Academic Engagement  | Publications  | [1] Tian,   Zhenglei, Yangyi Liu, and Ronghua Luo. Research on the Causes, Evolution and   Economic Consequences of Fund Clustering: A Community-based Approach[J]. Journal of Management World, 2025,   41(6): 77-95. (In Chinese) [2] Liu,   Yangyi, Zhenglei Tian, and Ronghua Luo. Idiosyncratic volatility and fund   investor behaviors: A perspective from the horizon-based decomposition[J]. Journal of Management Science in China,   2025, 3: 162-190. (In Chinese) [3] Liu,   Yangyi, Ronghua Luo, and Senyang Senyang. Improving Factor Momentum:   Statistical Significance Matters[J]. Economics   Letters, 2023, 233: 111444. [4] Tian,   Zhenglei, Yangyi Liu, and Ronghua Luo. Industry Concentration and Style   Balance: Bidirectional Boost for Fund Value Creation[J]. Journal of Management World, 2023, 39(11): 94-114. (In Chinese) [5] Liu,   Yangyi, Ni Liao, and Ronghua Luo. Funds Make Money, but Investors Do Not: The   Perception of Return Persistence and Fund Investor Behaviors[J]. China’s Industrial Economics, 2022, 2:   156-174. (In Chinese)  | 
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Monograph  | [1] Shi,   Chuan, Yangyi Liu, and Xiangbin Lian, Factor Investing, Publishing House of   Electronics Industry, 2020.  | 
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