Faculty & Research


Li Nan

Department of:  Finance

Associate Professor

Email:  nanli@sjtu.edu.cn

English resume




My Personal Website 

Nan Li is an Associate Professor in Antai College of Economics and Management (ACEM), Shanghai Jiao Tong University. She received her Ph.D. in Economics from the University of Chicago in 2005 and 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 from 2008 to 2014.

Nan Li's research interests include asset pricing, corporate finance and time-series analysis in Macroeconomics and Finance. Her current research focus on understanding investment decision and economic decision of agents with both risk and ambiguity aversion. Her work with Lars Peter Hansen and John 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.


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


·       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.

-      NBER working paper 11476

·       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

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

·       Motivating Students to Learn Actively through CompetitionExperiments 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.

·       Impact of Exchange Rate on the Economic Responses of Monetary Policy in China, with Su Yingrong, Macroeconomic Studies, Vol. 2014 (2), 2014, 45-52 (In Chinese: 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)


·       The Family Firm Puzzle, with Ronald Anderson and David Reeb, working paper, 2014

-      Presented in FMA Asian Conferernce 2013 in Shanghai, CICF 2013 in Shanghai

·       Measuring Intangible Capital with Uncertainty, with Sungbae An, working paper, 2014

-     Presented in International Symposium on Financial Engineering and Risk Management 2014, Beijing, International Conference Econometrics for Macroeconomics and Finance 2014, Hitotsubashi University, Japan

·       Labor Income Risk, Consumption Risk and Liquidity Premium in the Long Run, with Wenjin Kang, working paper, 2014

-      Presented in FMA Asian Conference 2013in Shanghai, FMA Annual Meeting 2013 in Chicago, CICF 2011 in Wuhan, 2011 AsianFA Anuual Meeting in Macau

·       Liquidity Premium and Limit of Arbitrage, with Wenjin Kang and Huiping Zhang, working paper, 2014

-     Presented in AsianFA 2013 in Nanchang

·       Intangible Risk and Value Premium, with Weiqi Zhang, working paper, 2013

·       Value Premium and Asset Liquidity, with Wenjin Kang, working paper, 2010

-      Presented in AsianFA 2010 Hong Kong, AsianFMA 2011 Macau

·       Intangible Capital and Stock Prices, working paper, 2009

-      Presented in City University of Hong Kong, Singapore Management of University, CICF 2006 Xi’an, Conference on Quantitative Finance 2005, NUS Saw Centre for Financial Studies

·       Shanghai Jiao Tong University, Antai College of Economics and Management

-      Bank Management, undergraduate core course, English

-     Introduction to Banking Industry in ChinaMaster of International Business, English

-      Empirical Asset Pricing, PhD core course, English

·       National University of Singapore, NUS Business School, Department of Finance 

        December 2004 to June 2014, courses taught:

-      Empirical Finance, core course for PhD students in the Department of Finance with average teaching evaluation 4.7/5.0

-      Bank Management, undergraduate course with average teaching evaluation 4.0/5.0

-      Executive Program on Bank Management, in Chinese with average teaching evaluation 4.2/5.0, for Executives in China Construction Bank, Bank of China, Shanghai Pudong Development Bank, Suzhou Bank and etc.

·       University of Chicago, Department of Economics

        Lecturer, courses taught:

-      Summer 2003: Introduction to Mathematical Methods in Economics, Graduate Math Camp

-      Summer 2003: Econometrics A, Undergraduate Course

-      Fall 2000: Macroeconomics, Elements of Economic Analysis-4, Undergraduate Course

·       Wuhan University, Institute of Advanced Economics Studies

        Lecturer, courses taught:

-      Spring 1998:  Macroeconomics, Undergraduate Course

-      Fall 1997:   Introduction to Economics, Undergraduate Course

-      Spring 1997: Finance Theory, Undergraduate Course