刘玉珍教授现任北京大学博雅特聘教授，北京大学光华管理学院金融学教授、博士生导师，北京大学金融发展研究中心主任。曾任北京大学光华管理学院金融系主任、金融硕士项目主任。

刘玉珍教授的主要研究领域为行为金融、市场微观结构、财富管理以及量化投资产品设计。目前已在国际顶级学术期刊Journal of Financial Economics、Review of Financial Studies、Management Science (3篇)、Journal of Financial and Quantitative Analysis (2篇)、Review of Economics and Statistics共发表论文8篇，在国际高水平期刊如 Review of Asset Pricing Studies、Journal of Corporate Finance、Journal of Banking and Finance，中文顶级期刊如《经济研究》(2篇)、《管理世界》(3篇)等发表论文44篇。另有多篇论文在国际顶级期刊修改与评审中。

刘玉珍教授的学术成就获得了同行的高度认可。截止目前，英文学术论文的谷歌学术引用达4174次，超过100次引用的论文9篇。研究成果不仅被诺贝尔奖获得者Daniel Kahneman教授在The Economist上撰文推荐阅读，还曾被国际著名财经媒体如美国会计师协会文摘、美国商业周刊、彭博商业周刊、投资百科、福布斯等多次报道。于2017年荣获第二届中国金融研究杰出贡献奖（全国每年仅评选一人）。刘教授的研究论文曾获得首届孙冶方金融创新奖、第12届证券与金融市场年会（SFM）的最佳论文、第19届全球华人金融年会最佳公司金融论文奖、第六届中国金融学年会最佳论文奖、《金融研究》年度优秀论文等多个奖项、教育部新世纪人才支持计划、国家自然科学基金、北大中国工商银行教师奖等多个荣誉。

刘玉珍教授凭借在行为金融和证券市场制度设计领域的卓越成果，长期参与监管制度研究，积累了丰富的政策监管及实务经验。她曾多次受邀到中国证监会、上海证券交易所、中国金融期货交易所、深圳交易所、最高人民法院、中国银监会等部门参与资本市场监管措施和法规的研究。主持或参与的政策研究项目包括上市公司分红指引、上交所多次集合竞价制度、中国证监会投资者保护中心投资者情绪指数编制及投资者教育讲座、新三板流动性改革方案、上交所日内集合竞价改革方案、,中金所散户市场中高频交易制度改革方案、光大乌龙指事件判决等。

刘教授还有着丰富的学术和实务兼职。学术方面，曾承担Journal of Finance, Management Science, Review of Financial Studies, Journal of Financial and Quantitative Analysi, s等多个国际重要期刊，国家自然科学基金面上项目、重大项目，香港科学研究奖励机构，以及十余种国际重要杂志的评审工作，并担任中国金融学年会、中国国际金融年会（CICF）、中国金融学术年会（CFRC）、EFMA等年会的委員。实务方面，她曾兼任中国金融期货交易所专家委员，证监会、中金所以及民生银行博士后站指导导师，证券公司独立董事等。

研究成果

英文期刊（Selected）

39）Bing Han, Xinming Huang, Qi Liu, Yu-Jane Liu, "Firm visibility, liquidity, and valuation for thinly traded assets", Journal of Financial Markets, May 2024,In Press.

38）Chenhao Wang, Yushui Shi, Yu-Jane Liu, “Financial advisor's covert discrimination against long-term clients”, Pacific-Basin Finance Journal,2023, vol. 82, issue C.

37）Chen Z, Liu Y J, Meng J, et al. What’s in a Face? An Experiment on Facial Information and Loan-Approval Decision[J]. Management Science, 2023, 69(4): 2263-2283.

36）Conhhui Hu, Ji-Chai Lin, Yu-Jane Liu，"What are the benefits of attracting gambling investors? Evidence from stock splits in China", Journal of Corporate Finance (ABS 4), Volume 74, 2022.

35）Miao Jin, Yu-Jane Liu, Juanjuan Meng, Yu Zhang, The Transmission of Income variations to Consumption variations: the Role of the Firm, The Review of Economics and Statistics,Pages 1–45.2022.

