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Yang Liu is an Associate Professor of Finance at the HKU Business School, The University of Hong Kong, where he joined in 2017. He holds a Ph.D. in Economics from the University of Pennsylvania and a B.A. in Economics from Fudan University. Education Ph.D. in Economics, University of Pennsylvania B.A. in Economics, Fudan University Research Interests Dr. Liu's research spans asset pricing, macro-finance, and international finance, with a focus on volatility dynamics, government debt effects, exchange rate mechanisms, and ESG integration. His work employs rigorous theoretical and empirical frameworks to analyze risk transmission across global financial markets, emphasizing the role of intermediaries and policy shocks. Recent Research Trends His 2021-2025 publications reveal a concentrated exploration of volatility spillovers in international markets, government debt's impact on risk premia, and ESG-driven equilibrium shifts. Key contributions appear in top-tier journals including Journal of Financial Economics and Review of Financial Studies, demonstrating methodological innovation in linking macroeconomic variables to asset pricing anomalies through intermediary-based channels. Scientific Awards 2018 Annual Conference in International Finance Best Paper Award Cubist Systematic Strategies PHD Candidate Award for Outstanding Research by Western Finance Association Professional Engagement Dr. Liu serves as MWM Programme Director at HKU Business School and maintains active collaboration with major financial institutions, having been a visiting scholar at the International Monetary Fund and World Bank, and a research associate at the Federal Reserve Bank of Philadelphia. His policy commentary on Hong Kong's fiscal stability and exchange rate mechanisms is frequently cited in financial media.

• Asset Pricing
• Macro-Finance
• International Finance

Dr. Xiang Fang serves as Assistant Professor in the Department of Finance at The University of Hong Kong's Faculty of Business and Economics, joining the institution in 2019. His research centers on international finance, asset pricing, and macro-finance with emphasis on financial intermediaries' role in currency markets. His academic credentials include: Ph.D. in Economics, University of Pennsylvania (2019) M.A. in Economics, Tsinghua University (2013) B.A. in Economics, Fudan University (2011) Dr. Fang investigates how volatility and intermediary constraints impact exchange rates, exploring connections between financial markets and macroeconomic conditions. His work bridges theoretical models with empirical analysis of real-world financial systems, particularly focusing on emerging market dynamics and currency risk premiums. His recent publications examine offshore renminbi stablecoins, Hong Kong's linked exchange rate system, and bank capital requirements in emerging economies. These works reveal a consistent research trajectory analyzing how financial institutions shape global currency markets under regulatory constraints and macroeconomic shocks. Award recognition includes: The Cubist Systematic Strategies Ph.D. Candidate Award for Outstanding Research, WFA 2017 As an educator, Dr. Fang emphasizes intellectual independence and maintaining peace of mind in research. He draws from teaching experience at the University of Pennsylvania where he instructed over 90 students, advocating for students to discover their own academic paths while developing resilience against research failures. He actively collaborates with scholars including Professors Yang Liu and Haonan Zhou, and engages with market participants and policymakers to ensure his research addresses evolving real-world financial challenges.

• International Finance
• Asset Pricing
• Macro-Finance
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