Ang (Leo) Li
Research Assistant Professor
Hong Kong Institute of Business Studies
Lingnan University
Address: Office 207, Simon and Eleanor Kwok Building, Lingnan University, Tuen Mun, Hong Kong
CV | Lingnan Page | LinkedIn
Publications
- Mutual Fund Preference for Pure-Play Firms (with Brad Jordan and Mark Liu), Journal of Financial Markets, 2022, 100719
- Highlights: (1) Pure-play firms have higher mutual fund ownership than conglomerates. (2) The preference for pureplays is driven by mutual funds' industry expertise. (3) Mutual funds that invest more in pureplays have higher risk-adjusted returns. (4) Diversification discount affects the preference when diversification level is low.
- Predicting Stock Splits Using Ensemble Machine Learning and SMOTE Oversampling (with Mark Liu and Simon Sheather), Pacific-Basin Finance Journal, 2023, 101948
- Highlights: (1) Gradient boosting machines (GBMs) and random forests (RFs) predict stock splits with high accuracy. (2) SMOTE oversampling improves prediction performance. (3) Forming implementable portfolios based on positive GBM and RF predictions generates monthly five-factor alphas of 0.26% and 0.95% among small stocks.
- Can M&As Internalize Positive Externalities in Funding Innovation? (with Thomas Chemmanur and Mark Liu), Pacific-Basin Finance Journal, accepted
Working Papers
- Board Gender Diversity, Firm Culture, and Female Inventors
Work in Progress
Other Writings
- The Hong Kong Electronic Consumption Voucher Scheme: A Study on Its Effectiveness in Stimulating Public Spending (with Liping Liang, Suntong Qi, Tian Xia), 2023
- Media coverage: The Hong Kong Economic Times, Ming Pao, Sky Post, RTHK
- Hong Kong Electronic Consumer Vouchers: A Study on Consumers’ Intention to Receive and Use Consumer Vouchers (with Sebastian Chung, Liping Liang), 2021
- Media coverage: HK01, Hong Kong Commercial Daily