Finance Publications

Li, K., "Big Data and Machine Learning in ESG Research," Asia-Pacific Journal of Financial Studies forthcoming. (ssrn)

Li, K., R. Peng, R. Shen, and G. Wong, "Gender, Competition, and Performance: International Evidence," Journal of Financial and Quantitative Analysis forthcoming. (ssrn) (internet appendix) 

Duan, T., K. Li, R. Rogo, and R. Zhang, 2024. "The Effects of a U.S. Approach to Enforcement: Evidence from China," Journal of Financial and Quantitative Analysis 59, 121-156. (pdf) (ssrn) (internet appendix)

Eckbo, B.E., K. Li, and W. Wang, 2023. “Loans to Chapter 11 Firms: Contract Design, Repayment Risk, and Pricing," Journal of Law and Economics 66, 465-509. (pdf) (ssrn) (internet appendix)

Grennan, J., and K. Li, 2023. "Corporate Culture: A Review and Directions for Future Research," in: G. Hilary and D. McLean (eds.), Handbook of Financial Decision Making,  Elgar Publishing, 112-132. (pdf) (ssrn) (Video Recording of the Institute for Corporate Governance and ECGI Public Lecture on Corporate Culture and Directions for the Future) 

Li, K., and J. Wang, 2023. "Inter-firm Inventor Collaboration and Path-breaking Innovation: Evidence from Inventor Teams Post-merger," Journal of Financial and Quantitative Analysis 58, 1144-1171. (pdf) (ssrn) (internet appendix)

Hsu, P.-H., K. Li, X. Liu, and H. Wu, 2022. “Consolidating Product Lines via Mergers and Acquisitions: Evidence from the USPTO Trademark Data,” Journal of Financial and Quantitative Analysis 57, 2968-2992. (pdf) (ssrn)  (internet appendix)  

Griffin, D., O. Guedhami, K. Li, and G. Lu, 2021. “National Culture and the Value Implications of Corporate Environmental and Social Performance,” Journal of Corporate Finance  71, 102-123. (pdf ) (ssrn) (internet appendix)

Li, K., X. Liu, F. Mai, and T. Zhang, 2021. “The Role of Corporate Culture in Bad Times: Evidence from the COVID-19 Pandemic,” Journal of Financial and Quantitative Analysis 56 (A Special Issue on COVID-19), 2545-2583. (pdf) (ssrn) (internet appendix) (COVID-19 measures available upon request) 

Gao, H., K. Li, and Y. Ma, 2021. "Stakeholder Orientation and the Cost of Debt: Evidence from State-level Adoption of Constituency Statutes," Journal of Financial and Quantitative Analysis 56, 1908-1944.  (pdf) (ssrn) (internet appendix)

Li, K., F. Mai, R. Shen, and X. Yan, 2021. "Measuring Corporate Culture Using Machine Learning," Review of Financial Studies 34 (A Special Issue on Big Data in Finance), 3265-3315.  (pdf) (ssrn) (internet appendix) (FMA session on culture presentation) (Python code) (corporate culture data download via WRDS) (corporate culture data download link)

Griffin, D., K. Li, and T. Xu, 2021. "Board Gender Diversity, Corporate Innovation, and Firm Value: International Evidence," Journal of Financial and Quantitative Analysis 56, 123-154. (pdf) (ssrn) (internet appendix)

Colla, P., F. Ippolito, and K. Li, 2020. "Debt Structure," Annual Review of Financial Economics 12, 193-215. (pdf) (ssrn) 

Gao, H., P.-H. Hsu, K. Li, and J. Zhang, 2020. "The Real Effect of Smoking Bans: Evidence from Corporate Innovation," Journal of Financial and Quantitative Analysis 55, 387-427. (pdf) (ssrn) (JFQA promotion video)

Li, K., J. Qiu, and J. Wang, 2019. "Technology Conglomeration, Strategic Alliances, and Corporate Innovation," Management Science 65, 5065-5090. (pdf) (internet appendix) (ssrn) 

Li, K., B. Qiu, and R. Shen, 2018. "Organization Capital and Mergers and Acquisitions," Journal of Financial and Quantitative Analysis 53, 1871-1909. (pdf) (internet appendix) (ssrn)

Li, K., T. Liu, and J. Wu, 2018. "Vote Avoidance and Shareholder Voting in Mergers and Acquisitions," Review of Financial Studies 31, 3176-3211. (pdf) (internet appendix) (ssrn) 

Fos, V., K. Li, and M. Tsoutsoura, 2018. "Do Director Elections Matter?" Review of Financial Studies 31, 1499-1531. (pdf) (internet appendix) (ssrn) 

Gao, H., P.-H. Hsu, and K. Li, 2018. “Innovation Strategy of Private Firms,” Journal of Financial and Quantitative Analysis 53, 1-32. (pdf) (ssrn)

Griffin, D., O. Guedhami, C.C.Y. Kwok, K. Li, and L. Shao, 2018. "National Culture and the Value Implication of Corporate Governance," Journal of Law, Finance, and Accounting 3, 333-372. (pdf) (internet appendix) (ssrn)

