Click to download a pdf CV.

Current Position

2018/06-Now: Associate Professor (Senior Lecturer) of Finance, at University of Liverpool Management School, UK.

2021/09-Now: Director of Studies, Accounting and Finance PhD programme, at University of Liverpool Management School, UK

Past Positions

2016/07-2018/05: Lecturer in Finance, at School of Management, University of Bradford, UK.

2013/07-2016/06: Postdoc Researcher, Research and teaching oriented, at Stockholm Business School, Stockholm University, Sweden.

2010/06-2013/06: Research Fellow, Project and teaching oriented (one of the main contributors to the Credit Research Initiative), at Risk Management Institute (RMI), National University of Singapore (NUS), Singapore.


2007–2011: Ph.D. in Finance, The Wang Yanan Institute for Studies in Economics (WISE), Xiamen University, Xiamen, FJ, China.

2007–2009: Visiting Ph.D. student (Research Scholar), Stephen M. Ross School of Business, University of Michigan, Ann Arbor, MI, USA.

2005–2007 :Master program in Finance, The Wang Yanan Institute for Studies in Economics (WISE), Xiamen University, Xiamen, FJ, China.

1998–2002: B.A., School of Economics & Management, Nanjing University of Aeronautics and Astronautics, Nanjing, JS, China.

Journal Articles

12. Illiquidity, R&D investment, and stock returns (forthcoming in Journal of Money, Credit and Banking, with Shamim Ahmed and Ziwen Bu, available online at

11. Credit Derivatives and Corporate Default Prediction (with Fan Yu and Ran Zhao, available online at, Journal of Banking and Finance, Volume 138, May 2022, 106418

10. Hedge Fund Strategies, Performance & Diversification: A Portfolio Theory & Stochastic Discount Factor Approach (with David Newton, Emmanouil Platanakis, Dimitrios Stafylas and Charles Sutcliffe, available online at British Accounting Review, September 2021, Volume 53, Issue 5, 101000

9. Horses for Courses: Mean-Variance for Asset Allocation and 1/N for Stock Selection (with Emmanouil Platanakis and Charles Sutcliffe, available online at European Journal of Operational Research, January 2021, Volume 288, Issue 1, Pages 302-317. Lead article in 'Innovative Applications of O.R.'

8. How Does the Stock Market View Bank Regulatory Capital Forbearance Policies? (with Van Son Lai, available online at Journal of Money, Credit and Banking, Volume 52, Issue 8, December 2020, Pages 1873-1907. Lead article

7. Unifying Gaussian Dynamic Term Structure Models from an Heath-Jarrow-Morton Perspective (with Haitao Li and Fan Yu, forthcoming version available online at European Journal of Operational Research, November 2020, Volume 286, Issue 3, Pages 1153-1167

6. Are Market Views on Banking Industry Useful for Forecasting Economic Growth? (with Van Son Lai and Lu Zhao, available online at Pacific-Basin Finance Journal, October 2019, Volume 57, 101082

5. Modeling Municipal Yields with (and without) Bond Insurance (with Albert Lee Chun, Ethan Namvar, and Fan Yu, available online at Management Science, August 2019, Volume 65, Issue 8, Pages 3694–3713

4. Exploring Mispricing in the Term Structure of CDS Spreads (with Robert Jarrow, Haitao Li, and May Hu, available online at Review of Finance, February 2019, Volume 23, Issue 1, Pages 161–198

3. Counter-Credit-Risk Yield Spreads: A Puzzle in China’s Corporate Bond Market (with Jian Luo and May Hu, online appendix), International Review of Finance, June 2016, Volume 16, Issue 2, pages 203–241

2. Optimizing Enterprise Risk Management (with Yongrok Choi, Amanda Luo, and Lu Zhao), Annals of Operations Research, February 2016, Volume 237, Issue 1–2, pp 281–300

1. A New Approach to Measuring Market Expectations and Term Premia, Journal of Fixed Income, Spring 2015, Vol. 24, No. 4: pp. 22-46

Working Papers

How Do Voluntary Disclosures on Climate Risk and Their Tone Affect CDS Premiums? (with Michael B. Imerman and Ran Zhao, available online at

On the (Almost) Stochastic Dominance of Cryptocurrency Factor Portfolios & Implications for Cryptocurrency Asset Pricing (with Weihao Han, David Newton, Emmanouil Platanakis, and Charles Sutcliffe, available online at

