Mingsheng Li, Ph.D.


Mingsheng Li, Ph.D.

  • Position: Professor
  • Phone: (419) 372-2527
  • Email: mli@bgsu.edu
  • Address: 318 Maurer Center

Dr. Mingsheng Li is a professor of finance. He was a holder of Ashel/Bryan Huntington Bank Professorship from fall 2014 – spring 2020. He received Robert A. Patton Scholarly Achievement Award in 2020 and 2023. Dr. Li is a Deputy Editor of Accounting and Finance journal, and an Associate Editor of Research in International Business and Finance. He serves as editorial member of several other journals. His primary research areas include green technology innovations, environmental, social and governance (ESG) issues, dividend policy, mutual fund, market efficiency, initial public offerings (IPOs), ETF trading, and emerging equity market. After joining BGSU in August 2006, Dr. Li has published almost forty peer-reviewed papers and his research works have appeared in top finance journals such as Journal of Business Ethics (FT50), British Journal of Management (ABS 4), Journal of Banking and FinanceFinancial ManagementJournal of Financial Stability, International Review of Financial AnalysisJournal of Financial Research, Research in International Business and FinanceAccounting and Finance, Financial ReviewJournal of Empirical FinancePacific-Basin Finance JournalQuarterly Review of Economics and FinanceNorth American Journal of Economics and FinanceJournal of Investing, etc. 


Ph.D. in Finance, University of Memphis (USA), Sept. 1997 – May 2002

M.S. in Business Administration, Trenton State College (USA), Sept. 1987 – May 1989

M.B.A. (equivalent), Beijing Institute of Machinery (P.R. China), Sept 1984 – July 1986

B.S. in Engineering, Inner Mongolia Engineering College (P.R. China), Sept. 1980 – July 1984


Professor, Bowling Green State University, August 2017 – present

Associate Professor, Bowling Green State University, Aug. 2010 – May 2017

Assistant Professor, Bowling Green State University, Aug. 2006 - July 2010

Assistant Professor, The University of Louisiana at Monroe, Aug. 2002 - May 2006

Graduate Teaching Assistant, The University of Memphis, Aug. 1997 - May 2002

Associate Professor, Beijing Institute of Machinery (P.R. China), Jan. 1995 – July 1997

Lecturer, Beijing Institute of Machinery (P.R. China), Sept. 1989 – Dec. 1994

Instructor, Beijing Institute of Machinery (P.R. China), Sept. 1986 - July 1987


Deputy Editor, Accounting and Finance, March 2021- Present

Associate Editor, Research in International Business and Finance, July 2019 – Present.

Guest Editor, Research in International Business and Finance 2020 special issue.

Editorial Board member, International Journal of Financial Research, Nov 2017 – present.

Editorial Board member, Austin Journal of Accounts, Audit and Financial Management, Jun 2014 – present.

Editorial Board member, Journal of Accounting and Finance Research, Feb 2013 – present 2

Editorial Board member, International Journal of Bonds and Derivatives, Feb 2013 – present

Chair, Toledo Sister Cities International –Qinghuangdao/Nanchong Committee, 2018.9- present

Member, Toledo Sister Cities International -China Committee (TSCI-CC), 2009-2012

Board member, Chinese Association of Greater Toledo (CAGT), 2007-2014


  • Green innovations
  • Environment, Social and governance (ESG)
  • Corporate Social Responsibility (CSR)
  • Dividend policy
  • IPOs
  • Mutual Funds
  • Analyst Following
  • Emerging Market Efficiency
  • Market Microstructure
  • ETF Trading


