Liang Ma

University of South Carolina - Darla Moore School of Business

Assistant Professor

1014 Greene Street

Columbia, SC 29208

United States

http://sites.google.com/site/liangmaweb/

  • University of South Carolina - Darla Moore School of Business

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    • Tel: 803-777-6366
SCHOLARLY PAPERS

11

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160

CROSSREF CITATIONS

16

Scholarly Papers (11)

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1.

The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies

Downloads 1,373 (24,212)
Citation 49

The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies

Journal of Finance, Forthcoming
Number of pages: 62 Posted: 01 Dec 2015 Last Revised: 02 Dec 2019
Yongqiang Chu, David A. Hirshleifer and Liang Ma
Belk College of Business, UNC Charlotte, Marshall School of Business, USC and University of South Carolina - Darla Moore School of Business
Downloads 1,291 (26,007)
Citation 3

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Limits to Arbitrage, Anomalies, Short Sale Constraints, Regulation SHO

The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies

NBER Working Paper No. w24144
Number of pages: 61 Posted: 28 Dec 2017 Last Revised: 22 Jun 2023
Yongqiang Chu, David A. Hirshleifer and Liang Ma
Belk College of Business, UNC Charlotte, Marshall School of Business, USC and University of South Carolina - Darla Moore School of Business
Downloads 82 (498,319)
Citation 43

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2.

The Factor Multiverse: The Role of Interest Rates in Factor Return Measurement and Discovery

Number of pages: 54 Posted: 28 Sep 2022 Last Revised: 14 Jul 2023
Jules H. van Binsbergen, Liang Ma and Michael Schwert
University of Pennsylvania - The Wharton School, University of South Carolina - Darla Moore School of Business and AQR Arbitrage, LLC
Downloads 1,359 (24,598)

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anomalies, factor zoo, duration, excess returns, interest rates

3.

Multifactor Models and Their Consistency with the APT

Review of Asset Pricing Studies (forthcoming)
Number of pages: 51 Posted: 27 May 2016 Last Revised: 31 Dec 2020
Ilan Cooper, Liang Ma, Paulo F. Maio and Dennis Philip
BI Norwegian Business School, University of South Carolina - Darla Moore School of Business, Hanken School of Economics - Department of Finance and Statistics and Durham University Business School
Downloads 1,152 (31,343)
Citation 57

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asset pricing; linear multifactor models; APT; equity risk factors; statistical factors; stock market anomalies; cross-section of stock returns; asymptotic principal components; spanning regressions

4.

Industry Competition, Winner's Advantage, and Cash Holdings

Number of pages: 55 Posted: 11 Aug 2013 Last Revised: 26 Nov 2015
Liang Ma, Antonio S. Mello and Youchang Wu
University of South Carolina - Darla Moore School of Business, University of Wisconsin - Madison - Department of Finance, Investment and Banking and University of Oregon - Lundquist College of Business
Downloads 569 (80,904)
Citation 14

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Cash holdings, Innovation, Competition, Winner's Advantage

5.

What Does the Cross-Section Tell About Itself? Explaining Equity Risk Premia with Stock Return Moments

Journal of Money, Credit and Banking (forthcoming)
Number of pages: 67 Posted: 01 Mar 2007 Last Revised: 16 Feb 2021
Ilan Cooper, Liang Ma and Paulo F. Maio
BI Norwegian Business School, University of South Carolina - Darla Moore School of Business and Hanken School of Economics - Department of Finance and Statistics
Downloads 481 (99,538)
Citation 5

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asset pricing, stock market anomalies, linear multifactor models, CAPM, cross-section of stock returns, realized return variance, realized return skewness, cross-sectional return moments, ICAPM

6.

Costly Arbitrage and the Closed-End Fund Puzzle: Evidence from a Natural Experiment

Number of pages: 39 Posted: 23 Jun 2015 Last Revised: 11 May 2016
Yongqiang Chu and Liang Ma
Belk College of Business, UNC Charlotte and University of South Carolina - Darla Moore School of Business
Downloads 316 (159,907)

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Costly Arbitrage, Mispricing, Closed-End Fund Puzzle, Short Sale Constraints, Regulation SHO

7.

First Mover Advantage, Time to Finance, and Cash Holdings

Journal of Corporate Finance, Forthcoming
Number of pages: 66 Posted: 25 May 2017 Last Revised: 30 Jan 2020
Liang Ma, Antonio S. Mello and Youchang Wu
University of South Carolina - Darla Moore School of Business, University of Wisconsin - Madison - Department of Finance, Investment and Banking and University of Oregon - Lundquist College of Business
Downloads 287 (176,924)
Citation 7

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cash holding, first-mover advantage, time to finance, financing friction, product market competition, R&D

8.

What Drives Closed-End Fund Discounts? Evidence from COVID-19

Number of pages: 44 Posted: 01 Mar 2021 Last Revised: 25 Jan 2023
Liang Ma
University of South Carolina - Darla Moore School of Business
Downloads 264 (193,305)

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Closed-End Funds, COVID-19, Mispricing, Sentiment, Partisanship

9.

(Presentation Slides) The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies

Number of pages: 28 Posted: 21 Aug 2018
Yongqiang Chu, David A. Hirshleifer and Liang Ma
Belk College of Business, UNC Charlotte, Marshall School of Business, USC and University of South Carolina - Darla Moore School of Business
Downloads 251 (202,465)

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Limits to Arbitrage, Anomalies, Short Sale Constraints, Regulation SHO

10.

Financial Reporting Quality and Noise in Stock Returns: Evidence from Chinese A-B Twin Shares

Journal of Financial Reporting, Forthcoming https://doi.org/10.2308/JFR-2019-0019
Number of pages: 57 Posted: 15 Nov 2016 Last Revised: 13 Aug 2020
Liang Ma, Tao Ma and Henry L. Friedman
University of South Carolina - Darla Moore School of Business, Rawls College of Business, Texas Tech University and University of California, Los Angeles (UCLA) - Anderson School of Management
Downloads 241 (210,555)
Citation 1

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Financial Reporting Quality, Noise in Stock Returns, Stock Market Efficiency, A-B Twin Shares, Chinese Stock Market

11.

Overconfidence, Macro Information, and Momentum

Number of pages: 51 Posted: 02 Nov 2014 Last Revised: 22 Sep 2022
Liang Ma
University of South Carolina - Darla Moore School of Business
Downloads 156 (311,478)

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overconfidence, self-attribution bias, momentum, long-run reversals, market states