Associate Professor Wai-Man (Raymond) Liu

BComm, Pgrad Dip Finance, MComm(Hons), MChD, PhD
Associate Professor in Finance
College of Business& Economics

Areas of expertise

  • Finance 150201
  • Banking, Finance And Investment 1502
  • Financial Economics 140207
  • Microeconomic Theory 140104
  • Geriatrics And Gerontology 110308

Research interests

Liu's research interests are broad and diverse, from the minutiae of market microstructure - on how price is formed when traders interact strategically in the financial market - to the study of the insights of Adam Smith's division of labour and specialization on increasing returns. His present research focus is mainly on the area of empirical and theoretical market microstructure, asset pricing, theory of firm, political economy and health science. 


Wai-Man (Raymond) Liu graduated with his Ph.D. in April 2005. Liu has published a research monograph on Inframarginal Economics and numerous high quality papers in international refereed journals, including Journal of Financial Economics, Journal of Financial Markets, Journal of Futures Markets, Journal of Banking & Finance, Pacific-Basin Finance Journal and Pacific Economic Review. The research monograph was co-written with the late Prof. Xiaokai Yang (Yang and Liu (2009)). It provides systematic and comprehensive materials for applying a new overarching framework to the analysis of a wide range of micro and macro phenomena. Liu’s key research area is in market microstructure. His works involve studying the role of public information on the formation of liquidity and volatility in the financial market.

Researcher's projects

Health Science

  • “The welfare of informal caregivers” with Emma Schultz. 


  • “CFD’s, Forwards, Futures and the Cost of Carry” with F. Douglas Foster and Adrian Lee. This paper was presented at the UTS Brownbag. 
  • “Strategic order submission and cancellation in pre-opening periods and its impact on price discovery: the case of IPO firms”, with Joseph Kuk and Peter Pham. 
  • “Options on options, tradeoffs, technology and algorithms: my, how times have changed “with F. Douglas Foster. 
  • “Predatory Trading: Evidence Around the Routine Index Reconstitution” with Zach Zhi Jie Chan and Emma Schultz
  • “Responding to Firm Performance: The Evolution of State Ownership in East Asia” with Richard W. Carney, Phong Ngo and Travers Child
  • “Responding to Financial Crisis: The Rise of State Ownership and Implications for Firm Performance” with Richard W. Carney and Phong Ngo.
  • “Migration of trading and the introduction of Single Stock Futures on the underlying U.S. stocks” with Andre Gygax and Thomas Henker. 
  • “Harnessing media attention: Corporate press releases and media coverage around earnings announcements” with Phong Ngo and Qiaoqiao Zhu. 
  • “Why do Foreigners Become Blockholders?” with Fariborz Moshirian, Peter Pham and Jason Zein. 
  • “The impact of strategic order activity during trading halt” with James Panaust. 
  • “Volatility discovery” with F. Douglas Foster and Robert E. Whaley. 


  • “Voting with Your Feet: Political Competition and Internal Migration in the United States” with Phong Ngo
  • “General equilibrium analysis of political monopoly & political competition”. 


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Updated:  30 June 2022 / Responsible Officer:  Director (Research Services Division) / Page Contact:  Researchers