Griffin, D., O. Guedhami, C.C.Y. Kwok, K. Li, and L. Shao, 2017. "National Culture: The Missing Country-Level Determinant of Corporate Governance," Journal of International Business Studies 48, 740-762. (pdf)

Gao, H., J. Harford, and K. Li, 2017. "CEO Turnover-Performance Sensitivities in Private Firms," Journal of Financial and Quantitative Analysis 52, 583-611. (pdf) (internet appendix) (ssrn) 

Chen, G., H. Gao, P.-H. Hsu, and K. Li, 2016. "Ownership Transition, Managerial Short-termism, and Exploratory versus Exploitative Innovation Strategy," Proceedings of the 2016 Academy of Management Meetings. (pdf) (ssrn)

Li, K., and W. Wang, 2016. "Debtor-in-Possession Financing, Loan-to-Loan, and Loan-to-Own," Journal of Corporate Finance 39, 121-138. (pdf) (ssrn)

Gao, H., and K. Li, 2015. "A Comparison of CEO Pay-Performance Sensitivity in Privately-Held and Public Firms," Journal of Corporate Finance 35, 370-388. (pdf) (ssrn) - Winner of the Best Paper Award at the 2011 China International Conference in Finance

Levi, M., K. Li, and F. Zhang, 2015. "Are Women More Likely to Seek Advice than Men? Evidence from the Boardroom," Journal of Risk and Financial Management (A Special Issue on Behavioral Finance) 8, 127-149. (pdf) (ssrn)

Bena, J., and K. Li, 2014. "Corporate Innovations and Mergers and Acquisitions," Journal of Finance 69, 1923-1960. (pdf) (internet appendix) (ssrn) (notes on data sources) 

Levi, M., K. Li, and F. Zhang, 2014. "Director Gender and Mergers and Acquisitions," Journal of Corporate Finance (A Special Issue on Inside the Board Room) 28, 185-200. (pdf) (ssrn) - Winner of the Best Doctoral Student Paper in Behavioral Finance Award at the 2011 Annual Meeting of the Academy of Behavioral Finance & Economics

Jiang, W., K. Li, and W. Wang, 2014. "Hedge Fund Activism in Chapter 11 Firms," Finance & Accounting Memos 1, 23-27. (pdf)

Colla, P., F. Ippolito, and K. Li, 2013. "Debt Specialization," Journal of Finance 68, 2117-2141. (pdf) (internet appendix) (ssrn)

Li, K., D. Griffin, H. Yue, and L. Zhao, 2013. "How Does Culture Influence Corporate Risk-Taking?" Journal of Corporate Finance 23, 1-22. (pdf) (ssrn) - Winner of the Best Paper Award at the 2009 Northern Finance Association Meetings

Gao, H., J. Harford, and K. Li, 2013. "Determinants of Corporate Cash Policy: Insights from Private Firms," Journal of Financial Economics 109, 623-639. (pdf) (ssrn)

Jiang, W., K. Li, and W. Wang, 2012. "Hedge Funds and Chapter 11," Journal of Finance 67, 513-559. (pdf) (internet appendix) (ssrn)

Levi, M., K. Li, and F. Zhang, 2012. "Risk Homeostasis and Corporate Acquisitions," Journal of Behavorial Finance & Economics 2, 21-49. (pdf) (ssrn)

Gao, H., J. Harford, and K. Li, 2012. "CEO Pay Cuts and Forced Turnover: Their Causes and Consequences," Journal of Corporate Finance 18, 291-310. (pdf) (ssrn) - Winner of the Best Paper Award at the 4th International Conference on Asia-Pacific Financial Markets

Li, K., T. Wang, Y.-L. Cheung, and P. Jiang, 2011. "Privatization and Risk Sharing: Evidence from the Split Share Structure Reform in China," Review of Financial Studies 24, 2499-2525. (pdf) (ssrn) - Winner of the 2014 Sun Yefang Financial Innovation Award, and the Best Paper Award at the 14th Annual Conference of the Chinese Finance Association

Li, K., D. Griffin, H. Yue, and L. Zhao, 2011. "National Culture and Capital Structure Decisions: Evidence from Foreign Joint Ventures in China," Journal of International Business Studies 42, 477-503. (pdf) (ssrn)

Harford, J., D. Jenter, and K. Li, 2011. "Institutional Cross-Holdings and Their Effects on Acquisition Decisions," Journal of Financial Economics 99, 27-39. (pdf) (ssrn)

Jiang, W., K. Li, and 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 23, 3595-3637. (pdf) (ssrn)

Levi, M., K. Li, and F. Zhang, 2010. "Deal or No Deal: Hormones and the Mergers and Acquisitions Game," Management Science 56, 1462-1483. (pdf) (ssrn)

Li, K., H. Yue, and L. Zhao, 2009. "Ownership, Institutions, and Capital Structure: Evidence from China," Journal of Comparative Economics 37, 471-490. (pdf) (ssrn)

Li, K., H. Ortiz-Molina, and X. Zhao, 2009. "Voting with Their Feet: Institutional Investors Shy Away from Dual-Class Firms," Canadian Investment Review 22, 6-13. (pdf)

