Ideas Made to Matter
9 new researchers join MIT Sloan faculty
The new faculty joining MIT Sloan in 2022 are experts in finance, system dynamics, technological innovation, and more.
Jul 6, 2022
Faculty
Tong Liu
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Tong Liu is the Judy C. Lewent (1972) and Mark Shapiro Career Development Assistant Professor of Finance and an Assistant Professor of Finance at the MIT Sloan School of Management.
Tong’s research sits at the intersection of corporate finance, healthcare finance, and innovation. He combines a broad set of empirical methods and structural techniques to study how ownership and governance shape outcomes in healthcare markets and innovative activity. His recent projects examine how different ownership types influence healthcare pricing, how corporate governance affects resource allocation within healthcare markets, and the welfare implications of private equity buyouts and venture capital investment. Collectively, his work aims to provide policy-relevant evidence on how capital and control interact to create or erode value in healthcare and innovation ecosystems
He received his PhD in finance from the Wharton School at the University of Pennsylvania. Prior to that, he received an MA in economics from Peking University and a BA in mathematical economics and finance from Central University of Finance and Economics.
Publications
"Private Equity in Healthcare."
Howell, Sabrina, and Tong Liu. In The Palgrave Encyclopedia of Private Equity, edited by Benjamin Hammer and Douglas Cumming, 1-6. London, UK: Palgrave Macmillan, Cham, 2024.
"The Role of Human Capital: Evidence from Corporate Innovation."
Liu, Tong, Yifei Mao, and Xuan Tian. Journal of Empirical Finance Vol. 74, (2023): 101435. SSRN Preprint.
"Learning by Investing: Entrepreneurial Spillovers from Venture Capital."
Lerner, Josh, Jinlin Li, and Tong Liu, MIT Sloan Working Paper 6906-22. Cambridge, MA: MIT Sloan School of Management, October 2023.
"Common Ownership and Innovation Efficiency."
Li, Xuelin, Tong Liu, and Lucian A. Taylor. Journal of Financial Economics Vol. 147, No. 3 (2023): 475-497.
"Excess Commitment in R&D."
Liu, Tong, and Marius Guenzel, MIT Sloan Working Paper 6907-22. Cambridge, MA: MIT Sloan School of Management, 2022.
"Bargaining with Private Equity: Implications for Hospital Prices and Patient Welfare."
Liu, Tong, MIT Sloan Working Paper 6736-21. Cambridge, MA: MIT Sloan School of Management, December 2021.
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