Faculty
Research Areas
Technological Finance, Green Finance, Pension Finance, Digital Finance, Financial Technology, Financial Engineering and Risk Management, Financial Markets and Investments, Financial Economics, Insurance and Actuarial Science
Books
1. Q. Zhou and Z. F. Li. Industry Risk Contagion and Asset Allocation in Financial Markets (in Chinese), Beijing: China Social Sciences Press, 2024.
2. H. X. Yao, Z. F. Li, and Q. H. Ma, Portfolio Selection Based on Mean and Risk (in Chinese), Beijing: Science Press, 2017.
3. Z. F. Li et al., Theories and Practices of Building Innovative Cities (in Chinese), Beijing: Science Press, 2014.
4. Z. F. Li et al., Research on the Independent Innovation Capability of the Pearl River Delta (in Chinese), Guangzhou: Guangdong People’s Publishing House, 2014.
5. T.T. Fan and Z. F. Li, Portfolio Risk Management –Factor Model and its Application (in Chinese), Sun Yat-sen University Press, 2011
6. Z. X. Li, Z. F. Li, and S. Y. Wang, Funds Regulation Modernization Based on Risk (in Chinese), Tsinghua University Press, 2002.
7. Z. F. Li and S. Y. Wang, Portfolio Optimization and No-Arbitrage (in Chinese), Chinese Science Press, 2001.
International Journal Articles:
[1] K. H., *X. Y. Li, Z. F. Li, Effect of ESG rating disagreement on stock price informativeness: Empirical evidence from China's capital market, International Review of Financial Analysis, 2024, 96, 103651.
[2] W. J. Tang, *H. Bu, Y. Q. Ji, *Z. F. Li, Market uncertainty and information content in complex seasonality of prices, Pacific-Basin Finance Journal, 2024, 86.
[3] S. K. Wang, S. S. Zhu, Y. Huang, *Z. F. Li, Estimation of expected return integrating real-time asset prices implied information and historical data, Journal of Economic Dynamics and Control, 2024, 167, 1-29.
[4] M. Chen, *Z. F. Li, Z. Liu，Substantive response or strategic response? The induced green innovation effects of carbon prices, International Review of Financial Analysis, 2024, 93, 103139.
[5] R. N. Li, *Z. F. Li, K. X. Hu, K. Gan, The Spillover Effects of Green Bond Issuance: A Study Based on Chinese firms' Stock Price Synchronicity, Economic Change and Restructuring, 2024, 57(12), 1-41.
[6] T. Zhou, Z. F. Li, H. R. Bai, Z. D. Du, J. B. Huang, Z. C. Ding, Does unconventional monetary policy improve credit support for the industry chain? Based on the perspective of trade credit mechanism, International Review of Economics and Finance, 2024, 91, 180-192.
[7] Y. J. Liu, *Z. F. Li, Ramzi Nekhili, Jahangir Sultan, Forecasting Cryptocurrency Returns with Machine Learning, Research in International Business and Finance，2023, 64, 1-21.
[8] Z. F. Li, K. Gan, *S. L. Sun, S. Y. Wang, A New AdaBoost-Ensemble System with Deep Learning Approach for PM2.5 Concentration Forecasting, Journal of Forecasting, 2023, 42, 154-175.
[9] Z. L. Kang, H. X. Yao, X. Y. Li, *Z. F. Li, Robust enhanced index tracking problem with mixture of distributions, Expert Systems with Applications, 2022, 201.
[10] C. Ma, Y. K. Dai, *Z. F. Li, Financing Format Selection for Electronic Business Platforms with a Capital-Constrained E-tailer, Transportation Research Part E, 2022, 162.
[11] X. Y. Yuan, *Z. F. Li, J. H. Xu, L. X. Shang, ESG disclosure and corporate financial irregularities--evidence from Chinese listed firms, Journal of Cleaner Production, 2022, 332, 1-11.
[12] Y. Li, T. S. Liu, Y. Z. Song, Z. F. Li, X. Guo, Could carbon emission control firms achieve an effective financing in the carbon market? A case study of China’s emission trading scheme, Journal of Cleaner Production, 2021, 314, 1-12.
[13] Q. W. Guo, *Y. S. Sun, P. Schonfeld, Z. F. Li, Time-dependent Transit Fare Optimization with Elastic and Spatially Distributed Demand, Transportation Research Part A, 2021, 148, 353-378.
[14] T. Tian, J. W. Zhang, S. Y. Lin, Y. K. Jiang, J. B. Tan, Z. F. Li, *X. Q. Wang, Data-driven analysis of the simulations of the spread of COVID-19 under different interventions of China, Journal of Applied Statistics, 2021, online
[15] Z. F. Li, Q. Zhou, M. Chen, *Q. Liu, The Impact of COVID-19 on Industry-Related Characteristics and Risk Contagion, Finance Research Letters, 2021, 39, 101931
[16] L. H. Bian, *Z. F. Li, H. X. Yao, Time-consistent strategy for a multi-period mean-variance asset-liability management problem with stochastic interest rate, Journal of Industrial and Management Optimization, 2021, 17 (3), 1383-1410.
[17] P. Wang , *Z. F. Li, J. Y. Sun, Robust portfolio choice for a DC pension plan with inflation risk and mean-reverting risk premium under ambiguity, Optimization, 2021, 70 (1), 191-224.
