Dan Li

Board of Governors of the Federal Reserve System

Economist

20th and C Streets, NW

Mail Stop 89

Washington, DC 20551

United States

SCHOLARLY PAPERS

20

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Top 8,081

in Total Papers Downloads

8,243

SSRN CITATIONS
Rank 2,652

SSRN RANKINGS

Top 2,652

in Total Papers Citations

263

CROSSREF CITATIONS

233

Scholarly Papers (20)

1.
Downloads 1,607 ( 16,242)
Citation 96

Dealer Networks

Journal of Finance, Forthcoming, Swiss Finance Institute Research Paper No. 14-50
Number of pages: 79 Posted: 16 Mar 2012 Last Revised: 27 Mar 2018
Dan Li and Norman Schürhoff
Board of Governors of the Federal Reserve System and Swiss Finance Institute - HEC Lausanne
Downloads 1,606 (15,977)
Citation 43

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Municipal bonds, over-the-counter market, financial network, dealer centrality, trading cost, immediacy, liquidity

Dealer Networks

CEPR Discussion Paper No. DP10237
Number of pages: 68 Posted: 10 Nov 2014
Dan Li and Norman Schürhoff
Board of Governors of the Federal Reserve System and Swiss Finance Institute - HEC Lausanne
Downloads 1 (952,777)
Citation 39
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decentralization, immediacy, liquidity, market quality, municipal bonds, network analysis, over-the-counter financial market, trading cost, transparency

Institutional Herding and Its Price Impact: Evidence from the Corporate Bond Market

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 72 Posted: 22 Nov 2015 Last Revised: 25 Dec 2017
Fang Cai, Song Han, Dan Li and Yi Li
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 588 (65,913)
Citation 2

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Corporate Bond; Herding; Institutional Investors; Return Reversal

Institutional Herding and its Price Impact: Evidence from the Corporate Bond Market

FEDS Working Paper No. 2016-091
Number of pages: 58 Posted: 28 Nov 2016
Fang Cai, Song Han, Dan Li and Yi Li
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 261 (166,170)
Citation 15

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Corporate Bond, Herding, Institutional Investors, Liquidity, Return Reversal

Institutional Herding in the Corporate Bond Market

FRB International Finance Discussion Paper No. 1071
Number of pages: 47 Posted: 08 Feb 2013
Fang Cai, Song Han and Dan Li
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 247 (175,436)
Citation 1

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corporate bond, herding, liquidity, institutional investors

3.

Fire-Sale Spillovers in Debt Markets

Journal of Finance, Forthcoming
Number of pages: 86 Posted: 21 Dec 2016 Last Revised: 14 Aug 2020
Board of Governors of the Federal Reserve System, University of Chicago - Department of Economics, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 934 (36,013)
Citation 8

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asset management, fixed-income markets, fire-sales, identification of spillover effects

4.

Price Discovery in Illiquid Markets: Do Financial Asset Prices Rise Faster Than They Fall?

Journal of Finance, Forthcoming
Number of pages: 56 Posted: 17 Mar 2008 Last Revised: 02 Dec 2009
Carnegie Mellon University - David A. Tepper School of Business, Board of Governors of the Federal Reserve System and Swiss Finance Institute - HEC Lausanne
Downloads 784 (45,721)
Citation 9

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Municipal Bond, Price Discovery, Market Microstructure, Liquidity, Asymmetric Adjustment

5.

Dynamic Liquidity Management by Corporate Bond Mutual Funds

Number of pages: 42 Posted: 08 May 2016 Last Revised: 30 Oct 2017
Hao Jiang, Dan Li and Ashley Wang
Michigan State University, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 736 (49,765)
Citation 24

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Liquidity, Mutual funds, Asset Managers, Corporate Bond Funds, Run risks

6.