34）Conghui Hu，Yu-Jane Liu，Xin Xu，The valuation effect of stock dividends or splits: Evidence from a catering perspective，Journal of Empirical Finance(SSCI)，Volume 61, March 2021, Pages 163-179.

33) Ming Gao, Yu-Jane Liu, and Yushui Shi, Do people feel less at risk? Evidence from disaster experience, Journal of Financial Economics,2020(A),138(3):866-888.

32) Conghui Hu, Yu-Jane Liu, and Ning Zhu. Deleveraging Commonality. Journal of Financial Markets,2020

31) Brad, Barber, YT Lee, Yu-Jane Liu, T Odean, Ke Zhang,2020,Learn Fast or Slow? Review of Asset Pricing Studies, 10(1), 61-93

30) Jiajun Jiang,Yu-Jane Liu,Ruichang Lu,Social heterogeneity and local bias in peer-to-peer lending – evidence from China,Journal of Comparative Economics,Vol 48, Iss. 2, June 2020, 302-324

29) Jin Miao,Liu Yu-Jane, Meng Juanjuan, 2019, Fat-finger Event and Risk-taking Behavior, Journal of Empirical Finance, 53,126-143 E2

28) Hu Conghui, Liu Yu-Jane, Zhu Ning, 2019, De-Leverage and Illiquidity Contagion, Journal of Banking & Finance, 102: 1-18 E2

27) Hung-Kun Chen, Konan Chan, Shing-Yang Hu, and Yu-Jane Liu. Share pledges and margin call pressure[J]. Journal of Corporate Finance, 2018: 96-117.

26) Chen, Jia, Jiajun Jiang, and Yu-jane Liu. Financial literacy and gender difference in loan performance[J]. Journal of Empirical Finance, 2018: 307-320.

25) Chen,Jing, Yu-Jane Liu, Lei Lu, Ya Tang. Investor Attention and Macroeconomic News Announcements: Evidence from Stock Index Futures. Journal of Futures Markets, 2016, 36(3):240–266.

24) Gao, Ming, Yu-Jane Liu, Weili Wu. Fat-Finger Trade and Market Quality: The First Evidence From China. Journal of Futures Markets, 2016, 36(10):1016-1025.

23) Liu, Yu-Jane, Zheng Zhang, Longkai Zhao, Speculation Spillovers. Management Science, 2015, 61(3):649-664.

22) Hu, Conghui, Yu-Jane Liu. Valuing diversity: CEOs' career experiences and corporate investment. Journal of Corporate Finance, 2015, 30(C):11-31.

21) Yi-Tsung Lee, Yu-Jane Liu, Wei-Shao Wu, Robert Fok, "Hedging Costs, Liquidity, and Inventory Management: The Evidence from Option Market Makers", Journal of Financial Markets(SSCI), 2014, 18: 25-48.

20) Brad Barber, Yi-Tsung Lee, Yu-Jane Liu, Terrance Odean, The Cross-section of Speculator Skill: Evidence from Day Trading", Journal of Financial Markets(SSCI), 2014, 18: 1-24.

19) Mao-Wei Hung, Yu-Jane Liu, and Chia-Fen Tsai, "Managerial personal diversification and portfolio equity incentives." Journal of Corporate Finance, 2012, 18 (1): 38-64..

18) Yu-Jane Liu, Chih-Ling Tsai, Min-Chun Wang and Ning Zhu, "Prior Consequences and Subsequent Risk Taking: New Field Evidence from the Taiwan Futures Exchange", Management Science(SSCI), 2010, 56: 606-620.

17) Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, "Just HowMuch do Individual Investors Lose by Trading?" Review of Financial Studies, 2009, 22 (2): 609-632.

16) Li-wen Chen, Ji-Chai Lin, Yu-Jane Liu and Shane Johnsen, Information, Sophisication, and Foreign versus Domestic Investors' Performance, Journal of Banking and Finance(SSCI) , 2009, 33( 9): 1636-1651.

15) Yu-Jane Liu, Min-Chun Wang and Longkai Zhao, Narrow Framing: Perfessions, Sophisication and Experience, Journal of Futures Market (SSCI), 2009,140: 175-203.

