Li-gang Liu

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We provide a firm level analysis of the impact of capital market liberalization in 18 emerging markets. We find a larger increase in returns during liberalization and a larger decrease in returns after liberalization than previously found using indexes. While slightly more than half of the firms had higher returns during liberalization, a significant(More)
We assess the potential impact for non-high-income countries (NHICs) of linking bank capital asset requirements (CARs) to private sector ratings-as contemplated by the new Basel proposal. Specifically, we show that linking bank CARs to external ratings would have a series of undesirable effects for NHICs. First, since ratings are by far less widespread for(More)
What is the information content of firm ratings? We disentangle the relative contribution to firms' ratings of sovereign risks and individual firms' performance indicators, reportedly employed by rating agencies. We reach three conclusions. First, sovereign risks' contribution is disproportionately greater in developing countries vis-à-vis developed(More)
In this paper, we propose an image driven shape deformation approach for stylizing a 3D mesh using styles learned from existing 2D illustrations. Our approach models a 2D illustration as a planar mesh and represents the shape styles with four components: the object contour, the context curves, user-specified features and local shape details. After the(More)
The Research Paper Series primarily disseminates selected work in progress to facilitate an exchange of ideas within the Institute's constituencies and the wider academic and policy communities. The findings, interpretations, and conclusions are the author's own and are not necessarily endorsed by the Asian Development Bank Institute. They should not be(More)
This paper presents a novel algorithm for planar shape blending. Our algorithm preserves the similarity of the interiors of the polygons, which can avoid local expansion and shrinkage. First, the high quality compatible triangulations between the source and target polygons are constructed. Then, the geometric quantities including the angle and edge ratio at(More)
This paper argues that the triangular trade established among China, the US, and the rest of the East Asia suggests that a unilateral renminbi revaluation will not help reduce the large US-China trade deficit. The paper shows further that China's economic overheating over the last two years had little to do with its " undervalued " currency. In fact,(More)