Biography

My Personal Websitewww.nanlifinance.org

Nan Li joined Antai College of Economics and Management (ACEM), Shanghai Jiao Tong University (SJTU) as an Associate Professor in Finance in 2014. She is the Vice Director of the SJTU Securities Research Investment Institute, and a member of the Banking Industry Research Group in SJTU Institute of Industry Research. After receiving Ph.D. in Economics from the University of Chicago in 2005, she started her academic career in Department of Finance, NUS Business School in National University of Singapore. She was Affiliated Researcher at the Risk Management Institute and the Institute of Real Estate Studies in NUS.

Nan Li's research field is financial economics and financial econometrics with focuses on macro asset pricing. Her current works include pricing of ambiguity, value and risk of intangible capital, and robust decision-making under ambiguity in the financial market. Her work with Lars Peter Hansen (Nobel Laureate in Economics in 2013) and John C. Heaton on 'Consumption Strikes Back? Measuring Long-Run Risk' was published in the Journal of Political Economy in 2008. Nan Li has served as referee for Quarterly Journal of Economics, Journal of Political Economy, Econometrica, Journal of Economic Dynamics and Control, Journal of Money, Credit and Banking, Review of Financial Studies, and other top-tier journals in economics and finance.

Nan Li teaches all-in-English course on Bank Management to undergraduates and Introduction to China Banking Industry to students in the Master of International Business Program, Asset Allocation and Risk Management to students in MBA in Finance program, and Time Series Analysis in Macroeconomics and Finance to Ph.D. students. Her courses are open globally via the global online learning platform iCourse, Global Hybrid Classroom Program of Global MOOC Alliance, Virtual Exchange Program of Association of Pacific Rim Universities (APRU), and Jiao·Tong Global Virtual Classroom.

Nan Li frequently contributes editorial opinion essays to the Nikkei Asia, SupChina, FT Chinese, and other publications. She maintains the blog Nan on Risk at Wechat and Toutiao.

Invited Talk：

2016/11/26: 《无形资产：解码创新风险的密钥》主旨演讲，2016年上海市研究生学术论坛, “金融创新与经济转型”, 上海对外经贸大学 (Keynote Speech: Intangible Capital----the Key to Decipher the Innovation Risk)

2017/11/25: 《金融创新与绿色金融---不确定性和外部性下的最优资源配置》主旨演讲，2017年上海市研究生学术论坛, “金融创新与绿色金融”, 上海对外经贸大学 （Keynote Speech: Financial Innovation and Green Finance: Optimal Resources Allocation under Uncertainty and Externality）

2018/08/20: 《共享经济与优化城市资源配置》，2018年度上海干部在线学习专题“开放型经济和经济中心城市建设”专题讲座，("Platform Economy and Efficient Asset Allocation" in Chinese for city officers in Shanghai.)

2020/03/05：【师者喻德】李楠教授专访：拥抱改变，放眼未来

2021/01/09：“行研汇”系列讲座丨银行如何有效转型与风控？

2021/01/30: Fintech and Commercial Banks in the Era with Uncertainty, 2021 Warwick China Summit: China Facing the New Turning Point, Warwick China Development Society

2021/03/10: Technology has No Limit, Financial Intermediation Does. AmCham FinTech Roundtable, AmCham Shanghai

2021/03/27: Explaining Ant's IPO Suspension: Fintech and Financial Regulations in China's Internet Economy, China Crossroads, hosted by Frank Tsai

2021/05/24: What is Digital Renminbi?, Yuan at the Crossroads: Past Developments and Future Trends, YSI Seminar Series, Young Scholars Initiative supported by Institute for New Economic Thinking in New York

2021/08/21: FinTech Outlook in China, Keynote Speech at Public Listed Companies International Conference, Dhunicorn

2021/10/12: Panel Discussion: The Impact and Meaning of China's Recent Regulatory Reform Push, AmCham Shanghai October Monthly Member Briefing

2021/10/19: Panel Discussion: The Impact of the Evergrande Crisis on China's Economy, AmCham Shanghai Committees Event