14) Rachel, Yu-Jane Liu and Larry Tzeng, "Hidden Overconfidence and Advantageous Selection", The Geneva Risk and Insurance Review, 2010, 35 (2): 93-107.

13) Yi-Tsung Lee, Yu-Jane Liu and Ning Zhu, 2008, The costs of owning employer stocks: Evidence from Taiwan, Journal of Financial and Quantitative Analysis,(SSCI), 2008, 43:717-740.

12) Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, Is the Aggregate Investor Reluctant to Realise Losses? Evidence from Taiwan, European Financial Managment(SSCI), Vol 13, Iss. 3, Jun 2007, 423-447.

11) Ji-Chai Lin, Yi-Tsung Lee and Yu-Jane Liu, "IPO Auctions and Private Information", Journal of Banking and Finance (SSCI), Vol. 31 Iss. 5, May 2007, 1483-1500.

10) Lee, Yi-Tsung, Yu-Jane Liu, Richard Roll, and Avanidhar Subrahmanyam, Taxes and Dividend Clientele: Evidence from Trading and Ownership Structure, Journal of Banking and Finance (SSCI), Vol. 30, 2006, 229-246.

9) Yi-Tsung Lee, Yu-Jane Liu, Richard Roll and Avanidhar Subrahmany,"Order Imbalance and Market Efficiency: Evidence from the Taiwan Stock Exchange, " Journal of Financial and Quantitative Analysis (SSCI), Vol. 39, Iss. 2, Jun. 2004,327-342. (has been re-summarized in The CFA Digest, Vol. 34, Iss. 4, Nov. 2004, 54-55.)

8) Ray Tsaih, Yu-Jane Liu, Wenchin Liu, and Yu-Ling Lien, "A Decision Support System for Small Business Loans", Decision Support System（SCI）. Vol. 38, Iss. 1, Oct. 2004, 91-99.

7) Yu-Jane Liu and K.C. John Wei Liaw and Gwohorng, "On the Demand Elasticity of IPO: An Analysis of Discriminatory Auctions", International Review of Finance, 2001,151-178.

6) Y.T.Lee, Robert Fok and Y.J, Liu, "Information Stocks, Trading Strategies and Order Imbalance, " Journal of Business, Finance and Accounting,(SSCI）Vol. 28, No.1&2, Jan/March. 2001.199-230.

5) Chih-Hsien Yu andYu-Jane Liu, "On the Effect of Stock Stabilization Fund—A Case of Taiwan, " Review of Pacific Basin Financial Markets and Policies.

4) Y. T. Lee, J.C. Lin and Y.J.Liu, " Trading Patterns of Big versus Small Traders: An Emerging Market Analysis, " Journal of Banking and Finance (SSCI), 1999, 701-725.

3) Y. J. Liu, V. W. Liu, and C. S. Wu, "The Impact of Information Diffusion on Comparisons among Various Trading Mechanisms," Review of Quantitative Finance and Accounting, Vol. 9, No. 3, 1997, 301-326.

2) Y. J. Liu, "Auction Mechanisms and Information Structure：An Experimental Study of Information Aggregation in Securities Markets," Research in Experimental Economics, Vol. 6, JAI Press Inc., 1996, 165-212.

1) K.C. Wei, Y. J. Liu, C. C. Yang and K. H. Chuang, "Volatility and Price Changes Spillover Effects Across the Developed and Emerging Markets," Pacific-Basin Finance Journal, Vol. 3, No. 1, March 1995, 113-136.

中文期刊（Selected）

1) 许泳昊，厉行，刘玉珍，《休闲消费与居民资产配置-基于情绪理论的分析》，《金融研究》 2023年第9期

2) 李松楠,刘玉珍,胡聪慧.价格笼子、流动性与价格发现效率——基于创业板注册制改革的证据[J].管理世界,2023,39(03):49-62.

3) 陈泽阳, 刘玉珍, 孟涓涓. 框架效应与贷款决策:一项金融素养的实验研究[J]. 金融研究, 2022, 510(12): 130-148.

