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Di Luo

University of Dundee School of Business

1-3 Perth Road

Dundee

United Kingdom

  • University of Dundee School of Business

SCHOLARLY PAPERS

24

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5,765

TOTAL CITATIONS
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Top 34,897

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19

Scholarly Papers (24)

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1.

Ambiguity, Risk, and Sentiment

Number of pages: 125 Posted: 25 Jan 2023 Last Revised: 06 Nov 2023
Di Luo
University of Dundee School of Business
Downloads 634 (104,605)

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Ambiguity; Risk; Sentiment; Asset pricing

2.

Returns from Liquidity Provision in Cryptocurrency Markets

Number of pages: 61 Posted: 21 Mar 2022 Last Revised: 09 Mar 2025
Hisham Farag, Di Luo, Larisa Yarovaya and Damian Zięba
University of Birmingham - Birmingham Business School, University of Dundee School of Business, University of Southampton - Southampton Business School and University of Warsaw, Faculty of Economic Sciences
Downloads 603 (114,214)
Citation 1

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JEL classification: C0, G1, G2 Liquidity Provision, Cryptocurrency, Uncertainty

3.

Liquidity Risk and the Beta Premium

Number of pages: 43 Posted: 23 Dec 2019 Last Revised: 03 Feb 2021
Cynthia M Gong, Di Luo and Huainan Zhao
School of Business and Economics, Loughborough University, University of Dundee School of Business and Loughborough University - Loughborough Business School
Downloads 542 (129,080)
Citation 1

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Liquidity risk; Beta premium; Cross-sectional stock returns

4.

Mergers and Acquisitions and Brexit: A Natural Experiment

Number of pages: 59 Posted: 21 Jul 2022 Last Revised: 04 Jan 2025
Di Luo, Tapas Mishra and Zhuang Zhang
University of Dundee School of Business, Southampton Business School, University of Southampton and University of Southampton - Southampton Business School
Downloads 475 (149,551)

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Brexit; Uncertainty; Mergers and Acquisitions; Real Options

5.

Financial Constraints, Stock Liquidity, and Stock Returns

Nottingham University Business School Research Paper No. 2014-01
Number of pages: 45 Posted: 14 Feb 2014 Last Revised: 06 Nov 2019
Xiafei Li and Di Luo
Keele Business School, Keele University and University of Dundee School of Business
Downloads 467 (153,814)

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Asset pricing; financial constraints; stock liquidity; macroeconomic conditions

6.

Trade Secrets and Stock Returns

Downloads 337 (229,652)

Trade Secrets and Stock Returns

Number of pages: 41 Posted: 26 Jun 2023 Last Revised: 09 Jun 2024
Chenchen Huang and Di Luo
School of Management, University of Bath and University of Dundee School of Business
Downloads 210 (366,133)

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JEL classification: G12, G14, G30 Trade secrets, Inevitable disclosure doctrine, Stock returns

Do Trade Secrets Predict Returns? Evidence from the Inevitable Disclosure Doctrine

Number of pages: 46 Posted: 22 Aug 2025 Last Revised: 13 Mar 2026
Di Luo and Rongbing Xiao
University of Dundee School of Business and Sun Yat-sen University (SYSU) - School of Business
Downloads 127 (598,810)

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G12, G14, G30

7.

Investor Sentiment, Limited Arbitrage and the Cash Holding Effect

Review of Finance Forthcoming
Number of pages: 42 Posted: 19 Mar 2016 Last Revised: 28 Oct 2016
Xiafei Li and Di Luo
Keele Business School, Keele University and University of Dundee School of Business
Downloads 271 (282,737)
Citation 5

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Cash holdings; Investor sentiment; Transaction costs; Idiosyncratic volatility

8.

Transaction Costs, Liquidity Risk, and the CCAPM

Number of pages: 54 Posted: 28 Jun 2014 Last Revised: 15 Sep 2015
Weimin Liu, Di Luo and Huainan Zhao
Nottingham University Business School, University of Dundee School of Business and Loughborough University - Loughborough Business School
Downloads 256 (301,349)

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Transaction costs; Liquidity risk; Consumption-based asset pricing

9.

The Liquidity Risk Adjusted Epstein-Zin Model

Number of pages: 53 Posted: 07 May 2014 Last Revised: 16 Apr 2015
Weimin Liu, Di Luo and Huainan Zhao
Nottingham University Business School, University of Dundee School of Business and Loughborough University - Loughborough Business School
Downloads 235 (327,463)

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Liquidity risk; Consumption-based asset pricing; Model performance

10.

The Bias of Growth Opportunity

Number of pages: 47 Posted: 07 Mar 2019 Last Revised: 21 Mar 2021
Cynthia M Gong, Xindan Li, Di Luo and Huainan Zhao
School of Business and Economics, Loughborough University, Nanjing University, University of Dundee School of Business and Loughborough University - Loughborough Business School
Downloads 230 (336,244)
Citation 1

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Bias of growth opportunity; Behavioral Finance; Asset Pricing; Anomaly

11.

Investor Sentiment, Limited Arbitrage and the Cash Holding Effects

28th Australasian Finance and Banking Conference
Number of pages: 41 Posted: 02 Aug 2015
Xiafei Li and Di Luo
Keele Business School, Keele University and University of Dundee School of Business
Downloads 227 (340,701)

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Cash holding; Investor sentiment; Transaction costs; Idiosyncratic risk

12.

