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Research Staff and Resources

Research and Statistics Staff | Program Direction
Nellie Liang
Senior Associate Director
Division of Research and Statistics

Contact Information
202-452-2918
jnellie.liang@frb.gov

Fields of Interest
Corporate Finance
Financial Markets
Banking and Financial Institutions

Education
Ph.D., Industrial Organization, University of Maryland, 1986
B.A., Economics, University of Notre Dame

Professional Experience
Board of Governors of the Federal Reserve System, 1986-present

Selected Publications

  • The Evolution of a Financial Crisis: Collapse of the Asset-Backed Commercial Paper Market (with Daniel Covitz and Gustavo A. Suarez), Finance and Economics Discussion Series 2009-36. Washington: Board of Governors of the Federal Reserve System, 2009.
  • ''Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut'' (with Jeffrey R. Brown and Scott Weisbenner), Journal of Finance, vol. 62 (2007), pp. 1935-1965.
  • ''Individual Account Investment Options and Portfolio Choice: Behavioral Lessons from 401(k) Plans'' (with Jeffrey R. Brown and Scott Weisbenner), Journal of Public Economics, vol. 91 (2007), pp. 1992-2013.
  • ''401(k) Matching Contributions in Company Stock: Costs and Benefits to Firms and Workers'' (with Jeffrey R. Brown and Scott Weisbenner), Journal of Public Economics , vol. 90 (August 2006), pp. 1315-46.
  • ''The Incentives of Mortgage Servicers: Myths and Realities '' (with Larry Cordell, Karen Dynan, Andreas Lehnert, and Eileen Mauskopf), Uniform Commercial Code Law Journal, vol. 41 (September 2009), pp. 347-374.
  • ''Designing Loan Modifications to Address the Mortgage Crisis and the Making Home Affordable Program'' (with Larry Cordell, Karen Dynan, Andreas Lehnert, and Eileen Mauskopf), Unifrom Commercial Code Law Journal, vol. 42 (November 2009).
  • ''Initial Public Offerings in Hot and Cold Markets'' (with Jean Helwege), Journal of Financial and Quantitative Analysis, vol. 39 (September 2004), pp. 541-69.
  • ''The Influence of PBGC Insurance on Pension Fund Finances'' (with Julia Coronado), in David Blitzstein, Olivia S. Mitchell, Stephen P. Utkus, eds., Restructuring Retirement Risks. New York: Oxford University Press, 2006.
  • ''The Private Equity Market '' (with George W. Fenn, Stephen Prowse, , and others), in Dennis Logue and James Seward, eds., Handbook of Modern Finance. New York, NY: WG&L/RIA Group, 2003.
  • ''Hedging Employee Stock Options, Corporate Taxes, and Debt'' (with Gene Amromin), National Tax Journal, vol. 56 (September 2003), pp. 513-533.
  • ''Corporate Payout Policy and Managerial Stock Incentives'' (with George W. Fenn), Journal of Financial Economics, vol. 60 (April 2001), pp. 45-72.
  • Share Repurchases and Employee Stock Options and their Implications for S&P 500 Share Retirements and Expected Returns (with Steven A. Sharpe), Finance and Economics Discussion Series 1999-59. Washington: Board of Governors of the Federal Reserve System, 1999.
  • Investor Behavior and the Purchase of Company Stock in 401(k) Plans -- The Importance of Plan Design (with Scott Weisbenner), Finance and Economics Discussion Series 2002-36. Washington: Board of Governors of the Federal Reserve System, 2002.
  • Who Benefits from a Bull Market?: An Analysis of Employee Stock Option Grants and Stock Prices (with Scott Weisbenner), Finance and Economics Discussion Series 2001-57. Washington: Board of Governors of the Federal Reserve System, 2001.
  • ''Is There a Pecking Order? Evidence from a Panel of IPO Firms'' (with Jean Helwege), Journal of Financial Economics , vol. 40 (March 1996), pp. 429-58.
  • ''Financing Growth after the IPO'' (with Jean Helwege), Journal of Applied Corporate Finance, vol. 8 (Winter 1996), pp. 73-83.

Last update: December 4, 2009