PUBLICATIONS
- Nan Li and Meijun Qian (2022), Alternative Financial Institutions in China, Research Handbook on Alternative Finance, edited by Franklin Allen and Meijun Qian, Edward Elgar Publishing, forthcoming
- Ronald Anderson, Nan Li*, David M. Reeb and Masud Karim (2022), The Family Firm Ownership Puzzle, Review of Corporate Finance, 2 (4), 679-720. http://dx.doi.org/10.1561/114.00000027
- The Impact of Covid-19 on Stock Market in China, with Yuhong Zhu, Frontiers of Economics in China, 2021, vol. 16(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, Jiahui Li and Chongfeng Wu, Account Finance, 2018, vol. 58, no. 2, 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
- Intangible Capital and Stock Market, Ph.D. thesis, Department of Economics, The University of Chicago, 2005
- 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.
PUBLICATIONS 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页 （Impact of Exchange Rate on the Economic Responses of Monetary Policy in China, in Chinese, with Yingrong Su, Macroeconomic Studies, Vol. 2014 (2), 2014, 45-52)
WORKING PAPERS
- Uncertainty is More Than Risk, Nan Li, Xiao Qin, working paper, 2022
- How to Regulate Cryptocurrencies?, Nan Li, Qingfeng Liu, Shuai Xing, working paper, 2022
- Two Risk Factors in the Long Run: A Key to Decipher Asset Pricing Puzzles, Nan Li, working paper, 2022
- The Pricing of Uncertainty and Short-Sale Constraints: Evidence from China Stock Market, with Yuhong Zhu, 2022
- Heterogeneity in Intangible Capital and Stock Return, with Huiping Zhang and Weiqi Zhang, working paper, 2022
- Measuring Long-Run Risk with Investment-Specific Technological Change, working paper, 2021.
- Saving Value Premium, with Huiping Zhang, working paper, 2021
- Aggregate Uncertainty, Labor Income Risk and Liquidity Premium, with Kang Wenjin and Zhang Huiping, working paper, 2021.
- Measuring Intangible Capital with Uncertainty, with AN Sungbae, working paper, 2019,
- Mobile Retail Traders and Stock Prices under Uncertainty, with Chenchen Li and Chongfeng Wu, working paper, 2020
- Intangible Capital and Stock Prices, working paper, 2019.
- 不确定性的度量与资产定价和投资决策：研究文献综述，李楠，朱宇宏, 2021
- 融资融券的不对称性与经济不确定性在中国A股市场的定价，李楠，黄云昊，黄卓，2021
- 科技研发投入的风险与收益----基于中国A股市场的研究，李楠，徐嘉辰，2021
- 科技专利的异质性与科技研发投入的收益与风险，李楠，刘梦迪，孙丽莎，2021
WORK IN PROGRESS
- 价值溢金消失了吗？基于无形资产投资风险的研究， 李楠，顾怡赟，章溢漫，孙翔， 2021
- 基于利率期限结构违约概率的动态，李楠，杨泠然，2021
- 经济不确定性对经济增长与金融市场的影响，李楠，黄卓，沈之诣，郭婷慧，2019
INVITED TALKS AND DISCUSSION:
- 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
- 2021/11/24：交大安泰校友沙龙：中国不良资产市场发展趋势和投资机遇, 李楠，陈开宇，邱文宇
- 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
- 2022/01/09: The Pricing of Ambiguity and Short-Sale Constraints, 数字经济下的金融科技与金融风险，CSIAM金融科技与算法专业委员会（筹），中国工业与应用数学学会
- 2022/01/16: Discussion: Good Volatility, Bad Volatility, and the Cross Section of Cryptocurrency Returns by Ran Zhao and Zehua Zhang, The 2022 Annual Conference on Digital Economy, 2022/01/14-2022/01/16
- 2022/01/17: How Far Will Digital Yuan Go? IMA ASIA Breakfast CFO Talk
- 2022/02/25: 从蚂蚁上市暂停看金融科技的监管原则，华东 Entrepreneurs Organization 分享会
- 2022/03/17：如何提高线上线下教学课堂互动效率（1:15-2:00），“稳学情，增实效，向未来”教学新模式云端研讨会
- 2022/08/03: Hybrid Event | One Year On, the Evolving Evergrande Saga, AmCham Shanghai Committees Event
- 2022/08/08: 数字货币的本质与监管，2022上海对外经贸大学金融管理学院暑期学校
- 2022/10/16: 2022年诺贝尔经济学奖获得者Douglas Diamond: 大道至简，芝加哥大学北京校友会论坛
- 2022/10/29：Nonlinear Relationship between Stock Uncertainty and Risk, (presented by Qin Xiao), 第十九届金融学年会
- 2022/10/30: Heterogeneity in the Risk and Return of R&D and Intangible Capital，第十九届金融学年会
