PERSONAL PROFILE
LIU Clark is currently an Associate professor at PBC School of Finance, Tsinghua University. He received his Ph.D. degree in finance from Hong Kong University of Science and Technology in 2013 and held his B.A. in economics and finance from the University of Hong Kong.
Clark’s research focuses on theoretical and empirical asset pricing, including international financial markets, investor trading behavior and financial market frictions. He has published in Economics Letters.
His research on dual-listed shares has been awarded the Hong Kong Asian Capital Markets Research Prize (2012) by the Chartered Financial Analyst Institute.
EDUCATION
| 2008 - 2013 |
Ph.D. in Finance, Hong Kong University of Science and Technology |
| 2006 - 2008 |
B.E. in Economics & Finance, the University of Hong Kong |
| 2004 - 2006 |
B.Sc. in Mathematics and PhysicsTsinghua University |
PROFESSIONAL EXPERIENCE
| 2021-Present |
Associate Professor, PBC School of Finance, Tsinghua University |
2013-2021
|
Assistant Professor, PBC School of Finance, Tsinghua University |
2018-Present
|
Deputy Director, Financial Big Data Research Center,
|
| Institute for FinTech Research, Tsinghua University |
| 2022-Present |
Head of Graduate Affairs Office, PBC School of Finance, Tsinghua University |
| 2021-2022 |
Deputy Head of Graduate Affairs Office, PBC School of Finance, Tsinghua University |
RESEARCH INTERESTS
Asset Pricing; Fintech; Political Economy
COURSES TAUGHT
Advanced Theory of Capital Markets
Financial Statistics and Econometrics
Financial Data Analysis: Method and Application
Finance Theory
HONORS AND AWARDS
Research
1. “Watching from the Sky: Business Observability and Voluntary Disclosure” -- Big Data and MRS Excellence Award, 2021
2. “Life is Too Short? Bereaved Managers and Investment Decisions” -- Emerald Best Paper Award, 2019
3. “Automating Technical Analysis with Artificial Intelligence” -- Best Fintech Paper Award at the 5th Economics and Finance Jingshi Scholar Forum, 2019
4. “Demand Shock, Speculative Beta, and Asset Prices: Evidence from the Shanghai-Hong Kong Stock Connect Program” -- CFA Asia Capital Markets Research Prize, 2016
5. “Demand Shock, Speculative Beta, and Asset Prices: Evidence from the Shanghai-Hong Kong Stock Connect Program” -- Chicago Quantitative Alliance (CQA) Asia Academic Competition Winner Paper, 2016
6. “Demand Shock, Speculative Beta, and Asset Prices: Evidence from the Shanghai-Hong Kong Stock Connect Program” -- 23rd SFM Best Paper Award, 2015
7. “Dual-Listed Shares and Trading” -- CFA Asia Capital Markets Research Prize, 2012
Teaching
1. “Financial Statistics and Econometrics” -- Graduate Course Excellence Award, Tsinghua University, 2016
2. “Financial Data Analysis: Method and Application” -- Graduate Course Excellence Award, Tsinghua University, 2022
ACADEMIC VISITS
| W. P. Carey School of Business, Arizona State University |
Mar. - Apr. 2018, |
| Jan. 2020 |
PUBLICATIONS
Journal Articles
1. “Big Data Availability and Asymmetric Voluntary Disclosures” with Yancheng Qiu, Shujing Wang and P. Eric Yeung, Management Science, Forthcoming.
· Big Data Research Excellence Award
2. “Bank Loan Announcement Effects: Evidence from a Comprehensive 8-K Sample” with Steven Wei Ho, and Shujing Wang, Journal of Financial and Quantitative Analysis, 60(2), 771-809, 2025.
3. “Demand Curves for Stocks Slope Down in the Long Run: Evidence from the Chinese Split-Share Structure Reform” with Baolian Wang, Critical Finance Review, 13(1-2), 225-264, 2024.
4. “Life is Too Short? Bereaved Managers and Investment Decisions” with Tao Shu, Johan Sulaeman, and P. Eric Yeung, Review of Finance, 27(4), 1373–1421, 2023.
· Emerald Best Paper Award
5. “Factors and Anomalies in the Vietnamese Stock Market” with Xiangqian Huang, and Tao Shu, Pacific Basin Finance Journal, 82, 102176, 2023.
6. “Is the Chinese Anti-Corruption Campaign Authentic? Evidence from Corporate Investigations” with John Griffin and Shu Tao, Management Science, 68(10), 2021.
7. “Demand Shock, Speculative Beta, and Asset Prices: Evidence from the Shanghai-Hong Kong Stock Connect Program” with Shujing Wang and K.C. John Wei, Journal of Banking and Finance, 126, 106102, 2021.
· 23rd SFM Best Paper Award
· Chicago Quantitative Alliance (CQA) Asia Academic Competition Winner Paper
· CFA Asia Capital Markets Research Prize
8. “Investment, Idiosyncratic Risk, and Growth Options” with Shujing Wang, Journal of Empirical Finance, 61, 118-138, 2021.
9. “What Drives Fluctuations in Exchange Rate Growth in Emerging Markets -- A Multi-Level Dynamic Factor Approach” with Ben Wang, Huanhuan Wang and Ji Zhang, Economic Systems, 43(2), 2019.
