Faculty Members

liyao-wang liyao-wang
Prof. Liyao WANG

Associate Professor
Finance Discipline
Department of Accountancy, Economics and Finance

lywang@hkbu.edu.hk
3411 5218
WLB 806
https://orcid.org/0000-0002-8931-7367
CV
Personal Website

Liyao Wang is an Associate Professor of Finance. Her research focuses on empirical asset pricing and behavioral finance. She obtained BSc in Economics and Finance from Harbin Institute of Technology and Ph.D in Economics from Singapore Management University.

Empirical asset pricing, Behavoral finance, Big data.

Corporate finance

Ph.D. in Economics, Singapore Management University

B.Sc. in Economics and Finance, Harbin Institute of Technology

Proximity to the 52-week High and the Risk-return Trade-off

with Xingyu Chen, Zilin Chen, Jun Tu, and Luying Wang, Journal of Economic Dynamics and Control, 185, 2026.

Partisan Conflict and Corporate Credit Spreads: The Role of Political Connection

Journal of Corporate Finance, 84, 2024.

Presidential Job Approval Rating and the Cross-Section of Stock Returns

with Zilin Chen, Zhi Da and Dashan Huang, Journal of Financial Economics, 147, 106 -131, 2023.

Are Disagreements Agreeable? Evidence from Information Aggregation

with Dashan Huang, and Jiangyuan Li, Journal of Financial Economics, 141, 83-101, 2021.

Time-series Momentum: Is It There?

with Dashan Huang, Jiangyuan Li, and Guofu Zhou, Journal of Financial Economics, 135, 774 - 794, 2020.

Education or Manipulation? Influencers and Retail Trading in the Chinese Market, HKD 440,000

Wang, L. (PI-Recipient), 2026-2028
Hong Kong Research Grants Council, General Research Fund

Lottery preference for factor investing in China’s A-share market, HKD 325,080

Wang, L. (PI-Recipient), 2025-2027
National Natural Science Foundation of China, Young Scientist Fund

School Award of Outstanding Performance as Early Career Researcher

Wang, L. (Recipient), 2024-2025

PwC 3535 Finance Forum Best Paper Nomination Award

Wang, L. (Recipient), 2023

PwC 3535 Finance Forum Best Paper Nomination Award

Wang, L. (Recipient), 2021

Presidential Cycles in PEAD

with Zhi Da and Ming Zeng

Money Talks: Lending Relationships and Corporate Political Ideology

with Sumit Agarwal, Sibo Liu and Mark Yan

Factor MAX and Predictable Factor Returns

with Ming Zeng

Earnings Persistence Cliff and Post Earnings Announcement Drift

with Ming Zeng

Equity and Bond Comovements: A Machine Learning Perspective

with Jiangyuan Li, Jinqiang Yang and Wei Zhou