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Jian Li

Columbia University - Columbia Business School, Finance

Assistant Professor

3022 Broadway

New York, NY 10027

United States

  • Columbia University - Columbia Business School, Finance

SCHOLARLY PAPERS

16

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Top 12,039

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9,568

TOTAL CITATIONS
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SSRN RANKINGS

Top 9,964

in Total Papers Citations

72

Scholarly Papers (16)

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1.

Corporate Bond Multipliers: Substitutes Matter

Number of pages: 90 Posted: 16 Dec 2022 Last Revised: 31 May 2025
Manav Chaudhary, Julie Zhiyu Fu and Jian Li
London School of Economics, Olin Business School, Washington University in St. Louis and Columbia University - Columbia Business School, Finance
Downloads 1,584 (29,197)
Citation 4

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Corporate bonds, inelastic demand, mutual funds, demand-based asset pricing

2.

Investor Composition and the Liquidity Component in the U.S. Corporate Bond Market

Number of pages: 104 Posted: 30 Aug 2021 Last Revised: 08 Oct 2025
Jian Li and Haiyue Yu
Columbia University - Columbia Business School, Finance and Princeton University - Department of Economics
Downloads 1,425 (34,095)
Citation 2

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Mutual fund, corporate bond, liquidity

3.

The Dynamics of Deposit Flightiness and its Impact on Financial Stability

Downloads 1,197 (43,921)

The Dynamics of Deposit Flightiness and its Impact on Financial Stability

Number of pages: 81 Posted: 25 Jun 2024 Last Revised: 01 Apr 2026
Kristian Blickle, Jian Li, Xu Lu and Yiming Ma
Federal Reserve Banks - Federal Reserve Bank of New York, Columbia University - Columbia Business School, Finance, University of Washington - Michael G. Foster School of Business and Columbia University - Columbia Business School
Downloads 1,148 (45,913)

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The Dynamics of Deposit Flightiness and its Impact on Financial Stability

NBER Working Paper No. w34128
Number of pages: 76 Posted: 18 Aug 2025
Kristian Blickle, Jian Li, Xu Lu and Yiming Ma
Federal Reserve Banks - Federal Reserve Bank of New York, Columbia University - Columbia Business School, Finance, University of Washington - Michael G. Foster School of Business and Columbia University - Columbia Business School
Downloads 49 (1,095,444)
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4.

The Market for Sharing Interest Rate Risk: Quantities and Asset Prices

Number of pages: 93 Posted: 31 Jul 2023 Last Revised: 14 Jul 2025
Umang Khetan, Jian Li and Ishita Sen
University of Iowa - Department of Finance, Columbia University - Columbia Business School, Finance and Harvard University - Harvard Business School
Downloads 1,117 (48,977)
Citation 2

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Interest rate risk, Pension funds, Insurers, Banks, Corporations, Demand elasticities, Swap spreads

5.

The Value of Data to Fixed Income Investors

Georgetown McDonough School of Business Research Paper No. 4343095
Number of pages: 30 Posted: 31 Jan 2023
Jennie Bai, Jian Li and Asaf Manela
Georgetown University - McDonough School of Business, Columbia University - Columbia Business School, Finance and Washington University in St. Louis - John M. Olin Business School
Downloads 746 (84,877)

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value of data, information, fixed income, corporate bond, institutional investor

6.

Borrowing from a Bigtech Platform

Review of Financial Studies, forthcoming
Number of pages: 80 Posted: 21 Sep 2022 Last Revised: 07 Dec 2025
Jian Li and Stefano Pegoraro
Columbia University - Columbia Business School, Finance and University of Notre Dame - Department of Finance
Downloads 582 (116,375)
Citation 9

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Bigtech, platform, enforcement, adverse selection, moral hazard, advantageous screening, welfare, credit rationing

7.

Investor Concentration, Liquidity and Bond Price Dynamics

Number of pages: 67 Posted: 20 Apr 2022 Last Revised: 27 Nov 2023
Jian Li and Haiyue Yu
Columbia University - Columbia Business School, Finance and Princeton University - Department of Economics
Downloads 530 (131,215)
Citation 2

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Investor Concentration; Liquidity; Corporate Bond; COVID-19 Crisis; Price Dynamics

8.

Convenience Yield, Inflation Expectations, and Public Debt Growth

Number of pages: 87 Posted: 19 Mar 2022 Last Revised: 07 Jul 2025
Jian Li, Julie Zhiyu Fu and Yinxi Xie
Columbia University - Columbia Business School, Finance, Olin Business School, Washington University in St. Louis and Indiana University Bloomington - Department of Economics
Downloads 506 (138,539)
Citation 2

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Convenience yield; inflation expectation; fiscal policy; debt-to-GDP ratio

9.

The Benchmark Inclusion Subsidy

Downloads 436 (166,090)
Citation 24

The Benchmark Inclusion Subsidy

Number of pages: 59 Posted: 19 Dec 2018 Last Revised: 23 Dec 2020
Anil K. Kashyap, Natalia Kovrijnykh, Jian Li and Anna Pavlova
University of Chicago, Booth School of Business, Arizona State University (ASU) - Economics Department, Columbia University - Columbia Business School, Finance and London Business School
Downloads 201 (376,852)

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Project Valuation, Investment, Mergers, Asset Management, Benchmark

The Benchmark Inclusion Subsidy

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2018-83
Number of pages: 47 Posted: 12 Dec 2018
Anil K. Kashyap, Natalia Kovrijnykh, Jian Li and Anna Pavlova
University of Chicago, Booth School of Business, Arizona State University (ASU) - Economics Department, Columbia University - Columbia Business School, Finance and London Business School
Downloads 172 (439,099)
Citation 18

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The Benchmark Inclusion Subsidy

