Claire Y.C. Liang


  • PhD in Finance, University of Alberta, Canada
  • MBA and PhD in Materials Science and Engineering, Cornell University
  • BS in Physics, National Tsing Hua University, Taiwan



  • Assistant Professor of Finance, University of Maine
  • Assistant Professor of Finance, Southern Illinois University Carbondale
  • Executive Director, Investment Banking Division, Goldman Sachs
  • Vice President, Investment Banking Division, Citigroup
  • R&D Engineer, Semiconductor Division, Mitsubishi Electric



Empirical Asset Pricing, Empirical Corporate Finance, Finance and Growth, Entrepreneurial Finance



  • Post-Earnings Announcement Drift and Parameter Uncertainty: Evidence From Industry and Market News, (with Rengong Zhang)
    • Review of Quantitative Finance and Accounting, Forthcoming
  • Return Synchronicity and Insider Trading Profitability, (with Zhenyang Tang and Xiaowei Xu)
    • International Review of Finance, Forthcoming
  • Uncertainty, Momentum, and Profitability, (with Zhenyang Tang and Xiaowei Xu), 2019
    • Journal of Portfolio Management, 45 (4) 91-104.
  • Assessing the Growth Effect of Financial Liberalization in the Presence of Financial Crises: A Case Study of Tiger Cub Economies, (with Pei-Chien Lin), 2019
    • The Developing Economies, 57 (2) 159-193.



  • Idiosyncratic Return Volatility, the Common Factor, and Market Uncertainty, (with Zhenyang Tang), 2019
  • Idiosyncratic Return Volatility, Information Uncertainty, and Asset Pricing Implications, (with Zhenyang Tang), 2018
  • Debt Financing of Small OTC Firms Reporting to the SEC, (with Rebel Cole, Rengong Zhang), 2019
  • Surviving in the Twilight Zone: Financial Policies of OTC Firms, (with Rengong Zhang), 2018
  • Voluntary Risk Disclosure of Small Emerging Firms: Evidence from the OTC Market, (with Tzu-Ting Chiu and Rengong Zhang), 2018
  • Financial Integration and the Comparative Advantage of Exports, (with Pei-Chien Lin), 2019