Zhichuan Frank Li

University of Western Ontario - Ivey School of Business

Associate Professor of Finance

1151 Richmond Street North

London Ontario, Ontario N6A 3K7

Canada

  • University of Western Ontario - Ivey School of Business

SCHOLARLY PAPERS

29

DOWNLOADS

14,845

TOTAL CITATIONS

239

Ideas:
“  Professor Li received his PhD degree in Finance from W.P. Carey School of Business, Arizona State University, and two masters degrees (MBA: international business/MIS; MS: Computer Science) from University of Missouri at Kansas City. His work experience includes various analyst and management positions in an international bank, a personal credit company, a small pharmaceutical consulting firm, and a fortune 500 health care corporation. Professor Li's research interests reside in empirical corporate finance, particularly corporate governance and executive compensation. He has two goals. One is to better understand the subtle but important effects of various governance mechanisms and contract designs on managers and firms within the standard agency framework. The other is to identify and estimate the role of managerial attributes and non-standard preferences in determining organization structure, policy, and performance.  ”

  • University of Western Ontario - Ivey School of Business

Scholarly Papers (29)

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1.

Measuring Firm Size in Empirical Corporate Finance

Journal of Banking and Finance, Forthcoming
Number of pages: 59 Posted: 27 Oct 2013 Last Revised: 28 Aug 2018
Chongyu Dang, Zhichuan Frank Li and Chen Yang
Founder Securities, University of Western Ontario - Ivey School of Business and Wuhan University
Downloads 2,200 (14,794)
Citation 9

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Firm size, Total assets, Total sales, Market capitalization, Firm size proxy, Firm size measure, Empirical corporate finance

2.

An Empirical Assessment of Empirical Corporate Finance

Downloads 1,870 (19,204)
Citation 10

An Empirical Assessment of Empirical Corporate Finance

Coles, J.L. and Li, Z.F. 2021 forthcoming. An Empirical Assessment of Empirical Corporate Finance. Journal of Financial and Quantitative Analysis forthcoming
Number of pages: 111 Posted: 18 Mar 2011 Last Revised: 06 Jun 2022
Jeffrey L. Coles and Zhichuan Frank Li
University of Utah - Department of Finance and University of Western Ontario - Ivey School of Business
Downloads 1,446 (27,926)
Citation 7

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Empirical corporate finance, Corporate governance, Capital structure, Dividend policy, Executive compensation, Delta, Vega, Corporate control, Antitakeover protections, Mergers and acquisitions, Board of directors, Leverage, Cash balances, Investment policy, Firm focus, R&D, Firm performance

An Empirical Assessment of Empirical Corporate Finance

Coles, J.L. and Li, Z.F. 2021 forthcoming. An Empirical Assessment of Empirical Corporate Finance. Journal of Financial and Quantitative Analysis forthcoming.
Number of pages: 66 Posted: 15 Mar 2012 Last Revised: 13 Apr 2022
Zhichuan Frank Li and Jeffrey L. Coles
University of Western Ontario - Ivey School of Business and University of Utah - Department of Finance
Downloads 424 (143,954)
Citation 3

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Empirical corporate finance, Corporate governance, Capital structure, Dividend policy, Executive compensation, Delta, Vega, Corporate control, Antitakeover protections, Mergers and acquisitions, Board of directors, Leverage, Cash balances, Investment policy, Asset composition, Firm focus, R&D

3.

Corporate Social Responsibility and CEO Risk-Taking Incentives

Journal of Corporate Finance, Vol. 64, No. 101714, 2020
Number of pages: 21 Posted: 09 Jan 2019 Last Revised: 03 Sep 2020
Craig G. Dunbar, Zhichuan Frank Li and Yaqi Shi
Ivey Business School, Western University, University of Western Ontario - Ivey School of Business and Western University - Ivey Business School
Downloads 1,250 (35,113)
Citation 15

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Corporate Social Responsibility, Executive Compensation, Managerial Incentives, Vega, Social Capital, Risk Management

4.

