________________________________________
Mark H. Liu, Ph.D.
Associate Professor of Finance
437A Gatton College of Business & Economics
University of Kentucky, Lexington, KY40506
TEL: (859)257-9842
FAX: (859)257-9688
E-mail: mark.liu@uky.edu
EDUCATION
Ph.D. in Finance,
2004
MS in Economics
1998
BS in International Economics
1994
TEACHING
EXPERIENCE
International Finance (Fin 423),
U of Kentucky, Spring 2008-2014
Corp. Investment and Financial Policy
(Fin 645, MBA course), U of
Kentucky, Spring 2007
Corporate Financial Policy (Fin
600, MBA course),
U of Kentucky, Spring 2014
Seminar in Financial Theory (Fin
700, Ph.D. course),
U of Kentucky, Fall 2006-2010
Theoretical Corporate Finance (Fin
701, Ph.D. course), U of Kentucky, Fall 2012
Capital Investment and Financing
Decisions (Fin 445), U
of Kentucky, Spring 2005-2006
Financial Management (MF704, MBA/MSF
course), Boston
College, Spring 2004
Basic Finance (MF021),
Boston College, Spring 2003
Intermediate Microeconomic Theory (ECON
150A), Univ. of
Western Ontario, Summer 1999
ACADEMIC
APPOINTMENTS
Associate Professor of Finance (with tenure), University of Kentucky,
2011 – present
Visiting Scholar, Boston College, Fall 2011
Assistant Professor of Finance, University
of Kentucky, 2004 – 2011
PUBLICATIONS
“A Theory of
Capital Structure, Price Impact, and Long-Run Stock Returns under Heterogeneous
Beliefs” forthcoming Review of
Corporate Finance Studies.
(with Onur Bayar, UT San Antonio,
and Thomas Chemmanur, Boston College)
“Industry Information and the 52-Week High Effect”
2015 Pacific-Basin Finance Journal
32, 111-130.
(with Brad Jordan, University of Kentucky, and Xin Hong,
Zhejiang University)
“Corporate Payout Policy in Dual-Class Firms” 2014 Journal of Corporate Finance 26, 1-19
(lead article).
(with Brad Jordan, University of Kentucky, and Qun Wu, SUNY
Oneonta)
“Do Investment Banks Listen to Their Own Analysts?”
2012 Journal of Banking and Finance
36, 1452-1463.
(with Brad Jordan, University of Kentucky, and Qun Wu, SUNY
Oneonta)
“A Theory of Equity Carve-Outs
and Negative Stub Values under Heterogeneous Beliefs,” 2011 the Journal of Financial Economics 100, 616-638.
(with Onur
Bayar, UT San Antonio, and Thomas Chemmanur, Boston College)
“Analysts’ Incentives to
Produce Industry-Level versus Firm-Specific Information,” 2011 the Journal of
Financial and Quantitative Analysis 46, 757-784.
(single-authored)
“Does
More Information in Stock Price Lead to Greater or Smaller Idiosyncratic Return
Volatility?’’ 2011 Journal of Banking
and Finance 35, 1563-1580.
(with Dong
Lee, Korea University)
“Institutional Trading,
Information Production, and the Choice between Spin-Offs, Carve-Outs, and
Tracking Stock Issues,” 2011 Journal of Corporate Finance 17, 62-82.
(with
Thomas Chemmanur, Boston College)
“Anti-takeover Provisions in Corporate Spin-offs,” 2010 Journal
of Banking and Finance 34, 813-824.
(with Thomas Chemmanur, Boston College, Brad Jordan,
University of Kentucky, and Qun Wu, SUNY Oneonta)
“Stock Splits as a Manipulation
Tool: Evidence from Mergers and Acquisitions” , 2008 Financial Management 37, 695-712.
(with Shourun Guo, Duke Energy, and
Weihong Song, University of Cincinnati)
"Buy-side
Analysts, Sell-side Analysts, and Investment Decisions of Money Managers," 2006, the Journal of Financial
and Quantitative Analysis 41, 51-83.
(with Yingmei Cheng, Florida State
University, and Jun Qian, Boston College)
WORKING
PAPERS
INVITED PRESENTATIONS
York
University, Canada
Jan 28, 2008
Queen’s
Brattle Group Feb 26, 2004
Virginia Tech
Feb 6, 2004
University of George Dec. 5, 2003
SUNY
ACTIVITIES AT PROFESSIONAL MEETINGS
Conference Session
Chair:
Session 103: SEOs and Exchangeable
Debt, 2004 Financial Management Association Meetings
Conference Presentations:
“Institutional Trading, Information Production, and the Choice Between
Spin-Offs, Carve-Outs, and Tracking Stock Issues” with Thomas J. Chemmanur
2006 Western Finance Association Meetings
in Keystone,
2006
“How
Should A Firm Go Public? A Dynamic Model of the Choice between Fixed-price
Offerings and Auctions in IPOs and Privatizations” with Thomas J. Chemmanur
2005 USASBE Conference in Palm Springs, California
2003 European Finance Association
Meetings in Glasgow
2003 Econometric Society Winter Meetings
(joint with ASSA)
2002 Financial Management Association
Meetings
2002 European Summer Symposium in
Financial Markets at Gerzensee, Switzerland
2002 NTU Finance Conference in Taiwan
“Analysts’ Incentives to Produce Firm-specific vs. Industry-level Information:
Theory and Evidence.”
2004 FMA Meetings in
“Buy-side Analysts, Sell-side Analysts, and Fund Performance: Theory and
Evidence” with Yingmei Cheng and Jun Qian
2004 Western
Finance Association Meetings in
2003 Financial Management Association
Meetings in Denver
2003 Eastern Finance Association Meetings
in Orlando
2003 Utah Winter Finance Conference
2002 European Finance Association
Meetings in Berlin
“Consensus-beating Game” with
2003 Financial Management Association
Meetings in Denver
2003 European Finance Association Meetings
in
“Why
Does Analyst Forecast Dispersion Predict Stock Returns? A Different Opinion on
the Difference of Opinion Hypothesis” with Dan Xu and
2004 Western Finance Association Meetings
in
2004 Financial Management Association
Meetings in
2004
2004 European Finance Association
Meetings
2004 American Accounting Association Meetings
“Why Do Firms Split Their Stocks
Before Acquisition Announcements?” with Shourun Guo,
2005 Financial Management Association
Meetings
Discussions:
“Debt and Taxes: Evidence from
Bank-financed Small and Medium-sized Firms” by Jan Bartholdy and Cesario
Mateus, Aarhus School of Business, at Financial Management Association Meetings
2005
“Insider
Trading, Firm Returns and the Time Dynamics of Earnings Management” by Yael Hochberg,
Yigal Newman, and Michael Rierson, at FMA Meetings in Denver, 2003
“Corporate Dividends and Earnings: Is There a Long-run Equilibrium
Relationship?” by Asim Ghosh, Robert Boldin and
Christopher Coyne, at Eastern Finance Association Meetings, 2003
REFERENCES (Dissertation Committee)
Thomas Chemmanur (Chair), Tel: 617)552-3980,
E-mail:
Wayne Ferson, Tel: 617)552-6431, E-mail: fersonwa@bc.edu
Hassan Tehranian, Tel: 617)552-3944, E-mail:
Pete Wilson, Tel:
617)552-1963, E-mail:
wilsongp@bc.edu
Jun Qian, Tel: 617)552-3145, E-mail:
Susan Shu, Tel:
617)552-1759, E-mail: shus@bc.edu