Dr. Qiao Liu is the Professor of Finance and Assistant Dean in Guanghua School of Management., Peking University. His principal fields of interest focus on Corporate finance, empirical asset pricing, financial markets, Chinese economy. He has written numerous scholarly articles, which have appeared in many publications including Journal of Financial Economics, Journal of Financial Economics, Journal of Accounting Research Journal of Financial and Quantitative Analysis, Economic Journal, Journal of Corporate Finance、Economic Inquiry, Journal of Comparative Economics, Journal of Accounting, Auditing and Finance, Financial Analysts Journal, Economics Letter，Asia-Pacific Business Review and so on.