Corporate Governance and Executive Compensation for Corporate Social Responsibility

Journal of Business Ethics, Forthcoming, Harvard Business School Working Paper No. 16-014
Number of pages: 36 Posted: 24 Jan 2015 Last Revised: 13 Feb 2017
Bryan Hong, Zhichuan Frank Li and Dylan Minor
Henry W. Bloch School of Management, University of Missouri-Kansas City, University of Western Ontario - Ivey School of Business and Anderson School of Management (UCLA)
Downloads 1,025 (46,817)
Citation 18

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Corporate governance, Corporate Social Responsibility, Incentives for CSR, Executive compensation, Agency problem, Board independence, Institutional holdings, Managerial power

5.

The Choice of Peers for Relative Performance Evaluation in Executive Compensation

Review of Finance, forthcoming
Number of pages: 65 Posted: 02 Sep 2016 Last Revised: 23 Mar 2022
John M. Bizjak, Swaminathan L. Kalpathy, Zhichuan Frank Li and Brian Young
Texas Christian University, Texas Christian University - M.J. Neeley School of Business, University of Western Ontario - Ivey School of Business and Wake Forest University
Downloads 965 (50,932)
Citation 20

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executive compensation, relative performance, RPE, peer groups, compensation benchmarking, performance measures, CEO pay, corporate governance

6.

CSR-Contingent Executive Compensation Contracts

Journal of Banking and Finance, 2019, Forthcoming
Number of pages: 62 Posted: 21 Aug 2017 Last Revised: 25 Sep 2019
Atif Ikram, Zhichuan Frank Li and Dylan Minor
Arizona State University (ASU) - W.P. Carey School of Business, University of Western Ontario - Ivey School of Business and Anderson School of Management (UCLA)
Downloads 827 (62,925)
Citation 45

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corporate social responsibility, CSR-contingent compensation, executive compensation, corporate governance

7.

CEO Power, Corporate Social Responsibility, and Firm Value: A Test of Agency Theory

Li, F., Li, T., Minor, D., 2016, A Test of Agency Theory: CEO Power, Firm Value, and Corporate Social Responsibility, International Journal of Managerial Finance, 12 (5): 611-628.
Number of pages: 31 Posted: 01 Jun 2015 Last Revised: 22 Feb 2017
Zhichuan Frank Li, Tao Li and Dylan Minor
University of Western Ontario - Ivey School of Business, University of Western Ontario - Department of Economics and Anderson School of Management (UCLA)
Downloads 784 (67,592)
Citation 24

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8.

Industry Tournament Incentives

Review of Financial Studies, Forthcoming
Number of pages: 61 Posted: 15 Mar 2012 Last Revised: 22 Jun 2017
Jeffrey L. Coles, Zhichuan Frank Li and Albert Y. Wang
University of Utah - Department of Finance, University of Western Ontario - Ivey School of Business and Auburn University - Department of Finance
Downloads 735 (73,590)
Citation 40

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Industry tournament incentives, CEO incentives, CEO compensation, Firm performance, Firm risk

9.

Corporate Social (Ir)responsibility and Firm Risk: The Role of Corporate Governance

Number of pages: 47 Posted: 25 Feb 2021 Last Revised: 24 Aug 2021
Craig G. Dunbar, Zhichuan Frank Li and Yaqi Shi
Ivey Business School, Western University, University of Western Ontario - Ivey School of Business and Western University - Ivey Business School
Downloads 717 (76,005)

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Corporate Social Responsibility (CSR), Corporate Social Irresponsibility (CSI), Firm Risk, Insurance Theory, Product Differentiation Theory, Agency Theory

10.

CEO Social Media Presence and Insider Trading Behavior

Number of pages: 26 Posted: 03 Mar 2020 Last Revised: 26 Mar 2024
Zhichuan Frank Li, Claire Y.C. Liang and Zhenyang Tang
University of Western Ontario - Ivey School of Business, Georgetown University and Clark University
Downloads 659 (84,572)
Citation 1

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social media, insider trading

11.