- 2022/11/1: The pricing of Stock Ambiguity and Short-Sale Constraints, 同济大学，经济与金融学术讨论会第160期
- 2022/11/19：主旨演讲：中国股票市场不确定性的定价余卖空限制，注册制改革与多层次资本市场建设研究生学术论坛（2022），上海对外经贸大学
- 2022/12/19: 不确定性的度量与定价，中国社会科学院大学经济学院
- 2023/01/08: 金融如何赋能高质量制造业发展，2022年制造业形势及新年展望研讨会, 上海交通大学中国发展研究院
- 2023/04/05: 道格拉斯·戴蒙德：大道至简，经济模型的建模原则, 励志讲坛X安泰视野讲坛：解读2022年诺贝尔经济学奖第50期励行讲堂, 上海交通大学
- 2023/04/08: 不确定性下的决策与领导力，不确定环境的管理，上海管理科学论坛
- 2023/04/12: Financial Services | Banking Crisis | AmCham Shanghai on Glue Up
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）
NEWS ARTICLES AND INTERVIEWS
In English:
- 2021/02/28: Why Beijing was right to rein in Jack Ma's rogue Ant Group IPO, Nikkei Asia, Opinion, Nan Li and 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" , Nan Li and 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 (interview)
- NAN LI, ASSOCIATE PROFESSOR OF FINANCE, JIAO TONG UNIVERSITY, SHANGHAI: “The regulatory talk on April 12, 2021, is not a surprise at all to me. The nature of fintech is to apply information technology to improve the efficiency of financial intermediation, whose fundamental special role in the economy is to channel the fund from net savers (households) to net users (corporations)."
“The financial intermediation, as a ‘delegated monitor’, helps to reduce the information asymmetry between net savers and net users of fund and monitoring costs through the economy of scale in collecting and processing information and diversification of risk."
“To diversify and enjoy the economics of scale, the FIs need to get big. Hence, financial regulation is necessary to monitor the monitor so that the FIs do not take advantage of households and corporations based on their sheer size."- China's Ant Group to restructure under central bank agreement Financial, Financial Post, Reporting by Cheng Leng, Josh Horwitz. Editing by Jane Merriman (interview)
- Industry Research Comments: Appropriate regulation is needed to separate different functions of the FIs to refrain from the over-risk-taking behaviour, Antai Insight
- NAN LI, ASSOCIATE PROFESSOR OF FINANCE, JIAO TONG UNIVERSITY, SHANGHAI: “The regulatory talk on April 12, 2021, is not a surprise at all to me. The nature of fintech is to apply information technology to improve the efficiency of financial intermediation, whose fundamental special role in the economy is to channel the fund from net savers (households) to net users (corporations)."
- 2021/05/03: China's digital yuan is a transaction helper, not a Trojan horse, Nikkei Asia, Opinion, Nan Li and John D. Van Fleet
- 2021/05/18: Ant’s road to redemption: How the fintech giant can save itself, SupChina, Nan Li and John D. Van Fleet
- 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, Nan Li and John D. Van Fleet
- 2021/10/07: Foreign media fail to understand China's fintech regulators, Nikkei Asia, Opinion, Nan Li and John D. Van Fleet
- 2021/12/03: Reaction to Didi Global's plans to delist from New York, Reuters (interview)
- NAN LI, ASSOCIATE PROFESSOR, FINANCE AT SHANGHAI JIAOTONG UNIVERSITY, SHANGHAI:“Well, again no surprise to me. This is the only way that Didi can survive, and this is maybe a good thing for the investors in the U.S. market. There are other issues related to Didi in addition to the data security. Didi also embedded financial services on their platform, they withheld the payment to the drivers, charge high fees for drivers, make loans with high interest rates etc. And the inherent problems of the share-riding due to the fact there is no appropriate regulation of the bad behavior of the drivers.
