Curriculum Vitae (2013/11) Liang Ma. 605 Eagle Heights, Apt. F LMA1@WISC.EDU Madison, WI Cell: (608) U.S.A.

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1 Curriculum Vitae (2013/11) Liang Ma 605 Eagle Heights, Apt. F LMA1@WISC.EDU Madison, WI Cell: (608) U.S.A. AREAS OF INTEREST Asset Pricing and Investments, Corporate Finance, Behavioral Finance EDUCATION University of Wisconsin-Madison, Madison, WI, U.S.A. Ph.D. in Finance 2014 (expected) Ph.D. in Biophysics 2009 Peking University, Beijing, China RESEARCH B.S. in Chemistry (with honors) 2004 Working Papers 1. A Model of Momentum and Market States: Theory and Evidence (Job Market Paper) - Best Doctoral Paper Award, the Annual Meeting of Academy of Behavioral Finance and Economics, New York (2012) - Semi-Finalist, CFA Institute Research Award, FMA Asian Meeting, Shanghai (2013) - Invited submission, Review of Financial Studies 2. Industry Competition, Winner s Advantage, and Cash Holdings, with Antonio S. Mello and Youchang Wu 3. Credit Conditions and Time-Varying Value Premium - Northern Finance Association Meeting (2013) Work in Progress 4. Sovereign Credit Risk with Endogenous Bailout, with Suresh Sundaresan and Youchang Wu 5. Mutual Fund Trading Costs, with Mark J. Ready and Youchang Wu 1

2 PROFESSIONAL ACTIVITIES Paper Presentations (* presented by coauthors) 1. A Model of Momentum and Market States: Theory and Evidence - Financial Management Association Doctoral Student Consortium, Chicago (2013) - Financial Management Association Asian Meeting, Shanghai (2013) - Midwest Finance Association Annual Meeting, Chicago (2013) - Financial Management Association Doctoral Student Consortium, Atlanta (2012) - Annual Meeting of Academy of Behavioral Finance and Economics, New York (2012) - Wisconsin School of Business, University of Wisconsin-Madison (2011, 2013) 2. Industry Competition, Winner s Advantage, and Cash Holdings - Robert H. Smith School of Business, University of Maryland (2013)* - Wisconsin School of Business, University of Wisconsin-Madison (2013) 3. Credit Conditions and Time-Varying Value Premium - Financial Management Association Annual Meeting, Chicago (2013) - Northern Finance Association Annual Meeting, Quebec City (2013) - Midwest Finance Association Annual Meeting, Chicago (2013) - Wisconsin School of Business, University of Wisconsin-Madison (2012) Conference Discussant 1. Financial Management Association Asian Meeting (2013) 2. Midwest Finance Association Annual Meeting (2013) 3. Financial Management Association Annual Meeting (2012) Program Committee 1. Financial Management Association Annual Meeting (2013) 2. Financial Management Association European Meeting (2013, 2014) 3. World Finance Conference (2013) Session Organizer 1. Financial Management Association Annual Meeting (2013) Ad hoc Referee Economic Inquiry 2

3 FELLOWSHIPS, GRANTS, AND AWARDS 1. Wisconsin Distinguished Graduate Fellowship, Distinguished Teaching Award, Wisconsin School of Business, Semi-Finalist, CFA Institute Research Award, FMA Asian Meeting, Vilas Conference Presentation Award, UW-Madison, Best Doctoral Paper Award, the Annual Meeting of Academy of Behavioral Finance and Economics, Financial Management Association Doctoral Consortium Participant, 2012, Wisconsin School of Business Ph.D. student Travel Grant, Finance Department Travel Grant, UW-Madison, Doctoral Student Scholarship, Finance Department, UW-Madison, Outstanding Graduate Award, Peking University, Outstanding Student Award, Peking University, ACADEMIC EXPERIENCE 1. Instructor, School of Business, University of Wisconsin-Madison - Corporation Finance (undergraduate 2013), Evaluation: 4.93/ Teaching Assistant, School of Business, University of Wisconsin-Madison - Multinational Finance (MBA , undergraduate ) - Investments (undergraduate, 2012) - Derivative Securities (undergraduate, 2011) - Introduction to Finance (undergraduate, ) 3. Research Assistant, School of Business, University of Wisconsin-Madison, Research Assistant, Department of Chemistry, University of Wisconsin-Madison, PUBLICATIONS (in Biophysics) 1. Y. Wu, L. Ma, S. Cheley, H. P. Bayley, Q. Cui and E. Chapman, Permeation of styryl dyes through nm-scale pores in membranes, Biochemistry, 50, (2011) 2. L. Ma, N. Sundlass, R. T. Raines and Q. Cui, Disruption and formation of surface salt bridges are coupled to DNA binding in integration host factor: a computational analysis Biochemistry, 50, (2011) 3. L. Ma, L. Pegram, M. T. Record, Jr., Q. Cui, Preferential interactions between small solutes and the protein backbone: A computational analysis, Biochemistry, 49, (2010) 3