Shareholder Litigation Risk and Stock Returns

Number of pages: 46 Posted: 01 Mar 2022 Last Revised: 13 Dec 2022
Di Luo
University of Dundee School of Business
Downloads 210 (369,861)

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Litigation risk; UD laws; Asset pricing; Anomaly

13.

Increase in cash holdings of U.S. firms: The role of healthcare and technology industries

Number of pages: 38 Posted: 09 Mar 2018 Last Revised: 16 Jun 2020
Xiafei Li and Di Luo
Keele Business School, Keele University and University of Dundee School of Business
Downloads 199 (384,172)

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Cash holdings; industry effect; precautionary motive; agency costs; R&D investment, industry competition

14.

The Unintended Consequences of Mandatory ESG Disclosure: Evidence from Global Loan Markets

Number of pages: 46 Posted: 24 Jul 2025
Yun Luo, Di Luo, Qiang Wu and Cheng (Colin) Zeng
University of Southampton, University of Dundee School of Business, Hong Kong Polytechnic University - School of Accounting and Finance and Hong Kong Polytechnic University
Downloads 193 (409,459)

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Mandatory ESG disclosure, bank loans, ESG disagreement

15.

The Effect of Labour Protection Laws on the Relationship between Leverage and Wages

Journal of Banking and Finance, Forthcoming
Number of pages: 54 Posted: 12 Jul 2021 Last Revised: 23 Nov 2022
Ahmet Karpuz, Di Luo, Rongbing Xiao and Huainan Zhao
University of Leeds, University of Dundee School of Business, Sun Yat-sen University (SYSU) - School of Business and Loughborough University - Loughborough Business School
Downloads 189 (401,336)
Citation 4

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Labuor protection, leverage, employee pay, bargaining power, capital structure

16.

Employment Growth, Liquidity Risk, and the Cross-section of Stock Returns

Number of pages: 51 Posted: 04 Feb 2019 Last Revised: 26 May 2019
Weimin Liu, Di Luo, Seyoung Park and Huainan Zhao
Nottingham University Business School, University of Dundee School of Business, Nottingham University Business School and Loughborough University - Loughborough Business School
Downloads 156 (485,678)

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Employment growth premium; Liquidity risk; Labor hiring

17.

Investing during a Fintech Revolution: Ambiguity and Return Risk in Cryptocurrencies

Journal of International Financial Markets, Institutions and Money, Forthcoming
Number of pages: 40 Posted: 28 May 2021
Di Luo, Tapas Mishra, Larisa Yarovaya and Zhuang Zhang
University of Dundee School of Business, Southampton Business School, University of Southampton, University of Southampton - Southampton Business School and University of Southampton - Southampton Business School
Downloads 126 (580,653)
Citation 6

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Bitcoin; Ambiguity; Abnormal returns

18.

Leverage and the Profitability Premium

Number of pages: 43 Posted: 01 Mar 2022 Last Revised: 29 Apr 2022
Di Luo and Huainan Zhao
University of Dundee School of Business and Loughborough University - Loughborough Business School
Downloads 111 (640,165)

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Profitability; Cross-sectional returns; Leverage; Consumption-to-wealth ratio

19.

Ambiguity, Risk, and Sentiment

Number of pages: 127 Posted: 18 Jan 2024 Last Revised: 06 Feb 2025
Chenchen Huang and Di Luo
School of Management, University of Bath and University of Dundee School of Business
Downloads 103 (689,572)

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G12, G14, G30

20.

ESG and Aggregate Disagreement

Number of pages: 41 Posted: 16 Sep 2024
Di Luo and Hisham Farag
University of Dundee School of Business and University of Birmingham - Birmingham Business School
Downloads 65 (933,592)
Citation 1

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Stock returns, Aggregate disagreement

21.

How Does Consumption-Wealth Ratio Matter for Asset Returns: A Regime Switching Approach

Number of pages: 13 Posted: 22 Sep 2023
Qi Li, Di Luo, Seyoung Park and Huainan Zhao
Pusan National University, University of Dundee School of Business, Nottingham University Business School and Loughborough University - Loughborough Business School
Downloads 54 (1,031,043)

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Consumption-Wealth Ratio, Regime Switching, asset pricing, Regime-Switching Risk Premium

22.

Asset Returns and Regime-Switching Consumption-Wealth Ratio

Number of pages: 14 Posted: 17 Sep 2024
Qi Li, Di Luo, Seyoung Park, Huainan Zhao and Bong-Gyu Jang
Pusan National University, University of Dundee School of Business, Nottingham University Business School, Loughborough University - Loughborough Business School and Pohang University of Science and Technology (POSTECH)
Downloads 45 (1,170,409)

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Consumption-Wealth Ratio, Regime Switching, Asset Pricing, Regime-Switching Risk Premium

23.

Labor Productivity and the Cross-Section of Stock Returns

Number of pages: 61 Posted: 19 Apr 2017 Last Revised: 07 Jan 2025
Weimin Liu, Di Luo, Cheng (Colin) Zeng and Huainan Zhao
Beijing Normal University (BNU), University of Dundee School of Business, Hong Kong Polytechnic University and Loughborough University - Loughborough Business School
Downloads 37 (1,263,436)

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Labor productivity; Cross-sectional returns; Asset pricing

24.

Inside Out: Decomposing Profitability and the Cross-Section of Stock Returns

Posted: 19 Apr 2017
Weimin Liu, Di Luo and Huainan Zhao
Nottingham University Business School, University of Dundee School of Business and Loughborough University - Loughborough Business School

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Asset turnover; Cross-sectional returns; Asset pricing