Faculty & Research

Full-time Faculty

Faculty CV

Li An


    Li AN is currently an associate professor at PBC School of Finance, Tsinghua University. Her research interests mainly lie in empirical asset pricing, behavioral finance, and household finance. One area of her research is to understand how investor behavior affects equilibrium price dynamics. Other themes include household portfolio choice, return anomalies, and investment management. Her research has been published in leading finance journals, such as Journal of Finance, Review of Financial Studies, Journal of Monetary Economics and Management Science.

    Li’s research connects theory and practice and has been recognized by several academic and professional awards, including Crowell Memorial Prize by PanAgora Asset Management, Chicago Quantitative Alliance (CQA) Academic Competition, and Outstanding Scientific Research Award (Humanities and Social Sciences) issued by the Ministry of Education of the PRC.

    Li received her Ph.D. in Economics from Columbia University in 2014. Prior to that, Li graduated with the highest honor from Peking University with a B.A. in Economics and a B.S. in Mathematics.

ACADEMIC  APPOINTMENTS                                             

2020-Now         Tsinghua University, PBC School of Finance

                          Associate Professor 

2014-2020.11    Tsinghua University, PBC School of Finance

                          Assistant Professor

2016 summer    Hong Kong University of Science and Technology, Business School

                          Visiting Assistant Professor



2008-2014         Ph.D. in Economics, Columbia University

                          Thesis Chairman: Professor Kent Daniel

2004-2008         B.A. in Economics, B.S. in Mathematics, Peking University

                          (with highest honor)


RESEARCH  INTERESTS                                                                       

Empirical Asset Pricing, Behavioral Finance, Household Finance, Chinese Markets


[6] “Attention Spillover in Asset Pricing” (with Xin Chen, Jianfeng Yu, and Zhengwei Wang), Journal of Finance, forthcoming.

[5] “Wealth Redistribution in Bubbles and Crashes” (with Dong Lou and Donghui Shi)Journal of Monetary Economics, 2022, Vol 126,134-153.

Award: China Financial Research Conference Best Paper Award, 2019 

Media Coverage: VoxChina 

On the program of 2019 NBER

[4] “Lottery-Related Anomalies: The Role of Reference-Dependent Preferences” (with Huijun Wang, Jian Wang, and Jianfeng Yu), Management Science, 2020,Vol.66 (1), 473-501

Award:Chicago Quantitative Alliance Asia Academic Competition, First Prize, 2016

[3] “Asset Pricing When Traders Sell Extreme Winners and Losers” (previously distributed under the name “The V-shaped Disposition Effect”), Review of Financial Studies, 2016, Vol. 29 (3), 823-861

Award: Chicago Quantitative Alliance (CQA) Academic Competition, First Prize, 2014

            Crowell Memorial Prize, PanAgora Asset Management, Third Prize, 2014

            Outstanding Scientific Research Award (by the Ministry of Education of the PRC), 2020

Media  Coverage:CFA Digest

[2] “Overselling Winners and Losers: Mutual Fund Trading Behavior and Price Effects” (with Bronson Argyle), Journal of Financial Markets, 2021, Vol.55, 100580.

[1] “Barriers to Long-Term Cross-Border Investing: A Survey of Institutional Investor Perceptions”, (with Rachel Harvey, Patrick Bolton, Laurence Wilse-Sampson, and Frederic Samama), Rotman International Journal of Pension Management, 2014, Vol. 7 (2)

WORKING  PAPERS                                                                              

[1] “Portfolio Driven Disposition Effect” (with Joseph Engelberg, Matthew Henriksson, Baolian Wang, and Jared Williams), Journal of Finance, R&R

[2] “An Anatomy of Long-Short Equity Fund” (with Shiyang Huang, Dong Lou, and Jiahong Shi)

FELLOWSHIP,  HONORS  AND  AWARDS                                                                    

1. Outstanding Scientific Research Award (Humanities and Social Sciences), the most prestigious award issued 

     by the Ministry of Education of the PRC (Young Scholar Award), 2020.

    (第八届高等学校科学研究优秀成果奖(人文社会科学), 青年成果奖)

2. China Financial Research Conference Best Paper Award, 2019

3. Chicago Quantitative Alliance Asia Academic Competition, First Prize, 2016.

4. Chicago Quantitative Alliance Academic Competition, First Prize, 2014.

5. Crowell Memorial Prize by PanAgora Asset Management, Third Prize, 2014.

6. Faculty Fellowship, Columbia University, 2008-2014.

7. Peking University, graduation with highest honor, 2008.

8. Presidential Scholarship for Undergraduate Research, Peking University, 2007.


2021  ABFER Annual Conference, CICF

2020  European Winter Finance Conference, Five Star Finance Workshop, 

          Fudan Fanhai International School of Finance.

2019  AFA, Nanyang Technological University, Singapore Management University, 

          ABFER-CEPR-CUHK First Annual Symposium in Financial Economics, 

          CEPR European Workshop on Household Finance, 

          China Financial Research Conference, CICF.

2018  ABFER (discussion), LSE Paul Wooley Center conference (discussion).

2017  University of Mannheim, SFS Calvacade Asia (discussion).

2016  FIRS, CICF, EFA, FMA, Chicago Quantitative Alliance Asia, Hong Kong University, 

          Chinese University of Hong Kong, Peking University.

2014  Hong Kong University of Science and Technology, Cheung Kong Graduate School of Business, 

          Peking University GSM, Red Rock Finance Conference, Northern Finance Association, 

          European Financial Management Association, Wuhan University.

2014  Columbia Business School, PBC School of Finance at Tsinghua University, 

          PanAgora Asset Management, Research Affiliates, Moody’s Analytics, Cornerstone Reserch, 

          The Brattle Group, Analysis Group, Chicago Quantitative Alliance.

: presented by coauthor

PROFESSIONAL  SERVICE                                                                            

Ad-hoc Referee:

Journal of Finance, Review of Financial Studies, Management Science, Journal of Quantitative and Financial Analysis, Review of Finance, Journal of Banking and Finance, Journal of Financial Markets, Journal of Empirical Finance, etc.

Program committee: 

FMA Asia Pacific Conference, China Financial Research Conference, China Fintech Research Conference


Financial Derivatives (master), Venture Capital Markets (master).


OTHER  PROFESSIONAL  ACTIVITIES                                    

Research Assistant, Columbia University

- Joseph Stiglitz, 2010-2013.

- Patrick Bolton, for Sovereign Wealth Fund Research Initiative, 2010-2011.

Summer Intern, Asian Century Quest Capital, 2010.