Siguang Li

RESEARCH

Working Papers & Pre-prints:

Cournot Competition, Informational Feedback, and Real Efficiency, joint with Lin William Cong, Xiaohong Huang, Jian Ni, May 2024.

Conference: WFA 2026 (Denver), 2025 NYU Stern Microstructure Conference (New York), 2025 CICF (Shenzhen), 2025 FMA (Vancouver, semi-finalist), 2024 HKU Accounting Theory Conference (HKU), 2024 AFBC (UNSW).
Amusing Ourselves to Death? Education and Careers under Digital Influence, with Lin William Cong.

Conference: AFA 2026 (Philadelphia), the 2nd Asian Finance Theory Group (FTG) Conference (SMU).
Original or Echos: Source Authentication and Financial Information Intermediation, joint with Jaden Chen and Lin William Cong, January 2025.

Conference: CICF 2026 (Hong Kong), WFA 2026 (Denver), SBFC 2026 (Sydney Banking and Financial Stability Conference) (scheduled, Sydney), 2025 Shaodong University Microeconomic Theory Conference (Jinan), 2025 FMA (Vancouver), the 2nd Asian FTG (Finance Theory Group) Conference 2025 (Singapore).
Open Data, Order Flow Privacy, and Market Quality, joint with Lin William Cong and Mingzhe Zheng, July 2025, Draft available upon request.

Conference: ABFER 2026 (Singapore), CICF 2026 (Hong Kong), FMA 2026 (scheduled, Tampa), SBFC 2026 (scheduled, Sydney).
Geopolitics Meets AI Wars: Stock Market Evidence from China, joint with Lin William Cong, Fan Wang, and Yi Zhang, December 2025.

Conference: NBER Chinese Economy Working Group Conference 2026 (scheduled, Shanghai), SBFC 2026 (scheduled, Sydney), JCF Conference (scheduled, Beijing)
From PBS to ePBS: the Microstructure of Block Building, joint with Jingyu Liu, Bolin Zhang, Lin William Cong, and Xuechao Wang, January 2026.

Conference: 2026 INFORMS Conference on Financial Engineering and Fintech (scheduled, Hoboken), SBFC2026 (scheduled, Sydney)

Peer-reviewed Publications:

The Price of Interoperability: Exploring Cross-chain Bridges and Their Economic Consequences, with Yiyue Cao, Mingzhe Zheng, Lin William Cong and Xuechao Wang, accepted by ACM Sigmetrics 2026.
A Primer on Oracle Economics, with Lin William Cong, Liam Fox and Luofeng Zhou, Journal of Corporate Finance, 2025, 102800.
Influencer Marketing and Product Competition, with Lin William Cong, Journal of Economic Theory, 2024, 105867.
Media coverage: U.S. Bureau of Labor Statistics [Link].

Conference: NBER Chinese Working Group Conference 2024 (Boston)
Media Trading Groups and Short Selling Manipulation, with Robert Jarrow, Quantitative Finance, 2023, 23(7-8): 1035-1052 (Lead Article).
Interest Rate Swaps: A Comparison of Compounded Daily versus Discrete Reference Rates, with Robert Jarrow, Review of Derivatives Research, 2022.
Index Design: Hedging and Manipulation, with Robert Jarrow, Quarterly Journal of Finance, 2022, Vol. 12, No. 2.
Concavity, Stochastic Utility, and Risk Aversion, with Robert Jarrow, Finance and Stochastics, 2021, 25, 311-330.
Endogenous Liquidity Risk and Dealer Market Structure, with Robert Jarrow, Quarterly Review of Economics and Finance, 2021, Vol. 81, 449-453.
Random Authority, with Xi Weng, International Economic Review, 2017, 58(1), p. 211-235.
Interest Conflicts, Reputation Effects and Stock Price Efficiency, 利益冲突、声誉激励与股价发现有效性 (in Chinese)，with Jin Lin and Mingshan Zhou, Journal of Management Science in China 《管理科学学报》,2015, 18(12), p. 1-17.
Partial Centralization in Three-division Organizations, with Xi Weng, Nankai Business Review International, 2014, 5(2), p.187-210.
A Game Analysis on SME's Group Lending Reputation Model，中小企业联保贷款的模型分析 (in Chinese)，with Shiqing Xie, Economic Research Journal 《经济研究》, 2011, 1, p. 97-111.
An Economic Analysis of Trade Clearing in RMB between China and ASEAN，中国和东盟人民币贸易结算的经济学分析 (in Chinese)，with Shaorong Li, Economic Research Journal 《经济研究》, 2010, 2, p. 18-31.

Past Working Papers:

Free-riding the Government: the Effects of Implicit Government Guarantees on the Informativeness of Credit Ratings, with Hongyan Fang, R. Luo and Y. Wang, August 2020.
Strategic Information Control in Global Games, with Xi Weng, 2017.
Bidding for Authority, with Fei Li and Xi Weng, 2014.