Which Skills Matter in the Market for CEOs? Evidence from Pay for CEO Credentials

Number of pages: 63 Posted: 30 Oct 2010 Last Revised: 02 Apr 2015
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Washington University in Saint Louis - Olin Business School
Downloads 658 (57,627)
Citation 35

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CEO pay, CEO labor market, CEO turnover

7.
Downloads 375 (113,855)
Citation 2

True Cost of Immediacy

Swiss Finance Institute Research Paper No. 20-71
Number of pages: 67 Posted: 25 Aug 2020 Last Revised: 06 Apr 2022
University of California, Berkeley - Haas School of Business, Board of Governors of the Federal Reserve System, University of California, Berkeley and Swiss Finance Institute - HEC Lausanne
Downloads 375 (112,985)
Citation 1

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Liquidity, bids-wanted-in-competition, collateralized loan obligations, securities auctions, over-the-counter market structure

True Cost of Immediacy

CEPR Discussion Paper No. DP15205
Number of pages: 65 Posted: 12 Sep 2020
University of California, Berkeley - Haas School of Business, Board of Governors of the Federal Reserve System, University of California, Berkeley and Swiss Finance Institute - HEC Lausanne
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bids-wanted-in-competition, Collateralized loan obligations, financial fragility, liquidity, Over-the-counter markets

Liquidity Crisis, Runs, and Security Design - Lessons from the Collapse of the Auction Rate Securities Market

Number of pages: 53 Posted: 14 Jan 2009 Last Revised: 20 Mar 2009
Song Han and Dan Li
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 213 (202,421)
Citation 2

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Auction rate securities, liquidity crisis, uniform-price auctions, underpricing, security design, market microstructure, municipal bond pricing

Liquidity Crisis, Runs, and Security Design -- Lessons from the Collapse of the Auction Rate Securities Market

Number of pages: 53 Posted: 23 Mar 2009
Song Han and Dan Li
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 130 (307,628)
Citation 2

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Auction rate securities, liquidity crisis, uniform-price auctions, underpricing, security design, market microstructure, municipal bond pricing

9.
Downloads 326 (132,709)
Citation 10

Municipal Bond Markets

Swiss Finance Institute Research Paper No. 18-69
Number of pages: 41 Posted: 31 Oct 2018 Last Revised: 12 Nov 2018
IE Business School, IE University, Carnegie Mellon University - David A. Tepper School of Business, Board of Governors of the Federal Reserve System and Swiss Finance Institute - HEC Lausanne
Downloads 325 (132,359)
Citation 10

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municipal bonds, muni-bond puzzle, over-the-counter markets, trading cost, centrality premium, electroni cation, green bonds

Municipal Bond Markets

CEPR Discussion Paper No. DP13301
Number of pages: 42 Posted: 12 Nov 2018
IE Business School, IE University, Carnegie Mellon University - David A. Tepper School of Business, Board of Governors of the Federal Reserve System and Swiss Finance Institute - HEC Lausanne
Downloads 1 (952,777)
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centrality premium, electronification, green bonds, muni-bond puzzle, Municipal Bonds, Over-the-counter markets, trading cost

Municipal Bond Markets

Annual Review of Financial Economics, Vol. 11, pp. 65-84, 2019
Posted: 12 Jan 2020
IE Business School, IE University, Carnegie Mellon University - David A. Tepper School of Business, Board of Governors of the Federal Reserve System and Swiss Finance Institute - HEC Lausanne

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10.

Liquidity Crisis, Runs, and Security Design: Lessons from the Collapse of the Auction Rate Municipal Bond Market

Number of pages: 58 Posted: 10 Jan 2009 Last Revised: 25 Apr 2013
Song Han and Dan Li
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 248 (175,295)
Citation 1

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Auction, auction rate securities, municipal bond pricing, liquidity crisis

11.

