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Dr. Wai-Man (Raymond) LIU Résumé

Dr. Wai-Man (Raymond) LIU Research School of Finance, Actuarial Studies & Statistics Australian National University Canberra, ACT 0200, Australia Email: waiman.liu@anu.edu.au Tel: + 61 2 6125 3471 Fax: + 61 2 6125 0087 Qualification 2001 – 2005 Ph.D. - University of Melbourne 1997 M Commerce (Honours) - University of Melbourne 1996 Postgraduate Diploma in Finance - University of Melbourne 1993 – 1995 B Commerce - University of Melbourne Career Profile Mar 2014 – Now Associate Professor, ANU Jul 2009 – Mar 2014 Senior Lecturer, ANU Jan 2012 – Jun 2012 Research Fellow at RSFAS, ANU Apr 2005 – Jun 2009 Senior Lecturer, UNSW Jul 2004 – Apr 2005 Lecturer, UNSW Jan 2003 – Dec 2003 Research Fellow, Centre of Increasing Returns and Economic Organization

at the Department of Economics, Monash University June 1998 – Dec 2002 Assistant Lecturer, Monash University Research Grants ACT Health 2017 INSPIRED trial, $261,716 AFAANZ Research Grant 2011 ANU CIGS 2013, 2010, ANU FASIGS 2010 UNSW Special Research Grant 2005, 2007 UNSW Supplementary Special Research Grant 2005 UNSW Faculty Research Grant 2006 Academic Interest: Research: Health Science, Market Microstructure, Application of Game Theory in Financial Decision Making, Political Economy, Economics of Division of Labor and Specialization, Teaching: Market Microstructure, Applied Investment, Advanced Investment, Corporate Finance, Derivative, Applied Game Theory in Finance, Inframarginal Economics, and Microeconomic Theory Research Supervisions: PhDs:

• Chen Wang (Chair, ongoing), ANU • Philip Drummonds (Chair, ongoing), ANU • Sarah Ran Xiao (ongoing), UTS • Ahn Tu Le (2015) “Dynamic Order Placement Strategies and Stock Market Quality: Further

Evidence from a New Approach”, UNSW • Yanlin Shi (2013) “Essays on Time Series Analysis”, ANU

Honours: • Zach Zhi Jie Chan (2015) “Predatory trading”, ANU

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• Joshua Soo (2014) “Understanding the influence of brokers’ network structure on market quality”, ANU

• Subashini Chelvagnanam (2010) “Put-Call Parity Violation Around Earnings Announcements in Australia”, ANU

• James Panaust (2009) “Strategic Order Activity during Pre-Opening Periods and its Impact on Market Quality: Evidence from the Australian Equities Market”, UNSW

• Jason Kok (2008) “Can Optimal Sampling Produce a Superior Hedging Performance”, UNSW

• Yuefei Rick Wang (2007) “Price Discovery, Intraday Return and Volatility Spillovers in International Copper Futures Market: Evidences from London, New York, and Shanghai”, UNSW

• Joseph Kuk (2007) “Market Manipulation and its Impact on Price Discovery in Pre-Opening Periods: the Case of IPO firms”, UNSW

Masters: • I have also supervised seven ANU Master Theses, including: Zhe Zhang, Jiwei Shao, Xi

Chen, Liwen Cui, Haeri Hong, Uyen Le, Tanya Mokdad on topics ranging from banking to asset pricings.

Courses (Lectures only) Taught ANU: FINM2001 Corporate Finance, FINM7008 Applied Investments, FINM8006 Advanced Investments, FINM8017 Trading & Market, FINM7042 Applied International Financial Management UNSW: FINS1613 Business Finance, FINS3635 Options, Futures and Risk Management Techniques, FINS3636 Interest Rate Risk Management, FINS5511 Corporate Finance, FINS5513 Investments and Portfolio Selection, FINS5535 Derivative & Risk Management Techniques, FINS5536 Fixed Income Securities and Interest Rate Derivatives, FINS4774/5574 Financial Decision Making under Uncertainty Monash: AFF2701 Equity Markets Administrative Duties and Services Feb 2018 – now Deputy Director of Research at RSFAS (ANU), College Research Committee

(ANU) Jan 2013 – Dec 2014 Deputy Director of Research at RSFAS (ANU), College Research Committee

(ANU) Jan 2012 – Dec 2012 PhD Convenor (ANU) Grants and Scholarship Committee (ANU), HDR committee (ANU) Jan 2011 – Dec 2011 Master of Financial Management/Master of Finance Committee (ANU) Jan 2009 – Jun 2009 Faculty Undergraduate Program Management Committee member (UNSW),

Postgraduate Information Evenings & Events Coordinators (UNSW) Jan 2008 – Jun 2008 Education Committee for Undergraduate (UNSW) Jan 2006 – Jun 2009 Library Liaison Officer (UNSW) Ad hoc reviewer for numerous international academic journals including Journal of Banking & Finance, Journal of Financial Markets, Journal of Futures Markets, Pacific Basin Finance Journal, Corporate Governance: An International Review, JASSA, Australian Journal of Management, the Hong Kong Research Grant Council and the UK Government Office for Science Foresight. Consultant to Charles-Lim Capital, an independent Asia-based firm providing investment management services to institutions, endowments, family offices and high net worth individuals.