[18] T. Tian, J. W. Zhang, L. Y. Hu, Y. K. Jiang, C. Y. Duan, Z. F. Li, *X. Q. Wang, *H. P. Zhang, Risk factors associated with mortality of COVID-19 in 3125 counties of the United States, Infectious Diseases of Poverty, 2021, 10 (3), 1-8.
[19] Z. L. Kang, X. Y. Li and *Z. F. Li, Mean-cvar portfolio selection model with ambiguity in distribution and attitude, Journal of Industrial and Management Optimization, 2020, 16 (6), 3065-3081.
[20] Y. S. Sun, H. Y. Gong, *Q. W. Guo, P. Schonfeld, Z. F. Li, Regulating a Public Transit Monopoly under Asymmetric Cost Information, Transportation Research Part B, 2020, 139, 496-522.
[21] W. Chen, *Z. F. Li, J. C. Guo, Domain Adaptation Learning based on Structural Similarity Weighted Mean Discrepancy for Credit Risk Classification, IEEE Intelligent Systems, 2020, 35(3), 41-51.
[22] T. H. Zhi, Z. F. Li, Z. Q. Jiang, *L. J. Wei, D. Sornette, Is there a housing bubble in China? Emerging Markets Review, 39, 2019, 20-132.
[23] Z. L. Kang, X. Li, *Z. F. Li, S. S. Zhu, Data-Driven Robust Mean-CVaR Portfolio Selection under Distribution Ambiguity, Quantitative Finance, 19 (1), 2019, 105-121.
[24] Q. W. Guo, S. M. Chen, P. Schonfeld, *Z. F. Li,, How time-inconsistent preferences affect investment timing for rail transit, Transportation Research Part B, 118, 2018, 172-192.
[25] L. H. Bian, *Z. F. Li, H. X. Yao, Pre-commitment and equilibrium investment strategies for the DC pension plan with regime switching and a return of premiums clause, Insurance: Mathematics and Economics, 81, 2018, 78-94.
[26] P. Wang, *Z. F. Li, Robust optimal investment strategy for an AAM of DC pension plans with stochastic interest rate and stochastic volatility, Insurance: Mathematics and Economics, 80, 2018, 67-83.
[27] B. J. Deng, *Z. F. Li, Y. Li, Foreign institutional ownership and liquidity commonality around the world, Journal of Corporate Finance, 2018, 51, 20-49.
[28] Z. L. Kang, *Z. F. Li, An exact solution to a robust portfolio choice problem with multiple risk measures under ambiguous distribution, Mathematical Methods of Operations Research, 87(2), 2018, 169–195.
[29] X. Deng, J. Song, J. F. Zhao, Z. F. Li, The Fuzzy Tri-Objectivemean-Semivariance-Entropy Portfolio Model with Layer-By-Layer Tolerance Evaluation method Paper, Journal of Intelligent & Fuzzy Systems, 2018, 35(2): 2391-2401.
[30] X. Deng, J. F. Zhao, Z. F. Li, Sensitivity Analysis of the Fuzzy Mean-Entropy Portfolio Model with Transaction Costs Based on Credibility Theory, International Journal of Fuzzy Systems, 20 (1), 2018, 209-218.
[31] S. M. Chen, *Z. F. Li, Y. Zeng, Optimal Dividend Strategy for a General Diffusion Process with Time-Inconsistent Preferences and Ruin Penalty, SIAM Journal on Financial Mathematics, 9 (1), 2018, 274-314.
[32] X. P., Wu, X. Li, Z. F. Li, A Mean-Field Formulation for Multi-Period Asset-Liability Mean-Variance Portfolio Selection with Probability Constraints, Journal of Industrial and Management Optimization, 14(1), 2018, 249-265.
[33] W. W. Zhang, *Z. F. Li, K. Fu, F. Wang, Effect of the Return Policy in a Continuous-Time Newsvendor Problem, Asia-Pacific Journal of Operational Research, 34 (6), 2017, 1750031-1--1750031-28
[34] Y. S. Sun, *Q. W. Guo, P. Schonfeld, Z. F. Li, Evolution of Public Transit Modes in a Commuter Corridor, Transportation Research Part C, 75, 2017, 84-102.
[35] Q. W. Guo, Y. S. Sun, Z. C. Li, Z. F. Li*, An integrated optimization model for road capacity and cordon pricing scheme designs, Research in Transportation Economics, 62, 2017, 68-79.
[36] Z. Chen, *Z. F. Li, Y. Zeng, J. Y. Sun, Asset allocation under loss aversion and minimum performance constraint in a DC pension plan with inflation risk, Insurance: Mathematics and Economics, 75, 2017, 137-150.
[37] L. Zhang, *Z. F. Li, Y. H. Xu, Y. W. Li, Multi-period mean variance portfolio selection under incomplete information, Applied Stochastic Models in Business and Industry, 32(6), 2016, 753-774.
[38] Y. S. Sun, *Q. W. Guo, P. Schonfeld, Z. F. Li, Implications of the cost of public funds in public transit subsidization and regulation, Transportation Research Part A, 91, 2016, 236-250.
[39] Q. Q. Cui, *C.-H. Chiu, X. Dai, *Z. F. Li, Store brand introduction in a two-echelon logistics system with a risk-averse retailer, Transportation Research Part E, 90, 2016, 69-89.
[40] H. X. Yao, *Z. F. Li, *D. Li, Multi-period portfolio selection with stochastic interest rate and uncontrollable liability, European Journal of Operational Research, 252 (3), 2016, 837-851.
[41] H. X. Yao, *Z. F. Li, X. Y., Li, The premium of dynamic trading in a discrete-time setting, Quantitative Finance, 16(8), 2016, 1237-1257.
