Nottingham University Business School
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Dr Xiafei Li

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MSc (Portsmouth), PhD (City)
Assistant Professor in Accounting & Finance

Division: Finance, Risk and Banking
Centre/Institute: China Research Group
Tel: +44 (0) 115 8466436
Location: B33 (South Building, Jubilee Campus)

Dr Xiafei Li joined Nottingham University Business School as a lecturer in Accounting and Finance in January 2009. She obtained PhD in Finance from Cass Business School, City University. Before moving to Nottingham, she was a lecturer in Accounting & Finance at the University of Bradford.
Her teaching focuses on corporate finance strategy and financial management. She has published in the international finance journals, including the Journal of Banking Finance, Journal of Business, Finance & Accounting and Journal of International Review and Financial Analysis. She has also served as a reviewer for the Journal of Banking and Finance and Journal of Business, Accounting and Finance, British Accounting Review and European Journal of Finance.

Research Interests
Efficient market anomalies, idiosyncratic volatility, liquidity risk, financial constraints and cash holdings.

I am module convenor of the following modules:


Corporate Finance (N12002)

Details of all modules can be found on MyNottingham

Current Research Activities
Xiafei welcomes applicants who have good academic background and a strong ambition to work in the academic for his/her future career to apply for PhD under her supervision. Her research interests focus on efficient market anomalies, idiosyncratic volatility, liquidity risk, financial constraints and cash holdings.
I am currently supervising the following Research Students:

Suyang Li

Publications from 2005 to the present day

Journal Articles

Chevapatrakul, T.; Xu, Z.; Li, X. (2019), "Return asymmetry and the cross section of stock returns", Journal of International Money and Finance, forthcoming 2019.

Li, X.; Luo, D. (2017), "Investor Sentiment, Limited Arbitrage and the Cash Holding Effect", Review of Finance (formerly European Finance Review), Vol.21/6, pp. 2141-2168.

Miffre, J.; Brooks, C.; Li, X. (2013), "Idiosyncratic Volatility and the Pricing of Poorly-Diversified Portfolios", International Review of Financial Analysis, Vol.30, pp. 78-85.

Li, X.; Brooks, C.; Miffre, J. (2010), "Transaction Costs, Trading Volume and Momentum Strategies", The Journal of Trading, Vol.5(1), pp. 66-81.

Li, X.; Brooks, C.; Miffre, J. (2009), "The Value Premium and Time-Varying Volatility", Journal of Business Finance and Accounting, Vol.36(9+10), pp. 1252-1272.

Li, X.; Brooks, C.; Miffre, J. (2009), "Low-Costs Momentum Strategies", Journal of Asset Management, Vol.9(6), pp.336-379.

Li, X.; Miffre, J.; Brooks, C.; O'Sullivan, N. (2008), "Momentum Profits and Time-Varying Unsystematic Risk", Journal of Banking and Finance, Vol.32(4), pp.541-558.

Mazouz, K.; Li, X. (2007), "The Overreaction Hypothesis in the UK Market: Empirical Analysis", Applied Financial Economics, Vol.17(13), pp.1101-1111.


Li, X.; Luo, D. 2015, "Investor Sentiment, Limited Arbitrage and the Cash Holding Effect", at 28th Australasian Finance & Banking Conference.

Li, X.; Brooks, C.; Miffre, J. 2008, "The Value Premium and Time-Varying Idiosyncratic Risk", at European Financial Management Association (EFMA), Conference held in Athens, June2008.



Nottingham University Business School

Jubilee Campus

telephone: +44 (0) 115 846 6602
fax: +44 (0) 115 846 6667