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Dr Hao Li

Lecturer in Finance

Cardiff Business School

Room T03 (temporary), Aberconway Building, Colum Road, Cathays, Cardiff, CF10 3EU
Available for postgraduate supervision


I joined Cardiff University as a Lecturer in Finance in September 2021. I am a Fellow of Higher Education Academy (FHEA). Prior to joining Cardiff, I was an Assistant Professor in Finance at Heriot-Watt University and then a Senior Lecturer in Finance at Swansea University. Before academic career, I worked as equity analyst and senior research fellow in investment trust.

I received my PhD in Finance and MSc in Investment Analysis (with distinction) from University of Stirling. For bachelor's degree, I graduated from Sun Yat-sen University with BA in Business Administration.

My research expertise and interest are in the filed of Corporate Governance and Corporate Finance.


Academic career:

  • Lecturer in Finance, Cardiff University, September 2021-present
  • Senior Lecturer in Finance, Swansea University, January 2020-August 2021.
  • Assistant Professor in Finance, Heriot-Watt University, January 2014-December 2019.

Qualification :

  • Postgraduate Certificate in Academic Practice, Heriot-Watt University
  • PhD in Finance, University of Stirling
  • MSc in Investment Analysis (with distinction), University of Stirling
  • BA in Business Administration, Sun Yat-sen University


BST953 Investment Management (Postgraduate module)


  • Ibrahim, S., Li, H., Yan, Y., & Zhao, J. (2021). Pay me a single figure! Assessing the impact of single figure regulation on CEO pay. International Review of Financial Analysis, 73, 101647. ( doi: 10.1016/j.irfa.2020.101647)


  • Jones, E., Kwansa, N., & Li, H. (2020). How does internationalization affect capital raising decisions? Evidence from UK firms. Journal Of Multinational Financial Management, 57-58, 100652. ( doi: 10.1016/j.mulfin.2020.100652)
  • Li, H., & Zhao, J. (2020). Inside debt and firm risk‐taking: Evidence from the UK pension reform. Journal Of Business Finance & Accounting, 47(9-10), 1316-1364. (doi: 10.1111/jbfa.12492)
  • Jones, E., Kyiu, A., & Li, H. (2020). Earnings informativeness and trading frequency: Evidence from African markets. International Journal Of Finance & Economics, 26(1), 1064-1086. (doi: 10.1002/ijfe.1836)


  • Li, H., Jones, E., & de Gioia Carabellese, P. (2019). Agency costs of board connections and director retention: evidence from UK takeovers. International Journal Of Managerial Finance, 16(1), 21-48.( doi: 10.1108/ijmf-11-2018-0326)


  • Kabir, R., Li, H., & Veld-Merkoulova, Y. (2018). Do managers act opportunistically towards the end of their career?. Journal Of International Financial Markets, Institutions And Money, 56, 218-232. (doi: 10.1016/j.intfin.2018.01.006)


  • Kabir, R., Li, H., & Veld-Merkoulova, Y. (2013). Executive compensation and the cost of debt. Journal Of Banking & Finance, 37(8), 2893-2907. (doi: 10.1016/j.jbankfin.2013.04.020)