You are now in the main content area

Dr. Yuanshun Li

Associate Professor
EducationMBA, PhD
OfficeTRS 1-074
Phone416-979-5000 ext: 6711


Professor Li’s research covers the intersection of theoretical and empirical real option applications in corporate finance and infrastructure project finance. His work in game theoretic real option model shows the optimal decisions for firms with large irreversible capital investments in a competitive vs. cooperative setting (e.g. the oil & gas industry or the real estate industry). His recent work in real option risk analysis applies to a research project for PPP (public-private partnership) Canada, analyzing and comparing the residual value risk of a PPP model vs. that of a traditional DBB (Design-Bid-Build) model for public projects, focusing on large infrastructure projects, recently published in the Journal of Infrastructure Systems.

Professor Li’s research in corporate governance investigates a unique governance feature, the two-tier board structure (i.e., the supervisory board and the management board), used by firms publicly listed in Chinese stock market. His work shows the two-tier board structure has profound implications for firms’ risk-taking behaviour, and their reactions to the stock market regulatory compliance and enforcement. These findings are published in Journal of Business Ethics (FT top 50), and other leading academic journals including European Journal Finance, Review of Quantitative Finance and Accounting. Professor Li also coauthored a chapter, “Institutional shareholders and executive compensation: An ethical view”, in the book titled, Entrepreneurship, Finance, Governance and Ethics (Springer 2013).

Professor Li’s recent research interests include behavioral investing, structured financial products and hedge fund management. His work about investor attention and stock return under negative shocks has been published in the Journal of Business Economics and Management.

  • Game theoretic real option theory and application
  • Corporate governance and corporate finance
  • Investment management
Journal Articles
Financial Times-50 Publications
Ding, S., Jia, C., Li, Y., Wu, Z., 2010 “Reactivity and Passivity after Enforcement Actions: Better Late than Never”, Journal of Business Ethics, 95, 2nd Special issue on “Entrepreneurship, Governance and Ethics”, 337-359.
Jia, C., Ding, S., Li, Y., Wu, Z., 2009 “Fraud, Enforcement Action, and the Role of Corporate Governance: Evidence from China.” Journal of Business Ethics, 90 (4), 561-576.
Other Refereed Publications
X Zhai, Y Hou, Y Li, 2020, Investor attention and stock returns under negative shocks: an empirical analysis based on Dragon and Tiger list in China, Journal of Business Economics and Management 21 (3), 914-941.
Yuan. X, Li, Y., 2018, Residual Value Risks of Highway Pavements in Public-Private Partnerships, Journal of Infrastructure Systems 24 (3).
Wu, Z., Li, Y., Ding, S., Jia, C., 2013, “A Separate Monitoring Organ and Disclosure of Firm-Specific Information”, European Journal Finance.
Ding, S., Wu, Z., Li, Y, Jia, C., 2010. “Executive Compensation, Supervisory Boards, and China's Governance Reform: A Legal Approach Perspective”, Review of Quantitative Finance and Accounting, 35 (4), 445-471.
Book Chapters
Ding, S., C. Jia, Y. Li, & Z. Wu. 363- 387, 2013. Institutional shareholders and executive compensation: An ethical view. Entrepreneurship, Finance, Governance and Ethics, edited by Douglas Cumming, Robert Cressy, and Chris Mallin. Published by Springer Science and Business Media B.V., Dordrecht.
Conference Presentations
Professor Li’s work has presented in FMA (Financial Management Association) conferences, NFA (Northern Finance Association) conferences, ASAC (Administrative Sciences Association of Canada) conferences, EFM (European Financial Management) conferences, International Real Options conferences, International Risk Management Conference.
Year Research title
2016 Centre for Urban Research and Land Development, “Transportation Financing, Capital Structure and Public-Private Partnership”
2015    PPP Canada, Research project, “Understanding the Residual Value Risks in Public-Private Partnerships”
2015 TRSM-FB PolyU Joint Research Seed Grant, Research project, “Game Theoretic Real Option Investment Decision, Applications to Canada-China Collaboration in Energy Industry”
2012 - 2014 Ryerson TRSM Internal Research Grant, Real Options, Value of Growth and Financial Leverage
2010 - 2011 Ryerson SSHRC Institutional Grant, Firms’ Multiple Listing Decision and Stock Price Discovery
2009 - 2011 Ryerson New Faculty SRC Development Fund, Firm cross-listing and financing decision, investment decision and corporate governance structure
2009 - 2011 Ryerson Faculty Startup Fund
Year Undergraduate Courses
2019 – 2021 AFF 420, Principles of Finance III  
2009 – 2021 AFF 711 / FIN 711, Advanced Portfolio Management
2013 – 2021 AFF 621, Advanced Investment Management
2010 – 2012 FIN 501, Investment analysis I
2010 – 2021 FIN 401, Managerial Finance II
2009 – 2010 FIN 300, Managerial Finance I
2008 – 2011 FIN 801, Financial Risk Management
Year Undergraduate Courses (Development)
2019-2021 FIN65/75, Applied Investment Management I and II, course design and development for SMIF (Student Managed Investment Fund)
2013 FIN 521 / AFF 621, Advanced Investment Analysis, course redesign/redevelopment

FIN 801, Financial Risk Management, course redesign and redevelopment

FIN 711, Advanced Investment Management, course redesign and redevelopment

Year Graduate Courses
2010-2011 MB 8602, Investment for Managers
2009-2010 MB 8703, Corporate Financial Analysis
Year(s) Committee name
2019-present Finance Department Evaluation Committee (DEC)
2014-present TRSM Graduate Program Council
2019-present Accounting Department Hiring Committee
2012-present Finance Department Hiring Committee (DHC)
2016-present SRC Committee of Senate
2016-2018 TRSM Faculty Tenure Committee
2010-2017 TRSM SRC Committee
2015-2016 Finance Department Evaluation Committee (DEC)
2010-2015 TRSM Curriculum Committee
2010-2014 Award Committee, Centre for Urban Energy's Student Research Awards
2012-2013 Creative Fund Review Committee, University office of Research Service (ORS)
2010-2012 Ryerson University Post-doctor Review Committee
2011-2012 Work Study Review Committee, University office of Research Service (ORS)
2010-2012 Continuing Education Financial Studies Certificate Committee