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Research Areas
Corporate Finance
Li, Feng

Professor of Accounting
Shanghai Advanced Institute of Finance


Educational Background

Feng Li holds a Ph.D. in Business Administration in Accounting, Finance and Economics area (2005) from University of Chicago.


Professor Li was Harry Jones Associate Professor of Accounting with tenure, University of Michigan, from 2011 to 2015. Before that, Professor Li was the Ernst & Young Assistant Professor of Accounting in Stephen M. Ross School of Business, University of Michigan, from July 2004.

Honors / Achievements

Professor Li also serves as reviewer of Accounting, Organization, and Society, Accounting Review, Contemporary Accounting Research, Journal of Accounting Research, Journal of Accounting and Economics, Journal of Finance, Management Science and Review of Accounting Studies.

Short BIO

Professor Li's research interest mainly lies in corporate disclosures and financial statement analysis. He has published widely in leading academic journals such as Journal of Journal of Accounting Research, Journal of Accounting and Economics, and Journal of Financial Economics.



  • 1. Chen, Jason V., and Feng Li, 2015, Discussion of Textual Analysis and International Financial Reporting: Large Sample Evidence, Journal of Accounting and Economics.
    2. Li, Feng, Michael Minnis, Venky Nagar, and Madhav Rajan, 2014, Knowledge, compensation, and firm value: An empirical analysis of firm communication, Journal of Accounting and Economics.
    3. Li, Feng, Russell Lundholm, and Michaael Minnis, 2013, A measure of competition based on 10-K filings, Journal of Accounting Research.
    4. Dichev, Ilia D., and Feng Li, 2013, Growth and Accounting Choice, Australian Journal of Management.
    5. Li, Feng, and Venky Nagar, 2013, Diversity and Performance, Management Science.
    6. Li, Feng, 2012, Discussion of Analyzing Speech to Detect Financial Misreporting, Journal of Accounting Research.
    7. Lehavy, Reuven, Feng Li, and Kenneth Merkley, 2011, The Effect of Annual Report Readability on Analyst Following and the Properties of Their Earnings Forecasts, The Accounting Review.
    8. Li, Feng, 2011, Earnings Quality Based on Corporate Investment Decisions, Journal of Accounting Research.
    9. Li, Feng, and Suraj Srinivasan, 2011, Corporate Governance when Founders are Directors, Journal of Financial Economics.
    10. Li, Feng, 2010, Textual Analysis of Corporate Disclosures: A Survey of the Literature, Journal of Accounting Literature.
    11. Li, Feng, 2010, The Information Content of Forward-looking Statements in Corporate Filings-A Naive Bayesian Machine Learning Approach, Journal of Accounting Research.
    12. Li, Feng, 2008, Annual Report Readability, Current Earnings, and Earnings Persistence, Journal of Accounting and Economics.
    13. Wong, Franco M.H., and Feng Li, 2005, Employee Stock Options and Equity Valuation, Journal of Accounting Research.

Working Paper

  • Li, Feng, Jason V. Chen, and Jenny Chen, Empirical investigation of an equity pairs trading strategy.
    Li, Feng, and Nemit Shroff, Financial reporting quality and economic growth.
    Li, Feng, and Jason V. Chen, Estimating the amount of estimation in accruals.
    Li, Feng, Do stock market investors understand the risk sentiment of corporate annual reports?.
    Li, Feng, Roby Lehavy, and Kenneth Merkley, Cross-sectional determinants of the asymmetric information content of Management Discussion and Analysis.
    Li, Feng, Executive equity holdings and merger and acquisition efficiency.
    Li, Feng, Philip Berger, and Jason V. Chen, Firm-specific information and cost of equity capital.
    Li, Feng, Philip Berger, and Franco M.H. Wong, The impact of Sarbanes-Oxley on foreign private issuers.