NBER Working Paper No. w25337
Number of pages: 60 Posted: 11 Dec 2018 Last Revised: 26 Mar 2023
Anil K. Kashyap, Natalia Kovrijnykh, Jian Li and Anna Pavlova
University of Chicago, Booth School of Business, Arizona State University (ASU) - Economics Department, Columbia University - Columbia Business School, Finance and London Business School
Downloads 60 (976,517)

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The Benchmark Inclusion Subsidy

CEPR Discussion Paper No. DP13356
Number of pages: 48 Posted: 11 Dec 2018
Anil K. Kashyap, Natalia Kovrijnykh, Jian Li and Anna Pavlova
University of Chicago, Booth School of Business, Arizona State University (ASU) - Economics Department, Columbia University - Columbia Business School, Finance and London Business School
Downloads 3 (1,651,368)
Citation 6
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asset management, Benchmark, Index, investment, mergers, Project Valuation

10.

Is There Too Much Benchmarking in Asset Management?

Downloads 408 (179,524)
Citation 22

Is There Too Much Benchmarking in Asset Management?

Number of pages: 62 Posted: 28 Apr 2020 Last Revised: 20 Jul 2021
Anil K. Kashyap, Natalia Kovrijnykh, Jian Li and Anna Pavlova
University of Chicago, Booth School of Business, Arizona State University (ASU) - Economics Department, Columbia University - Columbia Business School, Finance and London Business School
Downloads 364 (202,386)
Citation 1

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Incentive Contracts, Moral Hazard, Relative Performance, Externality, Asset Management, Benchmark, Index, Welfare, ESG Investing

Is There Too Much Benchmarking in Asset Management?

NBER Working Paper No. w28020
Number of pages: 119 Posted: 02 Nov 2020 Last Revised: 24 Jul 2023
Anil K. Kashyap, Natalia Kovrijnykh, Jian Li and Anna Pavlova
University of Chicago, Booth School of Business, Arizona State University (ASU) - Economics Department, Columbia University - Columbia Business School, Finance and London Business School
Downloads 42 (1,183,247)

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Is There Too Much Benchmarking in Asset Management?

CEPR Discussion Paper No. DP16296
Number of pages: 66 Posted: 14 Jul 2021
Anil K. Kashyap, Natalia Kovrijnykh, Jian Li and Anna Pavlova
University of Chicago, Booth School of Business, Arizona State University (ASU) - Economics Department, Columbia University - Columbia Business School, Finance and London Business School
Downloads 2 (1,657,086)
Citation 21
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11.

Bank to Non-Bank Lending and the Reallocation of Credit

Columbia Business School Research Paper No. 5732322
Number of pages: 60 Posted: 13 Nov 2025 Last Revised: 13 Mar 2026
Jian Li, Yiming Ma, Caterina Mendicino and Dominik Supera
Columbia University - Columbia Business School, Finance, Columbia University - Columbia Business School, European Central Bank (ECB) - Directorate General Research and Columbia Business School
Downloads 346 (217,024)

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, NBFIs, credit reallocation, capital regulation, Quantitative Tightening

12.

Intermediation via Credit Chains

Downloads 334 (225,014)
Citation 5

Intermediation via Credit Chains

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2021-133, November 10, 2021
Number of pages: 74 Posted: 16 Nov 2021 Last Revised: 07 Oct 2025
Zhiguo He and Jian Li
Stanford University - Knight Management Center and Columbia University - Columbia Business School, Finance
Downloads 180 (421,009)
Citation 2

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Financial intermediation, Debt runs, Shadow banking, Dynamic model, Money

Intermediation via Credit Chains

NBER Working Paper No. w29632
Number of pages: 61 Posted: 11 Jan 2022 Last Revised: 19 Jun 2023
Zhiguo He and Jian Li
Stanford University - Knight Management Center and Columbia University - Columbia Business School, Finance
Downloads 154 (482,631)
Citation 3

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13.

The Pricing and Welfare Implications of Non-anonymous Trading

Number of pages: 41 Posted: 08 Jun 2020
Ehsan Azarmsa and Jian Li
University of Illinois Chicago, College of Business Administration and Columbia University - Columbia Business School, Finance
Downloads 188 (405,402)

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OTC Markets, Relationship trading, Corporate bond market, Asymmetric information

14.

Which Intermediary Costs Matter for Asset Prices? 

Columbia Business School Research Paper (forthcoming)
Number of pages: 66 Posted: 06 Apr 2026
Manav Chaudhary, Julie Zhiyu Fu and Jian Li
London School of Economics, Olin Business School, Washington University in St. Louis and Columbia University - Columbia Business School, Finance
Downloads 113 (679,608)

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Intermediary asset pricing, Demand shocks, Treasury market, Balance sheet costs

15.

Bank to non-bank lending and the reallocation of credit

ECB Working Paper No. 2026/3220
Number of pages: 66 Posted: 17 Apr 2026
Jian Li, Yiming Ma, Caterina Mendicino and Dominik Supera
Columbia University - Columbia Business School, Finance, Columbia University - Columbia Business School, European Central Bank (ECB) - Directorate General Research and Columbia University - Columbia Business School, Finance
Downloads 56 (1,086,013)

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bank regulation, banks, financial intermediation, non-bank financial institutions, securities funding

16.

The Rise in Deposit Flightiness and its Implications for Financial Stability

Liberty Street Economics, Columbia Business School Research Paper No. 5347227
Posted: 14 Jul 2025
Kristian Blickle, Jian Li, Xu Lu and Yiming Ma
Federal Reserve Banks - Federal Reserve Bank of New York, Columbia University - Columbia Business School, Finance, University of Washington - Michael G. Foster School of Business and Columbia University - Columbia Business School

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banking, deposits