Mark H. Liu

University of Kentucky - Gatton College of Business and Economics

550 South Limestone

Lexington, KY 40506

United States

SCHOLARLY PAPERS

24

DOWNLOADS
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SSRN RANKINGS

Top 3,743

in Total Papers Downloads

10,218

CITATIONS
Rank 12,818

SSRN RANKINGS

Top 12,818

in Total Papers Citations

58

Scholarly Papers (24)

1.

Industry Information and the 52-Week High Effect

Number of pages: 51 Posted: 23 Mar 2011 Last Revised: 13 Mar 2012
Xin Hong, Bradford D. Jordan and Mark H. Liu
University of Kentucky, University of Kentucky - Gatton College of Business and Economics and University of Kentucky - Gatton College of Business and Economics
Downloads 1,658 (9,763)

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52-week high effect, momentum, anchoring bias

2.

Buy-Side Analysts, Sell-Side Analysts, and Fund Performance: Theory and Evidence

13th Annual Utah Winter Finance Conference
Number of pages: 47 Posted: 26 Feb 2003
Yingmei Cheng, Mark H. Liu and Jun Qian
Florida State University - College of Business, University of Kentucky - Gatton College of Business and Economics and Fanhai International School of Finance, Fudan University
Downloads 1,052 (19,916)
Citation 3

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buy-side analyst, sell-side analyst, bias, earnings forecasts, excess return

3.

Corporate Disclosure, Analyst Forecast Dispersion, and Stock Returns

Number of pages: 44 Posted: 18 Jun 2004 Last Revised: 27 Sep 2016
Ashiq Ali, Mark H. Liu, Danielle Xu and Tong Yao
University of Texas at Dallas - Naveen Jindal School of Management, University of Kentucky - Gatton College of Business and Economics, Gonzaga University and University of Iowa - Henry B. Tippie College of Business
Downloads 975 (22,304)
Citation 2

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Corporate disclosure, analyst forecast dispersion, mispricing

4.

How Should a Firm Go Public? A Dynamic Model of the Choice between Fixed-Price Offerings and Auctions in Ipos and Privatizations

EFA 2003 Annual Conference Paper No. 366
Number of pages: 49 Posted: 20 Jul 2003
Thomas J. Chemmanur and Mark H. Liu
Boston College - Carroll School of Management and University of Kentucky - Gatton College of Business and Economics
Downloads 971 (22,452)
Citation 26

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Buy-Side Analysts, Sell-Side Analysts, and Investment Decisions of Money Managers

Number of pages: 39 Posted: 26 Apr 2005
Yingmei Cheng, Mark H. Liu and Jun Qian
Florida State University - College of Business, University of Kentucky - Gatton College of Business and Economics and Fanhai International School of Finance, Fudan University
Downloads 639 (39,504)
Citation 3

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Buy-side analyst, sell-side analyst, bias, earnings forecast, excess return.

Buy-Side Analysts, Sell-Side Analysts, and Investment Decisions of Money Managers

Journal of Financial and Quantitative Analysis, Vol. 41, No. 1, pp. 51-83, March 2006
Posted: 13 Mar 2006
Mark H. Liu, Yingmei Cheng and Jun Qian
University of Kentucky - Gatton College of Business and Economics, Florida State University - College of Business and Fanhai International School of Finance, Fudan University

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Buy-side analyst, sell-side analyst, bias, earnings forecast, excess return

6.

Does More Information in Stock Price Lead to Greater or Smaller Idiosyncratic Return Volatility?

Journal of Banking and Finance, Forthcoming
Number of pages: 61 Posted: 25 Mar 2008 Last Revised: 14 Nov 2010
Dong Wook Lee and Mark H. Liu
Korea University and University of Kentucky - Gatton College of Business and Economics
Downloads 582 (45,406)
Citation 1

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idiosyncratic volatility, noisy rational expectations equilibrium, price informativeness

7.

Anti-Takeover Provisions and Corporate Disclosure

AAA 2007 Financial Accounting & Reporting Section (FARS) Meeting Papers
Number of pages: 49 Posted: 15 Sep 2006
Huijing Fu and Mark H. Liu
Texas Christian University and University of Kentucky - Gatton College of Business and Economics
Downloads 417 (68,822)
Citation 8

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Anti-takeover provisions, Management earnings forecast, Analyst earnings forecast

8.

The Consensus-Beating Game

EFA 2003 Annual Conference Paper No. 399
Number of pages: 53 Posted: 21 Apr 2003 Last Revised: 10 Jun 2011
Tong Yao and Mark H. Liu
University of Iowa - Henry B. Tippie College of Business and University of Kentucky - Gatton College of Business and Economics
Downloads 408 (70,722)

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corporate disclosure, earnings guidance, consensus-beating

9.

