Associate Professor Wai-Man (Raymond) Liu

waiman liu


Research School of Finance, Actuarial Studies & Statistics

Associate Professor
Phone number
+61 2 612 50183
Room 3.65, CBE Bld (26C)
Research areas

Health science; Political economy; Market microstructure; Institutional economics; Asset pricing.


Wai-Man (Raymond) Liu is an Associate Professor of Finance. Raymond’s research interests are diverse: as a financial economist, he studies market microstructure, asset pricing, political economy and classical economics; while, as a medical researcher, he explores issues relating to end-of-life care. Raymond’s work is published in internationally recognised journals including Journal of American Geriatric SocietyPalliative MedicinePLOS ONEAnaesthesiaBMJ Supportive & Palliative CareAnesthesia & AnalgesiaJournal of ArthroplastyPain MedicineJournal of Financial EconomicsJournal of Financial MarketsJournal of Empirical FinanceJournal of Futures Markets and Journal of Banking & Finance. He also co-authored a research monograph entitled Inframarginal Economics that resurrects the classical notion of division of labour and specialization essential to increasing nations’ wealth as well as provides a new framework with conceptual and policy implications different to those of orthodox analysis. Raymond’s work with a medical trial in palliative care research received numerous awards including the 2019 National Palliative Care Award on Innovation in Palliative Care and the 2018 ACT Quality of Healthcare award. His work on the bereavement of close friends attracted media attention from across the globe.

View ORCID profile




Research publications

Dr Liu's ResearchGate and SSRN

Medical Science

39. Watts, R., Liu, W.-M., Hooff, M.V., McFarlane, A., Sekhar, V., Kathiravan, T. and Thiruvenkatarajan, V. (2022), Incidence and factors impacting PTSD following the 2005 Eyre Peninsula bushfires in South Australia–A 7 year follow up study. Australian Journal of Rural Health

38. Koerner, J., Johnston, N., Samara, J., Liu, W.-M., Chapman, M. & Forbat, L. (2021) Context and mechanisms that enable implementation of specialist palliative care Needs Rounds in care homes: results from a qualitative interview study. BMC Palliative Care, 20, 118.

37. Thiruvenkatarajan, V., Dharmalingam, A., Arenas, G. Wahba, M., Liu, W.-M., Zaw, Y. Steiner, R. Tran, A. Currie, J. Kadam, V. R., Van Wijk, R., Wong, D., & Ludbrook G. (2021) Effect of high-flow versus low-flow nasal oxygen therapy on hypoxaemia during endoscopic retrograde cholangiopancreatography in high risk patients: a randomised controlled trial. Anaesthesia, June 2021.

36. Samara, J., Liu, W.-M., Kroon, W. Harvie, B., Hingeley, R. and Johnston, N. (2021) Telehealth Palliative Care Needs Rounds during a pandemic. The Journal for Nurse Practitioners, 17(3), pp. 335-338.

35. Adhikary, S., Thiruvenkatarajan, V. McFadden, A., Liu W.-M., Mets, B. & Rogers, A. (2020) Analgesic efficacy of ketamine and magnesium after laparoscopic sleeve gastrectomy: A randomized, double-blind, placebo-controlled trial. Journal of Clinical Anesthesia. Forthcoming.

34. Rainsford, S., Liu, W.-M., Johnston, N., Glasgow, N., & Forbat, L. (2020) The impact of introducing Palliative Care Needs Rounds into rural residential aged care: a quasi-experimental study. Australian Journal of Rural Health. 28, pp. 480-489.

33. Forbat, L., Liu, W.-M., Koerner, J., Lam, L., Samara J., Chapman, M. & Johnston, N. (2019). Reducing time in acute hospitals: a stepped wedge randomised control trial of a specialist palliative care intervention in residential care homes. Palliative Medicine. Forthcoming.

32. LiuW.-M., Koerner, J., Lam, L., Johnston, N., Samara J., Chapman, M. & Forbat, L. (2019). Improved quality of death and dying in care homes: a stepped wedge randomised control trial. Journal of the American Geriatrics Society. Forthcoming.

31. Rainsford, S., Johnston, N., Liu, W.-M., Glasgow, N. & Forbat, L. (2019) Palliative care Needs Rounds in rural residential aged care: A mixed-methods study exploring experiences and perceptions of staff and general practitioners. Progress in Palliative Care. Forthcoming.

