中文版
Bing Liang
Professor of Finance, University of Massachusetts, Amherst

bliang@isenberg.umass.edu

CV

Support Staff: Chengying Jin cyjin@saif.sjtu.edu.cn

  • PROFILE
  • RESEARCH
  • TEACHING
Bing Liang is a Special-Term Professor of Finance at Shanghai Advanced Institute of Finance (SAIF), and Professor of Finance at Isenberg School of Management, University of Massachusetts Amherst. He was a Visiting Professor at Yale School of Management (2010) and a visiting scholar at London School of Economics (2004).
 
Professor Liang's research focuses on Hedge Funds and Mutual Funds, Risk Management, Capital Market Anomalies, and Econometrics. His papers have appeared in Journal of Finance,Journal of Financial Economics, Journal of Business, Journal of Financial and Quantitative Analysis, Management Science, and other leading academic journals. Professor Liang co-authored several book chapters, including Encyclopedia of Quantitative Finance, Foundation of Managed Derivatives, World of Hedge Funds, and The Asian Financial Crisis and Taiwan's Economy.
 
Professor Liang's outstanding contributions on research and teaching were recognized and honored by Isenberg School of Management as Research Fellow in 2007 and 2008, Outstanding Research Award (2006, 2012-2014), College Outstanding Teaching Award (2014), Award for Outstanding Accomplishments in Research and Creative Activity, University of Massachusetts (2006), and the BSI Gamma Foundation Award (2007), Graham and Dodd Award (2009), and the Best Paper Award at China International Conference in Finance in 2007.
 
Professor Liang is an editor of Journal of Alternative Investments and serves on the editorial boards of European Financial Management and Journal of Investment Management. He served as the Guest Editor for European Financial Managements Special Issue on Hedge Funds in 2007. He was invited as an expert at the SEC's Roundtable on Hedge Fund in 2003, and has been actively involved in several academic organizations, such as American Finance Association and the Western Finance Association. He was the senior risk advisor for Entrust Capital, and is a founder for Sycamore Investment in Shanghai.
 
Professor Liang teaches courses in Hedge Funds at SAIF.
 
PProfessor Liang holds a Ph.D. in Finance (1995), an M.S. in Quality Management and Productivity (1990) from University of Iowa, and an M.S. in Applied Statistics from Chinese Academy of Science (1985).

Research Interests
Hedge Funds and Mutual Funds, Risk Management, Capital Market Anomalies, and Econometrics.

Journal Publications & Working Papers
1. Cao, Charles, Bradley A. Goldie, Bing Liang, and Lubomir Petrasek, Forthcoming, Risk Arbitrage and the Information Content of Hedge Fund Trading, Journal of Financial and Quantitative Analysis.
2. Cao, Charles, Grant Farnsworth, Bing Liang, and Andrew Lo, 2015, Liquidity Costs, Return Smoothing, and Investor Flows: Evidence from a Separate Account Platform, Management Science.
3. Cao, Charles, Bradley A. Goldie, Bing Liang, and Lubomir Petrasek , 2015, What Is the Nature of Hedge Fund Manager Skills? Evidence from the Risk Arbitrage Strategy, Journal of Financial and Quantitative Analysis.
4. Aragon, George, Bing Liang, and Hyuna Park, 2014, Onshore and Offshore Hedge Funds: Are They Twins?, Management Science.
5. Cao, Charles, Yong Chen, Bing Liang, and Andrew W.Lo, 2013, Can Hedge Funds Time Market Liquidity?, Journal of Financial Economics.
6. Brown, Stephen, WilliamGoetzmann, BingLiang, and Christopher Schwarz, 2012, Trust and Delegation, Journal of Financial Economics.
7. Cai, Li, and Bing Liang, 2012, Asset Allocation Dynamics in the Hedge Fund Industry, Journal of Investment Management.
8. Liang, Bing, and Hyuna Park, 2010, Predicting Hedge Fund Failure: A Comparison of Risk Measures, Journal of Financial and Quantitative Analysis.
9. Cai, Li, and Bing Liang, 2010, On the Dynamics of Hedge Fund Strategies, Journal of Alternative Investments.
10. Brown, Stephen, William Goetzmann, Bing Liang, and Christopher Schwarz, 2009, Estimating Operational Risk for Hedge Funds: The w-Score, Financial Analysts journal.
11. Liang, Bing, Stephen Brown, Will Goetzmann, and Chris Schwarz, 2008, Mandatory Disclosure and Operational Risk: Evidence from Hedge Fund Registration, Journal of Finance.
12. Liang, Bing, Stephen Brown, and Tom Fraser, 2008, Hedge Fund Due Diligence: A Source of Alpha in a Hedge Fund Portfolio Strategy” , Journal of Investment Management.
13. Liang, Bing, and Yong Chen, 2007, Do Market Timing Hedge Funds Time the Market?, Journal of Financial and Quantitative Analysis.
14. Liang, Bing, Turan Bali, and Suleyman Gokcan, 2007, Value at Risk and the Cross-Section of Hedge Fund Returns, Journal of Banking and Finance.
15. Liang, Bing, and Hyuna Park, 2007, Risk Measures for Hedge Funds: A Cross-Sectional Approach, European Financial Management.
16. Gupta, Anurag, and Bing Liang, 2005, Do Hedge Funds Have Enough Capital? A Value at Risk Approach, Journal of Financial Economics.
17. Liang, Bing, Stephen Brown, and William Goetzmann, 2004, Fees on Fees in Funds of Funds, Journal of Investment Management.
18. Liang, Bing, 2004, Alternative Investments: CTAs, Hedge Funds, and Funds of Funds., Journal of Investment Management.
19. Liang, Bing, 2003, The Accuracy of Hedge Fund Returns., Journal of Portfolio Management.
20. Liang, Bing, 2001, Hedge Fund Performance: 1990-1999., Financial Analysts Journal.
21. Liang, Bing, 2000, Hedge Funds: The Living and the Dead., Journal of Financial and Quantitative Analysis.
22. Liang, Bing, 2000, Portfolio Formation, Measurement Errors, and Beta Shifts: A Random Sampling Approach., Journal of Financial Research.
23. Liang, Bing, Hemang Desai, and Ajai Singh, 2000, Do All-stars Shine? An Evaluation of Analysts’ Recommendations, Financial Analysts Journal.
24. Liang, Bing, 1999, On the Performance of Hedge Funds., Financial Analysts Journal.
25. Liang, Bing, 1999, Price Pressure: Evidence from the ‘Dartboard’ Column., Journal of Banking and Finance.
26. Liang, Bing, Mila Getmansky, Chris Schwarz, and Russ Wermers, Share Restrictions and Investor Flows in the Hedge Fund Industry.
27. Liang, Bing, Charles Cao, Yong Chen, and Andrew Lo, Can Hedge Funds Time Market Liquidity?.
28. Liang, Bing, George Aragon and Hyuna Park, Onshore and Offshore Hedge Funds: Are They Twins?.
29. Liang, Bing, and Chris Schwarz, Strength of Performance Based Compensation: Evidence from Hedge Fund Closing and Reopening Events.
30. Liang, Bing, Charles Cao, Bradley Goldie, and Lubomir Petrasek, Risk Arbitrage and the Information Content of Hedge Fund Trading.
31. Liang, Bing, Charles Cao, Yong Chen, and Will Goetzmann, The Role of Hedge Funds in Security Price Formation Process.

Teaching Interests
No current data at this time.

Current Courses
No current courses at this time.

Faculty & Research
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