Bing Liang
Charles P. McQuaid Endowed Professor; M.Fin. Academic Program Director
Finance
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
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
College Research Award, Isenberg School of Management, 2014, 2012, 2006
College 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
“Hedge Fund Manager Skills and Style-Shifting" (with George Jiang and Huacheng Zhang), 2020, forthcoming, Management Science.
“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.
