Contact: mnslep@mail.sysu.edu.cn

Research Areas: Corporate Finance, Investment Projects and Corporate Valuation, Mergers and Acquisitions

Educational Background

Doctor of Philosophy, Management, Sun Yat-sen University, Guangzhou, PRC 2004

Master of Economics, Sun Yat-sen University, Guangzhou, PRC 1988

Bachelor of Engineering, Huazhong University of Science and Technology, Wuhan, PRC 1984

Professional Experiences

Ph.D. supervisor, Sun Yat-sen University, 2007 to present

Professor, Business School, Sun Yat-sen University, 2023 to present

Professor, School of Business, Sun Yat-sen University, 2007 to 2023

Associate Professor, School of Business, Sun Yat-sen University, 1994 to 2006

Lecturer, School of Business, Sun Yat-sen University, 1988 to 1994

Assistant, School of Business, Sun Yat-sen University, 1986 to 1988

Publications

Eping Liu, Miaomiao Xie, Jingyi Guan. How do cultural differences affect stock market performance after mergers and acquisitions? Empirical evidence from China. Accounting Research Journal, 2024,37(2):192-210.
Eping Liu，Haoyuan Qin. Can managers' facial expressions predict future company performance and risk? Evidence from China. Finance Research Letters，59（2024）104794：1-11.
Liu Eping, Qin Haoyuan. Research on the Hype Effect before the Issuance of Convertible Bonds: the Forecasting Method Based on Machine Learning. Contemporary Finance & Economics， 2023（3）：70-81.
Eping Liu, Fan Mo. Do firms actively manage media coverage when issuing convertible bonds? Evidence from China[J]. Applied Economics Letters, 2023,30(11):1411-1416.
Liu Eping，Zhong Junyu (corresponding author)，Zhao Weijie. A study of the influence of venture capital on corporate risk － taking ability. Science Research Management, 2022, 43(8): 109-118.
Liu Eping，Guan Jingyi (corresponding author). M&A Decisions Driven by Management Equity Incentives and the Economic Consequences. Securities Market Herald, 2022(6): 58-69.
Guan Jingyi，Liu Eping (corresponding author). Is Valuation Adjustment Mechanism A Stimulant or A Long-Acting Drug——Time Structure Test of Target Firms’ Financial Performance. Journal of Shanxi University of Finance and Economics, 2022, 44(6): 113-126.
Liu Eping，Mo Fan (corresponding author). Media Coverage: Information Effect or Hype Effect？Journal of Xi’an Jiaotong University, 2022, 42(3): 141-152.
Guan Jingyi，Liu Eping (corresponding author). Stock Overvaluation，Commitment and Achievement of Performance——Evidence from M＆A with VAM in Chinese A-share Listed Companies. Collected Essays on Finance and Economics, 2021(7): 68-78.
Guan Jingyi，Liu Eping (corresponding author)，Qin Haoyuan. Does Targeted Poverty Alleviation Enhance the Competitive Advantage in the Company Supply Chain Relationship? Securities Market Herald, 2021(6): 57-69.
Liu Eping, Li Zexi. The Value of Performance Commitment and Prices Deviation in M&A with Private Placement: Based on Black－Scholes Option Pricing Model. South China Journal of Economics, 2020(10): 37-55.
Guan Jingyi，Liu Eping (corresponding author). Tunneling through Price Deviation in M&A with Private Placement: Based on the Perspective of Blockholders Participation. Quarterly Journal of Finance, 2020, 14(3): 139-165.
Guan Jingyi，Zhu Heng, Liu Eping. The Influence of Stock BBS on Stock Crash Risk: Analysis on the Information Content of ambiguous Information. Securities Market Herald, 2020(3): 58-68.
Guan Jingyi，Liu Eping. Will Gambling Agreement Affect the Reduction of Executives’ Holdings: An Empirical Study on the M&A of A Share Listed Companies. Journal of Guangdong University of Finance & Economocs, 2020, 35(2): 68-81.
Zexi Li, Eping Liu. Value Estimation and Price Deviation of Performance Commitment in Ecological Enterprises——Based on B-S Option Pricing Model. Ekoloji, 2019, 28(108): 3669-3674.
Liu Eping，Guan Jingyi (corresponding author). The Economic Consequences of Target Company Earnings Management before M&A with VAM: Based on the Perspective of Takeover Premium and Committed Performance Realization. Journal of Sun Yat-sen University (Social Science Edition), 2019, 59(4): 197-207.
Guan Jingyi，Liu Eping. Profit Growth Rate Committed in VAM, Takeover Premium and Stock Crash Risk. Securities Market Herald, 2019(2): 35-44.
Shi Yanping, Liu Eping. Ownership Type，Risk-taking and Credit Spreads of Corporate Bonds. East China Economic Management, 2019, 33(1): 119-128.
Liu Eping，Zhong Junyu，Shi Yanping. The Spillover Effects of Venture Capital. Journal of Finance and Economics, 2018, 44(9): 52-65.
Liu Eping，Guan Jingyi. Stock Overvaluation, Prices Deviation in M&A with Private Placement and Stock Performance. Journal of Central University of Finance & Economics, 2018(8): 62-75.
Shi Yanping, Liu Eping. Earnings management，credit rating opinion purchase and credit supervision: Research on Refined Bias Equilibrium Game. Journal of Guangzhou University (Social Science Edition), 2018, 17(1): 7-16.
Liu Eping，Guan Jingyi. Is Epitaxial Expansion Better Than Endogenous Growth?: Based on the Committed Investment Project of Private Placement. Securities Market Herald, 2018(3): 14-22,39.
Shi Yanping, Liu Eping. Capital Structure Adjustment，Credit Ratings and Financing Costs of Corporate Bonds. Finance and Trade Research, 2018, 29(1): 86-98.
Liu Eping，Yang Qingsen，Fang Yuanli. On the Effect of Investor Sentiment and Managers Self-interested Behavior from a Shareholder Monitoring Perspective. Journal of Finance and Economics, 2017, 43(9): 88-97.
Liu Eping，Guan Jingyi. The Two-way Governance on Corporate Inefficient Investment of Trade Credit. Journal of Management Science, 2016, 29(6): 131-144.
Tang Shun, Liu Eping，Shi Yanping. Is it true that the major shareholder interests have pushed up the private placement discount? Based on the perspective of tradable value. Shanghai Finance, 2016(10): 68-74.
Liu Eping，Zhao Weijie，He Jin. Venture Capitals’ Two-way Governance on Inefficient R&D Investment——Evidence from Chinese Listed Companies. Journal of Sun Yat-sen University (Social Science Edition), 2015, 55(6): 196-210.
Shi Yanping, Liu Eping，Tang Shun. Credit Ratings and Excess Cash Holdings: The Micro Role of Credit Rating under Debt Crisis. Finance and Trade Research. 2015, 26(5): 116-124,130
Liu Eping, Shi Yanping. Earnings Management，Financing Costs of Corporate Bonds and Initial Credit Ratings. Journal of Management Science. 2014, 27(5): 91-103
Liu Eping，Tang Shun. Marketability Discount, Value Transfer and Lockup Expiration. Journal of Finance and Economics. 2014, 40(9): 86-96.
Liu Eping, He Jin, Zhao Weijie. Private benefit of control, corporate quality and election of financing instruments----based on three party game analyses under refinancing regulation. Journal of Sun Yat-sen University (Social Science Edition). 2014, 54(5): 185-197.
Liu Eping, He Jin. Study on the Behavior of Large Shareholders of Different Financing Patterns. China Management Studies. 2014, 9（2）:118-139.
Liu Eping, Xu Hai. Hard debt financing constraint and governance of over-investment. Journal of Sun Yat-sen University (Social Science Edition). 2013, 53(6): 192-203.
Liu Chun, Sun Liang, Liu Eping. Hard Constraint, Convertible Bonds and Big Shareholders Predatory. Securities Market Herald. 2012(7): 31-36.
Liu Eping, Liu Chun. Convertible Bonds and Two-way Improvement of inefficient Investment: Evidence from Chinese Capital Market. Journal of Sun Yat-sen University (Social Science Edition). 2012, 52(3): 84-194.
Liu Eping, Liu Chun. Earnings Management，Corporate Governance and Underperformance after Issuing Convertible Bonds. Journal of Management Science. 2011, 24(5): 78-88.

