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LI Xiaoyang

Phone: +86 10 8518 8858 ext. 3953



Assistant Professor of Economics and Finance


PhD, University of Michigan



Research Areas: Corporate finance, mergers and acquisitions, corporate governance, emerging market finance, labor economics, industrial organization, theory of the firm.







Dr Li Xiaoyang is an Assistant Professor of Economics and Finance at CKGSB. He received his PhD in Business Economics in 2011 from the University of Michigan's Ross School of Business. Dr Li formerly worked as a consultant for the Development Economics Research Group of the World Bank in 2008 and as a business analyst for Bain & Company in 2004. He received an MS in Managerial Economics from the Queen's School of Business at Queen's University in Kingston, Ontario and an MA and BA, both in Economics, from the University of International Business and Economics in Beijing.


Dr Li teaches advanced Corporate Finance, and mergers and acquisitions to MBA students. Dr Li has published articles in the Journal of Financial Economics, Journal of Labor Research and the Journal of Corporate Finance.



Kauffman Dissertation Fellowship, Ewing Marion Kauffman Foundation, 2010

Financial Management Association Doctoral Student Consortium Fellow, 2010

American Finance Association Graduate Student Travel Award, 2010

Gladys and Walter Stark Graduate Scholarship, Ross School of Business, 2009

Thomas W. Leabo Memorial Award, Ross School of Business, 2008

Best Graduates Award in Beijing, Ministry of Education, 2003


Download CV


Selected Publications

  1. "Productivity, Restructuring, and the Gains from Takeovers", Journal of Financial Economics, (2013), forthcoming.
  2. "Workers, Unions, and Takeovers", Journal of Labor Research, (2012), 33, 443-460.
  3. "Subsidiary Divestiture and Acquisition in a Financial Crisis", (with M. Zhou and J. Svejnar), Journal of Corporate Finance, (2011), 17, 272-287.
  4. Does Brain Drain Lead to Institutional Gain? (with J. McHale and X. Zhou), World Economy, (2016), forthcoming.
  5. Productivity, Restructuring, and the Gains from Takeovers, Journal of Financial Economics, (2013), 109: 250-271.
  6. Workers, Unions, and Takeovers, Journal of Labor Research, (2012), 33: 443-460.
  7. Subsidiary Divestiture and Acquisition in a Financial Crisis, (with M. Zhou and J. Svejnar), Journal of Corporate Finance, (2011), 17: 272-287.
  8. Offshoring Pollution while Offshoring Production, (with M. Zhou), R&R, Strategic Management Journal
  9. Political Uncertainty and Cross-border Acquisitions" (with C. Cao and G. Liu), R&R, Review of Finance
  10. Career Concerns and the Busy Life of the Young CEO, (with A. Low and A. Makhija), R&R, Journal of Corporate Finance
  11. Does Import Competition Spur Innovation? (with M. Zhou), R&R, Advances in Strategic Management
  12. Imitating to Export, (with A. Liu), under review
  13. Board Diversity, Inventor Productivity, and Corporate Innovation (with C. Cao and C. Zeng)

Working Papers

“Personal Bankruptcy Law and Entrepreneurial Firms".