Li, K., H. Ortiz-Molina, and X. Zhao, 2008. "Do Voting Rights Affect Institutional Investment Decisions? Evidence from Dual-Class Firms," Financial Management 37, 713-745. (pdf) (ssrn) - Winner of the Best Paper Award at the 2007 Northern Finance Association Meetings

Li, K., and X. Zhao, 2008. "Asymmetric Information and Dividend Policy," Financial Management 37, 673-694. (pdf)

Harford, J., K. Li, and X. Zhao, 2008. "Corporate Boards and the Leverage and Debt Maturity Choices," International Journal of Corporate Governance 1, 3-27. (pdf) (ssrn)

Chen, X., J. Harford, and K. Li, 2007. "Monitoring: Which Institutions Matter?" Journal of Financial Economics 86, 279-305. (pdf) (ssrn)

Harford, J., and K. Li, 2007. "Decoupling CEO Wealth and Firm Performance: The Case of Acquiring CEOs," Journal of Finance 62, 917-949. (pdf) (ssrn)  - Winner of the Best Paper Award at the First Annual Meetings of the Financial Research Association

Li, K., and N.R. Prabhala, 2007. "Self-Selection Models in Corporate Finance," Handbook of Corporate Finance: Empirical Corporate Finance Vol. I, ed. B. E. Eckbo, in the North Holland Handbooks in Finance, Elsevier Science B.V., Chapter 2, 37-86. Reprinted in: Corporate Takeovers: Modern Empirical Developments Vol. I, ed. B. E. Eckbo, Elsevier/Academic Press, Chapter 3, 173-224. (pdf) (ssrn) - FMA 2011 Tutorial Session on Self-Selection Models in Corporate Finance, FMA 2011 Tutorial Session on video, Li and McNally (ssrn), lecture notes based on the Chapter available upon request

Li, K., 2007. "The Growth in Equity Market Size and Trading Activity: An International Study," Journal of Empirical Finance 14, 59-90. (pdf) (ssrn)

Li, K., and W. McNally, 2007. "The Information Content of Canadian Open Market Repurchase Announcements," Managerial Finance (A Special Issue on Payout Policy) 33, 65-80. (pdf) (ssrn)

Broshko, E.B., and K. Li, 2006. "Playing by the Rules: Comparing Principles-based and Rules-based Corporate Governance in Canada and the U.S.," Canadian Investment Review 19, 18-23. (pdf) (ssrn) (long version)

Li, K., 2004. "Confidence in the Familiar: An International Perspective," Journal of Financial and Quantitative Analysis 39, 47-68. (pdf) (ssrn) - Winner of the Best Paper Award at the 9th Conference on the Theories and Practices of Securities and Financial Markets

Giammarino, R., R. Heinkel, B. Hollifield, and K. Li, 2004. "Corporate Decisions, Information and Prices: Do Managers Move Prices or Do Prices Move Managers?" Economic Notes (A Special Issue of Proceedings of the Conference in Honor of M.J. Brennan, eds. E. Schwartz, W. Torous) 33, 83-110. (pdf) (ssrn)

Chakravarty, S., and K. Li, 2003. "An Examination of Own Account Trading by Dual Traders in Futures Markets," Journal of Financial Economics 69, 375-397. (pdf) (ssrn)

Hollifield, B., G. Koop, and K. Li, 2003. "A Bayesian Analysis of a Variance Decomposition for Stock Returns," Journal of Empirical Finance 10, 583-601. (pdf) (ssrn)

Chakravarty, S., and K. Li, 2003. "A Bayesian Analysis of Dual Trader Informativeness in Futures Markets," Journal of Empirical Finance 10, 355-371. (pdf) (ssrn)

Li, K., A. Sarkar and Z. Wang, 2003. "Diversification Benefits of Emerging Markets Subject to Portfolio Constraints," Journal of Empirical Finance (A Special Issue on Emerging Markets) 10, 57-80. (pdf) (ssrn)

Li, K., 2002. "What Explains the Growth of Global Equity Markets?" Canadian Investment Review 15, 23-30. (pdf) - Winner of the Second Annual Barclays Global Investors Research Award

Li, K., and A. Sarkar, 2002. "Should US Investors Hold Foreign Stocks?" Current Issues in Economics and Finance 8, 1-6. (pdf) (ssrn)

Koop, G., and K. Li, 2001. "The Valuation of IPO and SEO Firms," Journal of Empirical Finance 8, 375-401. (pdf) (ssrn)

Li, K., 1999. "Testing Symmetry and Proportionality in PPP: A Panel Data Approach," Journal of Business and Economic Statistics 17, 409-418. (pdf) (ssrn)

Li, K., 1999. "Exchange Rate Target Zone Models: A Bayesian Evaluation," Journal of Applied Econometrics 14, 461-490. (pdf) (ssrn)

Li, K., 1999. "Bayesian Analysis of Duration Models: An Application to Chapter 11 Bankruptcy," Economics Letters 63, 305-312. (pdf) (srrn)

Li, K., 1998. "Bayesian Inference in a Simultaneous Equation Model with Limited Dependent Variables," Journal of Econometrics 85, 387-400. (pdf) (ssrn)