Research Project

Research on Prices Deviation and its Economic Consequences in M&A with Convertible Bonds: Based on Double-Sided Asymmetric Information and Large Shareholders Participation. Guangdong Nature and Science Fund, 2021A1515011986，2021.1-2023.12
Prices Deviation and its Economic Consequences in Private Placement and M&A ----Based on Stock Mispricing and Valuation Adjustment Mechanism. National Nature and Science Fund, 71672202，2017.1-2020.12
Venture Capitals’ Two-way Governance and its Spillover Effect on Firm’s Inefficient Investment. Guangdong Nature and Science Fund, 2016A030313304，2016.6-2019.6
Study on the Principal-agent and Firm Value under Convertible Bonds Financing, National Nature and Science Fund, 70872116, 2009.1-2011.12

Teaching

Financial Management (undergraduate- Once a year)

Project Assessment (undergraduate- Once a year)

Corporate Finance (MBA - Once a year)

Honour

The Second Class of Ho’s Education Fund Teaching Distinguished Award in 2016.

2015 China's ten most respected business school professor. World Executive Weekly.

The First Class of Ho’s Education Fund Teaching Distinguished Award in 2012.

Sun Yat-sen University Excellent Chinese Communist Party Member in 2011.

The Second Class Award of the Fifth Guangdong Finance Academy. The Paper “Academic Paper Wealth Effect of Convertible Bond Issues: An Empirical Analysis of the China Market” in 2007

Guangdong Science and Technology Award the Third Class Prize in 2005