Professor Li received her Ph.D in Finance from York University in 2011. Prior to that, she earned a Bachelor’s degree and Master’s degree in Economics from Fudan University, China. Her research lies at the intersection of market microstructure and corporate finance with a focus on high frequency trading, capital market, liquidity, and entrepreneurship. She has published papers in Journal of Financial Economics, Review of Financial Studies, Journal of Banking and Finance and etc. She has also published in the Wall Street Journal and Global Trading, the official magazine of the FIX Protocol.


Prior to joining CUHK Shenzhen, she was an assistant professor in Finance at the University of Hong Kong between 2011 and 2017.  Between 2009 and 2011 she served as an in-house researcher for the Investment Industry Regulatory Organization of Canada (IIROC), the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Between 2009 and 2011 she served as an in-house researcher for the Capital Markets CRC Ltd (CMCRC), Australia. She currently serves as an Associated Editor of Finance Research Letters.



1. "The competitive landscape of high-frequency trading firms " (with Ekkehart Boehmer and Gideon Saar), Review of Financial Studies, 2018
2. "Stock liquidity and default risk" (with Jonathan Brogaard and Ying Xia), Journal of Financial Economics, Vol. 124(3), pp 486-502, 2017
3. "Do Banks or VCs Spur Growth?" (with Rebel Cole and Douglas Cumming), Journal of International Financial Markets, Institutions and Money, 2016
4. “Empowering Chinese Service Employees: A Reexamination and Extension,” Journal of Global Marketing, Volume 21, Number 4, 2008, p. 271-291 (Sole author).
5. “How Market Orientation Affects Female Service Employees in Thailand,” Journal of Business Research, Volume 59, 2006, p. 54-61 (Sole author).
6. “Factors Affecting Managers’ Decision to Bribe: An Empirical Investigation,” Journal of Business Ethics, Volume 40, Number 3, 2002, p. 227-246 (Sole author).
7. “Consumers’ Brand Choice of Pharmaceutical Products During Economic Depression: An Empirical Investigation,” Journal of Pharmaceutical Marketing & Management, Volume 14, Number 1, 2001, p. 27-61 (Sole author).
8. “Factors Affecting the Adoption of Market Orientation by Employees: The Case of Thailand,” Journal of International Marketing, Volume 6, Number 1, 1998, p. 33-55 (Sole author).
9.  “The Role of Outcome Quality as a Determinant of the Overall Service Quality in Different Categories of Service Industries,” Journal of Services Marketing, Volume 10, Number 2, 1996, p. 5-25 (Sole author).
10. “Factors Affecting the Doctor's Adoption of a New Pharmaceutical Product: An Empirical Investigation,” Journal of Pharmaceutical Marketing & Management, Volume 11, Number 2, 1996, p. 67-97 (Sole author).
11. “Modeling Organ Donation Behavior: A Test of the Theory of Planned Behavior Model,”  Journal of Nonprofit & Public Sector Marketing, Volume 4, Number  3, 1996, p. 33-62 (Sole author).