Bing Liang

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

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

Research Interests

• Hedge Funds and Mutual Funds
• Institutional Investors
• Risk Management
• Capital Market Anomalies
• Liquidity
• Econometrics

Teaching Interests

Undergraduate

• Investments
• Capital Markets and Institutions
• Corporate Finance
• International Finance

Masters

• Investments
• Alternative Investments
• Corporate Finance
• International Finance

PhD

• Empirical Asset Pricing

Professional Background

Professional Experience

Senior Risk Advisor, 2007-2014, Entrust Capital Inc. Expert, 2012, Analysis Group, Inc Reviewer, 2009, Economic and Social Research Council, UK Reviewer, 2007, 2009, Social Science and Humanities Research Council, Canada

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

Selected Publications

“Hedge Fund Holdings and Stock Market Efficiency” (with Charles Cao, Lubomir Petrasek, and Andrew Lo), 2017, forthcoming, Review of Asset Pricing Studies.

“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.