10. “The Demand Effect of Yield-Chasing Retail Investors: Evidence from the Chinese Enterprise Bond Market” with Shujing Wang, K.C. John Wei and Ninghua Zhong, Journal of Empirical Finance, 50, 57-77, 2019.
11. “Trading Imbalances and the Law of One Price” with M.S. Seasholes, Economics Letters, 112, 132-134, 2011.
Journal Articles in Chinese
12. “The Impact of Implicit Local Public Debts on Monetary Policy Transmission: Evidence from the Perspective of Listed Enterprises” with Shuyue Chen, and Ji Zhang, China Economic Quarterly, 24(1), 237-253, 2024.
13. “Unleash the Role of Innovation to Boost the Quality and Efficiency of Financial Services for New Quality Productive Forces” with Yuning Zhang and Shuyue Chen, Tsinghua Financial Review, 130, 31-32, 2024.
14. “Local Government Debt and the Efficacy of Monetary Policy” with Shuyue Chen and Ji Zhang, Tsinghua Financial Review, 106, 60-62, 2022.The Impac
15. “Is the Stock Market a Casino” with Peixin Li and Baolian Wang, Finance and Trade Economics, 68-79, 2014(3).
16. “U.S. Tapering and Its Impact on the Emerging Economies” with Ji Zhang, Tsinghua Financial Review, 5, 121-125, 2014.
WORKING PAPERS
1. “Alternative Data, Shareholder Monitoring, and Dividend Policy” with Yancheng Qiu, Tao Shu, and Shujing Wang
2. “The Margin-based Asset Pricing Model: Evidence from the Chinese Stock Market” with Shujing Wang and K.C. John Wei
3. “Automating Technical Analysis with Artificial Intelligence” with Shuyue Chen and Shujing Wang
· Best Fintech Paper Award at the 5th Economics and Finance Jingshi Scholar Forum
4. “Information Production, Volume, and Return Dynamics” with Lei Mao and Mark S. Seasholes
5. “Dual-Listed Shares and Trading” with Mark S. Seasholes
· CFA Asia Capital Markets Research Prize
6. “Reaching for Leverage: Structured Funds and Investor Costs” with Mark S. Seasholes, Hui Tian, and Shujing Wang
7. “Robust and Risk-Aware Model-Based Offline Reinforcement Learning” with Na Zhang
CONFERENCE PRESENTATIONS AND SEMINAR
2024: FMA European Conference
2023: Financial Accounting and Reporting Section Midyear; China International Conference in Finance; MIT Asia Conference in Accounting; Tongji University
2022: Hawaii Accounting Research Conference; Financial Markets and Corporate Governance Conference; FMA European Conference; Asian Finance Association Annual Meeting; Greater China Area Finance Conference; China Fintech Research Conference; Chinese Finance Annual Meeting; FMA Annual Meeting; SFS Cavalcade Asia-Pacific
2021: American Finance Association Annual Meeting; Peking University; China Fintech Research Conference; Modern Risk Society Seminar; China International Risk Forum; Annual Haskell & White Academic Conference
2020: American Finance Association Annual Meeting; Midwest Finance Association Annual Meeting; Workshop on Structured Retail Products and Derivatives; FMA European Conference; China International Risk Forum and China Finance Review International Joint Conference; Five-Star Workshop in Finance; Tongji University School of Economics and Management
2019: Finance Down Under Conference; FMA European Conference; FMA Asia/Pacific Conference; China Finance Review International Conference; Tongji University School of Economics and Management; Paris Financial Management Conference; Paris December Finance Meeting
2018: FMA Annual Meeting; Asian Finance Association Annual Meeting; FMA Asia/Pacific Conference; China Financial Research Conference; Arizona State University; Jinan University
2017: American Economic Association Annual Meeting; China Financial Research Conference; Financial Intermediation Research Society Annual Conference; Summer Institute of Finance Annual Conference; Conference on Asia-Pacific Financial Markets; SFS Cavalcade Asia-Pacific; Shanghai University of Finance and Economics
2016: Asian Finance Association Annual Meeting; European Financial Management Association Annual Conference; China International Conference in Finance; MIT Asia Conference in Accounting; Paris Financial Management Conference; Shanghai Jiaotong University Antai College of Economics and Management; Tsinghua University School of Economic and Management
2015: China International Conference in Finance; Five Star Workshop in Finance; Conference on the Theories and Practices of Securities and Financial Markets
2013: Hong Kong University of Science and Technology; Tsinghua PBC School
of Finance; Queen’s University Belfast; Stockholm University
2012: Erasmus Liquidity Conference
ADVISING STUDENTS
Postdoc Student Supervising: Hui Tian, Assistant Professor, School of Management and Economics, Beijing Institute of Technology, (May-2021)
JOURNAL REFEREE
Review of Financial Studies; Journal of Financial Economics; Management Science; Journal of Financial and Quantitative Analysis; Review of Finance; Journal of Banking and Finance; Journal of Corporate Finance; Journal of Empirical Finance; Journal of Economic Dynamics and Control; Economica; Financial Management; China Economic Review; Journal of Financial Econometrics
