Dan LI


Dan LI

Associate Professor, Director of MSc Programme in Finance, Associate Director of Capital Markets and Asset Management Research Center, SFI

Education Background:
Ph.D., Finance, York University
M.A., Economics, Fudan University
B.A., Economics, Fudan Univeristy
Teaching Area



Market Microstructure, Corporate Finance, High Frequency Trading, Capital Market, Liquidity, and Entrepreneurship


1.      “Gauging the Effects of Stock Liquidity on Earnings Management: Evidence from the SEC Tick Size Pilot Test” (with Ying Xia), Journal of Corporate Finance 67 (2021), 101904.

2.    “The Competitive Landscape of High-Frequency Trading Firms” (with Ekkehart Boehmer and Gideon Saar), Review of Financial Studies 31 (2018), 2227–2276.

3.    “The Effect of Stock Liquidity on Default Risk” (with Jonathan Brogaard and Ying Xia), Journal of Financial Economics 124 (2017), 486-502.

4.    “Do Banks or VCs Spur Growth?” (with Rebel Cole and Douglas Cumming), Journal of International Financial Markets, Institutions and Money 41 (2016), 60-72.

5.    “Public Policy, Entrepreneurship, and Venture Capital in the United States” (with Douglas Cumming), Journal of Corporate Finance 31 (2013), 345-367.

6.    “Exchange Trading Rules and Stock Market Liquidity” (with Douglas Cumming and Sofia Johan), Journal of Financial Economics 99 (2011), 651-671.

7.    “Run-Up of Acquirer’s Stock in Public and Private Acquisitions” (with Douglas Cumming), Corporate Governance: an International Review 19 (2011), 210-239.


1. “Widening the Net to Devise Sophisticated Trading Algorithms”. (with Stuart Baden Powell). Global Trading. May 2016.

2. “The Hidden Flaw of Bank Loans” (with Douglas Cumming). Wall Street Journal. November 21, 2016.


1.    “Preventing Information Leakage” (with Jonathan Brogaard, Imon Palit; Ryan Riordan) , revise and resubmit at Management Science.

2.    “The Market for Bad News” (with Shiyang Huang, and Bohui Zhang).

3.    “High Frequency Trading, Market Making and Information Asymmetry” (with Jia Hao and Gideon Saar).

4.    “Supply Chain, News and Post-earnings Announcement Drift” (with Rui Dai and Grace Hu).

5.    “Fraud in Online Marketplace Lending: Lessons from Platform Failure in China” (with Haitian Lu and Zhen Lei).