2021/12/04：数字人民币vs虚拟数字货币, 央行数字货币与金融赋能实体经济，上海对外经贸大学学术活动月系列活动

2021/12/06: Lars Peter Hansen: Embracing Uncertainty, 上海交通大学第34期励行讲堂：经世济民，多视角探索经济人文的奥秘

INTERVIEWS AND COMMENTS ON RADIO AND TV:

2017/09/20: China International Radio Today Business Show, Live Broadcast in English, comments on

China General Nuclear Power Group bidding for nuclear power plants in UK

Increase of mortgage interest rate in Beijing and other Tier 1 cities

2017/9/21: 李楠（上海交通大学）：家族企业传承百年的秘密，音频, 伍治坚证据主义, @喜马拉雅FM (Li Nan (SJTU): The Secrete of Family Firms, Audio in Chinese, Wu Zhijian's Evidentialist Channel @ximalayaFM )

2020/11/14: Behind the Market Podcast: LI Nan on Ant Group, Hosted by Jeremy Schwartz, Director of Research at WisdomTree and Liqian Ren

2021/05/20: Interview with Professor Nan Li, Shanghai Jiao Tong University, China of Tomorrow by WisdomTree Asset Management, We discussed the Chinese financial regulations in China and as well as the Professor's views on the digital dollar.

2021/05/30: 东方卫视，环球交叉点：比特币狂泻“币圈”剧烈震荡，袁鸣（主持人），李楠（嘉宾），李易（嘉宾），庞引博（嘉宾）

RESEARCH INTERESTS

Financial Economic and Macroeconomics, with focus on asset pricing theory and empirical analysis of stock market and macroeconomy, intangible capital and uncertainty, ambiguity aversion and economic decision

PUBLICATIONS

Intangible Capital and Stock Market, Ph.D. thesis, Department of Economics, The University of Chicago, 2005

The Family Firm Ownership Puzzle, with Ronald Anderson, Masud Karim, David Reeb, Review of Corporate Finance Special Issue on Finance and Family Business, 2022, forthcoming

The Impact of Covid-19 on Stock Market in China, with Yuhong Zhu, Frontiers of Economics in China, 2021, vol. 16, issue 4, 714-743

Information uncertainty and the pricing of liquidity, with Wenjin Kang, and Huiping Zhang, Journal of Empirical Finance, 2019, vol. 54, 77-96.

Short Selling, Margin Buying and Stock Return in China Market, with Rui Li, Chongfeng Wu and Jiahui Li, Accounting and Finance, 2018, vol. 58, 477–501.

Consumption Strikes Back? Measuring Long-Run Risk, with Lars Peter Hansen and John C. Heaton, Journal of Political Economy, 2008, vol. 116, no. 2, 260-302.

Intangible Risk, with Lars Peter Hansen and John C. Heaton, Measuring Capital in the New Economy, edited by Carol Corrado, John Haltiwanger and Daniel Sichel, The University of Chicago Press, 2005. Conference on Measuring Capital in the New Economy, April 2002

Motivating Students to Learn Actively through Competition, Experiments in Pedagogy: Selected Papers from Professional Development Programme (Teaching), vol. 2, edited by Daphne Pan, Center for Development Teaching and Learning, National University of Singapore, 2007.

汇率波动对利率政策经济绩效的影响机理分析, 苏应蓉,李楠, 宏观经济研究, 2014年第二期, 45-52页, 湖北省社科项目

Working Paper

The Family Firm Ownership Puzzle, with Ronald Anderson, Masud Karim and David Reeb, working paper, 2021. The 2021 Senft-Asper International Workshop andReview of Corporate Finance Special Issue Conference on Finance and Family Business, 2021/10/15

Two Risk Factors in the Long Run: A Key to Decipher Asset Pricing Puzzles, working paper, 2021

Heterogeneity in Intangible Capital and Cross-Section Variation in Stock Returns, 2021, with Huiping Zhang and Weiqi Zhang, working paper

The Pricing of Stock Ambiguity and Short-Sale Constraints, with Yuhong Zhu, 2020 China International Risk Forum, Shanghai and Online, August 21-22

