Xi Li

University of Arkansas - Department of Finance

Fayetteville, AR 72701

United States

SCHOLARLY PAPERS

30

DOWNLOADS
Rank 2,359

SSRN RANKINGS

Top 2,359

in Total Papers Downloads

24,148

SSRN CITATIONS
Rank 5,255

SSRN RANKINGS

Top 5,255

in Total Papers Citations

214

CROSSREF CITATIONS

103

Scholarly Papers (30)

1.

A Model of China's State Capitalism

Number of pages: 76 Posted: 20 May 2012 Last Revised: 15 Aug 2015
Xi Li, Xuewen Liu and Yong Wang
University of Arkansas - Department of Finance, University of Hong Kong (HKU), HKU Business School and Peking University- Institute of New Structural Economics
Downloads 3,444 (5,925)
Citation 31

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State Capitalism, China Economy, Growth and Development, SOEs, Structural Change, International Trade, Sustainability

2.

The Low-Volatility Anomaly: Market Evidence on Systematic Risk versus Mispricing

Financial Analysts Journal 72 (1), 36-47, January/February 2016
Number of pages: 32 Posted: 13 Jan 2011 Last Revised: 16 Jul 2016
University of Arkansas - Department of Finance, University of Virginia, Darden Graduate School of Business and Florida Atlantic University - Department of Finance
Downloads 1,796 (16,667)
Citation 2

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low-volatility stocks, market, risk, mispricing

3.

Real Earnings Management and Subsequent Stock Returns

Number of pages: 57 Posted: 21 Sep 2010 Last Revised: 18 Jun 2012
Xi Li
University of Arkansas - Department of Finance
Downloads 1,649 (19,010)
Citation 6

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Real Earnings Management, Stock Returns, Abnormal Production Costs

4.

Venture Capital Investments by IPO Underwriters: Certification, Alignment of Interest or Moral Hazard?

Number of pages: 44 Posted: 28 Jun 2004
Xi Li and Ronald W. Masulis
University of Arkansas - Department of Finance and University of New South Wales, Sydney
Downloads 1,505 (21,898)
Citation 30

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5.

The Limits to Arbitrage and the Low-Volatility Anomaly

Financial Analysts Journal 70 (1), 52-64, January/February 2014.
Number of pages: 31 Posted: 12 Jan 2011 Last Revised: 19 Oct 2014
University of Arkansas - Department of Finance, University of Virginia, Darden Graduate School of Business and Florida Atlantic University - Department of Finance
Downloads 1,482 (22,390)
Citation 8

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low-volatility, arbitrage

6.

Board Reforms and Firm Value: Worldwide Evidence

Journal of Financial Economics (JFE), Forthcoming, HKUST IEMS Working Paper No. 2015-20
Number of pages: 58 Posted: 19 May 2015 Last Revised: 15 Jul 2016
University of Tennessee, Knoxville - Department of Finance, Hong Kong University of Science & Technology (HKUST), University of Arkansas - Department of Finance and Mississippi State University
Downloads 1,167 (31,852)
Citation 14

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cross-country study, firm value, board reforms

7.

Are Wall Street Analyst Rankings Popularity Contest?

Journal of Financial and Quantitative Analysis 44, 411-437, 2009.
Number of pages: 41 Posted: 17 Mar 2006 Last Revised: 19 Oct 2014
Douglas R. Emery and Xi Li
University of Miami - Department of Finance and University of Arkansas - Department of Finance
Downloads 1,127 (33,437)
Citation 25

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analyst, all-star, All-American, Institutional Investor, Wall Street Journal, earnings forecasts, recommendation

Does Industry Competition Influence Analyst Coverage Decisions and Career Outcomes?

Journal of Financial and Quantitative Analysis, forthcoming, Tuck School of Business Working Paper No. 3669846
Number of pages: 59 Posted: 17 Aug 2020 Last Revised: 18 Nov 2021
Hong Kong University of Science & Technology, University of Arkansas - Department of Finance, Peking University and Dartmouth College - Tuck School of Business
Downloads 230 (226,702)
Citation 3

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Industry Competition; Coverage Decisions; Career Outcomes; Analysts

Does Product Market Competition Influence Analyst Coverage and Analyst Career Success?

