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Professor, Assistant Dean
Kai Li
Ph.D. in Economics, Duke University
Research Interests: Research Interests: Asset Pricing, Macro Finance, Financial Economics, China Financial Markets
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0755-2603 2023
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kaili@phbs.pku.edu.cn
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Office: Rm. 610, PHBS Building
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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
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
   IntroductionVideo 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