Full-time Faculty

Faculty CV

Li An

LIU Bibo

Assistant Dean, Associate Professor

Vice Chair of National Institute of Financial Research

Director, Research Center for Sci-Tech and Finance

Co-director, Research Center for Capital Market and Corporate Finance

Email: liubb@pbcsf.tsinghua.edu.cn

Secretary: 8610-62706058

Fax: 8610-62789548


PERSONAL  PROFILE                              

LIU Bibo is currently an assistant dean and associate professor (with tenure) at PBC School of Finance, Tsinghua University. Bibo received his Ph.D. in Economics from School of Economics and Management, Tsinghua University in 2010, and his bachelor degree in Finance from Tsinghua in 2005. Bibo worked at CITIC Securities before joining the school in 2014.

Bibo’s research focuses on the intersection of technology and finance. He also works on topics related to corporate finance, behavioral finance and Chinese financial markets. His papers have been published in leading academic journals such as Journal of Financial Economics and Management Science.

Bibo’s research has won several prizes, including the Sunyefang Financial Innovation Award and The Carlye Group PE Fellowship.


PBC School of Finance, Tsinghua University

2020 - present       Associate Professor

2024 - present       Vice Chair of National Institute of Financial Research

2014 - 2020           Assistant Professor

2018 - present       Assistant Dean

CITIC Securities Co., Ltd

2010 - 2014           Vice President, Equity Capital Markets


School of Economics and Management, Tsinghua University

2010   Ph.D. in Economics

2005   B.A. in Economics

RESEARCH  INTERESTS                                                 

Empirical Corporate Finance, Behavioral Finance, Chinese Capital Markets


In English

1. Determinants of Short-Term Corporate Yield Spreads: Evidence from the Chinese  Commercial Paper Market, (with Jingzhi Huang and Zhan Shi), Review of Finance,  27(2), Pages 539–579, 2023.

2. Do Venture Capital Investors Learn from Public Markets? (with Xuan Tian), Management Science68(10), Pages 7065-7791, 2021.

  • Research paper award, the 24th Conference on the Theories and Practices of Securities and Financial Markets

3. Time-Varying Demand for Lottery: Speculation Ahead of Earning Announcements, (with Huijun Wang, Jianfeng Yu, and Shen Zhao), Journal of Financial Economics, 138(3), Pages 789-817, 2020.

4. China's Secondary Privatization: Perspectives from the Split-share Structure Reform (with Li Liao and Hao Wang), Journal of Financial Economics 113(3), Pages 500-518, 2014.

  • 2014 Sun Yefang Financial Innovation Award

5. Information Discovery in Share Lockups: Evidence from the Split-share Structure Reform in China (with Li Liao and Hao Wang), Financial Management, Winter Volume, Pages 1001-1027, 2011.

In Chinese 

6. 债务协商、再融资风险与信用债定价——来自中国债券市场的证据,(合作者:叶彦艺、施展),金融研究,2023年11月

7. 常态化防疫阶段我国经济现状与基于科技的应对之策,(合作者:田轩、陈卓), 中国科学基金,2020 年 6 月

8. 定向增发:大股东支持还是利益输送?(合作者:王浩),中国工业经济,2011 年 10 月 

9. 政府参与和民间资本进入风险投资行业的关系研究,(合作者:刘亮),运筹与 管理,2008 年 5 月 

10. 道德风险、信息发现与市场有效性—来自于股权分置改革的证据,(合作者: 廖理、郦金梁),金融研究,2008 年 4 月 

11. 整合收购研究评述,(合作者:廖理),经济学动态,2007 年 11 月


WORKING  PAPERS                                                                                               

1. Market Feedback: Evidence from the Horse’s Mouth, (with Itay Goldstein and Liyan Yang), 2022 

2. Share Pledging in China: Funding Listed Firms or Funding Entrepreneurship? (with Zhiguo He and  Feifei Zhu), 2022 

3. Characteristics-Based Factors, (with Zhuo Chen, Huijun Wang, Zhengwei Wang, and Jianfeng Yu),  2020 

4. Investor Sentiment and the Pricing of Characteristics-Based Factors, (with Zhuo Chen, Huijun Wang,  Zhengwei Wang, and Jianfeng Yu), 2020 

5. Rent Seeking, Brokerage Commissions, and Pricing and Share Allocation in Initial Public Offerings,  (with Thomas Chemmenur and Xuan Tian), 2018 

6. Policy Uncertainty and Household Credit Access: Evidence from Peer-to-Peer Crowdfunding, (with  Xiang Li and Xuan Tian), 2018 

  • Outstanding paper award, the 13th International Conference on Asia-Pacific Financial Markets

BOOKS OR BOOK CHAPTERS                                                                                               

1. Economic and Financial Policies in China during the Coronavirus Outbreak, (with Zhiguo He), in Impact of COVID-19 on Asian Economies and Policy Responses, eds. Sumit Agarwal, Zhiguo He, and Bernard Yeung, World Scientific Pte Ltd Singapore, 2021.

2. 全球科技成果转化模式研究,(合作者:安砾、胡杏),即将出版

3. 中国上市公司调查,(合作者:廖理、胡杏、安砾),即将出版

COURSES  TAUGHT                                                                                               

Undergraduate/Master/Executive Education: Financial Markets, Chinese Capital Markets

Master: Venture Capital and Private Equity

Ph.D.: Research Topics in Finance


Journal of Finance, Review of Financial Studies, Management Science, Review of Finance, Journal of  Corporate Finance, Journal of Banking and Finance, Journal of Financial Research, Journal of Credit Risk, Journal of Public Economics


AWARDS & GRANTS                                                   

2019   2018 Outstanding Employee, Tsinghua University

2015   2014 Sun Yefang Financial Innovation Award

2009   Minoru Kobayashi China Economic Research Fund Grant

2007   The Carlye Group PE Fellowship; Best Paper Award, Tsinghua-Carlye PE Essay Contest