Professional Experience

• • Economist

    Board of Governors of the Federal Reserve System

  • 1986 - present

Publications

• Covitz, Daniel M., Nellie Liang, and Gustavo A. Suarez (Forthcoming). "The Evolution of a Financial Crisis: Collapse of the Asset-Backed Commercial Paper Market," Journal of Finance.
• Falato, Antonio, and J. Nellie Liang (2012). "Do Creditor Rights Increase Employment Risk?: Evidence from Debt Covenants," Finance and Economics Discussion Series 2012-42. Board of Governors of the Federal Reserve System (U.S.).
• Covitz, Daniel M., Nellie Liang, and Gustavo A. Suarez (2009). "The Evolution of a Financial Crisis: Panic in the Asset-Backed Commercial Paper Market," Finance and Economics Discussion Series 2009-36. Board of Governors of the Federal Reserve System (U.S.).
• Cordell, Larry, Karen Dynan, Andreas Lehnert, Nellie Liang, and Eileen Mauskopf (2010). "The Incentives of Mortgage Servicers: Myths and Realities," in Kolb, Robert W. ed., Lessons from the Financial Crisis. Hoboken, NJ: John Wiley & Sons, pp. 231-237.
• Cordell, Larry, Karen Dynan, Andreas Lehnert, Nellie Liang, and Eileen Mauskopf (2009). "Designing Loan Modifications to Address the Mortgage Crisis and the Making Home Affordable Program," Uniform Commercial Code Law Journal, vol. 42, no. 1, pp. 1-32.
• Brown, Jeffrey R., Nellie Liang, and Scott Weisbenner (2007). "Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut," Journal of Finance, vol. 62, no. 4, pp. 1935-1965.
• Brown, Jeffrey R., Nellie Liang, and Scott Weisbenner (2007). "Individual Account Investment Options and Portfolio Choice: Behavioral Lessons from 401(k) Plans," Journal of Public Economics, vol. 91, no. 10, pp. 1992-2013.
• Brown, Jeffrey R., Nellie Liang, and Scott Weisbenner (2007). "Individual Account Investment Options and Portfolio Choice: Behavioral Lessons from 401(k) Plans," NBER Working Papers 13169. National Bureau of Economic Research, Inc.
• Brown, Jeffrey R., Nellie Liang, and Scott Weisbenner (2006). "401(k) Matching Contributions in Company Stock: Costs and Benefits for Firms and Workers," Journal of Public Economics, vol. 90, no. 6-7, pp. 1315-1346.
• Coronado, Julia, and Nellie Liang (2006). "The Influence of PBGC Insurance on Pension Fund Finances," in Blitzstein, David, Olivia Mitchell S. and Stephen Utkus P. eds., Restructuring Retirement Risks. Oxford and New York: Oxford University Press, pp. 88-108.
• Amromin, Gene, Paul Harrison, Nellie Liang, and Steve Sharpe (2005). "How did the 2003 Dividend Tax Cut Affect Stock Prices and Corporate Payout Policy?" Finance and Economics Discussion Series 2005-57. Board of Governors of the Federal Reserve System (U.S.).
• Liang, Nellie (2005). "Are Empowerment and Education enough? Underdiversification in 401(k) Plans: Comment," Brookings Papers on Economic Activity, no. 2, pp. 202-208.
• Brown, Jeffrey R., Nellie Liang, and Scott Weisbenner (2004). "401(k) Matching Contributions in Company Stock: Costs and Benefits for Firms and Workers," NBER Working Papers 10419. National Bureau of Economic Research, Inc.
• Helwege, Jean, and Nellie Liang (2004). "Initial Public Offerings in Hot and Cold Markets," Journal of Financial and Quantitative Analysis, vol. 39, no. 3, pp. 541-569.
• Amromin, Gene, and Nellie Liang (2003). "Hedging Employee Stock Options, Corporate Taxes, and Debt," National Tax Journal, vol. 56, no. 3, pp. 513-533.
• Fenn, George W., and Nellie Liang (2001). "Corporate Payout Policy and Managerial Stock Incentives," Journal of Financial Economics, vol. 60, no. 1, pp. 45-72.
• Liang, Nellie, and Scott Weisbenner (2001). "Who Benefits from a Bull Market? an Analysis of Employee Stock Option Grants and Stock Prices," Finance and Economics Discussion Series 2001-57. Board of Governors of the Federal Reserve System (U.S.).
