Tong Liu

Tong Liu

Contact Information

  • office Address:

    2332 Steinberg-Dietrich Hall, 3620 Locust Walk
    Philadelphia, PA 19104-6367

Overview

I am a Ph.D. Candidate in Finance at the Wharton School of the University of Pennsylvania.

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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

  • FNCE726, Advanced Corporate Finance, Professor Itay Goldstein (EMBA) Spring 2018, Summer 2018, Summer 2019
  • FNCE203/726, Advanced Corporate Finance, Professor Christian Opp (UG, MBA) Spring 2018, 2019
  • FNCE611, Corporate Finance, Professor Itay Goldstein Spring 2019
  • FNCE612, Accelerated Corporate Finance II, Professor Vito Gala (MBA) Fall 2017
  • FNCE613, Macroeconomics and the Global Economic Environment (EMBA) Fall 2018

 

Awards and Honors

  • 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
  • 2019 George James Travel Award, University of Pennsylvania
  • 2017-2018 Miller, Anderson & Sherrerd Graduate Fellowship in Finance, University of Pennsylvania
  • 2019, 2017 Mack Institute Research Grant, University of Pennsylvania
  • 2017-2018 Kleinman Center for Energy Policy Research Fund, University of Pennsylvania

 

 

    Activity

    Latest Research

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