Tuck School of Business Working Paper No. 2698331
Number of pages: 58 Posted: 06 Dec 2015 Last Revised: 28 May 2017
Hong Kong University of Science & Technology, University of Arkansas - Department of Finance, Peking University and Dartmouth College - Tuck School of Business
Downloads 636 (71,899)
Citation 6

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Competition, Analysts, All-Star, Stock Analysts

Product Market Competition and Analyst Coverage Decisions

Number of pages: 54 Posted: 06 May 2020
Hong Kong University of Science & Technology, University of Arkansas - Department of Finance, Peking University and Dartmouth College - Tuck School of Business
Downloads 222 (234,452)
Citation 1

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Analysts, industry knowledge, all star, competition

Earnings-reducing Activities before Management Buyouts

Number of pages: 42 Posted: 17 Mar 2012 Last Revised: 22 Aug 2013
University of Arkansas - Department of Finance, Fanhai International School of Finance, Fudan University and Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
Downloads 1,009 (38,550)

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Management buyout, discretionary expenses, asset sales, accruals, stock return

Earnings-Reducing Activities Before Management Buyouts

Number of pages: 42 Posted: 09 Oct 2017
University of Arkansas - Department of Finance, Fanhai International School of Finance, Fudan University and Fanhai International School of Finance(FISF), Fudan University
Downloads 63 (597,844)

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Management buyout, discretionary expenses, asset sales, accruals, stock return

An Examination of the Impact of the Sarbanes-Oxley Act on Cross-Listed Foreign Private Issuers and the Legal Bonding Hypothesis

2nd Annual Conference on Empirical Legal Studies Paper
Number of pages: 59 Posted: 20 Dec 2006 Last Revised: 14 Mar 2011
Xi Li
University of Arkansas - Department of Finance
Downloads 877 (46,853)
Citation 4

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Sarbanes-Oxley, foreign private issuer, deregistration, corporate governance, law and finance, cross-listing, ADR

The Sarbanes-Oxley Act and Cross-Listed Foreign Private Issuers

Journal of Accounting & Economics (JAE), Vol. 58, No. 1, 21-40, 2014
Number of pages: 45 Posted: 22 Mar 2007 Last Revised: 14 Jul 2014
Xi Li
University of Arkansas - Department of Finance
Downloads 169 (300,207)
Citation 17

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Sarbanes-Oxley, Foreign private issuer, Deregistration, Corporate governance, Law and finance, Cross-listing, ADR

11.

Performance, Herding, and Career Concerns of Individual Financial Analysts

Number of pages: 52 Posted: 22 Mar 2002
Xi Li
University of Arkansas - Department of Finance
Downloads 974 (41,116)
Citation 10

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market efficiency, analyst characteristics, analyst compensatin, analyst behavior

12.

Post-Earnings-Announcement Drift in Global Markets: Evidence from an Information Shock

Review of Financial Studies 28, 1242-1283. 2015
Number of pages: 52 Posted: 24 May 2013 Last Revised: 09 Jun 2015
Hong Kong University of Science & Technology (HKUST), University of Arkansas - Department of Finance and Hong Kong University of Science & Technology (HKUST)
Downloads 815 (52,680)
Citation 10

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Post-Earnings-Announcement Drift, IFRS, Global

13.

The Persistence of Relative Performance in Stock Recommendations of Sell-Side Financial Analysts

Journal of Accounting and Economics 40, 129-152, 2005.
Number of pages: 33 Posted: 07 May 2005 Last Revised: 03 Feb 2023
Xi Li
University of Arkansas - Department of Finance
Downloads 791 (54,749)

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Capital markets, analyst recommendations, performance persistence

14.

