Ying Li

Profile | Curriculum Vitae

Ying Li


Ph.D., Finance, University of Massachusetts Amherst
Master, Economics, Zhongshan University
Bachelor, Business administration, Zhongshan University


Institutional investors (hedge funds, mutual funds, general institutions), corporate social responsibility



Business finance (BBUS350) and Investments (BBUS454)


Financial management (BBUS505)


  • Semifinalist for best paper awards at the Financial Management Association (FMA) 2015 Annual Meeting
  • Best paper award at the Joint Conference and Symposium of All Five Finance-Related Korean Academic Associations Annual Meeting, May 2015
  • Best paper award in Derivatives at the Eastern Finance Association 2015 Annual Meeting
  • “Duration of Poor Performance, Fund Flows and Risk-shifting by Hedge Fund Managers”, Featured in Barclay Insider Report
  • SSRN Top 10 List for “Hedging” topic, 2015
  • SSRN Top 10 List for “Governance & Ownership” topic, 2014
  • Beta Gamma Sigma, University of Massachusetts Amherst, 2006
  • Doctoral Student Consortium, by invitation only, FMA 2005, Chicago
  • Graduate student scholarship, University of Massachusetts Amherst, 2001-2006


Chang, Kiyoung, Ying Li*, and Young Kim, “Labor Union and Operating Inefficiency: Evidence from Real Activities Manipulation“, forthcoming, Journal of Corporate Finance

Chang, Kiyoung, Ying Li*, and Hyeongsop, Shim, “When Do Credit Rating Agencies Value Corporate Social Responsibility?: The Role of Societal Trust“, forthcoming, Financial Review

Chang, Kiyoung, Ying Li*, and Ha-Chin Yi, “Informed Equity Ownership and Bank Loan Contracting“, forthcoming, Journal of Business Finance and Accounting

Chang, Kiyoung, Jean Kabongo, and Ying Li*, 2021, “Geographic Proximity, Long-term Institutional Ownership, and Corporate Social Responsibility”, Review of Quantitative Finance and Accounting, 56, 297-328

Borghesi, Richard, Kiyoung Chang, and Ying Li, 2019, “Firm Value in Commonly Uncertain Times: the Divergent Effects of Corporate Governance and CSR”, Applied Economics, Vol 51, 4726-4741

Li, Y., Holland, A., and Kazemi, H. “Duration of Poor Performance, Fund Flows, and Risk-shifting by Hedge Fund Managers“. Global Finance Journal, forthcoming.

Barn, L., Li, Y., Liu, C., Liu, Z., and Pu, X. “S&P 500 Index Revisions and Credit Spreads“. Review of Financial Economics, forthcoming.

Chang, K., Li, Y., and Yi, H. “Does Geographic Proximity Change the Passiveness of Institutional Investors?” International Review of Finance, forthcoming.

Chang, K., Jo, H., and Li, Y. “Is There Informational Value in Corporate Giving?” Journal of Business Ethics, 2018, 151(2), 473-496.

Chang, K., Kang, E., and Li, Y. “Effect of Institutional Ownership on Dividends: An Agency-theory-based Analysis“. Journal of Business Research, 2016, 69(7), 2551-2559.

Chang, K., Kim, I., and Li, Y. “The Heterogeneous Impact of Corporate Social Responsibility Activities That Target Different Stakeholders“. Journal of Business Ethics, 2014, 125, 211-234.

Chang, K., Kang, E., and Li, Y. “Local Long-term Institutions, Growth, and Cash Holdings“. Applied Economics Letters, 2014, 21, 387-390.

Kabongo, J.D., Chang, K., and Li, Y. “The Impact of Operational Diversity on Corporate Philanthropy: An Empirical Study of U.S. Companies“. Journal of Business Ethics, 2013, 116, 49-65.

Kazemi, H. and Li, Y. “Market Timing of CTAs: An Examination of Systematic CTAs vs. Discretionary CTAs“. The Journal of Futures Markets, 2009, 29, 1067-1099.

Li, Y. and Mehran, J., “Risk-taking and Managerial Incentive: Seasoned versus New Funds of Funds“. Journal of Alternative Investments, Winter 2009, 100-108.

Kazemi, H., Li, Y., and Tu, F. “Replication and Benchmarking of Hedge Funds“. Journal of Alternative Investments, 2008, 11, 40-59.

Li, Y. and Kazemi, H. “Conditional Properties of Hedge Funds: Evidence from Daily Returns“. European Financial Management, 2007, 13, 211-238 (Lead article).


Benefits of Hybrid Mutual Funds, 2005 Update, Benefits Series, Prepared for and Published by CISDM, 2005, University of Massachusetts Amherst


Ad hoc reviewer for European Financial Management, Financial Analysts Journal, Journal of Alternative Investments, Journal of Business Ethics, Journal of Business Research, and Journal of Futures Markets.
Reviewer for the Financial Management Association Annual Meetings and Midwest Finance Association Annual Meetings.


American Finance Association, Financial Management Association, Western Finance Association