“I don’t think Didi qualifies to be listed anywhere before it separates the data platform services with financial services, and sets up an effective protocols to manage and ensure the drives’ responsibility and benefits.
- NAN LI, ASSOCIATE PROFESSOR, FINANCE AT SHANGHAI JIAOTONG UNIVERSITY, SHANGHAI:“Well, again no surprise to me. This is the only way that Didi can survive, and this is maybe a good thing for the investors in the U.S. market. There are other issues related to Didi in addition to the data security. Didi also embedded financial services on their platform, they withheld the payment to the drivers, charge high fees for drivers, make loans with high interest rates etc. And the inherent problems of the share-riding due to the fact there is no appropriate regulation of the bad behavior of the drivers.
- 2021/12/03: Didi bows to China regulatory pressure, will delist from NYSE, Reuters, By Julie Zhu and Kane Wu (quote)
- 2021/12/08: Didi Global’s Farewell to NYSE Isn’t a Death Sentence, InvestorPlace, By Will Ashworth (quote)
- Repost at NASDAQ: https://www.nasdaq.com/articles/didi-globals-farewell-to-nyse-isnt-a-death-sentence
- 2021/12/11: Follow the money, not the rhetoric, to make sense of China-U.S. ties, Nikkei Asia, Opinion, Nan Li and John D. Van Fleet
- 2022/01/19: EXCLUSIVE China drafts rules to ease property developers' use of escrow funds, Reuters, By Julie Zhu and Clare Jim, Yu Xie (quote)
- “An abrupt clampdown on escrow accounts by local authorities after Evergrande's crash choked liquidity for some good-quality names. A correction by the central government is much needed," said Nan Li, associate professor of finance at Shanghai Jiao Tong University.”
- 2022/02/20: The Evolution of China’s Policy Regime, interview by Ian Driscoll, The Journal of the American Chamber of Commerce in Shanghai - Insight January/February 2022, page 12-15
- 2023/01/07: Jack Ma got the trouble that was coming to him, Nikkei Asia, Opinion, with John D. Van Fleet
- 2023/01/09: Ant-linked firms' shares rise after news of Jack Ma ceding control; Alibaba jumps, Reuters, by Roxanne Liu, Yingzhi Yang, Josh Horwitz and Kane Wu (quote)
- Li Nan, professor of Finance at Shanghai Jiaotong University, however said Ant's inherent problems remain after its change of control. "The key problem in the business model of Ant is embedding loan (Huabei and Jiebei) wealth management and insurance in the payment platform (Alipay), evading the necessary risk management regulation, such as capital adequacy ratio, liquidity ratio as well as loan loss reserve ratio," Li said. The leverage is still way too high after Ant's capital increase, she said.
- 2023/01/20: China's growth story will convince the world once again, Nikkei Asia, Opinion, with John D. Van Fleet
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， 李楠 (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, 李楠 (Put All the Eggs in One Basket----Investment Decision with Ambiguity, in Chinese, International Finance Times)
- 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，李楠 (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， 李楠 (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, 李楠 (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 （引用）
- 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）
- 新浪财经，腾讯财经，网易财经，搜狐财经，东方财富，中华网财经，华商网等多个媒体转发
- 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, FT中文网, 李楠，陈开宇 (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”，经济观察报管理与创新案例研究院公众号, 李楠，陈开宇， (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，FT中文网, 李楠，陈开宇 (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, FT中文网 ，李楠，陈开宇(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）
- 2021/05/31: 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: 蚂蚁的救赎 ——金融科技前路何方?, 《复旦金融评论》第12期，李楠
- 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，FT中文网, 李楠，陈开宇
- 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
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