• 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 an Assistant Professor of Finance in the Accounting and Finance discipline of the UWA Business School. 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 four UWA Business School 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, and on the Editorial Board of JASSA: The Finsia Journal of Applied Finance.

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.


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

Fingerprint Fingerprint is based on mining the text of the person's scientific documents to create an index of weighted terms, which defines the key subjects of each individual researcher.

  • 3 Similar Profiles
Volatility index Business & Economics
Mergers Business & Economics
Skewness Business & Economics
Pricing Business & Economics
China Business & Economics
Going public Business & Economics
Equity markets Business & Economics
Chinese stock market Business & Economics

Network Recent external collaboration on country level. Dive into details by clicking on the dots.

Research Output 2016 2019

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

Private debt
Fund managers
Private companies
Excess returns

Another Bitcoin Copycat

Cahill, D. & Liu, Z., 11 Oct 2018, (Unpublished).

Research output: Working paper

Going public in China: Reverse mergers versus IPOs on Chinese markets

Cheng, Z., Fleming, G. & Liu, Z. F., 1 Jan 2018, The Oxford Handbook of IPOs. Cumming, D. (ed.). Oxford University Press, USA, p. 283-300 18 p.

Research output: Chapter in Book/Conference paperChapter

Chinese market
Going public
Initial public offerings

I Am a Blockchain Too...

Cahill, D., Baur, D., Liu, Z. & Yang, W., 23 May 2018.

Research output: Working paper

Small firms
Large firms
Price reaction
Listed companies

Partial moment volatility indices

Liu, Z. F. & O'Neill, M. J., Mar 2018, In : Accounting and Finance. 58, 1, p. 195-215 21 p.

Research output: Contribution to journalArticle

Projects 2014 2015


Best Paper

Zhangxin Liu (Recipient), 2013

Prize/award: Prize

Behavioral finance

Best PhD Proposal Award

Zhangxin Liu (Recipient), 2011

Prize/award: Prize

Volatility index
Lower partial moments
Corporate finance and governance

Best Presentation Award

Zhangxin Liu (Recipient), 2017

Prize/award: Prize

Chinese stock market
Going public

Activities 2016 2018

  • 6 Publication peer-review
  • 1 Editorial activity
  • 1 Membership of board

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

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

Journal of International Business Studies (Journal)

Frank Liu (Reviewer)
2018 → …

Activity: Editorial work or peer review of publicationsPublication peer-review


FINA1221 Introduction to Finance

Frank Liu

26/02/18 → …

Teaching unit (UWA): Course