The Role of Mutual Funds in Corporate Social Responsibility

Journal of Business Ethics (2020): 1-23.
Number of pages: 60 Posted: 18 Apr 2019 Last Revised: 20 Sep 2021
Zhichuan Frank Li, Saurin Patel and Srikanth Ramani
University of Western Ontario - Ivey School of Business, Ivey Business School, Western University and affiliation not provided to SSRN
Downloads 475 (127,173)
Citation 6

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Corporate Social Responsibility, Mutual Funds, Socially Responsible Investment, Corporate Governance, Executive Compensation

12.

Mutual Monitoring and Agency Problems

Li, Zhichuan Frank. "Mutual monitoring and corporate governance." Journal of Banking & Finance 45 (2014): 255-269.
Number of pages: 40 Posted: 13 Feb 2011 Last Revised: 20 Sep 2021
Zhichuan Frank Li
University of Western Ontario - Ivey School of Business
Downloads 379 (165,284)

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Corporate governance, Mutual monitoring, Authority differential, Pay gap, Agency problem, No. 2 executive, Firm performance

13.

CSR Compensation Contract and CSR Ratings

Number of pages: 28 Posted: 10 Mar 2021 Last Revised: 29 Apr 2024
Zhichuan Frank Li, Jun Wang and Yuqing Zhao
University of Western Ontario - Ivey School of Business, Asper School of Business, University of Manitoba and University of Western Ontario
Downloads 354 (178,233)
Citation 2

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Corporate Social Responsibility, Compensation Category, CSR Contract, Social Performance, Financial Performance, Financial Risk

14.

Number Two Executives: Bottom-up Monitoring

Number of pages: 51 Posted: 09 Mar 2014 Last Revised: 23 Oct 2024
Zhichuan Frank Li
University of Western Ontario - Ivey School of Business
Downloads 299 (213,598)
Citation 11

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Bottom-up monitoring, Corporate governance, Agency problem, Empire building, Quiet life, Sarbanes-Oxley Act

15.

Endogeneity in CEO Power: A Survey and Experiment

Li, F., 2016, Endogeneity in CEO power: A survey and experiment, Investment Analysts Journal 45 (3): 149-162.
Number of pages: 26 Posted: 15 Mar 2011 Last Revised: 22 Feb 2017
Zhichuan Frank Li
University of Western Ontario - Ivey School of Business
Downloads 297 (215,113)
Citation 9

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Endogeneity Problem, CEO Power, Firm Performance, GMM, Fixed Effects, Instrument Variable, Lagged Dependent Variable

16.

A Learning Curve of the Market: Chasing Alpha of Socially Responsible Firms

Journal of Economic Dynamics and Control, 2019 Forthcoming
Number of pages: 37 Posted: 16 Aug 2018 Last Revised: 07 Oct 2019
Zhichuan Frank Li, Dylan Minor, Jun Wang and Chong Yu
University of Western Ontario - Ivey School of Business, Anderson School of Management (UCLA), Asper School of Business, University of Manitoba and University of Western Ontario - Department of Economics
Downloads 285 (224,635)
Citation 6

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Corporate Social Responsibility, Intangibles, Market Efficiency, Earnings Surprises, Abnormal Returns

17.

A Model of Industry Tournament Incentives

Number of pages: 19 Posted: 25 Feb 2020
Jeffrey L. Coles, Zhichuan Frank Li and Albert Y. Wang
University of Utah - Department of Finance, University of Western Ontario - Ivey School of Business and Auburn University - Department of Finance
Downloads 283 (226,287)
Citation 3

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tournament incentives, firm performance, risk, and policy; industry tournament incentives, managerial incentives, managerial labor markets, internal labor markets and promotion

18.