[42] J. Y. Sun, *Z. F. Li, Y. Zeng, Precommitment and equilibrium investment strategies for defined contribution pension plans under a jump-diffusion model, Insurance: Mathematics and Economics, 67, 2016, 158-172.
[43] C. X. A, *Z. F. Li, F. Wang, Optimal investment strategy under time-inconsistent preferences and high-water mark contract, Operations Research Letters, 44, 2016, 212-218.
[44] Y. W. Li, *Z. F. Li, Y. Zeng, Equilibrium dividend strategy with non-exponential discounting in a dual model, Journal of Optimization Theory and Applications, 168(2), 2016, 699-722.
[45] H. X. Yao, *Z. F. Li, Y. Z. Lai, Dynamic mean-variance asset allocation with stochastic interest rates and inflation rates, Journal of Industrial & Management Optimization, 12(1), 2016, 187-209.
[46] Y. Z. Lai, *Z. F. Li, Y. Zeng, Control variate methods and applications to Asian and basket options pricing under jump-diffusion models, IMA Journal of Management Mathematics, 26, 2015, 11-37.
[47] C. X. A, *Z. F. Li, Optimal investment and excess-of-loss reinsurance with delay under the Heston's SV model, Insurance: Mathematics and Economics, 61, 2015, 181-196.
[48] Y. F. Li, *Z. F. Li, Asymmetric procyclicality of Chinese banking and the countercyclical buffer of Basel III, Discrete Dynamics in Nature and Society, 2015, Vol. 2015, 1-9.
[49] B. Yi, *F. Viens, B. Law, Z. F. Li, Dynamic portfolio selection with mispricing and model ambiguity, Annals of Finance, 11(1), 2015, 37-75.
[50] B. Yi, F. Viens, *Z. F Li, Y. Zeng, Robust optimal strategies for an insurer with reinsurance and investment under benchmark and mean-variance criteria, Scandinavian Actuarial Journal, 2015(8), 2015, 725-751.
[51] S. M. Chen, Z. F. Li, *Y. Zeng, Optimal dividend strategies with time-inconsistent preferences, Journal of Economic Dynamics & Control, 46, 2014,150-172.
[52] Y. H. Huang, Z. F. Li, *X. P. Guo, Constrained optimality for finite horizon semi-Markov decision processes in Polish spaces, Operations Research Letters, 42(2), 2014, 123-129. (SCI, EI)
[53] H. X. Yao, *Z. F. Li and S. M. Chen, Continuous-time mean-variance portfolio selection with only risky assets, Economic Modelling, 36, 2014, 244-251.
[54] Y. W. Li, *Z. F. Li, Optimal time-consistent investment and reinsurance strategies for mean-variance insurers with state dependent risk aversion, Insurance: Mathematics and Economics, 53, 2013, 86-97.
[55] H. X. Yao, *Z. F. Li, Y. Z. Lai, Mean-CVaR portfolio selection: a nonparametric estimation framework, Computers & Operations Research, 40, 2013, 1014-1022. (SCI, SSCI, EI)
[56] Y. Zeng, *Z. F. Li, Y. Z. Lai, Time-consistent investment and reinsurance strategies for mean-variance insurers with jumps, Insurance: Mathematics and Economics, 52(3), 2013, 498-507.
[57] Y. H. Huang, X. P. Guo, *Z. F. Li, Minimum risk probability for finite horizon semi-Markov decision processes, Journal of Mathematical Analysis and Applications, 402, 2013, 378-391.
[58] Y. Zeng, *Z. F. Li, H. L. Wu, Optimal portfolio selection in a Le’vy market with uncontrolled cash flow and only risky assets, International Journal of Control, 86(3), 2013, 426-437.
[59] A. L. Gu, X. P. Guo, *Z. F. Li, Y. Zeng, Optimal control of excess-of-loss reinsurance and investment for insurers under a CEV model, Insurance: Mathematics and Economics, 51, 2012, 674-684.
[60] Z. F. Li, *Y. Zeng, Y. Z. Lai, Optimal time-consistent investment and reinsurance strategies for insurers under Heston’s SV model, Insurance: Mathematics and Economics, 51, 2012, 191-203.
[61] Y. Zeng, *Z. F. Li, Optimal reinsurance-investment strategies for insurers under mean-CaR criteria, Journal of Industrial and Management Optimization, 8(3), 2012, 673-690.
[62] C. J. Li, *Z. F. Li, Multi-period portfolio optimization for asset–liability management with bankrupt control, Applied Mathematics and Computation, 218, 2012, 11196–11208.
[63] L. Zhang, *Z. F. Li, Multi-period mean-variance portfolio selection with uncertain time horizon when returns are serially correlated, Mathematical Problems in Engineering, 2012, Vol. 2012, 1-17.
[64] H. L. Wu, *Z. F. Li, Multi-period mean-variance portfolio selection with regime switching and a stochastic cash flow, Insurance: Mathematics and Economics, 50, 2012, 371-384.
[65] Y. Zeng and *Z. F. Li, Optimal time-consistent investment and reinsurance policies for mean-variance insurers, Insurance: Mathematics and Economics, 49, 2011, 145-154.
[66] Y. Zeng, *Z. F. Li, Asset-liability management under benchmark and mean-variance criteria in a jump diffusion market, Journal of Systems Science and Complexity, 24(2), 2011, 317-327.