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Research Profile 1. Refereed Journal Publications/Research Monographs

Medical Science

1. “The effect of sevoflurane on the transmural dispersion of repolarisation in patients with type 2 diabetes mellitus: A prospective observational study” with Venkatesan Thiruvenkatarajan, Jellsigh Jeyadoss, Vasanth Rao Kadam, Lily Yaging Du and Roelof van Wijk. Anaesthesia and Intensive Care, forthcoming.

2. “Improving specialist palliative care in residential care for older people: a checklist to guide practice” with Michael Chapman, Nikki Johnson, Clare Lovell and Elizabeth Forbat. BMJ - Supportive & Palliative Care, 2017, http://dx.doi.org/10.1136/bmjspcare-2017-001332.

3. “Hospital-Based Acute Care within 7-days of Discharge following Outpatient Arthroscopic Shoulder Surgery” with David N. Flynn, Nabil M. Elkassabany and Jiabin Liu. Anesthesia & Analgesia, June 16, 2017.

4. “A Manikin Based Evaluation of a Teaching Modality for Ultrasound Guided Infraclavicular Longitudinal In-Plane Axillary Vein Cannulation in Comparison with Ultrasound Guided Internal Jugular Vein Cannulation: A Pilot Study” with Sanjib Adhikary, Patrick McQuilan, Michael Fortunato, David Owen, Arthur Berg and Venkatesan Thiruvenkatarajan. Journal of Anesthesiology Clinical Pharmacology, Vol 33(3), 2017, p. 337.

5. “A prospective randomized study to evaluate a new learning tool for ultrasound-guided regional anesthesia” with Sanjib Adhikary, Patrick McQuillan, Admir Hadzic, and Demetrius Karanzalis. Pain Medicine, Vol 18(5), 2016, pp.856-865.

6. “Normalising and planning for death in residential care: Findings from a qualitative focus group study of a specialist palliative care intervention” with Nikki Johnson, Clare Lovell, Michael Chapman, and Elizabeth Forbat. BMJ - Supportive & Palliative Care, 2016, http://dx.doi.org/10.1136/bmjspcare-2016-001127.

7. “Body Mass Index More Than 45 kg/m2 as a Cutoff Point Is Associated with Dramatically Increased Postoperative Complications in Total Knee Arthroplasty and Total Hip Arthroplasty” with Jiabin Liu, Sanjib Adhikary, Stavros G. Memtsoudis and Charles M Davis III, Journal of Arthroplasty, Vol 31, 2016, pp. 749-753.

8. “Avoiding costly hospitalisation at end of life: Findings from a specialist palliative care

pilot in Residential Aged Care Facilities” with Michael Chapman, Nikki Johnson, Clare Lovell and Elizabeth Forbat. BMJ - Supportive & Palliative Care, 2015, http://dx.doi.org/10.1136/bmjspcare-2015-001071.

Finance

9. “CFD’s, Forwards, Futures and the Cost of Carry” with F. Douglas Foster and Adrian Lee,

Pacific Basin Finance Journal, forthcoming.

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10. “Public News Arrival and Cross-Asset Correlation Breakdown: Implications for Algorithmic Trading” with Kin-Yip Ho and Jing Yu, International Review of Finance, forthcoming.

11. “News Sentiment and the Idiosyncratic Volatility Puzzle” with Yanlin Shi and Kin-Yip Ho, Journal of Empirical Finance, Vol 37, 2016, pp. 159-172.

12. “Public Information Arrival and Stock Return Volatility: Evidence from News Sentiment and Markov Regime-Switching Approach” with Yanlin Shi and Kin-Yip Ho, International Review of Economics and Finance, Vol 42, 2016, pp. 291-312.

13. “Price dynamics in global crude oil markets” with Emma Schulz and John Swieringa, Journal of Futures Markets, Vol 35, 2015, pp. 148-162.

14. “Election cycles, political competition and bank failures” with Phong Ngo, Journal of Financial Economics, Vol 112, 2014, pp. 251-268.

15. “Limit order revisions” with Kingsley Fong, Journal of Banking & Finance, Vol 34, 2010, pp. 1873-85.

16. “Monitoring and limit order submission risks” Journal of Financial Markets, Vol 12, 2009, pp. 107-141.

17. “Public information arrival and volatility of intraday stock returns” with Petko Kalev, Peter Pham, and Elvis Jarnecic, Journal of Banking & Finance, Vol 28, 2004, pp. 1441-67.

18. “How free are free trading options?” with Kim Sawyer, Pacific-Basin Finance Journal, Vol

11, 2003, pp. 1-19. Economics

19. “General equilibrium analysis of hold-up problem and non-exclusive franchise contract”

with Chih-Ning Chu, Pacific Economic Review, Vol 15, 2010, pp. 674-684.

