Policy Approval and Exchange Rate”
  (with Ivan Shaliastovich), Journal of Financial Economics, 2022, 143(1): 303-331.
• “Volatility Risk Pass-Through”
  (with Ricardo Colacito, Mariano M. Croce, and Ivan Shaliastovich), Review of Financial Studies, 2022, 35(5): 2345–2385.
• “Volatility, Intermediaries, and Exchange Rate”
  (with Xiang Fang), Journal of Financial Economics, 2021, 141(1): 217-233.

For details, please visit www.yangliuresearch.com.