Liu Yang | Maryland Smith

Liu Yang

Associate Professor | Academic Director, Master of Finance & Master of Quantitative Finance Programs

Ph.D., University of Maryland

Contact

301-405-8794

lyang@rhsmith.umd.edu

4419 Van Munching Hall

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Liu Yang is an Associate Professor in Finance (with tenure) at the Smith School of Business of the University of Maryland. She is also the founding Executive Director of the Federal Statistical Research Data Center at the University of Maryland.

Dr. Yang's primary research interest is in the area of corporate finance including mergers and acquisitions, investments, corporate governance, and labor and finance. Dr. Yang’s work has been published in all three leading academic journals in finance including the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies.

Before joining the Smith School, Dr. Yang was on the faculty at UCLA's Anderson School of Management. She received her Ph.D. in Finance from the University of Maryland, her M.S. (in both Economics and Statistics) from the University of Illinois and her B.A. from Peking University. Prior to earning her doctorate, Liu Yang worked as a Senior Financial Analyst in the Structured Finance group in Federal Home Loan Mortgage Corporation in McLean, VA.

Publications

"The Real Determinants of Asset Sales", Journal of Finance, Volume 63 Issue 5, 2008, 2231 - 2262
“Pay for Performance? CEO Compensation and Acquirer Returns in BHCs” (with K. Minnick and H. Unal), Review of Financial Studies, Volume 24 Issue 2 February 2011, 439 – 472
“Private and Public Merger Waves” (with V. Maksimovic and G. Phillips), Journal of Finance, Volume 68 Issue 5, 2013, 2177-2217
“Female Leadership and Gender Equity - Evidence from Plant Closure” (with G. Tate), Journal of Financial Economics, Volume 117 Issue 1, 2015, 77-97
"The Bright Side of Diversification - Evidence from Internal Labor Markets” (with G. Tate), Review of Financial Studies, Volume 28 Issue 28, 2015, 2201-2015

Working Papers

"The Human Factor in Acquisitions: Cross-industry Labor Mobility and Corporate Diversification(link is external)" (with G. Tate)
"Do Public Firms Respond Investment Opportunities More than Private Firms? The Impact of Initial Firm Quality(link is external) " (with V. Maksimovic and G. Phillips)
"Correcting Market Failures in Entrepreneurial Finance" (with F. D'Acunto and G. Tate)
"Entrepreneurial Teams: Diversity of Experience and Early-Stage Growth(link is external)" (with F. D'Acunto and G. Tate)
"Reshaping the Local Marketplace: Financing, Independent Businesses, Large Firms, and COVID(link is external)" (with V. Maksimovic)