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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) - Winner of the Best Paper Award at the 2009 Northern Finance Association Meetings
· "Deal or No Deal: Hormones and the Merger and Acquisition Game," with M. Levi, and F. Zhang. (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
· "National Culture and Capital Structure Decisions: Evidence from Foreign Direct Investments in China,” with D. Griffin, H. Yue, and L. Zhao. (pdf)
· "Shareholder Cross-Holdings and Corporate Decision Making?" with J. Harford, and D. Jenter, NBER working paper w13274. (pdf)
· "Incentive Effects of Extreme CEO Pay Cuts," with H. Gao, and J. Harford. (pdf)
· "Open Market versus Tender Offer Share Repurchases: A Conditional Event Study," with W. McNally. (pdf)
Finance
Publications
·
"Ownership, Institutions, and Capital Structure: Evidence from
China," with H. Yue, and L. Zhao, Journal
of Comparative Economics 37, 471-490. (pdf)
·
"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)
- Jiang, Li, and Wang (2009) is quoted in Dow Jones Newswire
