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Personal profile

Research interests

I am a Lecturer (equivalent to Assistant Professor) in Finance at School of Management, University of Bath since 2018. I received my Ph.D. degree in finance from The University of Hong Kong.  I also hold a bachelor degree in economics from Tsinghua University.

My research interests are empirical asset pricing and behavioral finance. My papers have been published in Review of Finance, Journal of Empirical Finance.

For more information on my research output, please visit 




The Invisible Burden (with Chengxi Yin and Weinan Zheng), Journal of Financial Markets, forthcoming

Investor Target Prices (with Shiyang Huang and Chengxi Yin), Journal of Empirical Finance, 2019, Volume 54, Pages 39-57

Skewness, Individual Investor Preference, and the Cross-Section of Stock Returns (with Tse-Chun Lin), Review of Finance, 2018, Volume 22, Issue 5, Pages 1841–1876

Working Papers:

Diversification in Lottery-Like Features and Portfolio Pricing Discounts 

Human Capital Outflow and Stock Price Crashes: Evidence from the Rejection of the Inevitable Disclosure Doctrine (with Xiaoran Ni)

The Term Structure of Mutual Fund Herding (with Weinan Zheng)

Willing to supervise doctoral students

I am willing to supervise PhD students who are proficient in SAS programming and dealing with financial databases on projects related to my research area.

Education/Academic qualification

PhD in Finance, University of Hong Kong

Award Date: 31 Mar 2018

B.A. in Economics, Tsinghua University

Award Date: 1 Jul 2012

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The Information Content in Financial Markets

Liu, X. & Xie, R.


Project: Research-related funding

University of Bath seed corn fund

Liu, X.


Project: Research-related funding

Research Output

Investor Target Prices

Huang, S., Liu, X. & Yin, C., 1 Dec 2019, In : Journal of Empirical Finance. 54, p. 39-57 19 p.

Research output: Contribution to journalArticle

Diversification in Lottery-like Features and Portfolio Pricing Discounts

Liu, X., 2018, (In preparation).

Research output: Working paper

  • Skewness, Individual Investor Preference, and the Cross-section of Stock Returns

    Lin, T-C. & Liu, X., 5 Aug 2018, In : Review of Finance. 22, 5, p. 1841-1876 36 p., rfx036.

    Research output: Contribution to journalArticle

    Open Access