Amy Yazhu Li

Amy Yazhu Li

Assistant Professor in Finance

Welcome to my website! I am an Assistant Professor of Finance at CUHK(Shenzhen). I earned my Ph.D. in Finance from Erasmus University Rotterdam in the Netherlands. My research interests lie in Corporate Finance, and I teach courses on derivatives and financial markets at the undergraduate and graduate level.

You can contact me at yazhuli@cuhk.edu.cn

PUBLISHED RESEARCH 

Equity-based compensation and the timing of share repurchases: the role of the corporate calendar 

Ingolf Dittmann, Amy Yazhu Li, Stefan Obernberger, and Jiaqi Zheng 

• Published in the Journal of Accounting and Economics: https://www.sciencedirect.com/science/article/pii/S0165410125000345 

Featured as article by Harvard Law School Forum: https://corpgov.law.harvard.edu/2022/04/28/the-corporate-calendar-and-the-timing-of-share-repurchases-and-equity-compensation/ 

• Conferences: American Accounting Association (AAA) Annual Meeting 2022, SFS Cavalcade Asia-Pacific 2022, American Finance Association (AFA) Annual Meeting 2023, European Finance Association (EFA) Annual Meeting 2023 

Abstract: We examine whether CEOs use share repurchases to sell their equity at inflated prices. We document that share repurchases, like equity-based compensation, are affected by the corporate calendar—the firm's schedule of earnings announcements and insider trading restrictions. The corporate calendar can fully explain why share repurchases and equity-based compensation coincide. The alignment with the corporate calendar is stricter in firms with strong internal governance or high external monitoring. When CEOs sell equity, firms are actually less likely to repurchase. Our findings reconcile earlier studies and highlight the importance of the corporate calendar for the timing of share repurchases. 

TEACHING 

Financial Markets and Derivatives (Master course) 

January 2026 – present 

Chinese University of Hong Kong, Shenzhen 

Options and Futures (Bachelor course) 

January 2024 – present 

Chinese University of Hong Kong, Shenzhen 

Financial Methods and Techniques (Bachelor course) 

January 2021 – June 2023 

Erasmus University Rotterdam, TA for Rogier Quadvlieg and Marc Gabarro