David Li Tsinghua University   Department of Economics Tsinghua University Beijing, China   lidk@em.tsinghua.edu.cn   http://home.ust.hk/~davidli   Biographical Sketch: David D. Li is currently associate professor of economics and associate director of the Center for Economic Development at the Hong Kong University of Science and Technology. Before assuming the current position, he was on the faculty of the University of Michigan and a National Fellow of the Hoover Institution at Stanford University. His research area includes economics of reform, the Chinese economy, applied economic theory, corporate finance, and international economics. Articles from his research appear in professional journals such as American Economic Review, European Economic Review, Journal of Comparative Economics, Journal of Finance, and RAND Journal of Economics. David Li graduated from Tsinghua University in Beijing. He holds a Ph.D. in Economics from Harvard University.       JEL Areas: