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Xiaoyan Zhang
Special-Term Professor of Finance
Professor of Finance, Purdue University
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Xiaoyan Zhang is a Special-Term Professor of Finance at Shanghai Advanced Institute of Finance (SAIF), and Duke Realty Chair Professor of Finance with tenure at the Krannert School of Management, Purdue University. Prior to joining the Krannert faculty, Professor Zhang was Assistant Professor of Finance at the Johnson School of Management at Cornell University (2002-2010). She received her Ph.D. in Finance from Columbia Business School in 2002 and B.A. in Economics from Beijing University in 1997.
 
Professor Zhang's research focuses on international finance, empirical asset pricing and applied econometrics. Her work has appeared in the Journal of Finance, the Journal of Financial Economics, the Journal of Financial and Quantitative Analysis and other leading finance journals. Her article "Which Shorts Are Informed" (with Ekkehart Boehmer and Charles Jones) won the BSI Gamma Foundation Award (2005). She has won Best Paper Award at the 16th Mitsui Finance Symposium (2009) at the University of Michigan. Her research on international finance and asset management has received awards from the European Central Bank and the Q Group Research Fund.
 
Professor Zhang offers courses on financial derivatives and risk management for MBA, Master of Finance and financial engineering programs. She was nominated for Apple Teaching Award for many times at Cornell University. In 2014, Professor Zhang is named one of the “Top 40 under 40” Business School professors in the world.  
 
Professor Zhang is a member of the American Finance Association and the Western Finance Association. She is the associate editor at Management Science. She is a referee for Journal of Finance, Journal of Financial Economics, Review of Financial Studies, American Economic Review, Journal of Financial and Quantitative Analysis and other academic journals.


Research Interests
International Finance, Empirical Asset Pricing, Applied Econometrics.

Journal Publications & Working Papers
1. Li, Haitao, Yuewu Xu, and Xiaoyan Zhang, 2016, No-Arbitrage Restriction and Hedge Fund Performance Evaluation, Journal of Financial and Quantitative Analysis.
2. Sibley, Steve, Yanchu Wang, Yuhang Xing, and Xiaoyan Zhang, 2016, The Information Content of The Sentiment Index, Journal of Banking and Finance.
3. Boehmer, Ekkehart , Charles M. Jones, and Xiaoyan Zhang, 2013, Shackling Short Sellers: The 2008 Shorting Ban, Review of Financial Studies.
4. Bekaert, Geert , Robert J. Hodrick, and Xiaoyan Zhang, 2012, Aggregate Idiosyncratic Volatility, Journal of Financial and Quantitative Analysis.
5. Wang, Zhenyu, and Xiaoyan Zhang, 2012, Empirical Evaluation of Pricing Models: Arbitrage and Pricing Errors on Contingent Claims, Journal of Empirical Finance.
6. Li, Haitao, Xiaoyan Zhang, and Rui Zhao, 2011, Investing In Talents: Manager Characteristics and Hedge Fund Performances, Journal of Financial and Quantitative Analysis.
7. Xing, Yuhang, Xiaoyan Zhang, and Rui Zhao, 2010, What Does Individual Option Volatility Smirk Tell Us About Future Equity Returns?, Journal of Financial and Quantitative Analysis.
8. Li, Haitao, Yuewu Xu, and Xiaoyan Zhang, 2010, Evaluating Asset Pricing Models Using the Second Hansen-Jagannathan Distance, Journal of Financial Economics.
9. Bekaert, Geert , Robert J. Hodrick, and Xiaoyan Zhang , 2009, International Stock Return Comovements, Journal of Finance.
10. Ang, Andrew, Robert J. Hodrick, Yuhang Xing, and Xiaoyan Zhang, 2009, High Idiosyncratic Volatility and Low Returns: International and Further U.S. Evidence, Journal of Financial Economics.
11. Boehmer, Ekkehart, and Xiaoyan Zhang, 2008, Which Shorts Are Informed, Journal of Finance.
12. Ang, Andrew, and Xiaoyan Zhang, 2006, The Cross-Section of Volatility and Expected Returns, Journal of Finance.
13. Zhang, Xiaoyan, 2006, Specification Tests of International Asset Pricing Models, Journal of International Money and Finance.
14. Hodrick, Robert J., and Xiaoyan Zhang, 2001, Evaluating the Specification Errors of Asset Pricing Models, Journal of Financial Economics.
15. Xy.Zhang with Ekkehart Boehmer and Charles Jones, Shackling Short Sellers: The 2008 Shorting Ban.
16. Xy.Zhang with Ekkehart Boehmer and Charles Jones, What Do Short-sellers Know?.
17. Xy.Zhang with Geert Bekaert and Robert Hodrick, Comovements in Idiosyncratic Volatility.
18. Xy.Zhang with Haitao Li and Yuewu Xu, No-Arbitrage Restriction and Hedge Fund Performance Evaluation.
19. Xy.Zhang with Ekkehart Boehmer and Charles Jones, Unshackling Short Sellers: The Repeal Of The Uptick Rule.
20. Xy.Zhang with Warren Bailey and Haitao Li, Hedge Fund Performance Evaluations: A Stochastic Discount Factor Approach.

Teaching Interests
Financial Risk Management

Current Courses

Term Program Course Total Hours
2016Spring MF Financial Risk Management 24
Faculty & Research
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