“Timely” Charitable Donations and Untimely Goodwill Impairment

Number of pages: 40 Posted: 30 Jan 2023 Last Revised: 23 Oct 2024
Zhichuan Frank Li, Xiaozhe Lu and Jian Wang
University of Western Ontario - Ivey School of Business, Renmin University of China - School of Business and Jilin University (JLU) - School of Law
Downloads 233 (274,871)
Citation 9

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timeliness of goodwill impairment; goodwill impairment risk; CSR; charitable donations; moral licensing, goodwill impairment risk, CSR, charitable donations

19.

The Effect of Corporate Visibility on Corporate Social Responsibility

Li, Frank, Taylor Morris, and Brian Young. 2019. "The Effect of Corporate Visibility on Corporate Social Responsibility" Sustainability 11, no. 13: 3698. https://doi.org/10.3390/su11133698
Number of pages: 16 Posted: 12 Jun 2019 Last Revised: 17 Aug 2023
Zhichuan Frank Li, Taylor Morris and Brian Young
University of Western Ontario - Ivey School of Business, affiliation not provided to SSRN and Wake Forest University
Downloads 187 (338,022)

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20.

CSR-Contingent Executive Compensation Incentive and Earnings Management

Sustainability 2019, 11(12), 3421
Number of pages: 12 Posted: 26 Jun 2019 Last Revised: 25 Sep 2019
Zhichuan Frank Li and Caleb Thibodeau
University of Western Ontario - Ivey School of Business and affiliation not provided to SSRN
Downloads 155 (398,358)
Citation 4

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earnings management, corporate social responsibility, CSR-contingent compensation, CSR contract, executive compensation, discretionary accruals

21.

Co-opted Boards and Corporate Cash Holdings

Number of pages: 52 Posted: 17 Oct 2023 Last Revised: 21 Oct 2024
Abdul Ghafoor, Imran Yousaf and Zhichuan Frank Li
Monash University - Monash University Malaysia, Prince Sultan University - College of Business Administration and University of Western Ontario - Ivey School of Business
Downloads 148 (413,829)

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Board co-option, board independence, cash holdings, agency problem, corporate governance

22.

Risk-Adjusted Inside Debt

Li, F., Lin, S., Sun, S., Tucker, A. 2018. Risk-Adjusted Inside Debt. Global Finance Journal 35: 12-42.
Number of pages: 74 Posted: 30 Oct 2015 Last Revised: 09 Dec 2020
Zhichuan Frank Li, Shannon Lin, Shuna Sun and Alan Tucker
University of Western Ontario - Ivey School of Business, Dalhousie University - Rowe School of Business, Fudan University and Independent
Downloads 120 (488,266)
Citation 3

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Corporate conservatism; inside debt; executive compensation; executive incentives

23.

Analyst Talent, Information, and Insider Trading

Journal of Corporate Finance, Forthcoming
Number of pages: 48 Posted: 14 Feb 2017 Last Revised: 28 Nov 2020
Chongyu Dang, Stephen R. Foerster, Zhichuan Frank Li and Zhenyang Tang
Founder Securities, University of Western Ontario - Richard Ivey School of Business, University of Western Ontario - Ivey School of Business and Clark University
Downloads 117 (497,599)
Citation 1

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Analyst talent, Information asymmetry, Insider trading, Sell-side financial analyst, Earnings announcements

24.

Investment Decisions of Defined Benefit Pension Plans

Downloads 98 (565,673)
Citation 1

Investment Decisions of Defined Benefit Pension Plans

Number of pages: 22 Posted: 21 Feb 2024 Last Revised: 07 Mar 2024
Zhichuan Frank Li, Jun Wang and Yuqi Zhang
University of Western Ontario - Ivey School of Business, University of Manitoba and University of Western Ontario
Downloads 75 (673,753)

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underfunded pension, risk shifting, risk management, defined benefit pension plan, pension investment

Investment Decisions of Defined Benefit Pension Plans

Number of pages: 13 Posted: 11 Mar 2024
Zhichuan Frank Li, Jun Wang and Yuqi Zhang
University of Western Ontario - Ivey School of Business, University of Manitoba and University of Western Ontario
Downloads 23 (1,100,879)
Citation 1

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underfunded pension, risk shifting, Risk management, defined benefit pension plan, pension investment

25.