[67] H. L. Wu, *Z. F. Li, Multi-period mean-variance portfolio selection with markov regime switching and uncertain time horizon, Journal of Systems Science and Complexity, 24 (1), 2011, 140-155.
[68] S. M. Chen, *Z. F. Li, Optimal investment-reinsurance policy for an insurance company with VaR constraint, Insurance: Mathematics and Economics, 47, 2010, 144-153.
[69] Y. Zeng, *Z. F. Li and J. J. Liu, Optimal strategies of benchmark and mean-variance portfolio selection problems for insurers, Journal of Industrial and Management Optimization, 6(3), 2010, 483-496.
[70] Z. F. Li, *J. Yao, D. Li, Behavior patterns of investment strategies under Roy's safety-first principle, The Quarterly Review of Economics and Finance, 50(2), 2010, 167-179.
[71] *Z. F. Li, S. X. Xie, Mean-variance portfolio optimization under stochastic income and uncertain exit time, Dynamics of Continuous, Discrete and Impulsive Systems B: Applications and Algorithms, 17, 2010, 131-147.
[72] Y. H. Xu, *Z. F. Li, K. S. Tan, Optimal Investment with Noise Trading Risk, Journal of Systems Science and Complexity, 21, 2008, 519-526.
[73] L. Yi, D. Li, Z. F. Li, Multi-Period Portfolio Selection for Asset-Liability Management with Uncertain Investment Horizon, Journal of Industrial and Management Optimization, 4(3), 2008, 535-552.
[74] S. X. Xie, *Z. F. Li, S. Y. Wang, Continuous-Time Portfolio Selection with Liability: Mean-Variance Model and Stochastic LQ Approach, Insurance: Mathematics and Economics, 42, 2008, 943—953.
[75] Z. F. Li, K. S. Tan, H. L. Yang, Multi-period Optimal Investment-Consumption Strategies with Mortality Risk and Environment Uncertainty, North American Actuarial Journal, 12 (1), 2008, 1-18.
[76] Z. F. Li, H. L. Yang, X. T. Deng, Optimal Dynamic Portfolio Selection with Earnings-at-Risk, Journal of Optimization Theory and Applications, 132 (1), 2007, 459-473.
[77] M. C. Cai, X. T. Deng, Z. F. Li, Computation of Arbitrage In Frictional Bond Market, Theoretical Computer Science, 363 (3), 2006, 248-256.
[78] J. Yao, Z. F. Li, K. W. Ng, Model Risk in VaR Estimation: An Empirical Study, International Journal of Information Technology and Decision Making, 5(3), 2006, 503-512.
[79] Z. F. Li, Kai W. Ng, K. S. Tan, H. L. Yang, Best CRP Investment Strategies for Dynamic Portfolio Selection, International Journal of Theoretical and Applied Finance, 9(6), 2006, 951-966.
[80] Z. F. Li, K. W. Ng, K. S. Tan, H. L. Yang, A Closed Form Solution to a Dynamic Portfolio Optimization Problem, Dynamics of Continuous, Discrete and Impulsive Systems B: Applications and Algorithms, 12 (4), 2005, 517-526.
[81] Z. F. Li, K. W. Ng, Looking for Arbitrage or Term Structures in Frictional Markets, Lecture Notes in Computer Science, 3828, 2005, 612-621.
[82] M. C. Cai, X. T. Deng, Z. F. Li, Computation of Arbitrage in Financial Market with Various Types of Frictions, Lecture Notes in Computer Science, 3521, 2005, 270-280.
[83] X. T. Deng, Z. F. Li, S. Y. Wang, H. L. Yang, Necessary and Sufficient Conditions for Weak No-Arbitrage in Securities Markets with Frictions, Annals of Operations Research, 133, 2005, 265-276.
[84] X. T. Deng, Z. F. Li, S. Y. Wang, A Minimax Portfolio Selection Strategy with Equilibrium, European Journal of Operational Research, 166, 2005, 278-292.
[85] X. T. Deng, Z. F. Li, S. Y Wang. On Computation of Arbitrage for Markets with Friction, Lecture Notes in Computer Science, Vol. 1858, 2000, 309-319.
[86] Z. F. Li, Z. X. Li, S. Y. Wang, X. T. Deng, Optimal Portfolio Selection of Assets with Transaction Costs and No Short Sales, International Journal of Systems Science, 32(5), 2001, 599-607.
[87] Z. F. Li, S. Y. Wang, X. T. Deng, A Linear Programming Algorithm for Optimal Portfolio Selection with Transaction Costs, International Journal of Systems Science, 31(1), 2000, 107-117.
[88] Z. F. Li, S. Y. Wang, A Minimax Inequality for Vector-Valued Mapping, Appl. Math. Lett., 12(5), 1999, 31-35.
[89] S. Y. Wang, Z. F. Li, B. D. Craven, Global Efficiency in Multi-objective Programming, Optimization, 45, 1999, 369-385.
[90] Z. F. Li, Benson Proper Efficiency in Vector Optimization of Set-Valued Maps, J. Optim. Theory Appl., 98(3), 1998, 623-649.
[91] Z. F. Li, S. Y. Wang, A Type of Minimax Inequality for Vector-Valued Mappings, J. Math. Anal. Appl., 227, 1998, 68-80.
[92] Z. F. Li, S. Y. Wang, Connectedness of Supper Efficient Sets in Vector Optimization of Set-Valued Maps, Mathematical Methods of Operations Research, 48, 1998, 207-217.
[93] Z. F. Li, S. Y. Wang, -Appro ximate Solutions in Multi-objective Optimization, Optimization, 44(2), 1998, 161-174.
