Prof. Bing Liang

Bing Liang 

Professor of Finance  

Telephone: 413-545-3180


Office: Isenberg 308B

Personal Web Site



View CV (pdf)



Ph.D., University of Iowa, 1995
M.S., University of Iowa, 1990
M.S., Chinese Academy of Science, 1988
B.S., Ocean University of China, 1982 

Research/Teaching Interests:

Capital market efficiency
Hedge funds and mutual funds
Corporate Finance
Empirical Methods in Finance


"Risk Arbitrage and the Information Content of Hedge Fund Trading" (with Charles Cao, Bradley Goldie, and Lubomir Petrasek), 2014, Forthcoming, Journal of Financial and Quantitative Analysis. (view abstract)


"Onshore and Offshore Hedge Funds: Are They Twins?" (with George Aragon and Hyuna Park), 2014. Management Science 60, 74-91. (view abstract)

"Can Hedge Funds Time Market Liquidity?" (with Charles Cao, Yong Chen, and Andrew Lo), 2013. Journal of Financial Economics 109, 493-516. Supported by grants from the Q-Group and from BNP Paribas Hedge Fund Center at SMU. (view abstract)

"Trust and Delegation" (with Stephen Brown, Will Goetzmann, and Chris Schwarz), 2012, Journal of Financial Economics 103, 221-234. Lead article. (view abstract)

"Predicting Hedge Fund Failure: A Comparison of Risk Measures" (with Hyuna Park), 2010, The Journal of Financial and Quantitative Analysis 45, 199-222. (view abstract)

"Mandatory Disclosure and Operational Risk: Evidence from Hedge Fund Registration" (with Stephen Brown, Will Goetzmann, and Chris Schwarz), 2008, Journal of Finance 63, 2785-2815. Part of the testimony given before a Hearing of the U.S. Congress House Financial Services Committee on Hedge Funds and Systemic Risk, March 13, 2007. (view abstract)

"Do Market Timing Hedge Funds Time the Market?" (with Yong Chen), 2007. Journal of Financial and Quantitative Analysis 42, 827-856. (view abstract)

"Do Hedge Funds Have Enough Capital? A Value at Risk Approach" (with Anurag Gupta), 2005. Journal of Financial Economics 77, 219-253. (view abstract


Academic and Professional Activities:

Editor: Journal of Alternative Investments, 2013-present

Guest Editor: European Financial Management 13, March 2007

Associate Editor: Journal of Investment Management, 2004-present

Editorial Board: European Financial Management, 2007-present

Editorial Board: Journal of Alternative Investments, 2004-2013

Editorial Advisory Board: Journal of Investment Consulting, 2010-present


College Outstanding Teaching Award, Isenberg School of Management, 2014
Outstanding Research Award, Isenberg School of Management, 2014, 2013, 2012, 2006
BNP Paribas Hedge Fund Center Research Grant, SMU, 2012, 2009
The Q-Group Research Grant, 2010, 2005
Graham and Dodd Award for 2009, The Financial Analysts Journal/CFA Institute
Research Fellow, Isenberg School of Management, 2007, 2008
BSI Gamma Foundation Award, 2007
Best Paper Award, China International Conference in Finance, 2007
Award for Outstanding Accomplishments in Research and Creative Activity,
University of Massachusetts, Amherst, 2006
INQUIRE UK Research Grant, 2006
Lilly Teaching Fellowship, 2005-2006, University of Massachusetts, Amherst
Best Paper Award in Hedge Funds, European Finance Associate Meetings, 2003