30. Thiruvenkatarajan, V., Sim, J., Emmerson, R. B., Tong, D. Liu, W.-M., van Kijk, R. & Currie J. (2019) Predictors of early pharyngolaryngeal complications with cuffed supraglottic airway devices: A prospective observational study. Journal of Clinical Anesthesia. Forthcoming.

29. Liu, W.-M., Forbat, L., & Anderson, K. (2019). Death of a close friend: Short and long-term impacts on physical, psychological and social well-being. PLOS ONE, 14(4), e0214838. 

28. Adhikary, S. D., Liu, W.-M., Fuller, E., Cruz‐Eng, H., & Chin, K. J. (2019). The effect of erector spinae plane block on respiratory and analgesic outcomes in multiple rib fractures: a retrospective cohort study. Anaesthesia. Feb 2019.

27. Thiruvenkatarajan, V., Jeyadoss, J., Kadam, V. R., Du, L. Y., Liu, W.-M., & Van Wijk, R. M. (2018). The effect of sevoflurane on the transmural dispersion of repolarisation in patients with type 2 diabetes mellitus: a prospective observational study. Anaesthesia and Intensive Care, 46(1), 51-57.

26.  Forbat, L., Chapman, M., Lovell, C., Liu, W.-M., & Johnston, N. (2018). Improving specialist palliative care in residential care for older people: a checklist to guide practice. BMJ Supportive & Palliative Care, 8(3), 347-353.

25   Liu, J., Flynn, D. N., Liu, W.-M., Fleisher, L. A., & Elkassabany, N. M. (2018). Hospital-based acute care within 7 days of discharge after outpatient arthroscopic shoulder surgery. Anesthesia & Analgesia, 126(2), 600-605.

24.  Adhikary, S., McQuillan, P., Fortunato, M., Owen, D., Liu, W.-M., & Thiruvenkatarajan, V. (2017). A manikin-based evaluation of a teaching modality for ultrasound-guided infraclavicular longitudinal in-plane axillary vein cannulation in comparison with ultrasound-guided internal jugular vein cannulation: A pilot study. Journal of Anaesthesiology, Clinical Pharmacology, 33(3), 337.

23.  Adhikary, S., Karanzalis, D., Liu, W.-M., Hadzic, A., & McQuillan, P. M. (2016). A prospective randomized study to evaluate a new learning tool for ultrasound-guided regional anesthesia. Pain Medicine, 18(5), 856-865.

22.  Johnston, N., Lovell, C., Liu, W.-M., Chapman, M., & Forbat, L. (2016). Normalising and planning for death in residential care: findings from a qualitative focus group study of a specialist palliative care intervention. BMJ Supportive & Palliative Care, 9(1), e12-e12.

21. Adhikary, S., Liu, W.-M., Memtsoudis, S. G., Davis III, C. M., & Liu, J. (2016). Body mass index more than 45 kg/m2 as a cutoff point is associated with dramatically increased postoperative complications in total knee arthroplasty and total hip arthroplasty. The Journal of Arthroplasty, 31(4), 749-753.

20. Chapman, M., Johnston, N., Lovell, C., Forbat, L., & Liu, W.-M. (2015). Avoiding costly hospitalisation at end of life: findings from a specialist palliative care pilot in residential care for older adults. BMJ supportive & palliative care, 8(1), 102-109.


Finance & Economics

19. Liu, W.-M., Yu, J. & Zhang, B. (2022) Foreign Investment under the Spotlight of Home Media. Journal of Money, Credit & Banking.

18. Le, A.T., Le, T.-H., Liu, W.-M. & Fong, K. (2021) Dynamic limit order placement activities and their effects on stock market quality. Annals of Operations Research.

17. Carney, R.W., Child, T., Liu, W.-M., Ngo, P. (2021) The Dynamism of Partially State-Owned Enterprises in East Asia. Journal of Corporate Finance, 68, p. 101951.

16. Liu, W.-M. & Ngo, P. (2020) Voting with Your Feet: Political Competition and Internal Migration in the United States. European Journal of Political Economy. Forthcoming

15. 1Le, A.T., Le, T.-H., Liu, W.-M. & Fong, K. (2020) Multiple duration analyses of dynamic limit order placement strategies and aggressiveness in a low-latency market environment. International Review of Financial Analysis. Forthcoming

14. Le, A. T., Le, T.-H., Liu, W.-M. & Fong, K., Y. (2019) Dynamic limit order placement strategies: Survival analysis with a multiple-spell duration model. Annals of Operations Research, forthcoming.