Why Do Firms Split Their Stocks Before Acquisition Announcements?

Number of pages: 46 Posted: 01 Nov 2005
Shourun Guo, Mark H. Liu and Weihong Song
Duke Energy Corp., University of Kentucky - Gatton College of Business and Economics and Independent
Downloads 388 (74,995)

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Stock Splits, Mergers and Acquisitions, Signaling, Optimal Trading Range, and Value Manipulation

Stock Splits as a Manipulation Tool: Evidence from Mergers and Acquisitions

Number of pages: 27 Posted: 19 Jul 2007
Shourun Guo, Mark H. Liu and Weihong Song
Duke Energy Corp., University of Kentucky - Gatton College of Business and Economics and Independent
Downloads 327 (90,616)

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stock splits, mergers and acquisitions, and value manipulation

Stock Splits as a Manipulation Tool: Evidence from Mergers and Acquisitions

Financial Management, Forthcoming
Posted: 04 Sep 2007
Shourun Guo, Mark H. Liu and Weihong Song
Duke Energy Corp., University of Kentucky - Gatton College of Business and Economics and Independent

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stock splits, mergers and acquisitions, and value manipulation

11.
Downloads 317 ( 94,359)
Citation 2

Independent Institutional Investors and Equity Returns

Number of pages: 58 Posted: 17 Mar 2008 Last Revised: 25 Jul 2011
Yawen Jiao and Mark H. Liu
University of California, Riverside and University of Kentucky - Gatton College of Business and Economics
Downloads 168 (176,849)
Citation 2

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institutional ownership; independent institutions; information production; monitoring; earnings surprise; operating performance

Independent Institutional Investors and Equity Returns

Number of pages: 54 Posted: 16 Feb 2009
Yawen Jiao and Mark H. Liu
University of California, Riverside and University of Kentucky - Gatton College of Business and Economics
Downloads 149 (195,954)

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institutional ownership, independent institutions, information asymmetry, earnings surprise, earnings announcement abnormal returns, operating performance

12.

Analysts' Incentives to Produce Industry-Level Versus Firm-Specific Information

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 44 Posted: 07 Mar 2005 Last Revised: 15 Aug 2014
Mark H. Liu
University of Kentucky - Gatton College of Business and Economics
Downloads 303 (99,144)
Citation 1

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Analyst recommendation, industry-level information, firm-specific information

Idiosyncratic Return Volatility and Price Informativeness: Evidence from Stock Splits

Number of pages: 56 Posted: 15 Jan 2012 Last Revised: 14 Mar 2012
Mark H. Liu
University of Kentucky - Gatton College of Business and Economics
Downloads 179 (167,129)

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idiosyncratic return volatility, return synchronicity, price informativeness, institutional investors, stock splits

Idiosyncratic Return Volatility and Price Informativeness: Evidence from Stock Splits

Number of pages: 57 Posted: 14 Mar 2012 Last Revised: 07 May 2013
Mark H. Liu
University of Kentucky - Gatton College of Business and Economics
Downloads 115 (240,403)

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idiosyncratic return volatility, return synchronicity, price informativeness, institutional investors, stock splits

14.

Anti-Takeover Provisions in Corporate Spin-Offs

Journal of Banking and Finance, Forthcoming
Number of pages: 50 Posted: 16 Mar 2007 Last Revised: 16 Apr 2010
Boston College - Carroll School of Management, University of Kentucky - Gatton College of Business and Economics, University of Kentucky - Gatton College of Business and Economics and U of Nevada, Reno
Downloads 254 (119,630)
Citation 1

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Spin-offs, anti-takeover provisions, managerial entrenchment, long-term value creation, announcement return, operating performance

15.

Institutional Trading, Information Production, and the Choice Between Spin-Offs, Carve-Outs, and Tracking Stock Issues

Journal of Corporate Finance, Forthcoming
Number of pages: 37 Posted: 17 Mar 2007 Last Revised: 19 Jul 2010
Thomas J. Chemmanur and Mark H. Liu
Boston College - Carroll School of Management and University of Kentucky - Gatton College of Business and Economics
Downloads 236 (128,835)
Citation 1

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restructuring, corporate spin-offs, equity carve-outs, tracking stock issues, institutional trading, information production

16.

Dividends versus Stock Repurchases and Long-Run Stock Returns under Heterogeneous Beliefs

Number of pages: 72 Posted: 30 Jun 2013 Last Revised: 14 Feb 2017
Onur Bayar, Thomas J. Chemmanur and Mark H. Liu
University of Texas at San Antonio, College of Business, Boston College - Carroll School of Management and University of Kentucky - Gatton College of Business and Economics
Downloads 215 (141,077)

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Dividends, Stock repurchases, Heterogeneous beliefs, Long-run stock returns, Payout policy

17.

