Faculty & Research


Li Nan

Department of:  Finance

Associate Professor

Email:  nanli@sjtu.edu.cn



My Personal Website www.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:


  • 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 


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


  • 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 China2021, 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 Riskwith 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 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

  • 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:

In Chinese