13. Douglas Foster, F., Lee, A. D., & Liu, W.-M. (2019). CFDs, forwards, futures and the cost-of-carry. Pacific-Basin Finance Journal, 54(C), 183-198.

12.  Ho, K. Y., Liu, W.-M., & Yu, J. (2018). Public News Arrival and Cross‐Asset Correlation Breakdown. International Review of Finance, 18(3), 411-451.

11.  Shi, Y., Liu, W.-M., & Ho, K. Y. (2016). Public news arrival and the idiosyncratic volatility puzzle. Journal of Empirical Finance, 37, 159-172.

10.  Shi, Y., Ho, K. Y. & Liu, W.-M., (2016) Public Information Arrival and Stock Return Volatility: Evidence from News Sentiment and Markov Regime-Switching Approach. International Review of Economics and Finance, 42, 291-312.

9. Liu, W.-M., Schultz, E., & Swieringa, J. (2015). Price dynamics in global crude oil markets. Journal of Futures Markets, 35(2), 148-162.

8. Liu, W.-M., & Ngo, P. T. (2014). Elections, political competition and bank failure. Journal of Financial Economics, 112(2), 251-268.

7. Fong, K. Y., & Liu, W.-M. (2010). Limit order revisions. Journal of Banking & Finance, 34(8), 1873-1885.

6.  Chu, C. N., & Liu, W.-M. (2010). General Equilibrium Analysis of Hold‐Up Problem and Non‐Exclusive Franchise Contract. Pacific Economic Review, 15(5), 674-684.

5.  Yang, X. & Liu, W.-M. (2009) Inframarginal Economics. Singapore: World Scientific Publishing. ISBN 978-981-238-928-2

This research monograph develops an overarching framework to resurrect the classical notion of division of labour and specialization which is the essential source of increasing nation’s wealth. The new framework has many conceptual and policy implications different from those of orthodox analysis. The monograph provides systematic and comprehensive materials for applying the new framework to the study of a wide range of micro and macro phenomena.

4.  Liu, W.-M. (2009). Monitoring and limit order submission risks. Journal of Financial Markets, 12, 107-141.

3.  Liu, W.-M. & Yang, X. (2007) Effects of political monopoly on the economic development. Pacific Economic Review, 12, 69-78.

2.  Kalev, P. S., Liu, W.-M., Pham, P. K., & Jarnecic, E. (2004). Public information arrival and volatility of intraday stock returns. Journal of Banking & Finance, 28(6), 1441-1467.

1.  Liu, W.-M., & Sawyer, K. R. (2003). How free are free trading options? Pacific-Basin Finance Journal, 11(5), 573-591.

Research grants and awards


ANU School of Medicine and Psychology (SMP) Research Support Packages - planning and development project for ANU CaRES 2022, collaborated with Bruce Christensen, Anna Olsen, Michelle Banfield, Philip Batterham, James Brann, Allison Calear, Tegan Cruwys, Nathalie Dehorter, Lou Farrer, Susan Helyar,  Kristen Murray, Linda Nicholson, Christine Phillips, Elizabeth Rieger, Brett Sholz, Andrew Staniforth, Louise Stone

ACT Health 2017 INSPIRED trial “Integrating specialist palliative care into residential care for older people: a stepped wedge randomised control trial”, collaborated with Forbat, L,. Lam, L,. Koerner, J,. Samara, J,. Chapman, M. and Johnston, N.


The specialist palliative care team at Clare Holland House Canberra: implementing proactive models of palliative care in residential aged care facilities.

  • 2019 National Palliative Care Award - Innovation in Palliative Care
  • 2018 ACT Quality of Healthcare award (both “effectiveness” category and overall winner)
  • Australian Association of Gerontology best poster prize at CHARM 2018

Elections, political competition and bank failure.

  • Best Policy Paper at the 2013 Financial Research Network Conference

Research engagement and outreach

Media Interviews
“Death of a close friend: Short and long-term impacts on physical, psychological and social well-being” (ABC Richelle Hunt, Canberra 2CC, ABC Tasmania, Radio NZ, ABC Life)

Consultant to Charles-Lim Capital, an independent Asia-based firm providing investment management services to institutions, endowments, family offices and high net worth individuals. 

Medical Officer at the Canberra Hospital (ACT Health), 2020 - 2022; GP registrar 2022 - now


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