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Kai Li
Professor
of Finance W. Maurice Young
Chair in Finance
Office:
Henry Angus 853 |
Vita
Research Papers
· "Cultural Values and Corporate Risk-Taking,” with D. Griffin, H. Yue, and L. Zhao. (pdf)
· "Deal or No Deal: Hormones and the Merger and Acquisition Game," with M. Levi, and F. Zhang. (pdf)
· "Incentive Effects of Extreme CEO Pay Cuts," with H. Gao, and J. Harford. (pdf)
· "When Shareholders Are Creditors: Effects of the Simultaneous Holding of Equity and Debt by Institutional Investors," with W. Jiang, and P. Shao. (pdf)
· "Privatization and Risk Sharing: Evidence from the Split Share Structure Reform in China," with T. Wang, Y.-L. Cheung, and P. Jiang. (pdf) - Winner of the Best Paper Award at the 14th Annual Conference of the Chinese Finance Association
· "Country of Origin Effects in Capital Structure Decisions: Evidence from Foreign Direct Investments in China,” with D. Griffin, H. Yue, and L. Zhao. (pdf)
· "Institutional Cross-Holdings: Important to Shareholders, Ignored by Managers?" with J. Harford, and D. Jenter, NBER working paper w13274. (pdf)
· "Ownership, Institutions, and Capital Structure: Evidence from China," with H. Yue, and L. Zhao. (pdf)
· "Open Market versus Tender Offer Share Repurchases: A Conditional Event Study," with W. McNally. (pdf)
Finance
Publications
- "Voting with Their
Feet: Institutional Investors Shy Away from Dual-Class Firms," with
H. Ortiz-Molina, and X. Zhao, 2009, Canadian Investment Review 22,
6-13. (pdf)
- "Do Voting Rights
Affect Institutional Investment Decisions? Evidence from Dual-Class
Firms," with H. Ortiz-Molina, and X. Zhao, 2008, Financial
Management 37, 713-745. (pdf) -
Winner of the Best Paper Award at the 2007 Northern Finance
Association Meetings
- "Asymmetric
Information and Dividend Policy," with X. Zhao, 2008, Financial
Management 37, 673-694. (pdf)
- "Corporate Boards
and the Leverage and Debt Maturity Choices," with J. Harford, and X.
Zhao, 2008, International Journal of Corporate Governance 1, 3-27.
(pdf)
- "Monitoring: Which
Institutions Matter?" with X. Chen, and J. Harford, 2007, Journal
of Financial Economics, 86, 279-305. (pdf)
- "Decoupling CEO
Wealth and Firm Performance: The Case of Acquiring CEOs," with J.
Harford, 2007, Journal of Finance, 62, 917-949. (pdf) - Winner
of the Best Paper Award at the First Annual Meetings of the Financial
Research Association.
- "Self-Selection
Models in Corporate Finance," with N.R. Prabhala, 2007, 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. (pdf)
– Lecture notes based on the Chapter
available upon request
- "The Growth in
Equity Market Size and Trading Activity: An International Study,"
2007, Journal of Empirical Finance, 14, 59-90. (pdf)
- "The Information
Content of Canadian Open Market Repurchase Announcements," with W.
McNally, 2007, Managerial Finance (A Special Issue on Payout
Policy), 33, 65-80. (pdf)
- "Playing by the
Rules: Comparing Principles-based and Rules-based Corporate Governance in
Canada and the U.S.," with E.B. Broshko, 2006, Canadian Investment
Review, 19, 18-23. (pdf) (long version)
- "Confidence in the
Familiar: An International Perspective," 2004, Journal of
Financial and Quantitative Analysis, 39, 47-68. (pdf) - Winner
of the Best Paper Award at the 9th Conference on the Theories and
Practices of Securities and Financial Markets.
- "Corporate
Decisions, Information and Prices: Do Managers Move Prices or Do Prices
Move Managers?" with R. Giammarino, R. Heinkel, and B. Hollifield,
2004, 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)
- "An Examination of
Own Account Trading by Dual Traders in Futures Markets," with S.
