Tong Liu

• Vito Gala, Joao F. Gomes, Tong Liu (2019), Investment without Q, Journal of Monetary Economics. Abstract

  Policy functions summarize the key predictions of any dynamic investment model. They are easy to estimate and account for a large fraction of the variation in corporate investment. Estimated policy functions can also be used estimate deep parameters of a structural model of investment. Variance decomposition of empirical investment equations can be used to identify the key state variables in structural models.

  Description
  Policy functions summarize the key predictions of any dynamic investment model. They are easy to estimate and account for a large fraction of the variation in corporate investment. Estimated policy functions can also be used estimate deep parameters of a structural model of investment. Variance decomposition of empirical investment equations can be used to identify the key state variables in structural models.

Teaching Assistant

• FNCE912, Corporate Finance & Financial Institutions, Professor Itay Goldstein (PhD), Spring 2020, Spring 2021
• Guest Speaker to WH150 Evaluating Evidence, Professor Iwan Barankay (UG), Spring 2020
• WH299/399, Wharton Honor Thesis, Professor Catherine Schrand (UG), Fall 2019
• FNCE726, Advanced Corporate Finance, Professor Itay Goldstein (EMBA) Spring 2018, Summer 2018, Summer 2019, Summer 2020, Fall 2021
• FNCE203/726, Advanced Corporate Finance, Professor Christian Opp (UG, MBA) Spring 2018, Spring 2019
• FNCE611, Corporate Finance, Professor Itay Goldstein (EMBA) Spring 2019, Spring 2020, Summer 2021
• FNCE612, Accelerated Corporate Finance II, Professor Vito Gala (MBA) Fall 2017
• FNCE613, Macroeconomics and the Global Economic Environment (EMBA) Fall 2018