Yuanshun Li

Ph.D. in Finance

Associate Professor of Finance


Finance Department

Ted Rogers School of Business Management

Office: TRS 1-074


350 Victoria St., Toronto,

ON, Canada M5B 2K3

Tel: 1-416-979-5000, ext. 6711

Fax: 1-416-979-5266


Homepage: http://people.ryerson.ca/yuli

Email: yuli@ryerson.ca

Professor Li's research covers the intersection of theoretical and empirical real option applications in corporate finance and infrastructure project finance. His work in game theoretic real option model shows the optimal decisions for firms with large irreversible capital investments in a competitive vs. cooperative setting (e.g. the oil & gas industry or the real estate industry). His recent work in real option risk analysis applies to a research project for PPP (public-private partnership) Canada, analyzing and comparing the residual value risk of a PPP model vs. that of a traditional DBB (Design-Bid-Build) model for public projects, focusing on large infrastructure projects, recently published in the Journal of Infrastructure Systems.


Professor Li's research in corporate governance investigates a unique governance feature, the two-tier board structure (i.e., the supervisory board and the management board), used by firms publicly listed in Chinese stock market. His work shows the two-tier board structure has profound implications for firms` risk-taking behaviour, and their reactions to the stock market regulatory compliance and enforcement. These findings are published in Journal of Business Ethics (FT top 50), and other leading academic journals including European Journal Finance, Review of Quantitative Finance and Accounting. Professor Li also coauthored a chapter, ''Institutional shareholders and executive compensation: An ethical view'', in the book titled, Entrepreneurship, Finance, Governance and Ethics (Springer 2013).


Professor Li's recent research interests include behavioral investing, structured financial products and hedge fund management. His work about investor attention and stock return under negative shocks has been published in the Journal of Business Economics and Management.


Research grants

Year: 2016

Source: Centre for Urban Research and Land Development

Purpose:  Transportation Financing, Capital Structure and Public-Private Partnership

Amount: $7,500

Principal Investigator: Yuanshun Li

Co-investigator: Xianxun (Arnold) Yuan


Year: 2015

Source: PPP Canada

Purpose:  Understanding the Residual Value Risks in Public-Private Partnerships

Amount: $83,020

Principal Investigator: Yuanshun Li

Co-investigator: Xianxun (Arnold) Yuan


Year: 2015

Source: TRSM-FB PolyU Joint Research Seed Grant

Purpose:  Game Theoretic Real Option Investment Decision, Applications to Canada-China Collaboration in Energy Industry

Amount: $10,000

Principal Investigator: Yuanshun Li

Co-investigator: Fung King Fai, Mike and CHU, KC Kenneth


Year: 2012-2014

Source:  Ryerson TRSM Internal Research Grant

Purpose:  Real Options, Value of Growth and Financial Leverage

Amount: $5,000

Principal Investigator: Yuanshun Li


Year: 2010-2011

Source: Ryerson SSHRC Institutional Grant

Purpose: Firms' Multiple Listing Decision and Stock Price Discovery

Amount: $6,969

Principal Investigator: Yuanshun Li


Year:      2009-11            

Source: Ryerson New Faculty SRC Development Fund

Purpose: Firm cross-listing and financing decision, investment decision and corporate governance


Amount: $9,985

Principal Investigator: Yuanshun Li


Year:      2009-11            

Source: Ryerson Faculty Startup Fund

Amount: $10,000

Principal Investigator: Yuanshun Li

Selected publications

Financial Times-50 Publications


Ding, S., Jia, C., Li, Y., Wu, Z., 2010, Reactivity and Passivity after Enforcement Actions: Better Late than Never, Journal of Business Ethics, 95, 2nd Special issue on ''Entrepreneurship, Governance and Ethics'', 337-359.


Jia, C., Ding, S., Li, Y., Wu, Z., 2009, Fraud, Enforcement Action, and the Role of Corporate Governance: Evidence from China, Journal of Business Ethics, 90 (4), 561-576.


Other Refereed Publications


X Zhai, Y Hou, Y Li, 2020, Investor attention and stock returns under negative shocks: an empirical analysis based on Dragon and Tiger list in China, Journal of Business Economics and Management 21 (3), 914-941.


Yuan. X, Li, Y., 2018, Residual Value Risks of Highway Pavements in Public-Private Partnerships, Journal of Infrastructure Systems 24 (3).


Wu, Z., Li, Y., Ding, S., Jia, C., 2013, A Separate Monitoring Organ and Disclosure of Firm-Specific Information, European Journal Finance.


Ding, S., Wu, Z., Li, Y, Jia, C., 2010, Executive Compensation, Supervisory Boards, and China's Governance Reform: A Legal Approach Perspective, Review of Quantitative Finance and Accounting, 35 (4), 445-471.


Book Chapters


Ding, S., C. Jia, Y. Li, & Z. Wu. 363- 387, 2013. Institutional shareholders and executive compensation: An ethical view. Entrepreneurship, Finance, Governance and Ethics, edited by Douglas Cumming, Robert Cressy, and Chris Mallin. Published by Springer Science and Business Media B.V., Dordrecht.


Research interests

i) Game theoretic real option theory and application


ii) Corporate governance and corporate finance


iii) Investment management


Undergraduate Courses


2019-2021          AFF420, Principles of Finance III

2009-2021          AFF711/FIN711, Advanced Portfolio Management

2013-2021          AFF621, Advanced Investment Management

2010-2012          FIN501, Investment analysis I

2010-2021          FIN401, Managerial Finance II

2009-2010          FIN300, Managerial Finance I

2008-2011          FIN801, Financial Risk Management



Undergraduate Courses (Development)


2019-2021          FIN65/75, Applied Investment Management I and II,

                                         course design and development for SMIF

                                         (Student Managed Investment Fund)

2013               FIN521/AFF621, Advanced Investment Analysis, course


2008-2009          FIN801, Financial Risk Management, course redesign

                                         and redevelopment

                           FIN711, Advanced Investment Management, course r

                                         edesign and redevelopment


Graduate Courses


2010-2011          MB8602, Investment for Managers

2009-2010          MB8703, Corporate Financial Analysis