Growth Opportunities, Short-Term Market Pressure, and Dual-Class Share Structure

Number of pages: 58 Posted: 02 Aug 2014
Bradford D. Jordan, Soohyung Kim and Mark H. Liu
University of Kentucky - Gatton College of Business and Economics, The University of Tampa and University of Kentucky - Gatton College of Business and Economics
Downloads 200 (150,957)
Citation 2

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dual class shares, voting rights, cash flow rights, share unification, sales growth, R&D expenditure

A Theory of Equity Carve-Outs and Negative Stub Values under Heterogeneous Beliefs

Journal of Financial Economics (JFE), June 2011, 100 (3), 616-638
Number of pages: 53 Posted: 25 Mar 2008 Last Revised: 19 Jun 2015
Onur Bayar, Thomas J. Chemmanur and Mark H. Liu
University of Texas at San Antonio, College of Business, Boston College - Carroll School of Management and University of Kentucky - Gatton College of Business and Economics
Downloads 151 (193,804)

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heterogeneous beliefs, equity carve-outs, negative stub values

Management of Innovation, Equity Carve-Outs, and Negative Stub Values under Heterogeneous Beliefs

Number of pages: 47 Posted: 07 Mar 2008 Last Revised: 24 Nov 2018
Thomas J. Chemmanur, Onur Bayar and Mark H. Liu
Boston College - Carroll School of Management, University of Texas at San Antonio, College of Business and University of Kentucky - Gatton College of Business and Economics
Downloads 42 (423,056)

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heterogeneous beliefs, management of innovation, equity carve-outs

19.

A Theory of Capital Structure, Price Impact, and Long-Run Stock Returns under Heterogeneous Beliefs

Review of Corporate Finance Studies (RCFS), September 2015, 4 (2), 258-320
Number of pages: 68 Posted: 19 Mar 2010 Last Revised: 05 May 2016
Onur Bayar, Thomas J. Chemmanur and Mark H. Liu
University of Texas at San Antonio, College of Business, Boston College - Carroll School of Management and University of Kentucky - Gatton College of Business and Economics
Downloads 185 (162,236)

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Capital Structure, Heterogeneous Beliefs, Convertible Debt Issues, Security Tranching, Price Impact, Long-Run Stock Returns.

20.

Corporate Payout Policy in Dual-Class Firms

Number of pages: 56 Posted: 16 Jan 2012 Last Revised: 07 May 2013
Bradford D. Jordan, Mark H. Liu and Qun Wu
University of Kentucky - Gatton College of Business and Economics, University of Kentucky - Gatton College of Business and Economics and U of Nevada, Reno
Downloads 183 (163,860)
Citation 1

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dual class, voting rights, cash flow rights, dividends, payout policy

21.

Organizational Structure and Corporate Payout Policy

Number of pages: 64 Posted: 11 Dec 2013
Bradford D. Jordan, Mark H. Liu and Qun Wu
University of Kentucky - Gatton College of Business and Economics, University of Kentucky - Gatton College of Business and Economics and U of Nevada, Reno
Downloads 144 (201,036)

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cash dividends, payout policy, share repurchase, mergers and acquisitions, cross-segment correlations

22.

Do Investment Banks Listen to Their Own Analysts?

Number of pages: 44 Posted: 11 Aug 2009
Bradford D. Jordan, Mark H. Liu and Qun Wu
University of Kentucky - Gatton College of Business and Economics, University of Kentucky - Gatton College of Business and Economics and U of Nevada, Reno
Downloads 139 (206,848)

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Analyst stock recommendations, conflicts of interest, security analysts, investment banks, institutional investors

23.

How to Motivate Fundamental Innovation: Optimal Interactions between Entrepreneurs, Venture Capitalists, and the Government

Number of pages: 73 Posted: 23 Jun 2016 Last Revised: 16 Jun 2019
Onur Bayar, Thomas J. Chemmanur and Mark H. Liu
University of Texas at San Antonio, College of Business, Boston College - Carroll School of Management and University of Kentucky - Gatton College of Business and Economics
Downloads 129 (219,539)
Citation 1

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Financing of innovations; Fundamental innovation; Venture capital financing; Government subsidies; Innovation prizes.

24.

Information, Incentives, and Effects of Risk-Sharing on the Real Economy

Number of pages: 25 Posted: 10 Apr 2019
Mark H. Liu, Wenfeng Wu and Tong Yu
University of Kentucky - Gatton College of Business and Economics, Shanghai Jiao Tong University - Antai College of Economics & Management and University of Cincinnati - Department of Finance - Real Estate
Downloads 9 (585,642)

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risk sharing, incentive, information, risk management, systemic risk