4 4. L. Ma, A. Yethiraj, X. Chen and Q. Cui, A computational framework for mechanical response of macromolecules: application to the salt concentration dependence of DNA bendability, Biophysical Journal, 96, (2009) 5. H. Yu, Y. Yang, L. Ma and Q. Cui, Mechanochemical coupling in molecular motors: insights from molecular simulations of the myosin motor domain, in Energy flows in Proteins, Eds. D. Leitner and J. E. Straub, CRC Press (2008) 6. A. W. van Wynsberghe, L. Ma, X. Chen and Q. Cui, Functional motions in biomolecules: insights from computational studies at multiple scales, in Computational Structural Biology, Eds. T. Schwede and M. Peitsch, pp , World Scientific (2008) 7. L. Ma and Q. Cui, The activation mechanism of a signaling protein at atomic resolution from advanced computations, Journal of the American Chemical Society, 129, (2007) 8. H. Yu, L. Ma, Y. Yang and Q. Cui, Mechanochemical coupling in myosin motor domain, II. Analysis of critical residues, PLoS Computational Biology, 3, (2007) 9. H. Yu, L. Ma, Y. Yang and Q. Cui, Mechanochemical coupling in myosin motor domain, I. Equilibrium active site simulations, PLoS Computational Biology, 3, (2007) 10. L. Ma and Q. Cui, The temperature dependence of salt-protein association is sequence specific, Biochemistry, 45, (2006) 11. M. S. Formaneck, L. Ma and Q. Cui, Effects of temperature and salt concentration on the structural stability of human Lymphotactin: insights from molecular simulations, Journal of the American Chemical Society, 128, (2006) 12. M. S. Formaneck, L. Ma and Q. Cui, Reconciling the old and new views of protein allostery. A molecular simulation study of chemotaxis Y protein (CheY), Proteins, 63, (2006) 13. P. Wei, K. Fan, H. Chen, L. Ma, C. Huang, L. Tan, D. Xi, C. Li, Y. Liu, A. Cao, and L. Lai, The N-terminal octapeptide acts as a dimerization inhibitor of SARS coronavirus 3C-like proteinase, Biochemical and Biophysical Research Communication, 339, (2006) 14. K. Fan, L. Ma, X. Han, H. Liang, P. Wei, Y. Liu and L. Lai, The substrate specificity of SARS coronavirus 3C-like proteinase, Biochemical and Biophysical Research Communication, 329, (2006) 15. K. Fan, P. Wei, F. Qian, S. Chen, C. Huang, L. Ma, B. Lai, J. Pei, Y. Liu, J. Chen, L. Lai, Biosynthesis, purification and substrate specificity of SARS coronavirus 3C-like proteinase, Journal of Biological Chemistry, 279, (2004) PROFESSIONAL AFFILIATIONS 1. American Finance Association 2. European Finance Association 3. Financial Management Association 4

