• Lei Lu 2022
  • Professor
    Bryce Douglas Chair in Finance

    Accounting & Finance Department
    Room 424 Drake Centre
    181 Freedman Crescent
    University of Manitoba (Fort Garry Campus)
    Winnipeg, Manitoba R3T 5V4

    T: 204-474-6289


Dr. Lu joined the Asper School of Business in 2016. He holds a Ph.D. in Finance from McGill University and a master’s degree in management from Tianjin University, China. He taught in the Guanghua School of Management at Peking University (2011-2016) and the School of Finance at Shanghai University of Finance and Economics (2007-2011) before joining the Asper School of Business. Dr. Lu presented his works at primary academic conferences and served as an ad hoc reviewer for several academic journals and conferences. He is the Associate Editor of Accounting and Finance and China Finance Review International.

Research Interests

  • Asset Pricing (with heterogeneous agents and frictions)
  • Behavioural Finance
  • International Finance

Teaching Interests

  • Asset Pricing
  • Investments
  • Options and Futures

Selected Publications

Does Stock Market Rescue Affect Investment Efficiency in the Real Sector? (with Jin, Li and Ni), Journal of Financial Markets, 2023

Hedge Fund Trading Strategies and Leverage (with Huang, Liu and Mu), Journal of Economic Dynamics and Control, 2023

Pricing Strategies in BigTech Lending: Evidence from China (with Wei, Wu and Zhou), Financial Management, 2023, 52: 333-374.

Anomaly Discovery and Arbitrage Trading (with Dong, Liu, Sun and Yan). Journal of Financial and Quantitative Analysis, 2022

Individual Investors’ Dispersion in Beliefs and Stock Returns (with Li, Ma, Wu and Xiong). Financial Management, 2022, 51: 929-953.

Voluntary Information Disclosure with Heterogeneous Beliefs (with Liu, Liu, Shi and Xiong), Journal of Economic Dynamics and Control, 2021, Vol. 124: 104081.

Heterogeneous Preferences, Investment and Asset Pricing (with Liu, Mu and Yang), Financial Management, 2021, Vol. 50(4): 1169-1193.

Enforceability and Effectiveness of Laws and Regulations (with Li, Qian and Zhu), Journal of Corporate Finance, 2020, Vol. 62: 101598.

Shadow Banks, Leverage Risks and Asset Prices (with Feng and Xiao), Journal of Economic Dynamics and Control, 2020, Vol. 111: 103816.

Two Trees with Heterogeneous Beliefs: Spillover Effect of Disagreement (with Han and Zhou), Journal of Financial and Quantitative Analysis, 2019, Vol. 54(4): 1791-1819.

Incentive Contracting under Ambiguity Aversion (with Liu and Sun), Economic Theory, 2018, Vol. 66(4): 929-950.

Asset Pricing in a Monetary Economy with Heterogeneous Beliefs (with Croitoru), Management Science, 2015, Vol. 61(9): 2203-2219.