LI Xuenan (Erica)

Phone: +86 10 8518 8858 ext. 8102
E-mail: xnli@ckgsb.edu.cn
Personal Webpage: https://li-xuenan-erica.com

Professor of Finance and Director of China Industrial Policy Research Center, Cheung Kong Graduate School of Business (CKGSB)

PhD’s, University of Rochester and University of Massachusetts, Amherst

Areas of Expertise: Asset Pricing, Behavioral Finance, Capital Structure, Corporate Governance, Fiscal Stimulus, Government Debt, Macroeconomics, Monetary Policy, Securitization

Dr Erica Xuenan Li is a Professor of Finance and Director of China Industrial Policy Research Center at the Cheung Kong Graduate School of Business (CKGSB). Before joining CKGSB in 2012, she served as Assistant Professor of Finance at the Ross School of Business at University of Michigan during 2007 and 2012.

Professor Li teaches courses on topics such as asset securitization and behavioral finance at CKGSB. Her academic research interest focuses on asset pricing, monetary policy and corporate governance. Her papers have been published in top journals, including Review of Financial Studies, Journal of Financial Economics, Journal of Monetary Economics, and Management Sciences. Professor Li serves as an associate editor for Journal of Empirical Finance, International Review of Finance and Quarterly Journal of Economics and Management. She was awarded the Outstanding Research Award twice by CKGSB.

Professor Li holds a PhD in Finance with a minor in Macroeconomics from the University of Rochester and a PhD in Physics from the University of Massachusetts, Amherst. She also holds bachelor’s degrees in Physics and Economics from Peking University.

Download CV

• Cheung Kong Graduate School of Business, Outstanding Research Award, 2017, 2023
• China International Conference of Finance (CICF) Best Paper Award, 2023
• CFA Best Paper Award, 2014 Northern Finance Association Meetings
• University of Michigan, Ann Arbor, Summer Research Grant, 2008-2010
• University of Rochester, Graduate Fellowship, 2002-2007
• University of Massachusetts, Amherst, Eugene M. Isenberg Award for Innovative Interdisciplinary Studies in Business, Science, and Technology, 2001
• University of Massachusetts, Amherst, Graduate Fellowship, 1998-2002

• Are REITS the best source of financing for Vanke?
• Mortgage-backed securities – angels or demons?
• Syngenta: Capital Assisted Globalization

• “La fuerte escalada de la deuda china amenaza a la economía”, El Pais, 26 May 2016.
• “Debt-for-equity proposal worrying bankers”, Shanghai Daily, 31 Mar 2016.

Publications

• Anomalies, 2009, with Dmitry Livdan and Lu Zhang, Review of Financial Studies, lead article, 22(11), 4301–4334.
• Nominal Rigidities, Asset Returns and Monetary Policy, 2014, with Francisco Palomino, Journal of Monetary Economics, 66, 210–225.
• Corporate Governance and Costs of Equity: Theory and Evidence, with Di Li, 2018, Management Science, 64(1), 83-101
• Do Underwriters Compete in IPO pricing?, with Evgeny Lyandres and Fangjian Fu, 2018, Management Science, 64 (2), 925-954
• Inventory Behavior and Financial Constraints: Theory and Evidence, with Sudipto Dasgupta and Dong Yan, 2019, Review of Financial Studies, 32 (3), 1188-1233
• The CAPM Strikes Back? An Equilibrium Model with Disasters, with Hang Bai, Kewei Hou, Howard Kung, Lu Zhang, 2019, Journal of Financial Economics, 131 (2), 269-298
• Macroeconomic Risks and Asset Pricing: Evidence from a Dynamic Stochastic General Equilibrium Model, with Haitao Li, Shujing Wang, and Cindy Yu, 2019, Management Science, 65 (8), 3449-3947
• Real and Nominal Equilibrium Yield Curves, with Alex Hsu and Francisco Palomino, 2021, Management Science, 67 (2), 1138-1158
• Does Fiscal Policy Matter for Stock-Bond Return Correlation?, with Tao Zha, Ji Zhang and Hao Zhou, 2022, Journal of Monetary Economics, 128, 20-34
• The Marginal Value of Cash: Structural Estimates from a Model with Financing and Agency Frictions, with Sudipto Dasgupta and Di Li, forthcoming, Management Science
• Fundamental Anomalies, with Guoliang Ma, Shujing Wang, and Cindy Yu, forthcoming, Management Science
• Firm-level Irreversibility, with Hang Bai, Chen Xue, and Lu Zhang, forthcoming, Critical Finance Review

Working Papers

• 李力，李学楠（通讯作者），刘晓蕾，货币政策对企业预期的影响 — 基于工业企业微观调查数据的分析
• Inferring Financial Flexibility: Do Actions Speak Louder than Words?, with Sudipto Dasgupta and Siyuan Wu
• Asymmetric Investment Rates, with Hang Bai, Chen Xue, and Lu Zhang
• Knowledge Network and Asset Pricing, with Po-Hsuan Hsu, Huijun Wang, and Gang Zhang
• Nominal Rigidities, Earnings Manipulation, and Securities Regulation, with Pengfei Wang, Jin Xie and Ji Zhang
• The Impact of Securities Regulation on New Keynesian Firms, with Jin Xie and Ji Zhang
• The Change in Corporate Production Function: Theory and Evidence, with Guoliang Ma and Dan Su
• Exploring the effect of supportive literature environment on children’s academic performance and psychological well-being, with Tracy Xiao Liu, Shuhuai Zhang, Bowen Zheng, Rui (Juliet) Zhu, Revise & Resubmit, Journal of Economic Behavior and Organization
• The Marginal Value of Cash: Structural Estimates from a Model with Financing and Agency Frictions, with Sudipto Dasgupta and Di Li, Revise & Resubmit, Management Science
• Fundamental Anomalies, with Guoliang Ma, Shujing Wang, and Cindy Yu