He completed his doctorate degree at the University of Illinois. His research interest is in market reactions to public information. Professor Liu has published articles in the Contemporary Accounting Research, Journal of Accounting Research, The Accounting Review, Review of Accounting Studies, the FASB Research Supplement, and other accounting and finance journals. Chao is the recipient of the University of Notre Dame Kaneb Teaching Award in 2002 and 2005. He is currently teaching Financial Accounting.