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 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.)
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 Nanon Ant Group, Hosted by Jeremy Schwartz, Director of Research at WisdomTree and Liqian Ren
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 FinanceSpecial Issue on Finance and Family Business, 2022, forthcoming
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.
The Family Firm Ownership Puzzle, with Ronald Anderson, Masud Karim and David Reeb, working paper, 2021. The 2021 Senft-Asper International Workshop and Review 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
TheDiminishingValuePremium 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
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
2020/11/04: 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......）
2020/11/18: 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 )
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)
