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Ning Zhu
Professor of Finance
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Ning Zhu is a professor of finance at the Shanghai Advanced Institute of Finance, a faculty fellow at the Yale University International Center for Finance, and a Special Term Professor of Finance at University of California, Davis and at Guanghua School of Management at Beijing University. Prior to coming back to Asia, he was a tenured professor of finance at University of California. Professor Zhu is an expert on behavioral finance, investments, corporate finance, and the Asian financial markets. He has published numerous articles in leading journals in the finance, economics, management and legal fields. In addition to his academic research, Professor Zhu helps asset management companies in a wide range of capacities. During his leave from the University of California in 2008-2010, he implements his research into practice and leads the quantitative strategies and portfolio advisory teams at Lehman Brothers and Nomura International in Hong Kong, which was top ranked by leading institutional surveys. He commands extensive consulting experiences advising government agencies, such as the PBoC, CSRC, the World Bank and IMF, market regulators, stock and futures exchanges, and some of the largest institutional money managers and investment banks in the world. Professor Zhu is frequently featured in leading media columns, TV programs, and event keynote speakers. He is the author of the best seller “The Investors’ Enemy” and “China’s Guaranteed Bubble”, both translated into multiple foreign languages. Professor Zhu receives his B. Econ. Degree from Beijing University, Master of Science degree from Cornell University (NY), and Ph.D. degree (finance) from Yale University (CT).


Research Interests
Behavioral Finance, Bankruptcy and Distress, Short sales, Corporate Finance, Financial Markets in the Greater China Region.

Journal Publications & Working Papers
1. Liao, Li, Zhisheng Li, Weiqiang Zhang, and Ning Zhu, 2014, Exercise to Lose Money: Irrational Exercise Behavior from the Chinese Warrants Market, Journal of Futures Markets.
2. Seasholes, Mark S. and Ning Zhu, 2013, Investing in What you Know: The Case of Individual Investors and Local Stocks, Journal of Investment Management.
3. Liao, Li, Zhisheng Li, Weiqiang Zhang, and Ning Zhu, 2013, Exercise to Lose Money: Irrational Exercise Behavior from the Chinese Warrants Market, Journal of Futures Markets.
4. Fan, Joseph P.H., Jun Huang, and Ning Zhu, 2013, Financial Distress without Bankruptcy: The Experience of China, Journal of Corporate Finance.
5. Fan, Joseph P.H., Jun Huang, and Ning Zhu, 2013, Institutions, ownership structures, and distress resolution in China, Journal of Corporate Finance.
6. Liao, Li, Zhisheng Li, Weiqiang Zhang, and Ning Zhu, 2012, Does the Location of a Stock Exchange Matter? A Within-Country Analysis, Pacific Basin Finance Journal.
7. Zhu, Ning, 2011, Household Consumption and Personal Bankruptcy, Journal of Legal Studies.
8. Luo, Wei, Yi Zhang, and Ning Zhu, 2011, Bank ownership and executive perquisites: New evidence from an emerging market, Journal of Corporate Finance.
9. Li, Wenli, Michelle J. White, and Ning Zhu, 2011, Did Bankruptcy Reform Contribute to the Mortgage Crisis?, American Economic Journal.
10. Tsai, Chih-ling, Hansheng Wang, and Ning Zhu, 2010, Does a Bayesian Approach Generate Robust Forecasts? Evidence from Applications in Portfolio Investment Decisions, Annals of the Institute of Statistical Mathematics.
11. White, Michelle J., and Ning Zhu, 2010, Saving your Home in Chapter 13 Bankruptcy, Journal of Legal Studies.
12. Liu, Yu-Jane, Chih-Ling Tsai, Ming-Chun Wang, and Ning Zhu, 2010, Prior Consequences and Subsequent Risk Taking: New Field Evidence from the Taiwan Futures Exchange, Management Science.
13. Seasholes Mark S., and Ning Zhu, 2010, Individual Investors and Local Bias, Journal of Finance.
14. Griffin, Paul A. and Ning Zhu, 2010, Accounting Rules? Stock Buybacks and Stock Options: Additional Evidence, Journal of Contemporary Accounting and Economics.
15. Nicolodi, Gina, Liang Peng, and Ning Zhu, 2009, Do Individual Investors Learn from their Trading Experience?, Journal of Financial Markets.
16. Lin, Xiaochi, Yi Zhang, and Ning Zhu, 2009, Does Bank Ownership Increase Firm Value? Evidence from China, Journal of International Money and Finance.
17. Barber Brad, Terrance Odean, and Ning Zhu, 2009, Systematic Noise, Journal of Financial Markets.
18. Lee, Yi-Tsung, Yu-Jane Liu, and Ning Zhu, Is There Information in Insider Trading? New Evidence from Taiwan.
19. Bris, Arturo and Ning Zhu, Momentum Profit, Contrarian Profit, and Short Sales around the World.
20. Bris, Arturo and Douglas Baird, and Ning Zhu, The Dynamics of Large and Small Chapter 11 Cases: An Empirical Study.
21. Malloy, Christopher and Ning Zhu, Mutual Fund Choices and Investor Demographics.
22. Strauss, Steven and Ning Zhu, Buy-Side Analysts, Sell-Side Analysts, and Equity Trading Businesses.
23. Seashells, Mark and Ning Zhu, The Local Bias of Individual Investors.
24. Dhar, Ravi, Dan Ariely, and Ning Zhu, Why Individuals Favor Split Stocks.
25. Dhar, Ravi, William Goetzmann, Shane Shepherd, and Ning Zhu, The Impact of Clientele Change: Evidence from Stock Splits.
26. Zhu, Ning, Search Costs and Individual Choice between Direct and Delegated Portfolio Management.
27. Hung, Mao-Wei, Yu-Jane Liu, and chia-Fen Tsai, and Ning Zhu, Portfolio Choice and Background Risk: New Evidence from Taiwan.
28. Liao, Li, Zhisheng Li, Weiqiang Zhang, and Ning Zhu, Security Supply and Bubble: a Natural Experiment from the Chinese Warrants Market.

Teaching Interests
No current data at this time.

Current Courses
No current courses at this time.

Faculty & Research
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