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Li, Kai

Professor of Finance
University of British Columbia, Canada


Educational Background

Ph.D., Economics, University of Toronto


Professor Li is Professor of Finance and holds the W. Maurice Young Endowed Chair in Finance at the Sauder School of Business, University of British Columbia since 2008. Prior to that, Professor Li was Assistant Professor and Associate Professor of Finance at UBC since 1996.

Honors / Achievements

Research Excellence Award (2008), UBC, Canada

Short BIO

Professor Li has published widely at leading academic journals such as Journal of Finance, Journal of Financial Economics,Journal of Financial and Quantitative Analysis, Journal of Empirical Finance, Journal of Econometrics, and other leading academic journals. She is on the editorial boards of China Finance Review, International Journal of Corporate Governance and Finance Letters. Professor Li also contributed Handbook of Corporate Finance: Empirical Corporate Finance, which was published in 2007.
Professor Li is a member of American Finance Association, American Economic Association, WesternFinance Association and Financial Management Association.


  • Bena, J., and K. Li, Corporate Innovations and Mergers and Acquisitions, Journal of Finance forthcoming.

    Colla, P., F. Ippolito, and K. Li, Debt Specialization, Journal of Finance forthcoming.

    Jiang, W., K. Li, and W. Wang, 2012, Hedge Funds and Chapter 11, Journal of Finance 67, 513-559.

    Levi, M., K. Li, and F. Zhang, 2012, Risk Homeostasis and Corporate Acquisitions, Journal of Behavioral Finance and Economics 2, 21-49.

    Gao, H., J. Harford, K. Li (2012), CEO Pay Cuts and Forced Turnover: Their Causes and Consequences, Journal of Corporate Finance.

    Li, K., T. Wang, Y.-L. Cheung, P. Jiang (2011), Privatization and Risk Sharing: Evidence from the Split Share Structure Reform in China,Review of Financial Studies.

    Li, K., D. Griffin, H. Yue, L. Zhao (2011), National Culture and Capital Structure Decisions: Evidence from Foreign Joint Ventures in ChinaJournal of International Business Studies.

    Harford, J., D. Jenter, K. Li (2011), Institutional Cross-Holdings and Their Effects on Acquisition Decisions, Journal of Financial Economics.

    Jiang, W., K. Li, P. Shao (2010), When Shareholders Are Creditors:  Effects of the Simultaneous Holding of Equity and Debt by Non-Commercial Banking Institutions, Review of Financial Studies.

    Levi, M., K. Li, F. Zhang (2010), Deal or No Deal: Hormones and the Mergers and Acquisitions Game, Management Science.

    Li, K., H. Yue, L. Zhao (2009), Ownership, Institutions, and Capital Structure: Evidence from China, Journal of Comparative Economics.

    Li, K., H. Ortiz-Molina, X. Zhao (2009), Voting with Their Feet: Institutional Investors Shy Away from 2 Dual-Class Firms, Canadian Investment Review.

    Li, K., H. Ortiz-Molina, X. Zhao (2008), Do Voting Rights Affect Institutional Investment Decisions?Evidence from Dual-Class Firms,Financial Management.

    Li, K., X. Zhao (2008), Asymmetric Information and Dividend Policy, Financial Management.

    Harford, J., K. Li, X. Zhao (2008), Corporate Boards and the Leverage and Debt Maturity Choices, International Journal of Corporate Governance.

    Chen, X., J. Harford, K. Li (2007), Monitoring: Which Institutions Matter? Journal of Financial Economics.

    Harford, J., K. Li (2007), Decoupling CEO Wealth and Firm Performance: The Case of Acquiring CEOs, Journal of Finance.

    Nill, K. Li (2007), The Growth in Equity Market Size and Trading Activity: An International Study, Journal of Empirical Finance.

    Li, K., W. McNally (2007), The Information Content of Canadian Open Market Share Repurchase Announcements, Managerial Finance.

    Broshko, E.B., K. Li (2006), Playing by the Rules: Comparing Principles-based and Rules-based Corporate Governance in Canada and the U.S., Canadian Investment Review.

    Nill, K. Li (2004), Confidence in the Familiar: An International Perspective, Journal of Financial and Quantitative Analysis.

    Chakravarty, S., K. L (2003), An Examination of Own Account Trading by Dual Traders in Futures Markets, Journal of Financial Economics.

    Hollifield, B., G. Koop, K. Li (2003), A Bayesian Analysis of a Variance Decomposition for Stock Returns, Journal of Empirical Finance.

    Chakravarty, S., K. Li (2003), A Bayesian Analysis of Dual Trader Informativeness in Futures Markets, Journal of Empirical Finance.

    Li, K., A. Sarkar, Z. Wang (2003), Diversification Benefits of Emerging Markets Subject to Portfolio Constraints, Journal of Empirical Finance.

    Li, K., D.J. Poirier (2003), An Econometric Model of Birth Inputs and Outputs for Native Americans, Journal of Econometrics.

    Li, K., D.J. Poirier (2003), The Roles of Birth Inputs and Outputs in Predicting Health, Behavior, and Test Scores in Early Childhood,Statistics in Medicine.

    Li, K., D.J. Poirier (2003), Bayesian Analysis of an Econometric Model of Birth Inputs and Outputs, Journal of Population Economics.

    Nill, K. Li (2002), What Explains the Growth of Global Equity Markets? Canadian Investment Review.

    Li, K., A. Sarkar (2002), Should US Investors Hold Foreign Stocks? Current Issues in Economics and Finance.

    Koop, G., K. L (2001), The Valuation of IPO and SEO Firms, Journal of Empirical Finance.

    Li, K., D.J. Poirier (2001), Using the National Longitudinal Survey of Youth in the US to Study the Birth Process: A Bayesian Approach,Research in Official Statistics.

    Li, K., A. Sarkar (1999), Testing Symmetry and Proportionality in PPP: A Panel Data Approach, Journal of Business and Economic Statistics.

    Li, K., A. Sarkar (1999), Exchange Rate Target Zone Models: A Bayesian Evaluation, Journal of Applied Econometrics.

    Li, K., A. Sarkar (1999), Bayesian Analysis of Duration Models: An Application to Chapter 11 Bankruptcy, Economics Letters.

    Li, K., A. Sarkar (1998), Bayesian Inference in a Simultaneous Equation Model with Limited Dependent Variables, Journal of Econometrics.

Working Paper

  • Debt Specialization
  • Incentive Effects of Extreme CEO Pay Cuts
  • How Does Culture Influence Corporate Risk-Taking
  • Men are from Mars, Women are from Venus: Gender and Mergers and Acquisitions
  • A Comparison of CEO Pay in Public and Private US Firms
  • Corporate Innovations and Mergers and Acquisitions
  • Determinants of Corporate Cash Policy: Insights from Private Firms