5 ADDITIONAL INFORMATION 1. Year of Birth: Languages: English (Fluent), Chinese (Native) 3. Software: Matlab, Stata, SAS, C++, Fortran, Perl, Linux Shell Scripts REFERENCES Antonio S. Mello (Committee Chair) Elizabeth Odders-White Frank Graner Professor of Finance U.S. Bank Associate Professor of Finance Wisconsin School of Business Wisconsin School of Business University of Wisconsin-Madison University of Wisconsin-Madison Tel: (608) Tel: (608) Youchang Wu Assistant Professor of Finance Wisconsin School of Business University of Wisconsin-Madison Tel: (608) SUMMARIES OF WORKING PAPERS AND WORK IN PROGRESS 1. A Model of Momentum and Market States: Theory and Evidence (Job Market Paper) Momentum profits vary substantially across different market states. Motivated by this phenomenon, I develop a model to connect market states and momentum profits, and test the model's empirical implications. The model applies the mechanism of overconfidence and self-attribution bias into a setting of multiple risky assets with correlated payoffs. A novel insight from the model is that overconfidence can vary asymmetrically between winners and losers, which leads to asymmetric return behaviors between winners and losers. The model generates a set of implications regarding the relation between market states and returns on the winner, loser, and momentum portfolios. These implications are consistent with empirical patterns in the literature and those newly documented in this paper. A calibration exercise shows that the model can match key empirical patterns with reasonable parameters. Overall, this paper unifies momentum, negative momentum profits under certain market states, and long-run reversals. 5

6 2. Industry Competition, Winner s Advantage, and Cash Holdings, with Antonio S. Mello and Youchang Wu This paper examines firms' cash holding policies in industries with significant R&D. In our model firms compete to innovate but must also finance to bring innovations to the market. The model captures two important features of these industries: (1) the first producer of a new product enjoys an advantage over the followers; (2) outside financing for the implementation of a product innovation takes time. Cash holdings, R&D intensity, and the number of firms are endogenously determined in equilibrium. Both cash holdings and R&D intensity increase with the winner's advantage and decrease with entry costs. Their relation with industry concentration depends on the source of exogenous variation. Empirical patterns of industry cash holdings and R&D intensity provide strong support to the key predictions of the model. 3. Credit Conditions and Time-Varying Value Premium This paper studies the relationship between credit conditions and value premium. I document that the TED spread, a popular gauge of credit conditions, is a significant negative predictor of value premium. I then argue that this finding is consistent with the mechanism that equity expected returns become lower under tighter credit conditions through shareholders' strategic default. I incorporate this mechanism into a model in the spirit of Garlappi and Yan (2011) and derive more testable hypotheses. Consistent with these hypotheses, I further find that the negative relationship between value premium and lagged TED spread comes mainly from value stocks, stocks with lower credit ratings, stocks with lower cash flows, and stocks with higher shareholders' bargaining power and higher liquidation costs. 4. Sovereign Credit Risk with Endogenous Bailout, with Suresh Sundaresan and Youchang Wu This project investigates how international bailout affects the sovereign borrowing and sovereign credit risk. Our model shows that when the quantity of sovereign borrowing is fixed, the existence of a bailout mechanism reduces the sovereign credit risk. However, in the absence of restriction on the borrowing behavior of sovereign entities, a bailout mechanism (1) increases the amount of sovereign debt, (2) increases the sovereign credit spread, (3) creates a strong exposure of the sovereign credit spread to shocks to the bailout limit, (4) increases the sensitivity of the sovereign credit spread to shocks to economic fundamentals. Our model provides a lens to view the recent European sovereign debt crisis. 5. Mutual Fund Trading Costs, with Mark J. Ready and Youchang Wu This project explores empirically how trading costs change over time and across funds and affect fund performance. We overcome the data limitation issue that prevents joint analysis of portfolio characteristics/performance and trading costs, by linking together three commonly-used databases: (1) The ANcerno database of institutional trades, which contains detailed trade records of a large number of institutional investors; (2) Thomson mutual fund holdings database, which contains quarterly holdings of US stocks by mutual funds; (3) CRSP survivor-bias-free mutual fund database, which reports monthly return, total net asset value, and other fund level information such as investment objective, expense ratio, and turnover. 6