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.
2020-Now Tsinghua University, PBC School of Finance
2014-2020.11 Tsinghua University, PBC School of Finance
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)
Empirical Asset Pricing, Behavioral Finance, Household Finance, Chinese Markets
 “Attention Spillover in Asset Pricing” (with Xin Chen, Jianfeng Yu, and Zhengwei Wang), Journal of Finance, forthcoming.
 “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
 “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
 “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
 “Overselling Winners and Losers: Mutual Fund Trading Behavior and Price Effects” (with Bronson Argyle), Journal of Financial Markets, 2021, Vol.55, 100580.
 “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)
 “Portfolio Driven Disposition Effect” (with Joseph Engelberg, Matthew Henriksson, Baolian Wang, and Jared Williams), Journal of Finance, R&R
 “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.
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.
SEMINAR PRESENTATIONS AND CONFERENCES
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
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.
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.