Liu Yang Directory Page
Liu Yang
Associate Professor
Ph.D., University of Maryland
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 labor and finance, entrepreneurship, mergers and acquisitions, corporate governance, and banking and financial institutions. 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.
News
The Robert H. Smith School of Business is pleased to announce the 2025 recipients of the Smith Internal Research Grants (SIRG). The SIRG…
The Master of Finance program at the University of Maryland’s Robert H. Smith School of Business climbed to No. 2 in the United States…
Research
Insights
Publications
- “The Human Factor in Acquisitions: Cross-industry Labor Mobility and Corporate Diversification” (with G. Tate) Review of Financial Studies, Volume 37, Issue 1, January 2024
- “Do Public Firms Become Myopic?” (with V. Maksimovic and G. Phillips), Review of Finance (lead article), Volume 27, Issue 3, May 2023, 765-807
- “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
- “Private and Public Merger Waves” (with V. Maksimovic and G. Phillips), Journal of Finance, Volume 68 Issue 5, 2013, 2177-2217
- “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
- “The Real Determinants of Asset Sales,” Journal of Finance, Volume 63 Issue 5, 2008, 2231 - 2262
Working Papers
- “Entrepreneurial Teams: Diversity of Experience and Early-Stage Growth” (with F. D'Acunto and G. Tate), Revise and Resubmit
- “Seizing Opportunities: Small Businesses, Social Capital, and Banks” (with V. Maksimovic and J. Xue)
- “What do Unions do? Incentives and Investment” (with V. Maksimovic)
- “Reshaping the Local Marketplace: Financing, Independent Businesses, Large Firms, and COVID” (with V. Maksimovic)
- “Nationalistic Labor Policies Hinder FinTech Innovation” (with F. D’Acunto, M. Weber, and J. Xie)
- “Stock Market Crashes and Skill Demand” (with Y. Lu and Y. Zhang)