[94] Z. F. Li, G. Y. Chen, Lagrangian Multipliers, Saddle Points, and Duality in Vector Optimization of Set-Valued Maps, J. Math. Anal. Appl., 215, 1997, 297-316.
[95] L. Coladas, Z. F. Li, S. Y. Wang, Two Types of Duality in Multi-objective Fractional Programming, Bull. Austral. Math. Soc., 54, 1996, 99-114.
[96] S. Y. Wang, Z. F. Li, Pareto Equilibria in Multicriteria Metagames, Top, 3(2), 1995, 247-263.
[97] Z. F. Li, S. Y. Wang, Lagrangian Multipliers and Saddle Points in Multi-objective Programming, J. Optim. Theory Appl., 83(1), 1994, 64-81.
[98] S. Y. Wang, Z. F. Li, Scalarization and Lagrange Duality in Multi-objective Optimization, Optimization, 26, 1992, 315-324.
National Journal Articles
1. D. M. Chen, *Z. F. Li and S. M. Chen, The Contract Design for New Product R&D under Information Asymmetry (in Chinese), Journal of Systems Science and Mathematical Sciences, 2024, 44(6), 1675-1688.
2. J. B. Huang, Y. L. You and *Z. F. Li, Generalized Risk Measures Based on Forward-Looking Information and Their Prediction of Returns (in Chinese), Journal of Management Science in China, 2024, 27(3), 91-111.
3. Q. Zhou, *Z. F. Li and B. J. Deng, Industry Allocation, Clustering Degree and Fund Performance (in Chinese), Chinese Journal of Management Science, 2024, 32 (2), 152-165.
4. Y. Z. Song, Y. Li and *Z. F. Li, Carbon Quota Allocation Scheme for China’s Iron and Steel Industry Based on Output Efficiency (in Chinese), Resources Science, 2023, 45(2): 333-343.
5. J. Ding, *Z. F. Li and J. B. Huang, Can Green Credit Policies Promote Enterprise Green Innovation? A Policy Effect Differentiation Perspective (in Chinese), Journal of Financial Research, 2022, 12, 55-72.
6. H. K. Ma, C. H. Zeng and *Z. F. Li, Cross-holdings, Competition and Bi-direction Entry-deterrence (in Chinese), Management Review, 2022, 34 (12), 73-84.
7. Z. Chen and *Z. F. Li, The Effectiveness and Optimal Investment Strategy of Target Date Fund to Deal with Pension Management (in Chinese), System Engineering Theory and Practice, 2022, 42(12): 3231-3246.
8. Q. Zhou, *Z. F. Li and Y. Zeng, Industry Risk Contagion and Bank Credit Allocation from the Perspective of Complex Networks (in Chinese), Journal of Management Science in China, 2022, 25(02), 24-46.
9. Z. F. Li, *Z. T. Li and L. J. Li, Does Market Interest Rate Volatility Affect Banks’ Risk-Taking? (in Chinese), Quarterly Journal of Finance, 2021, 38, 178-200.
10. Z. F. Li, Y. B. Liu, Q. Zhou and M. X. Li, A Comprehensive Multi-Angle Analysis of the Spillover Effects of the Real Estate Industry on the Financial Sector in China (in Chinese), China Journal of Econometrics, 2020, 1(3), 577-594.
11. A. L. Shi and *Z. F. Li, Optimal Investment Strategy of DCP Pension Plan with Bequest Motivation and Minimum Performance Constraints. (in Chinese), Journal of Systems Science and Mathematical Sciences, 2021, 61(5), 1905: 1926.
12. Z. F. Li, X. X. Yang and *T. Bao, Elite School Premium in Job Hunting and Career Development: Evidence from Mutual Funds in China (in Chinese), Journal of Management Science in China, 2021, 24(5), 1-25.
13. Z. J. Yang and Z. F. Li, Financing Model Innovation with Blockchain-based Asset Securitization (in Chinese), Social sciences in Shenzhen, 2020, 6.
14. J. Zheng, *Z. F. Li and J. Ding, Optimal Financing Structure with Moral Hazard Constraints: A Review of Dynamic Financial Contracts (in Chinese), System Engineering Theory and Practice, 2020, 40(8), 159-2175.
15. H. Zhang, Z. F. Li and Y. Y. Huang, Heterogeneous Expectation, Investor Behaviors Difference and Housing Price Fluctuation—Based on the Perspective of Real Estate Behavioral Finance (in Chinese), Management Review, 2020, 5.
16. Z. Chen, *Z. F. Li and Y. Zeng, Tax Deferral, Terminal Wealth Target, and Double Pension Accounts Investment (in Chinese), System Engineering Theory and Practice, 2020, 40 (4), 831-851.
17. Z. F. Li, S. J. Yu and X. P. Cao, The Impact of Industrial Credit Supply Exogenous Shock on Real Estate Corporate Debt (in Chinese), China Economic Quarterly, 2019, 18 (4), 1373-1396.
18. J. B. Huang, *Z. F. Li, X. Y. Zou, Enhanced Indexation Model with Lower Partial Moment Constraint (in Chinese), Journal of Management Science in China, 2019, 22(12), 56-69.
19. H, K. Huang and *Z. F. Li, Staff Incentive Mechanism Based on the Contest Theory with Asymmetric Information (in Chinese), System Engineering Theory and Practice, 2019, 39(1): 2535-2548.
