Xiaoxia Lou

  • Professor of Finance | Cleaver Faculty Fellow  |University of Delaware
  • Email: lous at udel.edu | Phone: 302-831-8773 | Office: Purnell Hall 306, Department of Finance

Academic Employment

Professor, University of Delaware, 2019-
Associate Professor, University of Delaware, 2014—2019
Visiting Faculty, Carroll School of Management, Boston College, Spring 2011
Assistant Professor, University of Delaware, 2008—2014
Lecturer, University of Delaware, 2007—2008


Ph.D., Finance, University of Washington
M.S., Statistics, Iowa State University
B.A., Economics, Peking University, Beijing, China

Research Papers (Can be downloaded from my page on SSRN)

  1. The Divergence of Liquidity Commonality in the Cross-section of StocksJournal of Financial Economics, Volume 89, Issue 3, September 2008, Pages 444-466 (with Avraham Kamara and Ronnie Sadka)‌
  2. Has the US Stock Market Become More Vulnerable Over Time? Financial Analysts Journal, January/February 2010, Vol. 66, No. 1: 41-52. (with Avraham Kamara and Ronnie Sadka)
  3. Short Sellers and Financial Misconduct.Journal of Finance, Volume 65, Issue 5, October 2010, Pages 1879-1913. (with Jonathan Karpoff)
  4. Liquidity Level or Liquidity Risk? Evidence from the Financial CrisisFinancial Analysts Journal, Volume 67, Issue 3, 2011, Pages 51-62. (with Ronnie Sadka)
  5. Horizon PricingJournal of Financial and Quantitative Analysis, Volume 51, Issue 6,  December 2016, pp. 1769-1793. (with Avraham Kamara, Robert Korajczyk, and Ronnie Sadka)
  6. Invisible Costs and ProfitabilityPortfolio Construction, Measurement, and Efficiency: Essays in Honor of Jack Treynor, Springer 2016 (with Ronnie Sadka)
  7. Price Impact or Trading Volume: Why is the Amihud (2002) Measure Priced? Review of Financial Studies, Volume 30, Issue 12, 2017, Pages 4481-4520 (with Tao Shu)
  8. Flow-Induced Trading Pressure and Corporate Investment. Journal of Financial and Quantitative Analysis,  Volume 53Issue 1February 2018 , pp. 171-201 (with Albert Wang)
  9. Short-Horizon Beta or Long-Horizon Alpha? Journal of Portfolio Management, 2018. (with Avraham Kamara, Robert Korajczyk, and Ronnie Sadka)
  10. Enforcement Waves and Spillover Effects. Management Science, forthcoming. (with Hae Mi Choi, Jonathan Karpoff)
  11. Quantifying Narratives and their Impact on Financial Markets. (with Rajeev Bhargava, Gideon Ozik, Ronnie Sadka, and Travis Whitmore)
  12. Media Reinforcement in International Financial Markets, (with Ken Froot, Gideon Ozik, Ronnie Sadka, and Siyi Shen)

Permanent Working Papers

  1. Expected Earnings and the Post-Earnings-Announcement Drift. (with Yaniv Konchitchki, Gil Sadka, and Ronnie Sadka)
  2. Can Liquidity Events Explain the Low-short-interest Puzzle? Implication from the Options Market (with Jefferson Duarte and Ronnie Sadka)