Kai Li - Full-time Professors - Peking University HSBC Business School(PHBS)

Professor, Assistant Dean

Kai Li

Ph.D. in Economics, Duke University

Research Interests: Research Interests: Asset Pricing, Macro Finance, Financial Economics, China Financial Markets

0755-2603 2023

kaili@phbs.pku.edu.cn

Office: Rm. 610, PHBS Building

https://sites.google.com/site/kailiwebpage/

Biography

Education

Ph.D., Economics, Duke University, Durham, NC, May 2013

M.A., Economics,Duke University, Durham, NC, September 2008

M.A., Economics, Peking University, China Center for Economic Research (CCER), Beijing, China, June 2007

B.A., Finance, with distinction, Shanghai Jiao Tong University, Shanghai, China, June 2004

Research Teaching

Published and Accepted Papers
Intermediary-Based Equity Term Structure, with Chenjie Xu,
    Journal of Financial Economics, accepted, 2023

Learning about the Consumption Risk Exposure of Firms, with Yongjin Kim and Lars-Alexander Kuehn,
   Journal of Financial Economics, accepted, 2023

Financial Constraint, Cash Flow Timing Patterns and Asset Prices, with Weiping Hu and Xiao Zhang,
   Journal of Financial Economics, accepted, 2023

The Pollution Premium, with Po-Hsuan Hsu and Chi-Yang Tsou
   Journal of Finance, Volume 78, Issue 3, June 2023
   The Commodity & Energy Markets Association (CEMA) Amundi-ESSEC ESG Prize 2022
   The FinReg Blog by Duke Financial Economics Center
   Introduction| Video introduction

Learning and the Capital Age Premium, with Chi-Yang Tsou and Chenjie Xu
   Journal of Monetary Economics, Volume 136, May 2023
   Introduction

Leasing as a Mitigation of Financial Accelerator Effects, with Jun Yu
   Review of Finance, online published, 2023

Leased Capital and the Investment-q Relation, with Linqing You
   Journal of Corporate Finance, Volume 80, June 2023
   Introduction

Leasing and the Allocation Efficiency of Finance, with Weiwei Hu and Yiming Xu,
   Journal of Empirical Finance, online published, 2023

Semi-finalist for the Best Paper Award in Corporate Finance of FMA Annual Meeting 2022

Asset Pricing with a Financial Sector, with Chenjie Xu
   Financial Management, Volume 52, Issue 1, Spring 2023
   Introduction

Regime Shifts in a Long-run Risks Model of Stock and Treasury Bond Markets, with Chenjie Xu
   China Finance Review International, Leading Article (Editor's Choice), Volume 12, No. 4, October 2022
   Emerald Insight
   Introduction

The Collateralizability Premium, with Hengjie Ai, Jun Li and Christian Schlag
   Review of Financial Studies, Volume 33, Issue 12, Pages 5821-5855, December 2020

Financial Intermediation and Capital Reallocation, with Hengjie Ai and Fang Yang
   Journal of Financial Economics, Volume 138, Issue 3, Pages 663-686, December 2020

News Shocks and Production-Based Term Structure of Equity Returns, with Hengjie Ai, Mariano M. Croce, and Anthony M. Diercks
   Review of Financial Studies, Leading Article (Editor's Choice), Volume 31, Issue 7, 2018
   HKUST Business Insight

Toward a Quantitative General Equilibrium Asset Pricing Model with Intangible Capital, with Hengjie Ai and Mariano M. Croce
   Review of Financial Studies, Volume 26, Issue 2, 2013

Transitional Notional Defined Contribution Scheme: A New Option of China's Social Security Pension Reform, with Gang Yi
   Comparative Studies (in Chinese), No. 29, March 2007

Woking Papers
Leasing as a Risk-Sharing Mechanism, with Chi-Yang Tsou (Previous version is titled '' The Leased Capital Premium'' ), R&R

Leasing as a Mitigation Channel of Capital Misallocation, with Weiwei Hu and Yiming Xu, R&R
   Semi-finalist for the Best Paper Award in Corporate Finance of FMA Annual Meeting 2022

The Technical Default Spread, with Emilio Bisetti and Jun Yu, R&R

How to Dominate the Historical Average?, with Yingying Li and Jialin Yu, R&R

Lease-Adjusted Productivity Measurement, with Weiwei Hu and Yiming Xu, R&R

The Asset Durability Premium, with Dun Jia and Chi-Yang Tsou
    Accounting and Finance Association of Australia and New Zealand (AFAANZ) Best Paper Award 2022

Facilitating Entry through Leasing, with Yiming Xu

Flexibility, Option Value of Leasing, and Investment, with Linqing You

Towards Objectivity and Interpretability: An Anatomy of Climate Change Exposure, with Weiwei Hu and Tingyu Yu

Growth Expectations around FOMC Announcements, with Mikhail Bhatia

Leasing and the Idiosyncratic Volatility Puzzle, with Kaihong Song

Climate Innovation and Carbon Emissions: Evidence from Supply Chain Networks, with Ulrich Hege and Yifei Zhang
    Introduction

Leasing, Pecuniary Externality, and Aggregate Efficiency, with Yicheng Wang and Yiming Xu

A High Frequency Measure of Chinese Monetary Policy Shocks, with Jianyao He, Dun Jia, and Wenbin Wu

Finance Lease and the Capital Allocation Efficiency in China, with Yuan Wang (Draft available upon request)

The Belief on Implicit Government Guarantee as a Spillover Channel: Evidence from Chinese Local SOE Bond Markets, with Yiming Zhang (Draft available upon request)

Chinese Fixed Income Markets (MBA Course), 2021-now
Financial Economics I (PhD course), 2021-now, Sample syllabus
Financial Economics II (PhD course), 2021-now, Sample syllabus
Advanced Topics for PhD Students (PhD course), 2020-now, Sample syllabus

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