Cross-Autocorrelation, Risk Transmission and Contagion in the Global CDS Markets (with Charlie X. Cai and May Hu, available online at

Informational Friction, Economic Uncertainty, and CDS-Bond Basis (with Charlie X. Cai and Ran Zhao, available online at

Product market competition, labor mobility, and the cross-section of stock returns (RR at Review of Asset Pricing Studies, with Shamim Ahmed and Ziwen Bu, available online at

Work in Progress

A Unified HJM Approach to Non-Markov Gaussian Dynamic Term Structure Models: International Evidence (with Haitao Li and Fan Yu, a new version is under revision and will be available soon)

Book Chapter

Term Structure, Market Expectations of the Short Rate, and Expected Inflation (with Jian Luo) In: Mili M., Samaniego Medina R., di Pietro F. (eds) New Methods in Fixed Income Modeling. Contributions to Management Science. Springer, Cham, August 2018

Conference, Workshop, and Seminar Presentations

  • The 52nd Annual Conference of the Money, Macro and Finance Society, Cambridge, UK (Sep. 2021)

  • The 37th International Conference of the French Finance Association - AFFI (May 2021)

  • ICMA Centre, University of Reading (Apr. 2021)

  • Eastern Finance Association 2021 Annual Meeting (Apr. 2021, remotely)

  • Durham University Business School (Feb. 2021)

  • The 3rd Greater China Area Finance Conference (GCFC) 2020, Xiamen, China (Dec. 2020, remotely)

  • BAFA: Corporate Finance and Asset Pricing Conference 2019, Manchester, UK (Sep. 2019, session chair and one paper)

  • The 12th International Accounting & Finance Doctoral Symposium, Milan, Italy (Jun. 2019, faculty discussant)

  • 2017 China International Risk Forum, Shanghai Jiao Tong University, China (Dec. 2017)

  • The 49th Money, Macro and Finance Research Group Annual Conference, King's College London, UK (Sep. 2017)

  • WISE, Xiamen University, China (Dec. 2015)

  • Econometric Institute, Erasmus University Rotterdam, Netherlands (Nov. 2015)

  • FMA 2015 Annual Conference, Orlando, USA (Oct. 2015, two discussions)

  • Fourth International Conference on Credit Analysis and Risk Management, Basel, Switzerland (Aug. 2015)

  • Ninth Annual Risk Management Conference, Singapore (Jul. 2015, two papers)

  • China International Conference in Finance, Shenzhen, China (Jul. 2015)

  • Finance Workshop at School of Economics and Finance, Victoria University of Wellington, New Zealand (Nov. 2014)

  • China International Conference in Finance, Chengdu, China (Jul. 2014)

  • International Conference of the Financial Engineering and Banking Society, Guildford, UK (Jun. 2014)

  • Financial Markets & Corporate Governance Conference, Brisbane, Australia (Apr. 2014)

  • AIDEA Bicentenary conference, Banking and Finance Track, Lecce, Italy (Sep. 2013)

  • Fourth Joint BIS-World Bank Public Investors Conference, Washington DC, USA (Dec. 2012)

  • Joint Credit Risk Workshop with National Taiwan University, Taipei, Taiwan (Apr. 2012)

  • Workshop in Fixed Income and Bond Markets, Xiamen University, China (Oct. 2011)

  • Fifth Annual Risk Management Conference, Singapore (Jul. 2011, discussion)

  • Young Researchers Workshop on Finance(invited speaker), Tokyo Metropolitan University, Japan (Mar. 2011)

  • RMI Special Seminar, National University of Singapore, Singapore (Apr. 2010)

  • WISE Young Scholars Forum, Xiamen University, China (Nov. 2009)

Research Grants

Jan Wallanders and Tom Hedelius foundation (P19-0264), "International trade networks and financial asset prices" led by Ai Jun Hou, 2019 - 2022

Pump Priming Research Fund, University of Liverpool Management School, 2019

Pump Priming Research Fund for Junior Researchers, Bradford School of Management, 2017

Marianne and Marcus Wallenberg Foundation MMW 2015.0007, "Credit Ratings and Risk with Correlation Structure" led by Desheng Wu, 2016 - 2019

Non-Academic Experience

2010/01–03: Senior Quant Analyst (Internship), Haitong Futures Co.,Ltd, Shanghai, China.

2002–2004: Marketing Analyst, LG Electronics(Tianjin) appliance Co.,Ltd, Tianjin, China.