Tong Li
Senior Research Analyst, Milken Institute, USA
EDUCATION
Ph.D., Economics; University of California, Riverside, June 2005
B.A., International Finance; Peking University, Beijing, China, 2000
EXPERTISE AND SKILLS
• Combined background in economics and finance
• Seven years of experience in quantitative analyses. Proficient in using Eviews and SAS
• Five years of experience working with survey data, macroeconomic datasets and propriety datasets, including BankScope, Bloomberg, Dealogic, Mergent, LoanPerformance, among many others
• Working knowledge of U.S. mortgage market, mortgage backed securities, and current issues in the housing market
• Comprehensive understanding of Chinese financial markets, China-specific investment risks, regulation and policy issues
• Great familiarity with financial innovation, bond market, securitization, and derivatives
• Chartered Financial Analyst, level II candidate; Bloomberg-certified in Fixed Income, Equity and Forex
• Proficiency with Microsoft Office Suite, VBA programming, and SQL database.
PROFESSIONAL EXPERIENCE
Senior Research Analyst, Milken Institute, Santa Monica, CA 12/2004-present
• Special focus: international banking regulation; Chinese economy; U.S. mortgage markets
• Constructed indices to assess countries' financial system stability, forecast economic performance, and evaluate the effectiveness of government regulations
• Developed and maintained key indicators to measure the performance of Chinese economy, financial market and Chinese firms, as the basis for ETFs
• Conducted empirical studies on hedge fund performance, the impact of inverted yield curve, and the current situation of subprime lending
Management Executive, RiverHill Holdings, Ltd. 06/1999-06/2000
• Prepared prospectus and financial documents for the company's IPO on Hong Kong Growth Enterprise Market
• Managed administrative functions including logistics, secretarial, and human resources
• Collected, built and analyzed large-scale industry, market and company databases for various corporate functions
Column Contributor, China Youth Daily, The Beijing News, Beijing Times, The Chinese Traveler and Wuhan Evening News 09/2003-Now
SELECTED PROJECTS AND PUBLICATIONS
- "China's Debt Bomb," Forbes.com, May 27, 2009. (http://www.forbes.com/2009/05/27/china-debt-bank-opinions-rebuilding-global-markets-mortgage.html)
- "China's Debt Bomb," Milken Institute Review: A Journal of Economic Policy, Second Quarter, 2009.
- The Rise and Fall of U.S. Mortgage and Credit Markets: A Comprehensive Analysis of the meltdown, (with Barth et al.), John Wiley & Sons, May 2009.
- "The U.S. Subprime Crisis and Bank Losses," (with Barth et al.), Towards a New Framework for Financial Stability, United Kingdom Central Banking Publications Ltd., January 2009.
- "The U.S. Financial Crisis: Credit Crunch and Yield Spreads," (with Barth et al.), RBS Reserve Management Trends 2009, December 2008.
- "China's Nonperforming Loans: A $540 Billion Problem Unsolved," forthcoming in China's Emerging Financial Markets: Challenges and Opportunities, Springer Publishing, July 2009.
- "A Short History of the Subprime Mortgage Market Meltdown," (with Barth et al.), Thailand Government Housing Bank Housing Journal, Vol. 2, No.2, March 2008.
- Capital Access Index 2007: Best Markets for Business Access to Capital, (with Barth et al.), Milken Institute report, January 2008.
- "Perspectives on Sub-Prime Markets," (with Barth et al.), Milken Institute Working Paper, December 2007.
- "The Economic Impacts of Terrorism," Presentation at the Fifth Annual Academy of International Business (AIB)/Journal of International Business Studies (JIBS) Conference on Emerging Research Frontiers in International Business, Coconut Grove, Florida, November 2007.
- "On Hedge Funds," (with Phumiwasana et al.), Milken Institute Review: A Journal of Economic Policy, First Quarter, 2007.
- "Inverted Yield Curves and Financial Institutions: Is the United States Headed for a Repeat of the 1980's Crisis?" (with Barth et al.), Banks and Bank Systems, Issue 3, 2007.
- "Economic Impacts of Global Terrorism: From Munich to Bali," (with Barth et al.), Terrorism: Global Economic Impact, The Icfai University Press, 2006.
- Capital Access Index 2006: Hedge Fund: Risks and Returns in Global Capital Markets, (with Barth et al.), Milken Institute report, December 2006.
- "Environmental Issues and the Real Cost of Growth: The Case of China's Pulp and Paper Industry," (With Perry Wong), presented at the All China Economics International Conference, Hong Kong, China, December 2006.
- "What Do We Know about the Performance and Risk of Hedge Funds?" (With Phumiwasana et al.), presented at the ninth annual International Banking Conference at the Federal Reserve Bank of Chicago, October 2006.
- "Foreign Ownership of Securities: Home Bias," (with James Barth and Glenn Yago), Milken Institute Review: A Journal of Economic Policy, First Quarter, 2006.
- "How Biased are Foreign Investors against U.S. Securities?" (with James Barth and Glenn Yago), The Chinese Banker, January 2006.
- "Harmonization of Regulation and Supervision among EU Countries," Presentation at Claremont-KIEP Conference on the Political Economy of Regional Integration, Claremont, California, November 18, 2005.
- Capital Access Index 2005: Securitization in Financing Economic Activities, (with Barth et al.), Milken Institute report, October 2005.
- "China: An Economy You Can Bank On," (with James Barth and Rob Koepp), The Chinese Banker, August 2005.
SPEAKING ENGAGEMENTS AND INTERVIEWS
- "Demystifying the U.S. Subprime Crisis," an interview with Phoenix Satellite TV. First broadcasted on September 14, 2008.
- "An Interview with Dr. Tong Li: What Lessons Can China Learn From the Current Crisis in the U.S. Mortgage Market?" China Daily Youth, September 30, 2008.
- "What Do We Know about the Performance and Risk of Hedge Funds?" Presented by Triphon Phumiwasana at the ninth annual International Banking Conference at the Federal Reserve Bank of Chicago, October 2006.
- "Environmental Issues and the Real Cost of Growth: The Case of Modern China," Presentation at the All China Economics International Conference, City University of Hong Kong, December 2006.
- "The Economic Impacts of Terrorism: From Munich to Bali" Presentation at the American Economic Association Annual Meeting, Boston, January 2006.
- "Harmonization of Regulation and Supervision among EU Countries," Claremont-KIEP Conference on the Political Economy of Regional Integration, Claremont, CA, November 2005.