Rounding as Discrimination - Price Clustering in the OTC Tax-Exempt Bond Market

AFA 2008 New Orleans Meetings Paper
Number of pages: 45 Posted: 17 Mar 2007 Last Revised: 23 Dec 2007
Dan Li
Board of Governors of the Federal Reserve System
Downloads 241 (180,215)
Citation 1

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Price Clustering, Yield Clustering, Markup Clustering, Dealer's Market Power, Bargaining, Price Resolution, Over-The-Counter Market, Municipal Bond

12.
Downloads 221 (195,869)
Citation 46

Relationship Trading in OTC Markets

Swiss Finance Institute Research Paper No. 17-30
Number of pages: 46 Posted: 04 Dec 2017
University of California, Berkeley - Haas School of Business, Board of Governors of the Federal Reserve System, University of California, Berkeley and Swiss Finance Institute - HEC Lausanne
Downloads 219 (197,264)
Citation 47

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Over-the-counter market, corporate bond, trading cost, liquidity, decentralization, financial network

Relationship Trading in OTC Markets

CEPR Discussion Paper No. DP12472
Number of pages: 49 Posted: 12 Dec 2017
University of California, Berkeley - Haas School of Business, Board of Governors of the Federal Reserve System, University of California, Berkeley and Swiss Finance Institute - HEC Lausanne
Downloads 2 (935,970)
Citation 10
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corporate bond, Decentralization, Financial Networks, liquidity, Over-the-counter market, trading cost

13.

Quote Competition in Corporate Bonds

SMU Cox School of Business Research Paper No. 22-03, Swiss Finance Institute Research Paper No. 22-70
Number of pages: 44 Posted: 04 Feb 2022 Last Revised: 12 Sep 2022
University of California, Berkeley - Haas School of Business, Board of Governors of the Federal Reserve System, University of California, Berkeley, Swiss Finance Institute - HEC Lausanne and Southern Methodist University (SMU) - Finance Department
Downloads 158 (262,799)

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Pretrade transparency, quotes, corporate bonds, OTC markets, order flow competition

14.

Are Household Investors Noise Traders: Evidence from Belief Dispersion and Stock Trading Volume

FEDS Working Paper No. 2014-35
Number of pages: 48 Posted: 18 May 2014
Dan Li and Geng Li
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 119 (326,801)
Citation 1

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Belief dispersion, trading volume, household investors, surveys of consumers

15.

CEO Pay and the Market for CEOs

FEDS Working Paper No. 2012-39
Number of pages: 67 Posted: 18 Dec 2012
Board of Governors of the Federal Reserve System, Washington University in Saint Louis - Olin Business School and Board of Governors of the Federal Reserve System
Downloads 114
Citation 7

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Determinants of CEO pay, CEO labor market

16.

Dealer Networks

FEDS Working Paper No. 2014-95
Number of pages: 68 Posted: 05 Dec 2014
Dan Li and Norman Schürhoff
Board of Governors of the Federal Reserve System and Swiss Finance Institute - HEC Lausanne
Downloads 81 (418,732)
Citation 12

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Municipal bonds, over-the-counter financial market, network analysis, trading cost, liquidity, immediacy, transparency

17.

Belief Dispersion, Dispersion of Belief Changes, and Trading Volume: Evidence from Surveys of Consumers and Professional Forecasters

Number of pages: 42 Posted: 17 Mar 2010 Last Revised: 12 Jul 2010
Dan Li and Geng Li
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 79 (424,872)
Citation 1

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Belief Dispersion, Belief Change, Trading Volume, Surveys of Consumers, Survey of Professional Forecasters

18.

Liquidity, Runs, and Security Design

Number of pages: 52 Posted: 16 Feb 2009
Song Han and Dan Li
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 69 (457,426)
Citation 1

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Auction rate securities, municipal bond pricing, liquidity crisis, uniform-price auctions

19.

Belief Dispersion Among Household Investors and Stock Trading Volume

FEDS Working Paper No. 2011-39
Number of pages: 34 Posted: 09 Nov 2011
Geng Li and Dan Li
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 54 (515,084)
Citation 2

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Belief dispersion, trading volume, household investors, Surveys of Consumers

20.

The U.S. Syndicated Term Loan Market: Who Holds What and When?

FEDS Notes No. 2019-11-25
Posted: 19 Dec 2019 Last Revised: 16 Sep 2020
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Federal Reserve Bank of Chicago and Board of Governors of the Federal Reserve System

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