Bing Liang : Isenberg School of Management : UMass Amherst

Education

PhD Finance, University of Iowa, 1995

MS Quality Management and Productivity, University of Iowa, 1990

MS Applied Statistics, Chinese Academy of Science, 1988

BS Maritime Meteorology, Ocean University of China, 1982

Professional Experience

Senior Risk Advisor, Entrust Capital Inc., 2007-2014

Expert, Analysis Group, Inc, 2012

Reviewer, Economic and Social Research Council, UK, 2009

Reviewer, Social Science and Humanities Research Council, Canada, 2007, 2009

Academic Appointments

Charles P. McQuaid Endowed Professor of Finance, University of Massachusetts, 2018-present

Dean’s Fellow, University of Massachusetts, 2015-2018

Professor of Finance, University of Massachusetts, 2008-Present

Visiting Professor of Finance, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University, Fall 2013

Visiting Professor of Finance, the International Center for Finance, Yale School of Management, Fall 2010

Associate Professor of Finance, University of Massachusetts, 2003-2008

Assistant Professor of Finance, Case Western Reserve University, 1995-2003

Recent Honors / Awards

Research Excellence Award, Isenberg School of Management, 2021, 2017, 2014, 2012-2014, 2006

The Graham-Dodd Scroll Award by the CFA Institute, 2018

Outstanding Teaching Award, Isenberg School of Management, 2014

The Q-Group Research Grant, 2010, 2005

Graham and Dodd Award by CFA Institute, 2009

Award for Outstanding Achievements in Research and Creative Activity, University of Massachusetts, 2006

Research Interests

Hedge Funds and Mutual Funds

Institutional Investors

Risk Management

Capital Market Anomalies

Liquidity

Climate Finance

Econometrics

Teaching Interests

Doctoral

Empirical Asset Pricing

Masters

Investments
Alternative Investments
Hedge Funds
Corporate Finance
International Finance

Undergraduate

Investments
Capital Markets and Institutions
Corporate Finance
International Finance

Selected Publications

“Managerial Structure in the Hedge Fund Industry” (with Yuhao Chen and Huan Kuang), 2024, Journal of Financial Intermediation 58.

“Hedge Fund Manager Skills and Style-Shifting" (with George Jiang and Huacheng Zhang), 2021, Management Science 68, No. 3.

“Hedge Fund Holdings and Stock Market Efficiency” (with Charles Cao, Andrew Lo, and Lubomir Petrasek), 2018, Review of Asset Pricing Studies 8, 77-116.

“Liquidity Costs, Return Smoothing, and Investor Flows: Evidence from a Separate Account Platform” (with Charles Cao, Grant Farnsworth, and Andrew Lo), 2016, Management Science 1-18.

“Risk Arbitrage and the Information Content of Hedge Fund Trading” (with Charles Cao, Bradley Goldie, and Lubomir Petrasek), 2016, Journal of Financial and Quantitative Analysis 51, 929-957.

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

“Can Hedge Funds Time Market Liquidity?” (with Charles Cao, Yong Chen, and Andrew Lo), 2013, Journal of Financial Economics 109, 493-516.

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

“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.

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