  1. Jiahao Feng, John. W. Goodell, Mingsheng Li, and Ying Wang, 2023. Environmental information transparency and green innovation. Journal of International Financial Markets, Institutions & Money 86, 101799, https://doi.org/10.1016/j.intfin.2023.101799
  2. Hongfeng Peng, Zhenqi Zhang, John. W. Goodell, and Mingsheng Li, 2023. Socially responsible investing: Is it for real for just for show? International Review of Financial Analysis, 86, 102553. https://doi.org/10.1016/j.irfa.2023.102553
  3. Liuling Liu, Mingsheng Li, Haizhi Wang, and Jianrong Wang, 2023. A cross-country study of interbank loans: the effects of regulations, market structure, and institutions. Review of Business 43 (1), 1-40.
  4. John W. Goodell, Mingsheng Li, and Desheng Liu, 2023. "Causes and consequences of flocked resignations of independent directors: inferences from firm impacts following Kangmei Pharmaceutical’s scandal". Finance Research Letters 51, 103496. https://doi.org/10.1016/j.frl.2022.103496
  5. John W. Goodell, Mingsheng Li, Desheng Liu, and Ying Wang, 2022. "Is social trust a governance mechanism? Evidence from dividend payouts of Chinese firms". British Journal of Management, https://doi.org/10.1111/1467-8551.12671.
  6. Ying Wang, Mingsheng Li, and Amina Kamar, 2022. "Environmental concerns and impression offsetting: new evidence on dividend payout." Financial Markets, Institutions & Instruments 31, 87-115. DOI: https://doi.org/10.1111/fmii.12165
  7. John W. Goodell, Mingsheng Li, Desheng Liu, and Hongfeng Peng, 2022. "Depoliticization and market efficiency: evidence from China". Finance Research Letters https://doi.org/10.1016/j.frl.2022.102712
  8. Ying Wang and Mingsheng Li, 2022. "Credit policy and its effects on green innovation". Journal of Financial Stability 58, 100961. https://doi.org/10.1016/j.jfs.2021.100961.
  9. Mingsheng Li, Desheng Liu, Hongfeng Peng, and Lvxiu Zhang, 2022. Political connection and its impact on equity market. Research in International Business and Finance 66, 101593 (Impact factor 4.09). https://doi.org/10.1016/j.ribaf.2021.101593
  10. John Goodell, Mingsheng Li, Desheng Liu, 2021. "Price informativeness and state-owned enterprises: considering their heterogeneity" International Review of Financial Analysis 76, 101783. https://doi.org/10.1016/j.irfa.2021.101783
  11. Yugang Chen, Yu Liu, and Mingsheng Li, 2021. "Do funds selected by managers’ skill perform better?" Research in International Business and Finance 56, 101368. https://doi.org/10.1016/j.ribaf.2020.101368
  12. Mingsheng Li, Desheng Liu, Hongfeng Peng, and Lvxiu Zhang, 2021. "Volatile market condition, institutional constraints, and IPO anomaly: evidence from the Chinese market", Accounting and Finance 61, 1239-1275.
  13. Mingsheng Li, Desheng Liu, Hongfeng Peng, and Lvxiu Zhang, 2020. "Does low synchronicity mean more or less informative prices? Evidence from an emerging market", Journal of Financial Stability 51, 100817. https://doi.org/10.1016/j.jfs.2020.100817
  14. Huang, Rachel, Mingsheng Li, Jing Shi, 2020. "Should financial gatekeepers be publicly traded"? Journal of Business Ethics 164, 175-200 (Financial Times TOP50)
  15. Qian li, Mingsheng Li, Yan Li, 2020. Does news travel slowly before a market crash? The role of margin traders. Accounting and Finance 60, 3060-3101.
  16. Guadalupe Briano-Turrent, Mingsheng Li, Hongfeng Peng, 2020. "Family CEO and impact on dividend- Evidence from Latin America markets", Research in International Business and Finance 51, 101086, https://doi.org/10.1016/j.ribaf.2019.101086
  17. Xin Zhao, Mingsheng Li, Liuling Liu, 2018. "Beta momentum strategy after extreme market movements", Investment Management and Financial Innovations, 15(3), 97-110.
  18. Xiao Jun, Mingsheng Li, Chen Yugang, 2017. "Catering to behavioral demand for dividends and its potential agency issue", Pacific-Basin Finance Journal 46, 269-291. (ABS rating: 2)
  19. Rachel Huang, Mingsheng Li, Jing Shi, 2016. "Which Matters: 'Paying to Play' or Stable Business Relationship? Evidence on Analyst Recommendation and Mutual Fund Commission Fee Payment", Pacific-Basin Finance Journal 40 (Dec), 403-423. (ABS rating: 2)
  20. Mingsheng Li, Xin Zhao, 2016. "Neighborhood effect and stock price comovement", North American Journal of Economics and Finance 35, 1-22 (leading article). (ABS rating: 2)
  21. He, Xi, Minsheng Li, Jing Shi, Garry Twite, 2016. "Why do firms pay stock dividends: is it just a stock split? Australian Journal of Management 41 (3), 508-537. (ABS rating: 2)
