click tracking

Xuewen LIU


HKU Business School

The University of Hong Kong

Pokfulam Road, Hong Kong

Office: Room 823, K.K. Leung Building

Phone: (852) 3917 0055 (Office)

Email: xuewenl at


Member of Finance Theory Group


My Curriculum Vitae

Research Interests: Financial Economics, Macroeconomics, Growth and Development, Chinese Economy

Selected Working Papers:

  1. A Model of China¡¯s State Capitalism (with Xi Li and Yong Wang)

NBER Summer Institute 2013, SED 2013, Econometric Society China Meeting 2013, China Economics Summer Institute 2012, Summer Institute of Finance (SIF) 2013...


  1. The Real Effects of Exchange Traded Funds (with Constantinos Antoniou, Weikai Li, Avanidhar Subrahmanyam and Chengzhu Sun)   R&R at Review of Financial Studies

CICF 2018, SHoF Conference on Financial Markets and Corporate Decisions 2019...


  1. Diversification and Systemic Bank Runs

Society for Economic Dynamics (SED) Annual Meeting 2018, SFS Cavalcade Asia Pacific 2018, Econometric Society China Meeting 2018, AFR Summer Institute of Economics and Finance 2019, CICM 2019...


  1. A Dynamic Model of Systemic Bank Runs

EFA 2019, Summer Institute of Finance (SIF) 2019, CICF 2019...


  1. Delayed Crises and Slow Recoveries (with Pengfei Wang and Zhongchao Yang)

Finance Theory Group (FTG) meeting at UNC (Fall 2020), Econometric Society's World Congress 2020, PHBS Workshop in Macroeconomics and Finance 2019, HKUST-Jinan Joint Macro Workshop 2019...


  1. Self-Fulfilling Risk Panics: An Expected Utility Framework (with Jess Benhabib and Pengfei Wang), NBER working paper 28284




1.      Market Transparency and the Accounting Regime (with Alexander Bleck), 2007, Journal of Accounting Research, 45(2), 229-256.


2.      The Fragile Capital Structure of Hedge Funds and the Limits to Arbitrage (with Antonio Mello), 2011, Journal of Financial Economics, 102(3), 491-506.


3.      Short-selling Attacks and Creditor Runs, 2015, Management Science, 61(4), 814-830.


4.      Sentiments, Financial Markets, and Macroeconomic Fluctuations (with Jess Benhabib and Pengfei Wang), 2016, Journal of Financial Economics, 120(2), 420-443.


5.      Interbank Market Freezes and Creditor Runs, 2016, Review of Financial Studies, 29(7), 1860-1910.

o   Yihong Xia Best Paper Award, China International Conference in Finance, 2014


6.  Endogenous Information Acquisition and Countercyclical Uncertainty (with Jess Benhabib and Pengfei Wang), 2016, Journal of Economic Theory, 165,601-642.


7.      The Creditor Channel of Liquidity Crises (with Antonio Mello), 2017, Journal of Money, Credit and Banking, 49(6),1113¨C1160.


8.      Credit Expansion and Credit Misallocation (with Alexander Bleck), 2018, Journal of Monetary Economics, 94,27-40.


9.   Financial Markets, the Real Economy, and Self-fulfilling Uncertainties (with Jess Benhabib and Pengfei Wang), 2019, Journal of Finance, 74 (3), 1503-1557.