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

• ''Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut'' (with Jeffrey R. Brown and Scott Weisbenner), Journal of Finance (forthcoming) (2007).
• ''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.
• ''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 Private Equity Market '' (with George W. Fenn and Stephen Prowse), in Dennis Logue and James Seward, eds., Handbook of Modern Finance. New York, NY: WG&L/RIA Group, 2003.
• 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.
• ''Hedging Employee Stock Options, Corporate Taxes, and Debt'' (with Gene Amromin), National Tax Journal, vol. 56 (September 2003), pp. 513-533.
• 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.
• ''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.
• ''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.