Yicheng Liu
Hi, I am Yicheng Liu (刘忆澄). I am a sixth-year PhD candidate in Finance at The Ohio State University.
I study asset pricing and macro-finance. My research uses asset pricing tools to understand how firms interact with the broader economy. My job market paper quantifies how intangible capital creates value by improving production and shaping firms’ competitive environment.
I am on the 2026–2027 job market.
Email: liu.9716@osu.edu
Job Market Paper
What Are Intangibles Worth? Production versus Market Power
Market power accounts for the majority of intangible value and nearly 30% of aggregate firm value.
How much of intangible capital's value comes from production efficiency versus market power? I develop and estimate a dynamic firm model to quantify both channels for each U.S. public firm. Market power accounts for the majority of intangible value and nearly 30% of aggregate firm value. The two channels evolve differently: across firms, those with greater production value capture market share, whereas within firms, intangible value shifts toward market power as firms mature. Intangible-driven market power also helps explain the value premium decline and predicts intangible investment more strongly than production value does.