Uncertainty, Divergence of Opinion and Mobile Traders, with Chenchen Li and Chongfeng Wu, working paper, 2020

The Diminishing Value Premium and Intangible Capital, with Huiping Zhang, 2020

The pricing of long-run risk in the Stock Market, with Wenjin Kang and Huiping Zhang

Information Advantage, Ambiguity Aversion and the Family Firm Puzzle, with Ronald Anderson, Masud Karim and David Reeb, working paper, 2019. China International Conference on Finance, Shanghai 2013; AsianFMA Annual Meeting, Shanghai 2013; Second Shanghai Risk Forum, Shanghai, 2016

Measuring Intangible Capital with Uncertainty, with AN Sungbae, working paper, 2018, presented at Poster Session in American Economic Association Annual Meeting in January 2016

Labor Income Risk, Consumption Risk and Liquidity Premium in the Long Run, with Kang Wenjin and Huiping Zhang, working paper,National University of Singapore, 2013. FMA Annual Meeting, Chicago 2013; AsianFMA Annual Meeting, Shanghai 2013; China International Conference on Finance, Wuhan 2011; AsianFA Annual Meeting, Macau 2011; NUS Junior Faculty Workshop, Singapore International Conference on Finance, Singapore 2011

Value Premium and Liquidity Risk, with Kang Wenjin, working paper, National University of Singapore, 2011. AsianFA Annual Meeting, Junior Faculty Workshop, Hong Kong 2011

Intangible Capital and Stock Prices, working paper, National University of Singapore, 2011. City University of Hong Kong Workshop, 2011; AsianFA Annual Meeting, 2008; China International Conference on Finance, Xi’an 2006; Singapore Management University, Department of Economics Workshop 2006; Singapore Management University Finance Summer Camp 2005; Saw Center Conference on Quantitative Finance, National University of Singapore 2005

不确定性下的资产定价和投资决策及不确定性的度量研究动态，李楠，朱宇宏，工作论文，2020

中国A股市场不确定性溢价与融资融券的不对称性，李楠，黄云昊，黄卓，工作论文，2020

Interviews and Media Articles

In English:

2021/02/28: Why Beijing was right to rein in Jack Ma's rogue Ant Group IPO, Nikkei Asia, Opinion, with John D. Van Fleet.in print, Nikkei Asia, Opinion, March 15-21, 2021

2021/03/18: A letter to WSJ editors: comments on "China Lays Plans to Tame Tech Giant Alibaba" , with John D. Van Fleet

2021/04/12: Instant View: China's Ant Group to restructure under central bank agreement, Reuters, Reporting by Cheng Leng, Josh Horwitz. Editing by Jane Merriman

China's Ant Group to restructure under central bank agreement Financial, Financial Post, Reporting by Cheng Leng, Josh Horwitz. Editing by Jane Merriman

Industry Research Comments: Appropriate regulation is needed to separate different functions of the FIs to refrain from the over-risk-taking behaviour, Antai Insight

2021/05/03: China's digital yuan is a transaction helper, not a Trojan horse, Nikkei Asia, Opinion, with John D. Van Fleet.

2021/05/18: Ant’s road to redemption: How the fintech giant can save itself, SupChina, with John D. Van Fleet.

Industry Research Comments: Ant’s Road to Redemption: How the fintech giant can save itself, Antai Insight

2021/06/04: Industry Research Comments: Li Nan and Chen Kaiyu: is digital RMB a "Trojan horse"?, Antai Insight (translated from Xinhua News)

2021/08/13: Dispelling the myths and rumors about China's digital currency, Nikkei Asia, Opinion, with John D. Van Fleet

Industry Research Comments: Dispelling the myths and rumors about China's digital currency, Antai Insight

2021/10/07: Foreign media fail to understand China's fintech regulators, Nikkei Asia, Opinion, with John D. Van Fleet

2021/12/03: Reaction to Didi Global's plans to delist from New York, Reuters

2021/12/03: Didi bows to China regulatory pressure, will delist from NYSE, Reuters, By Julie Zhu and Kane Wu