20. “Effects of political monopoly on the economic development” with Xiaokai Yang, Pacific Economic Review, Vol 12, 2007, pp. 69-78.

21. Inframarginal Economics with Xiaokai Yang, 2009, Singapore: World Scientific Publishing.

ISBN 978-981-238-928-2 This research monograph develops an overarching framework to resurrect the classical notion of division of labour and specialization which is the essential source of increasing nation’s wealth. The new framework has many conceptual and policy implications different from those of orthodox analysis. The monograph provides systematic and comprehensive materials for applying the new framework to the study of a wide range of micro and macro phenomena.

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2. Papers under review

Medical Science

22. “Death of a close friend: Short and long-term impacts on physical, psychological and social welling” with Liz Forbat and Karina Anderson.

Finance

23. “Responding to Firm Performance: The Evolution of State Ownership in East Asia” with Richard W. Carney, Phong Ngo and Travers Child.

24. “Do Short Sellers Matter for Insider Trading Informativeness? Evidence from the Implementation of Regulation SHO” with Pornsit Jiraporn, Sirimon Treepongkaruna, Arie Widyastuti and Jing Yu.

25. “Harnessing media attention: Corporate press releases and media coverage around earnings announcements” with Phong Ngo and Qiaoqiao Zhu.

26. “Options on options, tradeoffs, technology and algorithms: my, how times have changed “with F. Douglas Foster. This paper formerly titled “linking limit order books: managing free options on options”.

27. “Dynamic limit order placement strategies: A new application of survival analysis with a multiple-spell duration” with Kingsley Fong, Anh Tu Le and Thai-Ha Le.

28. “Home Biased Media Following: News Coverage as a Driver of Foreign Mutual Fund

Holdings” with Jing Yu and Bohui Zhang. Economics

29. “Voting with Your Feet: Political Competition and Internal Migration in the United States”

with Phong Ngo.

4. Working Papers

Medical Science

30. “The effects of Erector Spinae Plane (ESP) block on respiratory status and pain management in patients with multiple rib fractures.” with Evan Fuller, Hillenn Cruz, Ki Jinn Chin and Sanjib Adhikary,

31. “Analysis of factors influencing pre-operative expectations and the actual experience of post-operative pain” with Brittany Hulings, Harjit Singh, Christie Mulvey, Nancy Ruth Jarbadan and Sanjib Adhikary.

32. “Who Cares for the Carers? Investigating post-care outcomes for Informal Carers in Australia” with Emma Schultz and Aaron Bruhn

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Finance

33. “Telling wrong from rights – The impact of short sales in the global rights issues market” with Peter Pham and Cameron Yuen

34. “The Impact of Broker Market Structure on Stock Liquidity” with Geoff Warren and Joshua Soo.

35. “Predatory Trading: Evidence Around the Routine Index Reconstitution” with Zach Zhi Jie Chan, Philip Drummond and Emma Schultz

36. “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. This paper was presented at ANU, University of Sydney, Hong Kong Polytechnic University, 21st AFBC 2008 in Sydney, 3rd Annual University of Sydney Microstructure Meeting, ANU Summer Camp 2009, FMA 2009 in Reno and AFA 2010 in Atlanta. The paper can be downloaded from the American Finance Association Annual 2010 Meetings Abstracting Journal.

37. “Why do Foreigners Become Blockholders?” with Fariborz Moshirian, Peter Pham and Jason Zein. This paper was presented and awarded the Runner-up Best Paper in Corporate Finance at the 2012 Finance and Corporate Governance Conference.

38. “The impact of strategic order activity during trading halt” with James Panaust. This paper was presented at the ANU Brown Bag, 2011 ANU Microstructure Meeting, 2011 FMA, 2010 CUHK Finance Summer Workshop, Hong Kong Polytechnic University, University of Melbourne and UWA seminar series. This paper was selected as a semifinalist for best paper award in market microstructure given at the 2011 FMA.

39. “Responding to Financial Crisis: The Rise of State Ownership and Implications for Firm Performance” with Richard W. Carney and Phong Ngo. This paper was presented at the Regional Integration and Financial Stability Workshop (funded by CIFR) organized by Pro VC Prof. Jenny Corbett (ANU).

40. “Volatility discovery” with F. Douglas Foster and Robert E. Whaley. This paper was presented at the ANU Brown Bag.

41. “Migration of trading and the introduction of Single Stock Futures on the underlying U.S. stocks” with Andre Gygax and Thomas Henker. This paper was presented at the 30th Anniversary Conference of the Journal of Banking and Finance in Beijing, 2006, Campus for Finance Research Conference at WHU Vallendar, Germany, 2007, the 21st AFBC 2008 in Sydney and FMA 2009 in Reno.

Economics

42. “General equilibrium analysis of political monopoly & political competition”. This paper

was presented at the University of Hong Kong, Monash University, the International Symposium of Economics of e-Commerce and Networking Decisions 2001, the Economic Workshop on “Increasing Returns and Inframarginal Economics” 2002, and the Buchanan Workshop at Virginia Polytech and State University.