• Liang, J. Nellie, and Steven A. Sharpe (1999). "Share Repurchases and Employee Stock Options and their Implications for S&P 500 Share Retirements and Expected Returns," Finance and Economics Discussion Series 1999-59. Board of Governors of the Federal Reserve System (U.S.).
• Fenn, George W., and Nellie Liang (1998). "New Resources and New Ideas: Private Equity for Small Businesses," Journal of Banking and Finance, vol. 22, no. 6-8, pp. 1077-1084.
• Amel, Dean F., and J. Nellie Liang (1997). "Determinants of Entry and Profits in Local Banking Markets," Review of Industrial Organization, vol. 12, no. 1, pp. 59-78.
• Fenn, George W., Nellie Liang, and Stephen Prowse (1997). "The Private Equity Market: An Overview," Financial Markets, Institutions and Instruments, vol. 6, no. 4, pp. 1-105.
• Helwege, Jean, and Nellie Liang (1996). "Is there a Pecking Order? Evidence from a Panel of IPO Firms," Journal of Financial Economics, vol. 40, no. 3, pp. 429-458.
• Fenn, George W., Nellie Liang, and Stephen Prowse (1995). "The Economics of the Private Equity Market," Staff Studies 168. Board of Governors of the Federal Reserve System (U.S.).
• Hannan, Timothy H., and J. Nellie Liang (1995). "The Influence of Thrift Competition on Bank Business Loan Rates," Journal of Financial Services Research, vol. 9, no. 2, pp. 107-122.
• Berkovec, James A., and J. Nellie Liang (1993). "Selection in Failed Bank Auction Prices: An Econometric Model of FDIC Resolutions," Finance and Economics Discussion Series 93-40. Board of Governors of the Federal Reserve System (U.S.).
• Hannan, Timothy H., and J. Nellie Liang (1993). "Inferring Market Power from Time-Series Data: The Case of the Banking Firm," International Journal of Industrial Organization, vol. 11, no. 2, pp. 205-218.
• Amel, Dean F., and J. Nellie Liang (1992). "A Dynamic Model of Entry and Performance in the U.S. Banking Industry," Finance and Economics Discussion Series 210. Board of Governors of the Federal Reserve System (U.S.).
• Amel, Dean F., and J. Nellie Liang (1992). "The Relationship between Entry into Banking Markets and Changes in Legal Restrictions on Entry," Antitrust Bulletin, vol. 37, no. 3, pp. 631-649.
• Liang, J. Nellie, and James M. O'Brien (1992). "Equity Underwriting Risk," In The Changing Market in Financial Services: Proceedings of the Fifteenth Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis. Kluwer Academic, pp. 129-158.
• Berkovec, James A., and J. Nellie Liang (1991). "Changes in the Cost of Equity Capital for Bank Holding Companies and the Effects on Raising Capital," Finance and Economics Discussion Series 160. Board of Governors of the Federal Reserve System (U.S.).
• Amel, Dean F., and J. Nellie Liang (1990). "Dynamics of Market Concentration in U.S. Banking, 1966-86," International Journal of Industrial Organization, vol. 8, no. 3, pp. 375-384.
• Liang, Nellie, and Stephen A. Rhoades (1988). "Geographic Diversification and Risk in Banking," Journal of economics and business, vol. 40, no. 4, pp. 271-284.

Presentations

• conference

  December 2, 2011

  Macroprudential Toolkit Conference by FSOC / OFR

  Discussion of "A Survey of Systemic Risk Analytics" by Bisias, Flood, Lo, and Valavanis

• conference

  November 11, 2011

  International Banking Conference, Federal Reserve Bank of Chicago

  Lessons Learned from the Financial Crisis and Implications for the Fed

• conference

  July 15, 2011

  Macro-prudential Regulation: The State of Play, NBER Summer Institute

  Systemic Risk Monitoring and Financial Stability

• conference

  June 27, 2011

  Systemic Risk Monitoring, Pew Center / New York University

  Systemic Risk Measurement and Monitoring

• conference

  November 2010

  Liquidity and systemic risk, Bank of Canada

  Collapse of the Asset-Backed Commercial Paper Market

• conference

  July 2010

  Yale Conference on Financial Crisis Research

  Runs in the Asset-Backed Commercial Paper Market

Other Activities