Jiasun Li

Assistant Professor of Finance
George Mason University

I received my Ph.D in finance from UCLA Anderson School of Management and B.S. in mathematics from Fudan University (Shanghai, China) prior to joining George Mason. My research interest covers FinTech (including cryptocurrency and crowdfunding), as well as the role of information in the theory of the firm and market microstructure. I have presented research at many prestigious institutions and conferences including MIT, Michigan, Northwestern, Yale, NBER, WFA, and Econometric Society. I am a winner of 2016 Yihong Xia Best paper award at CICF and 2014 Chicago Quantitative Alliance (CQA) academic paper competition. 


     2017 "Pietro Giovannini Memorial Prize" Best Paper Award

When a group of investors with dispersed private information jointly invest in a risky project, how should they divide the project payoff ? A typical common stock contract rewards investors in proportion to their initial investment, but is it really optimal? This paper first studies as a general contracting problem the role of profit sharing in best harnessing the wisdom of the crowd, then investigates specific FinTech applications including the security design of investment crowdfunding. 

Media mention: Columbia Law School's Blue Sky Blog on corporations and the capital markets

WFA, SFS Cavalcade, 
Yale (Cowles General Equilibrium)Louis Bachelier Lab (Fintech), European Retail Investment (Fintech)Emerging Trends in Entrepreneurial Finance (Stevens Institute of Technology), European Finance Association 

    2016 Yihong Xia Best Paper Award from CICF    
    Best PhD Paper from 2016 EFA (Theory), 2016 KFUPM conference, and 2014 AFBC (1st Prize) 
I show that simple profit-sharing contracts with decentralized control could empower individuals with their collective wisdom by coordinating actions guided by dispersed private information. This result parallels existing theories for financial markets, where the equilibrium market price achieves an information aggregation effect through rational expectations. The wisdom of the crowd effect of a well-designed profit-sharing contract speaks to optimal corporate governance structures, guides security design for some new financing practices such as crowdfunding, and sheds new light on the nature of the firm: joint-stock companies endogenously emerge to complete the market.

NBEREconometric Society, Financial Intermediation Research Society (FIRS), Paul Woolley Centre, CEPR Gerzensee, CICF, Northwestern (Searle Center), OSU Midwest Theory

    Journal of Trading, Summer 2016, Vol. 11, No. 3: pp. 16–31 (highlight article)
    2014 Chicago Quantitative Alliance (CQA) Annual Academic Competition Best Paper (2nd Prize)
Almost all U.S. firms now announce earnings outside of regular trading hours. This paper studies how stock prices incorporate information in after-hours trading. I find slow prices adjustment accompanied by significant trading volume. During 2002-2012, 5,881 rule-based trading opportunities generate an average return of 1.53% within four hours. After costs (assessed by a trading experiment), an investor who properly exploits the slow adjustment beats the market by 11.5% per year. The slow price adjustment persists under various levels of investor inattention, limited arbitrage capital, short-sale constraints, and market liquidity.

Imperial College London (Hedge Fund Centre), QWAFAFEW/Southern California Quant Network Meeting, FSU SunTrust Beach Conference, Northern Finance Association Meeting, LBS Trans-Atlantic Doctoral Conference 


Mutual Voting (with Shenje Hshieh and Michael Tang)

Who Drives and Bursts Asset Bubbles? Evidence from Bitcoin Exchange Transactions (with Mark Grinblatt and Vitalie Spinu)

The Creation & Organization of Firms: Theory and Evidence from Bitcoin Mining Pools (with Foteini Baldimtsi, Lin William Cong, and Zhiguo He)

Initial Coin Offering and Security Regulation (with William Mann)


George Mason University 
Master of Management program Faculty of the Year award 
one per year 
voted by 

     George Mason University MS MGMT Core, instructor, 2016 fall

     George Mason University MBA Core, instructor, 2016 fall

Financial Management
     George Mason University undergrad Core, instructor, 2016 fall
Theory of the Firm and Corporate Governance Design
     Harvard University (HCSSA Lecture, lecturer), 2015 summer

Statistical Arbitrage 
     UCLA Anderson MFE Elective, teaching assistant for Prof. Olivier Ledoit (2014/2015 Fall)

Credit Markets
     UCLA Anderson MFE Core, teaching assistant for Prof. Holger Kraft (2014/2015 Fall)

Takeovers, Restructuring, and Corporate Governance
     UCLA Anderson MBA Elective, teaching assistant for Prof. Micah Officer (2013/2014 Spring) and Prof. Stephen Greene (2013/2014 Winter)

Empirical Methods in Finance
     UCLA Anderson MFE Core, private tutor, course taught by Prof. Hanno Lustig (2013/2014 Winter)

Foundations of Finance 
     UCLA Anderson MBA Core, teaching assistant for  Prof. Brian Boyer (2012/2013 Winter)


UCLA Anderson School of Management
    Ph.D in Finance, 2011-2016

Fudan University (Shanghai, China)
    B.Sc in Mathematics, 2007-2011, highest distinction

My BTC Address