Professor Li received his PhD degree in Finance from W.P. Carey School of Business, Arizona State University, and two masters degrees (MBA: international business/MIS; MS: Computer Science) from University of Missouri at Kansas City.
His work experience includes various analyst and management positions in an international bank, a personal credit company, a small pharmaceutical consulting firm, and a fortune 500 health care corporation.
Professor Li's research interests reside in empirical corporate finance, particularly corporate governance, executive compensation, and corporate social responsibility. He has two goals. One is to better understand the subtle but important effects of various governance mechanisms and contract designs on managers and firms within the standard agency framework. The other is to identify and estimate the role of managerial attributes and non-standard preferences in determining organization structure, policy, and performance.
An emerging practice in executive compensation incentive is to link a portion of a manager’s compensation to CSR-related initiatives. Prof Frank Li and coauthors conducted the first research in the literature on CSR-contingent executive compensation and thereafter created the new strand of research that attracts more and more researchers and practitioners/readers.
Based on Prof Li's outstanding research and service, he has received numerous awards:
Articles in Peer-Reviewed Journals
1. Bizjak, J., Kalpathy, S., Li, Z.F., and Young, B. 2022. Selection of Peer Firms in Relative Performance Evaluation (RPE) Awards. Review of Finance (FT) forthcoming
2. Coles, J. and Li, Z.F. 2022. An Empirical Assessment of Empirical Corporate Finance. Journal of Financial Quantitative Analysis (FT) forthcoming
3. Li, Z.F., Patel, S., Srikanth, R. 2020. The Role of Mutual Funds in Corporate Social Responsibility. Journal of Business Ethics (FT) forthcoming
4. Dang, C., Foerster, S., Li, Z.F., Tang, Z. 2020. Analyst Talent, Information, and Investment Strategies. Journal of Corporate Finance forthcoming
5. Dunbar, C., Li, Z.F., Shi, Y. 2020. Corporate Social Responsibility and CEO Risk-Taking Incentives. Journal of Corporate Finance 64: 101714
6. Coles, J., and Li, Z.F. Managerial Attributes, Incentives, and Performance. Review of Corporate Finance Studies 9(2): 256–301
7. Li, Z.F. and Dang, C. 2020. Drivers of Research Impact: Evidence from the Top Three Finance Journals. Accounting & Finance 60: 2759-2809.
8. Ikram, A., Li, F. and MacDonald, T. 2020. CEO Pay Sensitivity (Delta and Vega) and Corporate Social Responsibility. Sustainability 12: 7941.
9. Coles, J., Li, Z.F., Wang, A. 2018. Industry Tournament Incentives. Review of Financial Studies (FT) 31(4):1418-1459.
10. Hong, B., Li, Z.F., Minor, D. 2016. Corporate Governance and Executive Compensation for Corporate Social Responsibility. Journal of Business Ethics 136 (1): 199-213. (FT)
11. Ikram, A., Li, Z.F., Minor, D. 2019. CSR-Contingent Executive Compensation Contracts. Journal of Banking & Finance
12. Dang, C., Li, Z.F., Yang, C. 2018. Measuring Firm Size in Empirical Corporate Finance. Journal of Banking & Finance 86:159-176.
Note: Top 3 most downloaded paper at JBF in 2018
13. Li, Z.F. Mutual Monitoring and Corporate Governance. Journal of Banking & Finance 45: 255-269.
14. Li, Z.F., Minor, D., Wang, J., Yu, C. 2019. A Learning Curve of the Market: Chasing Alpha of Socially Responsible Firms. Journal of Economic Dynamics and Control 109: 103772. Featured by the Columbia Law School’s Blue Sky Blog
15. Li, Z.F. and Thibodeau, C. 2019. CSR-Contingent Executive Compensation Incentive and Earnings Management. Sustainability 11(12): 3421.
16. Li, Z.F., Young, B., Morris, T. 2019. Corporate Visibility in Print Media and Corporate Social Responsibility. Sustainability 11(13): 369.
17. Li, Z.F., Lin, S., Sun, S., Tucker, A. 2018. Risk-Adjusted Inside Debt. Global Finance Journal 35: 12-42.
18. Kopecky, K., Li, Z.F., Sugrue, T.F., Tucker, A. 2018. Revisiting M&M with Taxes: An Alternative Equilibrating Process. International Journal of Financial Studies 6(1): 10.
19. Jiang, W., Li, Z.F., Liu, X., Wu, J., Yang, C. 2018. Clustering of Financial Instruments Using Jump Tail Dependence Coefficient. Statistical Methods & Applications 27(3): 491-513.
20. Li, Z.F., Li, T., Minor, D. 2016. A Test of Agency Theory: CEO Power, Firm Value, and Corporate Social Responsibility. International Journal of Managerial Finance 12(5): 611-628.
21. Li, Z.F. Endogeneity in CEO power: A survey and experiment. Investment Analysts Journal 45 (3): 149-162.
2021 Anwal Gas Traders: Capital Budgeting for Expansion Project
2021 A Note on Income Statements: A Beginner's Guide
2021 A Note on Financial Ratios: A Beginner's Guide
2021 Identifying Industries through Financial Statement Analysis: Pakistan 2017
2020 Green Trend: The Road to an Overseas Red-Chip IPO
2019 The $85.4 Billion Merger of AT&T and Time Warner: Valuation Analysis
2019 Ford Motor Company: Basic Financial Ratios
2018 Under Armour Under Pressure: Ratio Analysis
2017 Tesla: The Solarcity Acquisition
2016 5 Fortune: One of Many Chinese Restaurants
2016 FINSAS Financial Research: Financial Data & SAS Programming
Interviewed with Financial Post, 2020.