2021/12/08: Didi Global’s Farewell to NYSE Isn’t a Death Sentence, InvestorPlace, By Will Ashworth

2021/12/11: Follow the money not the rhetoric to make sense of U.S.-China ties, Nikkei Asia, Opinion, with John D. Van Fleet

安泰洞见 | 如何看待中美博弈？跟随资金的流向而不是传言

In Chinese

2016/04/22: 2013年诺贝尔经济学奖获得者、美国芝加哥大学教授拉尔斯 • 汉森：在经济研究中如何系统地引入不确定性，文汇报，文汇学人：访谈录 (Nobel Laureate 2013 in Economic Sciences, Professor in University of Chicago, Lars Peter Hansen on How to Systematically Study Ambiguity in Economics, in Chinese, Wenhui Bao)

2016/10/17: 面对未知的投资决策：把鸡蛋放一个篮子，国际金融时报，2016年10月17日第14版, (Put All the Eggs in One Basket----Investment Decision with Ambiguity, in Chinese, International Finance Times)

2017/9/21: 李楠（上海交通大学）：家族企业传承百年的秘密，音频, 伍治坚证据主义, @喜马拉雅FM (Li Nan (SJTU): The Secrete of Family Firms, Audio in Chinese, Wu Zhijian's Evidentialist Channel @ximalayaFM )

2018/08/20: 2018年度上海干部在线学习专题“开放型经济和经济中心城市建设”专题讲座，共享经济与优化城市资源配置，(Lecture on "Platform Economy and Efficient Asset Allocation" in Chinese for city officers in Shanghai.)

2018/8/30: 为什么应该取缔滴滴“顺风车”业务？因为它的市场设计无法解决“道德危机”产生, 解放日报，上观新闻网 (In Chinese, Why should the Didi Share-Ride be Banned?, Jie Fang Daily, Shanghai Observe)

2018/11/28: 上海交通大学李楠：真正的富人只需要一个篮子，全球华人财经大V面对面，伍治坚证据主义 (In Chinese text, Shanghai Jiao Tong University, Li Nan: The real wealthy investor only needs one basket, Wu Zhijian's Evidentialist Channel )

2018/12/04: 芝加哥大学荣休校长 Hugo F. Sonnenschein 做客第112期大师讲坛, 上海交通大学, 新闻学术网 (In Chinese, Report on the 112th Distinguished Master Lecture Series by President Emeritus of the University of Chicago, Hugo F. Sonnenschein, Shanghai Jiao Tong University, Academic News)

2020/9/22: 如何解救困在系统里的外卖骑手？——在决策系统中引入不确定性下的稳健经济决策思维, FT中文网 (How to rescue takeaway riders stuck in the system? ---- Considering robust algorithms under Knightian uncertainty, Financial Times in Chinese)，cited by

2020/9/24: 李楠：如何解救困在系统里的外卖骑手？，安泰声音，安泰经济与管理学院, 上海交通大学

2020/10/09: 学习强国----上海交通大学，学者声音，李楠：如何解救困在系统里的外卖骑手？

2020/10/13: 困住骑手的，是系统吗?—----平台企业人力资源管理路径探寻, 中国劳动保障报, 张赢方

2020/11/04: 蚂蚁暂缓上市波及671万股民，阿里市值一夜蒸发700亿美元，金融科技迎来估值重塑？时代周报，时代财经快讯，林前，高秋榕（访谈）（When tech meets fin without appropriate regulation, it may open a Pandora Box of predatory lending, moral hazard, conflicts of interests......）

2020/11/06： 李楠：蚂蚁集团需将自身定位为金融公司且满足监管要求，安泰声音，安泰经济与管理学院, 上海交通大学

2020/11/18: 蚂蚁上市暂停：科技无限，金融有界，监管有度, 李楠，陈开宇，FT中文网 (Suspension IPO of Ant Group: Tech May Be Boundless, Financial Intermediary Has to Be Bounded and Appropriately Regulated, Financial Times In Chinese, with Kaiyu Chen )

2020/11/18：寻求金融科技监管的“界”与“度”，李楠，陈开宇，经济观察报管理与创新案例研究院公众号 (Seeking the boundary and appropriate regulation of Fintech)

