• The University of Western Australia (M250), 35 Stirling Highway,

    6009 Perth



Research output per year

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Personal profile


Link: Academic CV.

Link: Personal Webpage.

Dr Zhangxin (Frank) Liu is currently a Senior Lecturer of Finance in the Department of Accounting and Finance of the UWA Business School, and a Fellow of the Centre for Business Data Analytics. He works in the areas of asset pricing, corporate finance, private equity and credit returns. Frank has published in international refereed journals such as Financial Analysts Journal, Accounting and Finance, Australian Journal of Management, Economic Modelling, and Emerging Markets Review.

Frank has received six UWA teaching awards from 2015 to 2018, and two teaching awards from UWA Student Guild. He obtained his PhD degree in finance from the University of Queensland. He received a Bachelor of Actuarial Studies and a Bachelor of Finance (First Class Honours) from the Australian National University. He currently serves on the Faculty Advisory Board of Continuity Capital Partners Pty Limited.

Roles and responsibilities

Frank is the co-seminar coordinator for Accounting & Finance Discipline from June 2016.

Complete: M. Hossain (PhD, 2017).; A. A. Erlangga (Honours, 2014); P. Selby (Honours, 2014); J. Wong (Honours, 2015); D. Taylor (Honours, 2016); L. Kole (Honours, 2016); B. Olma (Honours, 2016); J. Bentley (Honours, 2017); N. Furlong (Honours, 2017).

Funding overview

2017 BHP Billiton Visiting Professor Award with Dr Zijian Cheng

2016 Ahern Family Early Career Researcher Portfolio Prize

2014 Business School Research Development Scheme

2014 AFAANZ ECR Research Grant

Current projects


2017, "Women Entrepreneurs and Access to Finance in Asia", with G. Fleming

2017, "Private Debt Markets", with D. Cumming and G. Fleming

2017, "Sparsity and Price Pressure skewing the Return Predictability of Risk-Neutral Skewness", with T. van der Heijden

2015, “Decomposing Bond Spreads into Liquidity and Credit Risks: Evidence from Euro-Area Sovereign Intraday Transactions Data”, with S. Treepongkaruna and J. Yu

2015, "The Profitability of Substantial Shareholder Pre-Bid Trades in Acquiring Firms", with R. da Silva Rosa and P. Selby

2015, “Forecasting Power of Volatility Indices: An International Study Across 11 Stock Exchanges”, with A. A. Erlangga, Y. Lan and M. J. O’Neill


"The Leveraging of corporate Australia: Domestic corporate board issuances 1920-1980", with Grant Fleming

Industrial relevance

Domestic and International

3 years part-time experience with Continuity Capital Partners, a private equity fund of funds based in Canberra.

Research expertise keywords

  • Asset Pricing
  • Private Equity
  • Private Debt
  • Quantitative Finance
  • Risk-Neutral Higher Moments

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Research Output

  • A general equilibrium approach to pricing volatility risk

    Han, J., Linnenluecke, M., Liu, Z., Pan, Z. & Smith, T., 12 Apr 2019, In : PLoS One. 14, 4, 18 p., 0215032.

    Research output: Contribution to journalArticle

    Open Access

    Bitcoin time-of-day, day-of-week and month-of-year effects in returns and trading volume

    Baur, D. G., Cahill, D., Godfrey, K. & (Frank)Liu, Z., 1 Dec 2019, In : Finance Research Letters. 31, p. 78-92 15 p.

    Research output: Contribution to journalArticle

  • 6 Citations (Scopus)

    Cross-listings and dividend size and stability: evidence from China

    Cheng, Z., Cullinan, C. P., Liu, Z. & Zhang, J., 11 Dec 2019, In : Accounting and Finance.

    Research output: Contribution to journalArticle

  • The returns to private debt: primary issuances vs. secondary acquisitions

    Cumming, D., Fleming, G. & Liu, Z., 24 Jan 2019, In : Financial Analysts Journal. p. 48-62 15 p.

    Research output: Contribution to journalArticle

  • 1 Citation (Scopus)



    Best Paper

    Frank Liu (Recipient), 2013


  • Best PhD Proposal Award

    Frank Liu (Recipient), 2011


  • Best Presentation Award

    Frank Liu (Recipient), 2017


  • Activities

    • 6 Publication peer review
    • 1 Editorial activity
    • 1 Membership of board/school board or association

    Australian Journal of Management (Journal)

    Frank Liu (Reviewer)
    2018 → …

    Activity: Editorial work or peer review of publicationsPublication peer review

    Pacific Basin Finance Journal (Journal)

    Frank Liu (Reviewer)
    2018 → …

    Activity: Editorial work or peer review of publicationsPublication peer review

    Journal of International Business Studies (Journal)

    Frank Liu (Reviewer)
    2018 → …

    Activity: Editorial work or peer review of publicationsPublication peer review

    Finance Research Letters (Journal)

    Frank Liu (Reviewer)
    2018 → …

    Activity: Editorial work or peer review of publicationsPublication peer review

    Accounting & Finance (Journal)

    Frank Liu (Reviewer)
    2018 → …

    Activity: Editorial work or peer review of publicationsPublication peer review