Tong Liu

Tong Liu

Contact Information

  • office Address:

    Steinberg-Dietrich Hall, 3620 Locust Walk
    Philadelphia, PA 19104-6367

Research Interests: Private Equity, Entrepreneurial Finance, Healthcare Finance, Corporate Finance

Links: Personal Website

Overview

I am a Ph.D. Candidate in Finance at the Wharton School of the University of Pennsylvania. My research focuses on Private Equity, Entrepreneurial Finance, Healthcare Finance, and Corporate Finance. I will be on the academic job market and available for interviews at the 2022 ASSA Annual Meeting.

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Research

  • Vito Gala, Joao F. Gomes, Tong Liu (2019), Investment without Q, Journal of Monetary Economics.

    Abstract: Policy functions summarize the key predictions of any dynamic investment model. They are easy to estimate and account for a large fraction of the variation in corporate investment. Estimated policy functions can also be used estimate deep parameters of a structural model of investment. Variance decomposition of empirical investment equations can be used to identify the key state variables in structural models.

    Description: Policy functions summarize the key predictions of any dynamic investment model. They are easy to estimate and account for a large fraction of the variation in corporate investment. Estimated policy functions can also be used estimate deep parameters of a structural model of investment. Variance decomposition of empirical investment equations can be used to identify the key state variables in structural models.

Teaching

Teaching Assistant

  • FNCE912, Corporate Finance & Financial Institutions, Professor Itay Goldstein (PhD), Spring 2020, Spring 2021
  • Guest Speaker to WH150 Evaluating Evidence, Professor Iwan Barankay (UG), Spring 2020
  • WH299/399, Wharton Honor Thesis, Professor Catherine Schrand (UG), Fall 2019
  • FNCE726, Advanced Corporate Finance, Professor Itay Goldstein (EMBA) Spring 2018, Summer 2018, Summer 2019, Summer 2020, Fall 2021
  • FNCE203/726, Advanced Corporate Finance, Professor Christian Opp (UG, MBA) Spring 2018, Spring 2019
  • FNCE611, Corporate Finance, Professor Itay Goldstein (EMBA) Spring 2019, Spring 2020, Summer 2021
  • FNCE612, Accelerated Corporate Finance II, Professor Vito Gala (MBA) Fall 2017
  • FNCE613, Macroeconomics and the Global Economic Environment (EMBA) Fall 2018

 

Awards and Honors

  • 2020 Rodney L. White Center Research Grant
  • 2019 Outstanding Discussant Award at Wharton Innovation Doctoral Symposium
  • 2019 AFA Student Travel Grant
  • 2019 EFA Best Doctoral Student Conference Paper Prize
  • 2019 CICF Yihong Xia Best Paper Award
  • 2019 John Hodges PhD Prize in Finance, University of Pennsylvania
  • 2021, 2019 George James Travel Award, University of Pennsylvania
  • 2017-2018 Miller, Anderson & Sherrerd Graduate Fellowship in Finance, University of Pennsylvania
  • 2020, 2019, 2017 Mack Institute Research Grant, University of Pennsylvania
  • 2017-2018 Kleinman Center for Energy Policy Research Fund, University of Pennsylvania
  • 2016-2022 University of Pennsylvania Dean’s Fellowship for Distinguished Merit

 

 

    Activity

    Latest Research

    Vito Gala, Joao F. Gomes, Tong Liu (2019), Investment without Q, Journal of Monetary Economics.
    All Research