20. H. Ge and *Z. F. Li, Equilibrium Strategy for Multi-Period Mean-Variance Asset-Liability Management with Regime Switching and a Stochastic Cash Flow (in Chinese), Journal of Systems Science and Mathematical Sciences, 2019, 39(12), 1998-2024.
21. H. Zhang, *Z. F. Li and B. J. Deng, Community of Interests, Anti-Corruption, and Housing Prices: Evidence from China (in Chinese), Journal of Management Science in China, 2018, 21(8), 21-33.
22. Q. W. Guo and *Z. F. Li, Subsidizing Public Transit riders and Regulating Transit operators for Welfare Maximization (in Chinese), System Engineering Theory and Practice, 2018, 38(4), 994-1002.
23. J. Ding, Y. L. Li, Y. Zeng and *Z. F. Li, Dual Information Value and Information Transmission of Two-way Traders in P2P Lending (in Chinese), Nankai Business Review, 2018,2, 4-15.
24. J. B. Huang, *Z. F. Li and J. Ding, Research on Fund Performance Measure with CvaR (in Chinese), Management Review, 2018, 30(4), 20-32.
25. J. Y. Sun, *Z. F. Li and Y. W. Li, The Optimal Investment Strategy for DCP Pension Plan with a Dynamic Investment Target (in Chinese), System Engineering Theory and Practice, 2017, 37(9), 2209-2221.
26. J. B. Huang, *Z. F. Li and J. Ding, A Mean-VaR Portfolio Selection Model Based on Nonparametric Kernel Estimation Method (in Chinese), Chinese Journal of Management Science, 2017, 25 (5), 1-10.
27. Z. F. Li and Z. Chen, Optimal Investment and Consumption Choice with Stochastic Income and Time-Varying Risk Aversion (in Chinese), System Engineering Theory and Practice, 2017, 37(7), 1665-1678.
28. J. B. Huang and *Z. F. Li, Risk Hedging Strategies and Its Utility under Distributional Uncertainty (in Chinese), Chinese Journal of Management Science, 2017, 25 (1), 1-10.
29. Z. F. Li, Z. Q. Tang and Q. W. Liu, Cultural Diversity and Stock Market Prosperity: An Empirical Analysis Based on WVS Data (in Chinese), Studies of International Finance, 2017, 5, 69-84.
30. Z. L. Kang and *Z. F. Li, CVaR Robust Mean-CVaR Portfolio Optimization Model and the Solving Methods (in Chinese), Operations Research Transactions, 2017, 21(1), 1-12.
31. B. J. Deng, *Z. F. Li and Q. X. Liang, Foreign Ownership and Stock Liquidity, (in Chinese), Operations Research Transactions (in Chinese), 2016, (11), 142-157.
32. Y. F. Li, Z. F. Li and C. Zhou, Relationship between Commercial Bank’s Credit Risk and Economy Growth and the Countercyclical Buffer—Based on VAR and cross Spectrum Analysis (in Chinese), Operations Research and Management Science, 2016, 25(4), 150-156. (CSCD)
33. J. B. Huang, *Z. F. Li and H. X. Yao, Cashflow News, Cashflow Risk, and Pricing of Stock Returns (in Chinese), Journal of Management Science in China, 2016, 19(5), 114-126.
34. D. M. Chen and *Z. F. Li, The Optimal Contract Design for Project Investment under Principal-Agent Framework (in Chinese), Chinese Journal of Management Science, 24(5), 2016, 92-99.
35. H. Zhang and Z. F. Li, Housing Price Expectations, Land Prices and Behavior of Real Estate Enterprises (in Chinese), Management Review, 2016, 28(4), 52-61.
36. *J. B. Huang, Z. F. Li and H. T. Zhou, Risk Hedging Efficiency in the Perspective of Expected Utility (in Chinese), Chinese Journal of Management Science, 2016, 24(3), 9-17.
37. J. B. Huang, Z. F. Li and H. X. Yao, Kernel Estimation of Conditional VaR and Conditional CVaR and Their Empirical Analysis (in Chinese), Journal of Applied Statistics and Management, 2016, 35(2), 232-242.
38. Z. F. Li, S. J. Yu and J. Zheng, Real Estate Attributes, Income Gap, and Change Trend of Housing Prices, Journal of Finance and Economics, 2016, 42(7), 130-141.
39. Z. F. Li, J. Zheng and Y. Y. Huang, Bounded Rationality, Heterogeneous Expectation, and Endogenous Evolution Mechanism of Housing Prices (in Chinese), China Economic Quarterly, 2015, 14(2), 453-482.
40. H. Zhang, Z. F. Li and B. J. Deng, The Policy Uncertainty, Macro Impact, and Housing Price Fluctuation: Based on the LSTVAR Model (in Chinese), Journal of Financial Research, 2015, (10), 32-47.
41. Z. F. Li and H. Zhang, Cost-Push or Demand-Pull: What Is Driving the Housing Prices in China? (in Chinese), Chinese Journal of Management Science, 2015, 122(5), 43-150.
42. Z. F. L and T. T. Yang, Can Patent Quality Promote Corporate Investment Value? (in Chinese), Chinese Journal of Management, 2015, 12(8), 1230-1239.
43. Z. F. Li, S. M. Chen and Y. Zeng, Optimal Dividend Strategy for a Diffusion Model with Time-Inconsistent Preferences (in Chinese), System Engineering Theory and Practice, 2015, 35(7), 1633-1645. (EI)
44. J. B. Huang, *Z. F. Li and H. X. Yao, Risk Management Based on the CVaR Kernel Estimators (in Chinese), Journal of Management Science in China, 2014, 17(3), 49-59.