  22. Mingsheng Li, Xin Zhao, 2014. "Impact of leveraged ETF trading on the market quality of component stocks," North American Journal of Economics and Finance 28, 90-108.
  23. Jun, Xiao, Mingsheng Li, Wu Yan, and Rui Zhang, 2014. "Flow-performance relationship and star effect: new evidence from Chinese mutual funds," Emerging Markets Finance & Trade 50 May/Jun, 81-102.
  24. Xiao Jun, Mingsheng Li, Jing Shi, 2014. "Volatile Market Condition and Investor Clientele Effects on Mutual Fund Flow Performance Relationship," Pacific-Basin Finance Journal 29, 310-334.
  25. Filbeck, Gret, Mingsheng Li, Xin Zhao, 2013. "Performance of the Contrarian Strategy after Extreme Market Movement," Journal of Investing 22 (fall, No3), 53-65.
  26. Chung, Kee C., Mingsheng Li, Xin Zhao, 2012. "Security Analysis, Dealer-Analyst Collaboration, and Market Quality: Evidence from the NASDAQ Market in the USA," Journal of Business Finance and Accounting 39 (9 & 10), 1376-1402.
  27. Li, Mingsheng, Dan Klein and Xin Zhao, 2012, "Empirical Analysis of ETF Intraday Trading," Financial Services Review 21, 149-176.
  28. Bradley, Dan, Mingsheng Li, Jing Shi, 2011 (Aug), "IPO Trading without Market Makers or Underwriter Price Support", Financial Review 46, 459-483.
  29. Bae, Sung C, Mingsheng Li, Jing Shi, 2011 (Jan-Feb), "Heterogeneous Investor’s Reaction to Exchange Rate Movement: New Evidence from a Unique Emerging Market," Emerging Markets Finance and Trade 47, 7-22.
  30. Dan Klein, Mingsheng Li, 2009, "Factors Affecting Secondary Share Offerings in the IPO Process," Quarterly Review of Economics and Finance 49, 1194-1212. (Rated as a B-journal based on Finance Department’s Journal ranking).
  31. Sung C. Bae, Mingsheng Li, Jing Shi, 2009, "Does the Law of One Price Hold Better under a Flexible Exchange Rate System?" Journal of Multinational Financial Management 19, 306-322.
  32. Brau, James, Frank Laatsch, Mingsheng Li, 2008, "IPO Pricing and Equity Return Swaps," Financial Decisions 20 (Issue 2, Winter), 1-31.
  33. Li, Mingsheng, Xin Zhao, 2008, "Analyst Reputation, Dealer Affiliation, and Market Making," Journal of Financial Research 31 (Issue 4, Winter 2008), 301-332 (JFR 2008 Outstanding Article Award of the year).
  34. Zheng, Steven X., Mingsheng Li, 2008, "Underpricing, Ownership Dispersion, and Aftermarket Liquidity of IPO Stocks," Journal of Empirical Finance 15, 436-454.
  35. Bae, Sung C., Taek Ho Kwon, Mingsheng Li, 2008, "Foreign Exchange Rate Exposure and Risk Premium in International Investments: Evidence from American Depositary Receipts," Journal of Multinational Financial Management 18, 165-179.
  36. Brau, James, Mingsheng Li, and Jing Shi, 2007, "Do secondary shares in the IPO process have a negative effect on aftermarket performance?" Journal of Banking and Finance 31, 2612-2631.
  37. Li, Mingsheng, 2006, "A Better Understanding of Initial Public Offering Process: Evidence from Google," The Financier 13/14, 8-18.
  38. Chung, Kee H., Mingsheng Li, and Linda Yu, 2005, "Assets in Place, Growth Opportunities, and IPO Returns," Financial Management 34 (Issue 3), 65-88.
  39. Chung, Kee H., Mingsheng Li, and Thomas H. McInish, 2005, "Probability of Information based trades, Price Impact, and Trade Autocorrelation," Journal of Banking and Finance 29 (Issue 7), 1611-1901
  40. Li, Mingsheng, Thomas H. McInish, and U. Wongchoti, 2005 (May), "Asymmetric information in IPO Aftermarket," Financial Review 40 (Issue 2), 131-153 (lead article in the issue).
  41. Li, Mingsheng, Tim McCormick, and Xin Zhao, 2005, "Order imbalance and liquidity supply: evidence from the bubble burst of NASDAQ stocks," Journal of Empirical Finance 12 (Issue 4), 533-555.
  42. Li, Mingsheng and Robert Eisenstadt, 2005, "Price supports and spreads in IPO aftermarket: an empirical microstructure study," Quarterly Review of Economics and Finance 45 (issues 4-5), 748-766.
  43. Li, Mingsheng, Melissa Melancon, and Steven X. Zheng, 2005, "Underpricing, share-retention, and IPO aftermarket liquidity," International Journal of Managerial Finance 1 (Issue 2), 76-94 (lead article in the issue).
  44. Li, Mingsheng and Mike Parker, 2005, "Adverse selection cost and information asymmetry after decimalization," Journal of Business and Economic Perspectives 30 (Issue 2), 68-87.
  45. Kee H. Chung, Mingsheng Li, 2003, "Adverse Selection Costs and Asymmetric Information," Financial Review, May, Volume 38, Number 2 issue, 257-272.

Updated: 08/28/2023 01:37PM