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LIU Jing

Phone: +86 10 8518 8858 ext. 3251



Professor of Accounting and Finance


Associate Dean for DBA and CKGSB Chuang Community


Academic Director for DBA


PhD, Columbia University


Research Areas: Financial Accounting, Corporate Finance, Investments, Chinese Economic Reforms





Dr. Liu is Professor of Accounting and Finance at Cheung Kong Graduate School of Business (CKGSB). Prior to CKGSB, he was tenured professor at UCLA’s Anderson School of Management. He earned his PhD from Columbia Business School in 1999.


Academically, Dr. Liu is an internationally recognized expert on capital markets and investment analysis. A key feature of his research is a broad range and a tight connection between theory and practice. His research has been published in a number of leading international journals, and received wide recognition and citation. He is a recipient of the Outstanding Research Award from CKGSB, Eric E. Juline Research Award from the UCLA Anderson School and the Barclays Global Investors (BGI) Best Paper Award from the Review of Accounting Studies.


From the angle of practice, Dr. Liu’s research and teaching revolves around the general topic of value investing. He directs CKGSB’s Center for Investment Research, where students and analysts study economic trends at the macro, industry and company level for investment implications. This effort received wide attention from the investment community and the media. Dr. Liu is regularly invited to speak at public forums, write opinion pieces, and give interviews to business news outlets.


At CKGSB, Dr. Liu has played multiple roles for school building. He was Chairman for the school’s alumni association and its development foundation. He oversees CKGSB’s flagship DBA program as well as its highly acclaimed accelerator for startup companies. From 2008 to 2015, he also guided the school’s finance and HR functions.


Dr. Liu serves as a director on the boards of several large Chinese as well as international companies. He consults widely on management and investment issues.



Liu's research has earned a number of awards, including the 2005 Eric and "E" Juline Faculty Excellence in Research Award from UCLA's Anderson School and the 2007 Barclays Global Investors (BGI) Best Paper Award from the Review of Accounting Studies. In 2010, he received the Best Research Award from CKGSB.



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Selected Publications

  1. "Stock Returns and Accounting Earnings," with Jacob Thomas, Journal of Accounting Research, spring 2000.
  2. "The Feltham-Ohlson (1995) Model: Empirical Implications," with James Ohlson, Journal of Accounting, Auditing and Finance, summer 2000.
  3. "Equity Valuation Using Multiples," with Jacob Thomas and Doron Nissim, Journal of Accounting Research, March 2002.
  4. "Measuring Value Relevance in a (possibly) Inefficient Market," with David Aboody and John Hughes, Journal of Accounting Research, September 2002.
  5. "Valuation and Accounting for Inflation and Foreign Exchange," with John Hughes and Mingshan Zhang, Journal of Accounting Research, September 2004
  6. "Discussion of 'The role of changes in expectations in explaining the cross-section of returns.'" Review of Accounting Studies, September 2004.
  7. "Earnings quality, insider trading and cost of capital," with David Aboody and Jack Hughes, the Journal of Accounting Research, 2005.
  8. "On international accounting valuation," the Journal of International Accounting Research, 2006.
  9. "Cash flow is king? Comparing valuations based on cash flow versus earnings multiples," with Jacob Thomas and Doron Nissim, the Financial Analyst Journal, 2007.
  10. "Information asymmetry, diversification and cost of capital" with John Hughes and Jun Liu, the Accounting Review, 2007.
  11. "Are executive stock option exercises driven by private information?" with David Aboody, John Hughes and Wei Su, the Review of Accounting Studies, 2008.
  12. "On the relation between predictable market returns and predictable analysts' forecast errors," with John Hughes and Wei Su, the Review of Accounting Studies, 2008. Winner of the BGI best paper award.
  13. "On the relation between expected returns and implied cost of capital," with John Hughes and Jun Liu, the Review of Accounting Studies, 2009.
  14. "Leverage, excess leverage and future stock returns," with Judson Caskey and John Hughes, the Review of Accounting Studies, 2011.

Working Papers

  1. “The Warren Buffet Anomaly,” with John Hughes and Mingshan Zhang, submitted.
  2.  “Market and analyst reactions to earnings announcements: an efficiency comparison.”
  3. “An empirical investigation of implied cost of capital,” with John Hughes and Ruihao Ke.


Financial Accounting

Topics in Financial Accounting

Introduction to Financial Accounting

Economics with Chinese Characteristics

China’s Financial Markets

Financial Statement Analysis and Equity Valuation

Global CEO program, LBS module