45. Z. F. Li and H. X. Yao, Dynamic Portfolio Selection of Risky Assets under Uncertain Exit Time and Stochastic Market Environment (in Chinese), System Engineering Theory and Practice, 2014, 34(11), 2737-2747.
46. B. J. Deng, Z. F. Li and H. Zhang, Is the Purchase Restriction Policy Effective in Regulating Housing Prices? (in Chinese), Statistical Research, 2014, 31(11), 50-57.
47. *Y. Zeng, Z. F. Li, S. S. Zhu and H. L. Wu, Asset-Liability Management Based on CRRA Utility Criterion (in Chinese), Chinese Journal of Management, 2014, 22(10), 1-8.
48. *J. B. Huang, Z. F. Li and X. B. Zhou, Sensitivity and Convexity of VaR (CVaR) and Their Kernel Estimator (in Chinese), Chinese Journal of Management, 2014, 22(8), 1-9.
49. *H. X. Yao and Z. F. Li, Expected Utility Maximization Optimal Portfolio Selection Based on Nonparametric Estimation Framework (in Chinese), Chinese Journal of Management, 2014, 22(1), 1-9.
50. H. Zhang, Z. F. Li and B. J. Deng, Educational Resource Allocation Mechanisms and Housing Prices: An Empirical Analysis of Education Capitalization in China (in Chinese), Chinese Journal of Management, 2014, 5, 193-206.
51. A. L. Gu, Z. F. Li and Y. Zeng, Optimal Investment Strategy under Ornstein-Uhlenbeck Model for a DC Pension Plan (in Chinese), ACTA MATHEMATICAE APPLICATAE SINICA, 2013, 36(4), 715-726.
52. L. Zhang and Z. F. Li, Multiperiod Asset-Liability Management with Serially Correlated Yields (in Chinese), Journal of Systems Science and Mathematical Sciences, ,2012, 32(3), 297-309.
53. B. Yi, Z. F. Li and Y. Zeng, Optimal Investment Strategy with Stochastic Volatility and Dynamic VaR Constraint (in Chinese), Operations Research Transactions, 2012, 16(2), 77-90.
54. Z. F. Li and J.Y. Gao, Optimal Investment Strategy with Stochastic Volatility and Dynamic VaR Constraint (in Chinese), System Engineering Theory and Practice, 31(12), 2011, 2272-2280.
55. Y. F. Li and Z. F. Li, Exchange Rate Communication, Real Intervention, and RMB Exchange Rate Fluctuations: An Empirical Analysis Based on the Structural Vector Autoregressive Model (in Chinese), Studies of International Finance, 2011, 4, 30-37.
56. J. Y. Gao and Z. F. Li, Robust Portfolio Selection Frontier and CAPM under model uncertainty (in Chinese), Chinese Journal of Management Science, 2010, 18(12), 1-16.
57. Z. F. Li and Z. J. Yuan, A Dynamic Mean-Variance Model of Portfolio Selection under Parameter Uncertainty(in Chinese), Journal of Management Science in China, 2010, 13(12), 1-9.
58. Y. F. Li and Z. F. Li, International Comparison on Communication Strategies and Effectiveness for Central Bank, Studies of International Finance (in Chinese), 2010, 8, 13-20.
59. Z. J. Yuan and Z. F. Li, Dynamic Portfolio Selection under Parameter Uncertainty and Utility Maximization (in Chinese), Chinese Journal of Management Science, 2010, 18(5), 1-6.
60. S. M. Chen and Z. F. Li, The Optimal Policy for Insurance Company with Real Investment (in Chinese), Journal of Systems Science and Mathematical Science, 2010, 30(10), 1293-1303.
61. J. Yao and Z. F. Li, An Analysis of Financial Risk Measurement in Managing Risk (in Chinese), Application of Statistic and Management, 2010, 29(4), 736-742.
62. Y. Zeng and Z. F. Li, Optimal Investment Strategy for Insurers under Linear Constraint (in Chinese), Operations Research Transaction, 2010, 14(2), 106-118.
63. Yan Zeng and Z. F. Li, Optimal Propotional Reinsurance Policy Based on Regulations (in Chinese), Journal of Systems Science and Mathematical Sciences, 2009, 29(11), 1496-1506.
64. J. Y. Gao and Z. F. Li, Robust Portfolio Selection and Asset Pricing under Model Uncertainty (in Chinese), Journal of Systems Engineering, 2009, 24(5), 46-552.
65. H. Y. Yao and Z. F. Li, Portfolio Model and Its Explicit expressions of Portfolio Efficient Frontier with Minimum Investment Proportion Constraint(in Chinese) Or Transactions, 2009, 13(2), 119-128
66. H. X. Yao and Z. F. Li, Portfolio selection with different borrowing-lending rates: Utility maximization model based on mean and VAR(in Chinese), Systems Engineering-Theory & Practice, 2009, 29(1), 22-28.
67. Z. F. Li and J. F. Cong, Necessary Conditions of the Optimal Multi-Period Proportional Reinsurance Strategy (in Chinese) Journal of Systems Science and Mathematical Sciences, 2008, 28(11), 1354-1362.
68. Y. H. Xu and Z. F. Li, Dynamic Portfolio Selection Based on Serially Correlated Return Dynamic Mean–Variance Formulation (in Chinese), Systems Engineering Theory and Practice, 2008, 28(8), 123-131.
