Dr. Olivia Lifeng GU
Assistant Professor

3917 1033

KK 817

Academic & Professional Qualification

  • Ph.D., University of Illinois at Urbana-Champaign
  • B.S., University of Science and Technology of China


Dr. Olivia Lifeng GU obtained her B.S. in Applied Physics from the University of Science and Technology of China, and Ph.D. degree in Finance from the University of Illinois at Urbana-Champaign. Her areas of interest include Asset Pricing, Investments, Innovation, Venture Capital, Corporate Governance, and Corporate Finance.

Dr. GU joined The University of Hong Kong in 2013.  She has published a number of articles in academic journals including the Journal of Financial Economics, Review of Financial Studies, Review of Finance, and Journal of Empirical Finance. Her single-authored paper, “Product Market Competition, R&D Investment and Stock Returns”, was awarded the Trefftzs Award for the best student paper and the SAC Capital for the PhD Candidate Award for Outstanding Research, at Western Finance Association meetings (WFA) in 2013, and the Research Output Prize at HKU in 2016. She also serves in the Editorial Board for the Review of Financial Economics.

Research Interest

  • Asset Pricing
  • Investments
  • Innovation
  • Venture Capital
  • Corporate Finance

Selected Publications

  • “Governance and Equity Prices: Does Transparency Matter?”,
    with Dirk Hackbarth, Review of Finance, 2013, Volume 17, Issue 6, pp. 1989-2033.
  • “Product Market Competition, R&D Investment, and Stock Returns”, Journal of Financial Economics, 2016, Volume 119, Issue 2, pp. 441-455.
  • “Inflexibility and Stock Returns”,
    ​with Dirk Hackbarth and Tim Johnson, Review of Financial Studies, 2018, Volume 31, Issue 1, pp. 278-321.
  • “Stock Liquidity and Corporate Diversification: Evidence from China’s Split Share Structure Reform”,
    with Yixin Wang, Wentao Yao, and Yilin Zhang, Journal of Empirical Finance, 2018, Volume 49, pp. 57-80.
  • “How Does Human Capital Matter? Evidence from Venture Capital”,
    with Ruidi Huang, Yifei Mao and Xuan Tian, Journal of Financial and Quantitative Analysis, forthcoming.

Awards and Honours

  • Research Output Prize, HKU 2016
  • Trefftzs Award for the best student paper, Western Finance Association (WFA) 2013
  • SAC Capital for the PhD Candidate Award for Outstanding Research, WFA 2013

Service to the University/Community

Associate Editor: Review of Financial Economics, 2019-Present