Rate My Professor Yang LIU

Yang Liu is an Associate Professor of Finance at the University of Hong Kong's Business School, having joined as Assistant Professor in 2017 and promoted with tenure in 2023. He holds a Ph.D. in Economics from the University of Pennsylvania (2017), an M.A. in Economics from the same university (2014), and a B.A. in Economics from Fudan University (2011). Earlier in his career, Liu served as a Visiting Scholar in the Research Department of the International Monetary Fund (2015-2017) and as a Research Associate at the Federal Reserve Bank of Philadelphia (2014-2017).

Liu's research focuses on asset pricing, macro-finance, and international finance, particularly examining government debt and risk premia, fiscal risks, safe assets, international shock transmissions, financial intermediaries, monetary policy, inflation risks, and general government policy effects. His publications appear in premier journals such as the Journal of Finance (forthcoming), Review of Financial Studies (forthcoming), Management Science, Journal of Financial Economics, and Journal of Monetary Economics. Key works include "Political Announcement Return" (with Ivan Shaliastovich, Journal of Finance, 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 et al., Management Science, 2024), "Government Debt and Risk Premia" (Journal of Monetary Economics, 2023), and "Government Policy Approval and Exchange Rates" (with Ivan Shaliastovich, Journal of Financial Economics, 2022). Liu has received notable awards, including the Best Paper in Asset Pricing at SFS Cavalcade Asia Pacific (2024), CFAM-ARX Paper Award (2023), Annual Conference in International Finance Best Paper Award (2018), and Cubist Systematic Strategies PhD Candidate Award from the Western Finance Association (2017). He currently serves as Director of the Master of Wealth Management Program (since 2024), Co-Director of the HKUBS Wealth Management Academy, and Associate Editor of Economics Letters (since 2025). Liu has secured competitive grants as Principal Investigator from the National Natural Science Foundation of China and the Hong Kong Research Grants Council, supporting projects on international asset pricing and currency risks.