Chakravarty, 2003, Journal of Financial Economics, 69, 375-397. (pdf)
- "A Bayesian Analysis
of a Variance Decomposition for Stock Returns," with B. Hollifield
and G. Koop, 2003, Journal of Empirical Finance, 10, 583-601. (pdf)
- "A Bayesian
Analysis of Dual Trader Informativeness in Futures Markets," with S.
Chakravarty, 2003, Journal of Empirical Finance, 10, 355-371. (pdf)
- "Diversification
Benefits of Emerging Markets Subject to Portfolio Constraints," with
A. Sarkar and Z. Wang, 2003, Journal of Empirical Finance (A
Special Issue on Emerging Markets), 10, 57-80. (pdf)
- "What Explains the
Growth of Global Equity Markets?" 2002, Canadian Investment Review,
15, 23-30. (pdf)
- Winner of the Second Annual Barclays Global Investors Research
Award.
- "Should US
Investors Hold Foreign Stocks?" with A. Sarkar, 2002, Current
Issues in Economics and Finance, 8, 1-6. (pdf)
- "The Valuation of
IPO and SEO Firms," with G. Koop, 2001, Journal of Empirical
Finance, 8, 375-401. (pdf)
- "Testing Symmetry
and Proportionality in PPP: A Panel Data Approach," 1999, Journal
of Business and Economic Statistics, 17, 409-418. (pdf)
- "Exchange Rate
Target Zone Models: A Bayesian Evaluation," 1999, Journal of
Applied Econometrics, 14, 461-490. (pdf)
- "Bayesian Analysis
of Duration Models: An Application to Chapter 11 Bankruptcy," 1999, Economics
Letters, 63, 305-312. (pdf)
- "Bayesian Inference
in a Simultaneous Equation Model with Limited Dependent Variables,"
1998, Journal of Econometrics, 85, 387-400. (pdf)
Health Economics
Publications
- "An Econometric
Model of Birth Inputs and Outputs for Native Americans," with D. J.
Poirier, 2003, Journal of Econometrics, 113, 337-361. (pdf)
- "The Roles of Birth
Inputs and Outputs in Predicting Health, Behavior, and Test Scores in
Early Childhood," with D. J. Poirier, 2003, Statistics in Medicine,
22, 3489-3514. (pdf)
(long
version)
- "Bayesian Analysis
of An Econometric Model of Birth Inputs and Outputs," with D. J.
Poirier, 2003, Journal of Population Economics, 16, 597-625. (pdf) (long version)
- "Relationship
Between Maternal Behavior During Pregnancy, Birth Outcome, and Early
Childhood Development: An Exploratory Study" with D. J. Poirier,
2003, Proceedings of the CESifo Conference on Health and Economic
Policy (CESifo Working Paper No. 1030). (pdf)
- "Using the National
Longitudinal Survey of Youth in the US to Study the Birth Process: A
Bayesian Approach," with D. J. Poirier, 2001, Research in Official
Statistics, 4, 127-150. (pdf)
- "An Econometric
Analysis of the Birth Process by Racial/Ethnic Groups," with D. J.
Poirier, 2001, Bayesian Methods with Applications to Science, Policy,
and Official Statistics, Selected Papers from ISBA 2000: The Sixth World
Meeting of the International Society for Bayesian Analysis, ed. E.
George, 321-330. (pdf)
Teaching
- BAFI502 Capital
Structure (syllabus)
- BAFI503 Capital
Budgeting (syllabus)
- BAFI510 Security
Analysis (syllabus)
Media Mentions
- Harford and Li (2007) is
quoted in New York
Times, New
York Times DealBook, New Yorker, CorpGov.net,
Macleans, BusinessFinance,
Blackwell
Publishing, Globe and
Mail, Globe
and Mail Report on Business
- Li (2007) is quoted in U.S. News
& World Report
- Broshko and Li (2006) is
quoted in Globe
and Mail
- Li (2002) is featured in
National
Post, ADVISOR.CA,
Toronto
Star, Province
- Interviewed with Business in
Vancouver (2008a), (2008b)
- Levi, Li, and Zhang
(2008a, 2008b) is quoted in UBC press
release, Sing
Dao Daily, Business
in Vancouver (2008c)
