Full-time Faculty

Faculty CV

Li An


    AN Li 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


[7] The Portfolio Driven Disposition Effect (with Joseph Engelberg, Matthew Henriksson, Baolian Wang, and Jared Williams), Journal of Finance, forthcoming.

[6] “Attention Spillover in Asset Pricing” (with Xin Chen, Jianfeng Yu, and Zhengwei Wang), Journal of Finance, 2023, Vol. 78(6), 3515-3559.

[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

             Masahiko Aoki Award for Economics Paper, Nominee, 2023 

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

[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] “An Anatomy of Long-Short Equity Fund” (with Shiyang Huang, Dong Lou, and Jiahong Shi), Management Science, Reject & Resubmit

[2] “Extrapolative Beliefs and Financial Decisions: Causal Evidence from Renewable Energy Financing” (with Yinghao Pan and Yu Qin)

[3] “ESG Window Dressing” (with Shiyang Huang, Dong Lou, Xudong Wen)

[4] “Trading Restrictions and Mutual Fund Liquidity Transformation” (with Dong Lou, Kaiwen Tian, and George Wang)

FELLOWSHIP,  HONORS  AND  AWARDS                                              

1. Winner of the “Excellent Young Scholars” Program of the National Natural Science Fund


2. Masahiko Aoki Award for Economics Paper (青木昌彦经济学论文奖), Nominee, 2023

3. 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.


4. China Financial Research Conference Best Paper Award, 2019

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

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

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

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

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


  • 2023: Imperial College Business School, Peking University GSM, Xiamen University, Renmin University, CCER Summer Institute, China Financial Research Conference

  • 2022: CICF, SIF (discussion), Five Star Conference, SFS Calvacade Asia (discussion).

  • 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, Annual Conference in Financial Economic Research By Eagle Labs, NBER Summer Institute, 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.

  • 2015: 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 Conference, FMA Asia Pacific Conference, China Financial Research Conference, China Fintech Research Conference


Behavioral Finance, 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.