LI Erica X.N.

Dr Erica X.N. 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 International Review of Finance and Quarterly Journal of Economics and Management. She was awarded the Outstanding Research Award by CKGSB in 2018.

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.

Areas of Expertise

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

Education

• Ph.D. in Finance, University of Rochester, 2008. Minor: Macroeconomics.
• Ph.D. in Physics, University of Massachusetts, Amherst, 2002.
• B.S. in Physics and B.A. in Economics, Peking University, 1998.

Employment

• Assistant Professor in Finance, University of Michigan, Stephen M. Ross School of Business, 2007 - 2011
• Visiting Assistant Professor in Finance, Cheung Kong Graduate School of Business, 2011 - 2012
• Assistant Professor in Finance, Cheung Kong Graduate School of Business, 2012 - 2016
• Associate Professor in Finance (without tenure), Cheung Kong Graduate School of Business, 2016 - 2018
• Associate Professor in Finance (with tenure), Cheung Kong Graduate School of Business, 2018 - 2022
• Professor in Finance (with tenure), Cheung Kong Graduate School of Business, 2022 - present

Achievements

• Cheung Kong Graduate School of Business, Outstanding Research Award, 2018
• 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

Research

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

Teaching

at Cheung Kong Graduate School of Business

• Investment, 2018
• Behavioral Finance, 2016-present
• Asset Securitization, 2012-present

at University of Michigan

• Financial Management, Winter 2007, Fall 2008, Fall 2009, Fall 2010

at University of Rochester

• Mathematical Techniques in Economics, Summer quarter 2006

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, Journal of Monetary Economics, forthcoming