Li Yao, PhD

Li Yao earned his PhD in Management (major in Accounting, minor in Finance) from Purdue University.

Dr. Yao’s research interests are on how information (including quantitative financial information and qualitative disclosures) affects the decision marking of economic stakeholders. Recently, he has been exploring ESG related questions with a focus on shareholder/stakeholder democracy.

Dr. Yao has published in leading academic journals such as Journal of Accounting, Auditing & Finance, Journal of Corporate Finance, Accounting and Business Research, Managerial Auditing Journal, Asia-Pacific Journal of Accounting & Economics, and Canadian Journal of Administrative Sciences. He is currently on the editorial team of Asian Review of Accounting.

His research projects have been funded by Social Sciences and Humanities Research Council (SSHRC, Government of Canada), Fonds de Recherche du Québec - Société et Culture (FRQSC, Government of Quebec), and CPA Canada–CAAA Research Program. His research has also been presented in various international conferences and invited workshops, and been summarized in professional publications such as CFA digest. 

Dr. Yao's teaching interest is financial accounting, which is closely tied to his research agenda.

Education

PhD (Purdue University)

Areas of expertise

Financial Reporting
Empirical Asset Pricing and Security Valuation
Financial Intermediaries
Voluntary Disclosure

CHEN, C., TANG, Q., YAO, L. (2025). Earnings smoothing, R&D and CEO compensation. Accounting and Business Research.

TANG, M., YAO, L., ZAROWIN, P. (2025). Once is not enough: An analysis of management updates of annual earnings forecasts. Journal of Accounting, Auditing and Finance.

LAM, B., LI, L. Z., SONG, B. Y., YAO, L. (2024). Social capital and business strategy. Pacific Accounting Review, 36 (3/4), 374-401. 

CHEN, S., MAGNAN, M., TIAN, Z., YAO, L. (2023). Do adjustments bring auditors peace of mind? The effect of previous audit adjustments on current-year audit pricing. Managerial Auditing Journal, 3 (38), 241-263. 

CHEN, S., LIU, Q., YAO, L. (2023). Do analysts’ earnings forecasts exclude earnings management? Evidence from audit adjustments. Asia-Pacific Journal of Accounting and Economics, 1-20.

YAO, L. (2023). Discussion of busy CEO and financial statement footnotes readability: evidence from Indonesia. Asian Review of Accounting. 

NAAMAN, C., MAGNAN, M., HAMMAMI, A., YAO, L. (2021). Credit unions vs. commercial banks, who takes more risk? Research in International Business and Finance, 55, 101340.

TANG, M., YAO, L. (2019). The impact of economy-wide sentiment on analysts’ research activities. Journal of Accounting, Auditing and Finance, 34 (3), 385-410.

YAO, L. (2017). Earnings persistence, fundamentals, and anticipation of breaking earnings strings. Canadian Journal of Administrative Sciences-Revue Canadienne des Sciences de l'Administration, 34 (3), 260-276.

CHEN, C., KIM, J.-B., YAO, L. (2017). Earnings smoothing: Does it exacerbate or constrain stock price crash risk? Journal of Corporate Finance, 42, 36-54.