2020/11/23：蚂蚁暂缓上市后余波未平，李楠：应隔断数据与金融中介业务的关联， 时代周报，时代财经快讯，廖维（专访）(Li Nan: It is necessary to separate the data services from the financial intermediary services )

2020/11/24：蚂蚁暂缓上市后余波未平，李楠：应隔断数据与金融中介业务的关联，安泰声音，安泰经济与管理学院, 上海交通大学

2020/12/02：P2P曲终人未散，陆金所持消金牌照“上岸”，众多平台转型助贷业务， 时代周报，时代财经快讯，廖维（访谈）

2020/12/11：华尔街之狼高盛来袭，抢滩高净值客户，小券商将临灭顶之灾？时代周报，时代财经快讯，廖维（访谈）

2020/12/16：李楠：海外大券商入局对国内资本市场也需适当监管，安泰声音，安泰经济与管理学院, 上海交通大学

2020/12/17：金融创新如何赋能经济，李楠，陈开宇，FT中文网 (How to finance technological innovation? FT Chinese, with Kaiyu Chen)

2020/12/17：李楠：金融创新如何赋能结构转型期的创新研发，安泰声音，安泰经济与管理学院, 上海交通大学

2021/04/13: 由阿里受罚看平台经济下一步, 李楠，陈开宇，FT中文网 (From the fine on Alibaba to the development and regulation of the platform economy, FT Chinese, with Kaiyu Chen)

2021/04/17： 阿里巴巴收天价罚单 是香港一堂“监管”课，新加坡联合早报（引用）

2021/04/13: 蚂蚁为什么再次被约谈？李楠，楠说风险，微信公众号 (Why did regulators talk with Ant again?)

2021/05/09: 数字人民币是“特洛伊木马”吗？, 新华社客户端，中国金融信息中心，李楠，陈开宇，John D. Van Fleet

2021/05/09: 大宗商品上涨，拿掉猪以后都是通胀？专家：掩耳盗铃！更应关注CPI、PPI剪刀差下的企业经营困境，时代财经，余思毅（访谈）

2021/05/30: 东方卫视，环球交叉点：比特币狂泻“币圈”剧烈震荡，袁鸣（主持人），李楠（嘉宾），李易（嘉宾），庞引博（嘉宾）

2021/05/31: 比特币、狗狗币崩了，数字人民币未来会怎么样？财经连线, 上观新闻, 张煜，王力，俱鹤飞 (访谈)

2021/06/25：李楠：蚂蚁的救赎 ——金融科技前路何方？，复旦金融评论第12期

2021/07/05: 公交、地铁也可用数字人民币支付！广泛应用还有哪些难题？, 天下银保 ,《 国际金融报》金融中心公众号，余继超（访谈）

2021/08/13: 行业观察 | 小贷行业或迎来新一轮洗牌：整体持续萎缩，互联网巨头增资谋全国展业, , 天下银保 ,《 国际金融报》金融中心公众号，余继超（访谈）

2021/10/15：李楠、陈开宇：恒大不是雷曼, 上海交通大学行业研究院, 行研评论, 研究成果 -【金融板块】

2021/10/19: 恒大不是雷曼，李楠，陈开宇，FT中文网

2021/12/03：黑色星期五降臨！滴滴等中概股慘遭血洗，鉅亨網，編譯 羅昀玫(引用)

2021/12/09：上海交大｜如何看待“剪刀差”创新高，澎湃新闻，李楠，陈开宇

2021/12/14: 从滴滴退市声明看中概股的前景, FT 中文网, 李楠

2022/03/07: 关于解决小微企业融资困境的方案建议, 国际金融报, 李楠, 陈开宇

2022/03/24: 俄乌冲突一月记：持续的“闪击”，磨蹭的和谈以及外溢的战争阴云_澎湃国际_澎湃新闻-The Paper，谢瑞强 刘惠 苏杨帆 胡甄卿 （采访）

2022/03/30: 俄乌冲突下，如何看待全球经济变化, FT中文网, 李楠，陈开宇