4）刘玉珍和王陈豪，2020，《行为视角下的疫情分析：成因、影响与对策综述》，《金融研究》第6期，第1~19页。

5）江嘉骏，刘玉珍和陈康，2020，移动互联网是否带来行为偏误——来自网络借贷市场的新证据，经济研究，55(6)：39-55

6）高铭，江嘉骏，陈佳，刘玉珍，“谁说女子不如儿郎?——P2P投资行为与过度自信[J] ”，金融研究, 2017(11):96-111.

7）胡聪慧，刘玉珍，吴天琪，郑建明，“有限注意、行业信息扩散与股票收益”，经济学(季刊)，2015，03：1173-1192.

8) 刘莎莎，刘玉珍，唐涯， "信息优势、风险调整与基金业绩"，管理世界，2013，No.8，67-76.

9) 高明、刘玉珍，"跨国家庭金融比较：理论与政策意涵"，经济研究，2013，No.2， 134-149.

10) 孟涓涓，赵龙凯，刘玉珍，尤炜，"社会性学习、从众心理和股市参与决策"，金融研究，2013，No.7.

11) 陶启智，周铭山，刘玉珍，"杠杆率在公司并购后的变动-部分调整模型的应用"，金融学季刊，2011，No.6.

12) 周铭山，孙磊，刘玉珍， "社会互动、相对财富关注及股市参与"，金融研究，2011，No.2， 172-184.

13) 刘玉珍，张峥，徐信忠，张金华， "基金投资者的框架效应"，管理世界，2010，No.2，25-37.

14) 周铭山、张维宁、李广子、刘玉珍，"自愿披露与公司融资选择"，金融学季刊，2010，No.5.

进行中论文（Working Papers）

1) Brad Barber, Yi-Tsung Lee, Yu-Jane Liu, Terrance Odean, "Learning Fast or Slow", AFA Annual Meeting,January 4-6, 2019.

2) Jiajun Jiang ,Yi-Tsung Lee,Yu-Jane Liu,Juanjuan Meng ."Are People Aware of Their Inattention? Evidence from Credit Card Repayment ", Stanford Institute of Theoretical Economics, (SITE), August 8-10, 2018.

3) Christopher Hansman, Harrison Hong, Wenxi Jiang, Yu-Jane Liu, Juanjuan Meng, "Riding the Credit Boom", China NBER conference, September 10-11,2018.

出席会议（Selected）

1) Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, 2006.01.06, Who Loses from Trade? Evidence from Taiwan,The 2006 Annual Meeting of American Finance Association, AFA, Boston.

2) Lin, Ji-Chai, Yi-Tsung Lee, and Yu-Jane Liu, 2005.12.14, IPO Auctions and Private Information, The 18th Australasian Finance & Banking Conference 2005, School of Banking and Finance, The University of New South Wales, SYDNEY.

3) Lee, Yi-Tsung, Yu-Jane Liu, and Vivian W. Tai, 2005.10.14, Who Demand on the Brokerage House Recommendations? , 2005 Annual Meeting of the Financial Management Association International, FMA, Chicago.NSC 92-2416-H-004-054-EF

4) Lin, Ji-Chai, Yi-Tsung Lee, and Yu-Jane Liu, 2005.07.05, Why Have Auctions Been Losing Market Shares to Bookbuilding in IPO Markets? The 80th Annual Conference of Western Economic Association International, WEAI, San Fransico.

5) Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, 2004.12.21, Do Individual Day Traders Make Money? Evidence from Taiwan, 2004 NTU International Conference, National Taiwan University, Taipei. (Has been re-summarized by Business Week, August 16, 2004.)

6) Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, 2004.12.18, Who Gains from Trade? Evidence from Taiwan,The 12th Conference on the Theories and Practices of Securities and Financial Markets, Department of Finance, NSYSU, Kaohsiung. (The Best Paper Award)

7) Barber, Brad, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, 2004.10.16, Do Individual Day Traders Make Money? Evidence from Taiwan, Behavioral Finance Program Meeting, National Bureau of Economic Research, Inc., Massachusetts, USA.

