Dr. Yuanshun Li
Overview
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 models 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 (2018).
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 the 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 co-authored 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 recent publications include
- Do the Underlying Portfolios Matter? A Comparative Study of Equity-linked Pay-at-Maturity Principal Protected Notes in Canada and UK, forthcoming in Journal of Risk and Financial Management, 2022
- Exploring Industry Level Fairness of Auto Insurance Premiums by Statistical Modelling of Automobile Rate and Classification Data, forthcoming in Risks 2022
- 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, 2020
Professor Li received the 2021 Ted Rogers School of Management Teaching Innovation Award. He has been serving as a member of the reviewer board since 2021 for Journal of Risk and Financial 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 |
| 2008-2009 | 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 |