Frank Liu

Dr, BBusSc ANU, PhD Qld

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

    6009 Perth


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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, Economic History Review, Journal of Corporate Finance, Journal of Banking & Finance, Emerging Markets Review, Accounting and Finance, Economic Modelling, Finance Research Letters, PLOS ONE, and Australian Journal of Management. 

Frank has received more than ten teaching awards since 2015, including the 2019 AAUT Citation Awards on the national level. 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


PhD: M. Hossain (Completed in 2017); D. Cahill (Since 2019); J. Xie (Since 2021).

MPhil: Y. Zhou (Since 2021).

Honours: A. A. Erlangga (2014); P. Selby (2014); J. Wong (2015); D. Taylor (2016); L. Kole (2016); B. Olma (2016); J. Bentley (2017); N. Furlong (2017); J. Allpike (2018); C. Robertson (2019); Y. Sun (2019); P. Hollingdale (2019); D. Bayer (2019); J. Xie (2020); T. Zheng (2020); B. Chamberlain (2021, ongoing).

Funding overview

2020 UWA Business School COVID-19 Research Grant

2020 UWA Business School Research Grants

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

14 Signalling quality in a developing capital market: underwriting, security choice and disclosure in Australian equity issuances, 1920-1939", with G. Fleming (CCP), S. Ville (Uni Wollongong), and D. Merrett (Uni Melb). CEH Discussion Papers 03, Centre for Economic History, Research School of Economics, Australian National University. Link.

13 Limitations in an Imitation Game: Lessons from another Bitcoin Copycat", with D. Cahill (UWA). Link. CUHK Blog.

12 The impact of gender equality laws on the gender gap in access to nance" with Penelope E. Hollingdale (UWA) and Stijn Masschelein (UWA).

11 Who said it best? Exmining gender dierences in managerial vocal cues during quaterly earnings conference calls" with Devon Bayer (UWA).

10 Share pledging and nancial constraints in China" with Zijian Cheng (SDU) and Yupu Sun (UWA).

9 Single session options: Analysis of the impact of macroeconomic announcements on trading volume" with Cameron Robertson (UWA) and Lee Smales (UWA).

8 Model-Free Risk-Neutral Moments and Proxies" with Thijs van der Heijden (University of Melbourne). Link.

7 Financial Innovation in the Uranium Mining Sector: Analysis of an Exchange Traded Fund and its Impact on Trading Characteristics of Uranium Stocks" with James Bentley (UWA).

6 A Climate Fear Gauge" with Martina Linnenluecke ((U Macquarie), Tom Smith (U Macquarie), Zheyao Pan (U Macquarie) and Jianlei Han (U Macquarie).

5 Dancing in the Dark: Lit Market Limit Order Book Liquidity and the Informativeness of Dark Trading" with Nicholas H. Furlong (UWA).

4 Lured by Tax or Lured by Tech? Mergers and Acquisitions in the Pharmaceutical and Biotech Industries" with Sirimon Treepongkaruna (UWA) and Jeremy Wong (UWA).

3 Corporate Bonds Before Credit Ratings: Bond Premia and Quality of Issuers in Australia, 1920-1980", with G. Fleming (CCP), S. Ville (Uni Wollongong), and D. Merrett (Uni Melb).

2 The Interaction of Tournament Incentive Scheme Pressure with Anxiety and Decision Making" with Lucy Kole and Stijn Masschelein (UWA).

1 Forecasting Power of Volatility Indices and Volatility Spill-Over: An International Study" with Ario Erlangga (UWA), Yihui Lan (UWA) and Michael O'Neill (Bond).



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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