8) Lin, Ji-Chai, Yi-tsung Lee, and Yu-Jane Liu, 2003.11, Why are IPO Auctions Not Popular? The 11th Conference on Pacific Basin Finance, Economics, and Accounting, Taipei.

9) Lee, Yi-Tsung, Lin, Ji-Chai, and Yu-Jane Liu, 2003.10, The Performance of Auctions in Pricing IPO Shares: New Evidence, 2003 Annual Meeting, Financial Management Association, Denver, US.

10) Lee, Yi-Tsung, Yu-Jane Liu, and John Wei, 2003.08, The Probit Model: An Application to the Choice of Initial Public Offerings Methods, Joint Statistical Meetings, American Statistics, San Francisco, US.

11) Lee, Yi-Tsung, Ji-Chai Lin, and Yu-Jane Liu, 2003.06, The Performance of Auctions in Pricing IPO Shares: New Evidence, 2003 Annual Meeting, European Financial Management Association, Helsinki, Finland.

12) Lee, Yi-Tsung, Ji-Chai Lin, and Yu-Jane Liu, 2003.01, The Performance of Auctions in Pricing IPO Shares: New Evidence, Pacific Rim Conference, WEAI, Taipei.

13) Lee, Yi-Tsung, Yu-Jane Liu, and John Wei, 2002.07, Institutional Order Submission Strategies, Execution Costs, and Opportunity Costs, The 77thAnnual Conference of WEAI, Western Economic Association International, Seattle, USA.

14) Lee, Yi-Tsung, Yu-Jane Liu and John Wei, “Execution costs, and opportunity costs: A tradeoff analysis for institutional traders,” The 10th Security Market Theory and Practice Conference held in National Sun Yat-sen University, 2001.

15) Liaw, Gwohorng, Yu-Jane Liu and K.C. John Wei, "On the Demand Elasticity of IPO: An Analysis of Discriminatory Auctions", American Finance Assoication, 2001, NTU International Finance Conference 2000.（The Best Paper Award）

16) Y.T.Lee, Robert Fok and Yu-Jane Liu, “Information Stocks, Trading Strategies and Order Imbalance,” The First National Practices Economics Conference（The Best Paper Award）

17) K.C. John Wei, Yu-Jane Liu, Huan-Di Yi, and Le-Ming Su, “Institutional Trades and Price Impacts on the Taiwan Stock Exchange, FMA, 1998.

18) Yu-Jane Liu, Ming-Fu Shyu, “The Impact of Stock Floation on Privatization”, National Sun Yat-sen Securities and Finance Conference, Oct. 1997.

19) Z. S. Yu, Yu-Jane Liu and W. I. Dai, “The Effect of Taiwan Stabilization Funds: Under the Military Exercise from Mainland China,” National Sun Yat-sen Securities and Finance Conference, Oct. 1997.

20) Edward H. Chow, Yi-Tsung Lee and Yu-Jane Liu, “Intraday Information, trading Volume, and Return Volatiltiy: Evidence from the Order Flows on the Taiwan Stock Exchange,” FMA, Oct. 1997.

21) Lee, J.C. Lin and Yu-Jane Liu, "On the Taiwan Stock Exchange: Big Versus Small Players," PACAP/CFA, EFMA conference, July 1996.

22) Yu-Jane Liu, "Information Shocks, Trading Strategies and Order Imbalance -A Closer Look in Taiwan Stock Market," International Conference of Asian-Pacific Business Management, January 1996（Taipei）.

23) Yu-Jane Liu, Edward, H. Chow and G. G. Pan, "Limit Moves and Positive Feedback Trading," The Theories and Practices in Securities and Finance Markets－National Sun Yat-sen University, 1995,（Kaoshiung）

24) Yu-Jane Liu, "Auction Mechanisms and Information Structure：An Experimental Study of Information Aggregation in Securities Markets," National Taiwan University Internation Finance Conference. 1995.（Taipei）. (The Best Paper Award)

25) Edward H. Chow, Yu-Jane Liu, Gin-Gin Pan, ”Analysis of The Price Limits, Investing Strategies, and Market Performance in Taiwan Stock Market”, The Theories and Practices in Securities and Finance Markets－National Sun Yat-sen University, 1