69. H. X. Yao, J. X. Yi and Z. F. Li, Research on Strategy proofness for Social Welfare Functions (in Chinese), Journal of Systems & Management 2008, 17(2), 146-150.
70. H. X. Yao and Z. F. Li, A Portfolio Model and its expression of Portfolio Efficient Frontier with Maximum Drawdown Constraint (in Chinese), Chinese Journal of Management Science, 2008, 16(3), 23-30.
71. H. X. Yao, J. X. Yi and Z. F. Li, The Efficient Frontier Feature of Risky Assets with Singular Variance- covariance Matrix (in Chinese), Application of Statistic and Management, 2008，27(1), 111-117.
72. S. X. Xie and Z. F. Li, Continuous-Time Optimal Portfolio Selection with Iiability (in Chinese) Journal of Systems Science and Mathematical Sciences, 2007, 27(6), 801-810.
73. Z. F. Li, An Analysis of the China Aviation Oil (Singapore) Incident based on Risk Management (in Chinese), Systems Engineering Theory and Practice, 2007, 27(1),23-32. (EI)
74. X. Q. He and Z. F. Li, Long-Term Memory in Stock Returns of Shanghai Stock Exchange: Evidence from V/S Statistic (in Chinese), Systems Engineering Theory and Practice, 2006, 26(12), 47-54.
75. J. Yao and Z. F. Li, Asset Allocation and CAPM Based on Relative Value-at-Risk (in Chinese), Quantitative & Technical Economics, 2005, 22(12) 133-142.
76. J. Yao and Z. F. Li, Model Risk in The VaR Estimation—Testing Approach and Empirical Study, Management Review, 2005, 17(10), 3-7.
77. Z. F. Li and G. J. Chen, Some Discussions on Telser’s Safety-First Model for Portfolio Selection (in Chinese), Systems Engineering Theory and Practice, 2005, 25(3), 8-14.
78. H. X. Yao, J. X. Yi and Z. F. Li, The Efficient Frontier Features of Risky Assets with Singular Variance-Covariance Matrix (in Chinese), Quantitative & Technical Economics, 2005, 22(1), 107-113.
79. Z. F. Li and M. Lin, Comparative Analysis of CRRA LA and DA utility models (in Chinese), Management Review, 2004, 16(11), 10-15.
80. H. X. Yao, J. X. Yi and Z. F. Li, The Equivalent forms on Arrow Impossibility Theorem (in Chinese), Operations Research and Management Science, 2004, 13(5), 59-61.
81. Z. F. Li and S. Y. Wang, Optimal Consumption-Portfolio Selection in Frictional Markets (in Chinese), Journal of Systems Science and Mathematical Science, 2004, 24(3), 406-416.
82. Z. F. Li and J. Yao, Optimal Dynamic Portfolio Selection under Safety-First Criterion, Journal of Systems Science and Mathematical Science, 2004, 24(1), 41-45. (EI)
83. Z. F. Li and J. Yao, Integrated Empirical Analysis of Chinese Stock Market, Management Review, 2004, 16(1), 27-30.
84. J. Yao and Z. F. Li, The Asset Allocation Model based on VaR (in Chinese), Chinese Journal of Management Science, 2004, 12(1), 8-14.
85. Z. X. Li, Z. F. Li and J. Deng, The Cross-Sector Activities and Barriers in the Investment Fund Industry, Studies of International Finance, 2023, 2, 23-25.
86. Z. F. Li and S. Y. Wang, EaR Risk Management and Dynamic Investment Decision (in Chinese), Quantitative & Technical Economics, 2003(1) 45-51.
87. Z. F. Li, S. Y. Wang and X. T Deng, No-Arbitrage Analysis for the Term Structure of Interest Rates in Markets with Frictions (in Chinese), Journal of Systems Science and Mathematical Science, 2002, 22(3), 285-295.
88. Z. F. Li, S. Y. Wang and H. L. Yang, Weak No-Arbitrage in Financial Markets with Frictions (in Chinese) Chinese, Journal of Management Science, 2002, 10(3), 1-5.
89. Z. X. Li, Z. F. Li and S. Y. Wang, On the Innovation of Fund Product Regulation, Investment and Security, 2001.
90. Z. X. Li, Z. F. Li and S. Y. Wang, Independent Directors in the Eyes of Americans, Sino Foreign Management, 2001, 7, 14-15. (Cover Article)
91. Z. X. Li, Z. F. Li, Investor Protection and Securities Insurance: U.S. Practices and Suggestions for Establishing an Insurance Mechanism in China's Securities Industry, Renmin University Copy of Periodicals—Investment and Securities, 2000, 8, 10-13.
92. Z. F. Li and X. F. Li, Introduction to Financial Mathematics, Journal of Dialectics of Nature, 1999, 21(120), 76-81.
93. Z. F. Li, Benson Proper Efficiency in Vector Optimization of Set-Valued Mappings (in Chinese) Acta Mathematicae Applicatae Sinica, 1998, 21(1), 123-134.
94. Z. F. Li and S. Y. Wang, Global Efficiency in Multiobjective Programming (in Chinese) Journal of Systems Science and Mathematical Sciences, 15(1) 1995 30-32.
95. S. Y. Wang, Z. F. Li and F. M. Yang, A Scalarization Theorem in Multiobjective Programming (in Chinese), Chinese Science Bulletin, 1993, 38(1) 5-7.
96. Z. F. Li and S. Y. Wang, The Lagrange Duality and Scalarization Theorem of Multi-Objective Programming, 1993, 13(3), 211-217.