Information Leakage and Opportunistic Behavior Before Analyst Recommendations: An Analysis of the Quoting Behavior of NASDAQ Market Makers

Number of pages: 47 Posted: 21 Aug 2003
Xi Li and Hans G. Heidle
University of Arkansas - Department of Finance and Division of Economic and Risk Analysis, Office of Markets
Downloads 695 (64,981)
Citation 6

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market microstructure, quoting behavior, analyst recommendation revisions, conflicts of interest, information leakage

15.

What Makes the Bonding Stick? A Natural Experiment Testing the Legal Bonding Hypothesis

Journal of Financial Economics (JFE), Forthcoming, ECGI - Finance Working Paper No. 524/2017, Harvard Business School Strategy Unit Working Paper No. 11-072
Number of pages: 72 Posted: 24 Jan 2011 Last Revised: 08 Sep 2017
Reichman University, UCLA Anderson School of Management, University of Michigan and University of Arkansas - Department of Finance
Downloads 682 (66,586)
Citation 26

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bonding, class actions, cross-listing, corporate governance, civil liability, reputation

16.

Asset Growth and Future Stock Returns: International Evidence

Financial Analysts Journal 68 (3), 51-62, May/June, 2012.
Number of pages: 24 Posted: 17 Feb 2011 Last Revised: 19 Oct 2014
University of Arkansas - Department of Finance, IBS and State Street Corporate - State Street Global Advisors
Downloads 665 (68,727)
Citation 1

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asset growth, future stock return, international

17.

Product Market Competition Shocks, Firm Performance, and Forced CEO Turnover

Number of pages: 63 Posted: 04 Dec 2014 Last Revised: 18 Jul 2016
Chinese University of Hong Kong, ABFER, CEPR, and ECGI, University of Arkansas - Department of Finance and Auburn University - Department of Finance
Downloads 560 (85,286)
Citation 38

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Product Market Competition; Forced CEO Turnover; Corporate Governance

18.

How Do Venture Investments by Different Classes of Financial Institutions Affect the Equity Underwriting Process?

Number of pages: 51 Posted: 21 Mar 2008 Last Revised: 18 Sep 2008
Xi Li and Ronald W. Masulis
University of Arkansas - Department of Finance and University of New South Wales, Sydney
Downloads 538 (89,652)
Citation 10

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IPO, Underpricing of Stock Offers, Venture Capital, Financial Institutions, Certification Hypothesis, Conflict of Interest, Underwriting

19.

Re-Examining Board Reforms and Firm Value: Response to “How Much Should We Trust Staggered Differences-in-Differences Estimates?” by Baker, Larcker, and Wang (2021)

Number of pages: 20 Posted: 15 Jul 2021
University of Tennessee, Knoxville - Department of Finance, Hong Kong University of Science & Technology (HKUST), University of Arkansas - Department of Finance and Mississippi State University
Downloads 534 (90,520)
Citation 1

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Staggered difference-in-differences estimates; board reforms

20.

The Limits to Arbitrage Revisited: The Accrual and Asset Growth Anomalies

Financial Analysts Journal 67 (4-5), 50-66, July/August, 2011
Number of pages: 34 Posted: 09 Aug 2011 Last Revised: 19 Oct 2014
Xi Li and Rodney N Sullivan
University of Arkansas - Department of Finance and University of Virginia, Darden Graduate School of Business
Downloads 468 (106,187)
Citation 2

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Behavioral Finance, Limits to Arbitrage, Equity Investments, Equity Market Valuation and Return Analysis, Risk Management, Portfolio Risk Management, Risk Management Strategies, Portfolio Management, Risk Management, Equity Portfolio Management Strategies, Active Management

21.

Equity Ownership in IPO Issuers by Brokerage Firms and Analyst Recommendations

Number of pages: 53 Posted: 25 Mar 2008 Last Revised: 16 May 2023
Florida International University (FIU) - Department of Finance, University of Arkansas - Department of Finance, University of New South Wales, Sydney and Southern Methodist University (SMU) - Finance Department
Downloads 395 (129,458)

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sell-side analyst stock recommendations, IPOs, IPO lockups, asymmetric information, conflicts of interest, venture capital, brokerage firms, universal banking

22.