Online Appendix of 'An Empirical Assessment of Empirical Corporate Finance' (Coles and Li, JFQA 2022)

JFQA, Forthcoming
Number of pages: 78 Posted: 26 Apr 2022
Jeffrey L. Coles and Zhichuan Frank Li
University of Utah - Department of Finance and University of Western Ontario - Ivey School of Business
Downloads 85 (618,089)

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Empirical Corporate Finance, Corporate Governance, Leverage, Cash, Delta, Vega, Tobin's Q, ROA, M&A

26.

Drivers of Research Impact: Evidence from the Top Three Finance Journals

Li, F., Dang, C.D., 2018. Drivers of Research Impact: Evidence from the Top Three Finance Journals, Accounting & Finance, Forthcoming
Number of pages: 54 Posted: 25 Feb 2018
Zhichuan Frank Li and Chongyu Dang
University of Western Ontario - Ivey School of Business and Founder Securities
Downloads 83 (626,725)

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Citation analysis, Research impact, Finance journal, Financial research, Impact factor

27.

Revisiting M&M with Taxes: An Alternative Equilibrating Process

Kopecky, K., Z.F. Li, T.F. Sugrue, and A.L. Tucker. 2018. Revisiting M&M with Taxes: An Alternative Equilibrating Process. International Journal of Financial Studies 6(1): 10
Number of pages: 12 Posted: 23 Oct 2017 Last Revised: 17 Jan 2018
Kenneth J. Kopecky, Zhichuan Frank Li, Timothy F. Sugrue and Alan Tucker
Temple University - Department of Finance, University of Western Ontario - Ivey School of Business, Clarkson University and Independent
Downloads 77 (653,952)
Citation 2

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Capital Structure; Debt; Interest Deduction; Equity Price Adjustment

28.

Bitcoin and Crypto-Mining Stocks: A Quantile Connectedness Approach

Number of pages: 38 Posted: 09 Jun 2023 Last Revised: 29 Apr 2024
Zhichuan Frank Li, Imran Yousaf and Yasir Riaz
University of Western Ontario - Ivey School of Business, Prince Sultan University - College of Business Administration and University of Northampton
Downloads 76 (658,600)

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Bitcoin, crypto-mining, stock market, quantile connectedness, spillover

29.

A Survey of Corporate Social Responsibility and Corporate Governance

Li, F. 2018. A survey of corporate social responsibility and corporate governance. Research Handbook of Finance and Sustainability.
Number of pages: 19 Posted: 18 Mar 2024
Zhichuan Frank Li
University of Western Ontario - Ivey School of Business
Downloads 62 (732,826)

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corporate governance, corporate social responsibility, sustainability, executive compensation, board of directors, ownership structure, accounting and auditing, law and regulation, merger and acquisition, firm culture

Other Papers (1)

Total Downloads: 1,376
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1.

Managerial Attributes, Incentives, and Performance

Jeffrey L Coles, Zhichuan (Frank) Li, Managerial Attributes, Incentives, and Performance, The Review of Corporate Finance Studies, Volume 9, Issue 2, August 2020, Pages 256–301,
Number of pages: 66 Posted: 22 Sep 2010 Last Revised: 09 Dec 2020
Jeffrey L. Coles and Zhichuan Frank Li
University of Utah - Department of Finance and University of Western Ontario - Ivey School of Business
Downloads 1,376 (19,817)

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Executive compensation, Managerial incentives, Managerial ability, Human capital, Risk aversion, Investment policy, Financing policy, Firm fixed effects, Manager fixed effects, Delta, Vega