Dr Zhiyong Li

Lecturer in Finance

School/Department: Business School of



I joined the University of Leicester in 2018 as a Lecturer in Finance. Previously I worked at De Montfort University and the Nottingham University Business School China. I earned my PhD in Economics from the University of Nottingham (UK) MSc in Economics from the University of Leicester and two bachelor's degrees from the China University of Petroleum (Beijing).


Market Microstructure

Empirical Asset Pricing

Behavioural Finance


Bleaney, M. and Li, Z., 2015. The performance of bid-ask spread estimators under less than ideal conditions. Studies in Economics and Finance,32(1), pp98-127.

Bleaney, M. and Li, Z., 2016. Decomposing the bid–ask spread in multi‐dealer markets. International Journal of Finance & Economics, 21(1), pp.75-89.

Bleaney, M. and Li, Z., 2016. A new spread estimator. Review of Quantitative Finance and Accounting, 47(1), pp.179-211.

Bleaney, M., Bougheas, S. and Li, Z., 2017. Do psychological fallacies influence trading in financial markets? Evidence from the foreign exchange market. Journal of Behavioral Finance, 18(3), pp.344-357.

Li, Z., Lambe, B. and Adegbite, E., 2018. New bid-ask spread estimators from daily high and low prices. International Review of Financial Analysis, 60, pp.69-86.

Lambe, B., Li, Z. and Qin, W., 2022. Uncertain times and the insider perspective. International Review of Financial Analysis, forthcoming


I am happy to supervise graduate research in the fields of empirical market microstructure asset pricing and behavioural finance.


EC2022 Principle of Finance (UG year 2)

MN2137 Financial Markets Products: Futures and Forwards (seminar UG year 2)

MN3101 Dissertation (UG year 3)

EC3064 Applied Econometrics Project (UG year 3)

EC7110 Dissertation (PG)

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