Assessing Alternative Global Equity Investment Frameworks

Number of pages: 25 Posted: 27 Jan 2011
Xi Li
University of Arkansas - Department of Finance
Downloads 392 (130,556)
Citation 1

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global equity, investment framework, geographic, region, country, sector, industry, portfolio constructure, alpha generation, risk management, stock selection, asset allocation

23.

Sell-Side Analysts and Gender: A Comparison of Performance, Behavior, and Career Outcomes

Financial Analysts Journal 69 (2), 83-94, March/April 2013.
Number of pages: 28 Posted: 18 Mar 2011 Last Revised: 19 Oct 2014
University of Arkansas - Department of Finance, University of Virginia, Darden Graduate School of Business, Gonzaga University and Chicago Equity Partners
Downloads 391 (131,300)
Citation 6

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gender, sell-side analyst, investment recommendations, performance, behavior, career outcomes

24.

Sell-Side Financial Analysts and the CFA Designation Program

Financial Analysts Journal, Forthcoming
Number of pages: 30 Posted: 29 Aug 2012 Last Revised: 18 Oct 2018
Qiang Kang, Xi Li and Tie Su
Florida International University (FIU) - Department of Finance, University of Arkansas - Department of Finance and University of Miami - Department of Finance
Downloads 365 (141,335)
Citation 2

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Capital markets, CFA program, Analyst recommendation performance, Analyst career outcome, Occupational certification/licensing

25.

Investing in the Asset Growth Anomaly Across the Globe

Journal of Investment Management 13, 1-21, 2015
Number of pages: 33 Posted: 10 May 2014 Last Revised: 16 Jul 2016
Xi Li and Rodney N Sullivan
University of Arkansas - Department of Finance and University of Virginia, Darden Graduate School of Business
Downloads 357 (145,287)
Citation 4

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asset growth anomaly, asset pricing

26.

Does own innovation or creative destruction matter more for resource reallocation in competitive industries?

Number of pages: 50 Posted: 18 Feb 2021 Last Revised: 09 Dec 2022
Xi Li and Chi Zhang
University of Arkansas - Department of Finance and University of Massachusetts Lowell
Downloads 86 (494,603)

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Product market competition, technology innovation, creative destruction, resource allocation, growth

27.

Weather Induced Employment Growth Surprises and the Cross-Section of Local Stock Returns

Number of pages: 40 Posted: 06 Feb 2023 Last Revised: 13 Apr 2023
Xi Li, Andrea Lu and Huijun Wang
University of Arkansas - Department of Finance, The University of Melbourne - Department of Finance and Auburn University
Downloads 64 (588,426)

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weather, employment growth surprises, stock returns

28.

Product Market Competition, Import Penetration, and Local U.S. Banks: Evidence from the Natural Experiment of China’s WTO Entry

Posted: 28 Dec 2022 Last Revised: 14 Aug 2023
University of Arkansas, Boston College - Carroll School of Management, University of Arkansas - Department of Finance and University of Iowa - Henry B. Tippie College of Business

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Product market competition; China’s WTO entry; Local bank performance; Local bank market structure; Loan growth and pricing; Local U.S. banks

29.

Selecting Investment Analytic Framework for Both Top Down and Bottom Up Investors: Using Global Equity As the Example

Journal of Portfolio Management 49(3), 106-128
Posted: 24 Sep 2022 Last Revised: 06 Feb 2023
Xi Li
University of Arkansas - Department of Finance

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global equities, investment framework, geographic, region, country, sector, industry, portfolio construction, alpha generation, risk management, stock selection, asset allocation, comovement, diversification benefits

30.

A Dynamic Future for Active Quant Investing

Journal of Portfolio Management 37 (3), 29-36, Spring 2011.
Posted: 22 Sep 2010 Last Revised: 24 Sep 2018
Rodney N Sullivan and Xi Li
University of Virginia, Darden Graduate School of Business and University of Arkansas - Department of Finance

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