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Hao Li

Dr Hao Li

Lecturer in Finance

Cardiff Business School

Aberconway Building, Room Room D26, 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.







  • Li, H., Liu, Y., & Xu, B. (2023). Does target country's climate risk matter in cross-border M&A? The evidence in the presence of geopolitical risk. Journal of Environmental Management, 344,118439
  • Kyiu, A., Jones, E., & Li, H. (2023). Stock return synchronicity in a weak information environment: evidence from African markets. International Journal of Managerial Finance, 19(2), 446-469. 
  • Adamolekun, G., Jones, E., & Li, H. (2023). Cash holding dynamics and competition intensity: Evidence from UK firms. Managerial and Decision Economics, 44(1), 641-662.


  • Jones, E., Li, H., & Adamolekun, O. (2022). Excess cash holdings, stock returns, and investment organicity: evidence from UK investment announcements. Abacus, 58(4), 603-647.


  • 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.
  • Jones, E. A., Kyiu, A. K., & Li, H. (2021). Earnings informativeness and trading frequency: Evidence from African markets. International Journal of Finance & Economics, 26(1), 1064-1086.


  • 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. 
  • Jones, E., Kwansa, N. A., & Li, H. (2020). How does internationalization affect capital raising decisions? Evidence from UK firms. Journal of Multinational Financial Management, 57, 100652.
  • Li, H., Jones, E., & de Gioia Carabellese, P. (2020). Agency costs of board connections and director retention: evidence from UK takeovers. International Journal of Managerial Finance, 16(1), 21-48.


  • 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.


  • Kabir, R., Li, H., & Veld-Merkoulova, Y. V. (2013). Executive compensation and the cost of debt. Journal of banking & finance, 37(8), 2893-2907.






BST953 Investment Management (Postgraduate module)

BST962 Corporate Reporting and Global Markets (Postgraduate module)


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


Current supervision

Mengjia Li

Mengjia Li

Graduate Tutor