Liwei Huang Associate Professor of Business

Hong Kong University of Science and Technology

Ph.D. in Economics, MIT, 2017

Research Interests:

Asset Pricing and Industrial Organization

Macro Finance, Macro Development


Room 5009, Department of Finance

Lee Shau Kee Business Building

Hong Kong University of Science and Technology

Clear Water Bay, Kowloon, Hong Kong


Working Papers

AI-Powered Trading, Algorithmic Collusion, and Price Efficiency, 2024  [Online Appendix]
with Winston Dou and Itay Goldstein
Best Paper Award, Melbourne Asset Pricing Meeting, 2023
Jacob Gold & Associates Best Paper Prize, ASU Sonoran Winter Finance Conference, 2024
Best Paper Award, China Fintech Research Conference, 2024
IRF Best Paper Award, Asian Finance Association (AsianFA), 2024

Misallocation and Asset Prices, 2024  [Online Appendix][Additional Materials]
with Winston Dou, Di Tian, and Pengfei Wang
Best Paper Award on Asset Pricing, Northern Finance Association (NFA), 2020

Industry Distress Anomaly, 2024  [Online Appendix]
with Hui Chen, Winston Dou, and Hongye Guo



Feedback and Contagion through Distressed Competition  [Online Appendix][Additional Materials]
with Hui Chen, Winston Dou, and Hongye Guo
Journal of Finance, forthcoming, 2024

Dynamic Bank Expansion: Spatial Growth, Financial Access, and Inequality  [Online Appendix]
with Songyuan Teng and Robert M. Townsend
Journal of Political Economy, Volume 131, Issue 8, p. 2209-2275, 2023

The Oligopoly Lucas Tree  [Online Appendix]
with Winston Dou and Wei Wu
Review of Financial Studies, Volume 35, Issue 8, p. 3867-3921, 2022
AAII Award for Outstanding Paper on Investments, Midwest Finance Association (MFA), 2020

Competition, Profitability, and Discount Rates  [Online Appendix]
with Winston Dou and Wei Wu
Journal of Financial Economics, Volume 140, Issue 2, p. 582-620, 2021
Best Paper Award, China International Conference in Macroeconomics (CICM), 2019

Inalienable Customer Capital, Corporate Liquidity, and Stock Returns  [Online Appendix]
with Winston Dou, David Reibstein, and Wei Wu
Journal of Finance, Volume 76, Issue 1, p. 211-265, 2021
Marshall Blume Prize in Financial Research, Rodney L. White Center at Wharton, 2017
Best Paper Award, PwC 3535 Finance Forum, 2021

External Financing and Customer Capital: A Financial Theory of Markups  [Online Appendix]
with Winston Dou
Management Science, Volume 67, No. 9, p. 5569-5585, 2021

Job Search under Debt: Aggregate Implications of Student Loans  [Optimal Contract][Online Appendix]
Journal of Monetary Economics, Volume 117, p. 741-759, 2021

Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP, and the Distribution of Income  [Online Appendix]
with Era Dabla-Norris, Robert M. Townsend, and D. Filiz Unsal
Journal of Monetary Economics, Volume 117, p. 1-18, 2021