Contact Information
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Richard Ivey Building 3322
Associate Professor, Finance
Tangerine Chair in Finance
Professor Li received his PhD in Finance from the W. P. Carey School of Business at Arizona State University. Prior to his academic career, he held various analyst and management positions in an international bank, a personal credit company, a boutique pharmaceutical consulting firm, and a Fortune 500 healthcare corporation.
His research interests lie in empirical corporate finance, with a particular focus on executive compensation, corporate governance, and corporate social responsibility. His work seeks to achieve two key objectives: (1) to understand the subtle but important effects of governance mechanisms and contract designs on managerial behavior and firm outcomes within the standard agency framework; and (2) to identify and quantify the role of managerial attributes and non-standard preferences in shaping organizational structure, corporate policies, and financial and social performance.
His representative publications include:
- Coles, J., & Li, Z.F. (2023). An Empirical Assessment of Empirical Corporate Finance. Journal of Financial and Quantitative Analysis, 58(4), 1391–1430.
- Ikram, A., Li, Z.F., & Minor, D. (2023). CSR-Contingent Executive Compensation Contracts. Journal of Banking & Finance, 151, 105655.
- Bizjak, J., Kalpathy, S., Li, Z.F., & Young, B. (2022). The Choice of Peers for Relative Performance Evaluation in Executive Compensation. Review of Finance, 26(5), 1217–1239.
- Li, Z.F., Patel, S., & Srikanth, R. (2021). The Role of Mutual Funds in Corporate Social Responsibility. Journal of Business Ethics, 174, 715–737.
- Dang, C., Foerster, S., Li, Z.F., & Tang, Z. (2021). Analyst Talent, Information, and Insider Trading. Journal of Corporate Finance, 67, 101803.
- Dunbar, C., Li, Z.F., & Shi, Y. (2020). CEO Risk-Taking Incentives and Corporate Social Responsibility. Journal of Corporate Finance, 64, 101714.
- Coles, J., & Li, Z.F. (2020). Managerial Attributes, Incentives, and Performance. Review of Corporate Finance Studies, 9(2), 256–301.
- Coles, J., Li, Z.F., & Wang, A. (2018). Industry Tournament Incentives. Review of Financial Studies, 31(4), 1418–1459.
- Dang, C., Li, Z.F., & Yang, C. (2018). Measuring Firm Size in Empirical Corporate Finance. Journal of Banking & Finance, 86, 159–176.
- Hong, B., Li, Z.F., & Minor, D. (2016). Corporate Governance and Executive Compensation for Corporate Social Responsibility. Journal of Business Ethics, 136(1), 199–213.
- Li, Z.F. (2014). Mutual Monitoring and Corporate Governance. Journal of Banking & Finance, 45, 255–269.