Erica X.N. Li profile picture

Erica X.N. Li

Professor of Finance, Cheung Kong Graduate School of Business

About Me

Erica X.N. Li is a Professor of Finance at Cheung Kong Graduate School of Business. Professor Li holds a Ph.D. in Finance with a minor in Macroeconomics from the University of Rochester and a Ph.D. in Physics from the University of Massachusetts, Amherst. She also holds bachelor's degrees in Physics and Economics from Peking University.

Professor Li has taught finance at the undergraduate, MBA, and executive MBA levels in the United States and China. Her research covers topics such as stock return anomalies, structural estimation of dynamic models, financial frictions and corporate policies, and the effects of monetary and fiscal policies on asset prices. She serves as an associate editor of the Pacific-Basin Finance Journal, Journal of Empirical Finance, The International Review of Finance, and Quarterly Journal of Economics and Management.

For more information, please get in touch with me at: xnli [at] ckgsb [dot] edu [dot] cn

News

Publications

  1. Anomalies
    Erica X.N. Li, Dmitry Livdan, Lu Zhang.
    Review of Financial Studies, lead article, 22(11), 4301-4334.

  2. Nominal Rigidities, Asset Returns and Monetary Policy
    Erica X.N. Li, Francisco Palomino.
    Journal of Monetary Economics, 66, 210-225.

  3. Corporate Governance and Costs of Equity: Theory and Evidence
    Di Li, Erica X.N. Li.
    Management Science, 64(1), 83-101.

  4. Do Underwriters Compete in IPO Pricing?
    Evgeny Lyandres, Fangjian Fu, Erica X.N. Li.
    Management Science, 64(2), 925-954.

  5. Inventory Behavior and Financial Constraints: Theory and Evidence
    Sudipto Dasgupta, Erica X.N. Li, Dong Yan.
    Review of Financial Studies, 32(3), 1188-1233.

  6. The CAPM Strikes Back? An Equilibrium Model with Disasters
    Hang Bai, Kewei Hou, Howard Kung, Erica X.N. Li, Lu Zhang.
    Journal of Financial Economics, 131(2), 269-298.

  7. Macroeconomic Risks and Asset Pricing: Evidence from a Dynamic Stochastic General Equilibrium Model
    Erica X.N. Li, Haitao Li, Shujing Wang, Cindy Yu.
    Management Science, 65(8), 3585-3604.

  8. Real and Nominal Equilibrium Yield Curves
    Alex Hsu, Erica X.N. Li, Francisco Palomino.
    Management Science, 67(2), 1138-1158.

  9. Does Fiscal Policy Matter for Stock-Bond Return Correlation?
    Erica X.N. Li, Tao Zha, Ji Zhang, Hao Zhou.
    Journal of Monetary Economics, 128, 20-34.

  10. The Marginal Value of Cash: Structural Estimates from a Model with Financing and Agency Frictions
    Sudipto Dasgupta, Di Li, Erica X.N. Li.
    Management Science, 71(5), 3667-3687.

  11. Fundamental Anomalies
    Erica X.N. Li, Guoliang Ma, Shujing Wang, Cindy Yu.
    Management Science, 72(2), 1636-1657.

  12. Firm-level Irreversibility
    Hang Bai, Chen Xue, Erica X.N. Li, Lu Zhang.
    Critical Finance Review, lead article, 14(4), 447-473.

Working Papers

  1. Nominal Rigidities, Earnings Manipulation, and Securities Regulation
    Pengfei Wang, Jin Xie, Erica X.N. Li, Ji Zhang.
    Reject & Resubmit, Management Science.

  2. Government Investment and Q: Theory and Evidence
    Zhiyao Chen, Ran Duchin, Erica X.N. Li, Daniel Kim.

  3. Measuring Financial Flexibility
    Sudipto Dasgupta, Erica X.N. Li, Siyuan Wu.

  4. Asymmetric Investment Rates
    Hang Bai, Chen Xue, Erica X.N. Li, Lu Zhang.

  5. Knowledge Network and Asset Pricing
    Po-Hsuan Hsu, Huijun Wang, Erica X.N. Li, Gang Zhang.

  6. The Impact of Securities Regulation on New Keynesian Firms
    Pengfei Wang, Jin Xie, Erica X.N. Li, Ji Zhang.

  7. Efficient Concentration
    Guoliang Ma, Erica X.N. Li, Dan Su.

  8. Magic Formula or Futile Effort: Lessons from China's Two-Tiered Government Guided Funds
    Zhao Jin, Dan Su, Erica X.N. Li, Daniel Xu.

  9. Pricing the Energy Transition in a Production Network
    Yu Li, Erica X.N. Li, Shaojun Zhang.

Teaching

At Cheung Kong Graduate School of Business
  • Investment, 2018, 2024-present
  • Behavioral Finance, 2016-present
  • Asset Securitization, 2012-present
At University of Michigan
  • Financial Management, Winter 2007, Fall 2008, Fall 2009, Fall 2010

Media Coverage

  • Professor Erica Li comments on IMF's latest Global Financial Stability Report.
  • La fuerte escalada de la deuda china amenaza a la economia, El Pais, 26 May 2016.
  • Debt-for-equity proposal worrying bankers, Shanghai Daily, 31 Mar 2016.