Author

Yu Liu

Shenzhen University of Information Technology

Research in this collection

0005

Preprint2026AI & Industrial Cycles

The Physical Limits of Compute and Financial Risk Integration Across Seven Infrastructure Layers

Fuli Yang, Yu Liu, Shiyu Lin

Artificial intelligence links seven infrastructure layers into a persistent, uneven equity-risk system. Using 33 firms, a fixed 28-stock comparison and strictly lagged factor adjustment through August 2026, return connectedn…

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0004

Preprint2026Japan Macro-Finance

Yen Appreciation and the Identification of Carry Unwinds in Japan

Fuli Yang, Yu Liu

Yen appreciation is not a sufficient statistic for a carry unwind. Official intervention, monetary repricing, global-dollar movements and portfolio adjustment can generate similar currency outcomes while implying different f…

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0081

Working paper2026Institutions & Market Structure

THE 40-50-10 IPO: Regulatory Allocation Floors and Contractual Corner Solutions in Hong Kong

Fuli Yang, Yu Liu

Hong Kong’s August 2025 IPO reform introduced a minimum 40% non-cornerstone bookbuilding allocation and a choice between a clawback-based public tranche and a no-clawback alternative. Using prospectus-level coding for all 16…

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