ZHU, Ning
Professor of Finance, Deputy Dean
  • Ning Zhu is a Professor of Finance and Deputy Dean at the Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University. He is a Global leading expert on China's economy and financial system. Professor Ning Zhu is a faculty fellow at the Yale University and General Secretariat at the International Finance Forum. Previously, he was a chair professor at Tsinghua University and tenured professor of finance at University of California. He provides advising government agencies and corporations in the world and is frequently featured in global media.  In addition to his academic research, Professor Zhu helps asset management companies in a wide range of capacities. He has published award-winning and best selling "China's Guaranteed Bubble" and "The Investors' Enemy". During his leave from the University of California in 2008-2010, he leads award-winning quantitative strategies and portfolio advisory teams at Lehman Brothers and Nomura.

  • Research Interests
    Behavioral Finance, China's Macro Economy and Financial Markets, Short Sales, Bankrupcty and Restructuring, Corporate Finance and M&A.

    Journal Publications
    1. Fang, Cathy, and Ning Zhu, 2019, Name complexity, cognitive fluency, and asset prices, Review of Financial Economics.

    2. Hu, Conghui, Yu-Jane Liu, and Ning Zhu, 2019, De-Leverage and Illiquidity Contagion, Journal of Banking & Finance.

    3. Chang, Matthew C., Chih‐Ling Tsai, Rebecca Chung‐Fern Wu, and Ning Zhu, 2018, Market Uncertainty and Market Orders in Futures Markets, The Journal of Futures Markets.

    4. Seasholes, Mark S. and Ning Zhu, 2013, Investing in What you Know: The Case of Individual Investors and Local Stocks, Journal of Investment Management.

    5. Liao, Li, Zhisheng Li, Weiqiang Zhang, and Ning Zhu, 2013, Exercise to Lose Money? Irrational Exercise Behavior from the Chinese Warrants Market, .

    6. Fan, Joseph P.H., Jun Huang, and Ning Zhu, 2013, Institutions, ownership structures, and distress resolution in China, Journal of Corporate Finance.

    7. 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.

    8. Zhu, Ning, 2011, Household Consumption and Personal Bankruptcy, Journal of Legal Studies.

    9. Luo, Wei, Yi Zhang, and Ning Zhu, 2011, Bank ownership and executive perquisites: New evidence from an emerging market, Journal of Corporate Finance.

    10. Li, Wenli, Michelle J. White, and Ning Zhu, 2011, Did Bankruptcy Reform Contribute to the Mortgage Defaults to Rise?, American Economic Journal: Economic Policy.

    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, The 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.

    Working Papers
    1. Zhu, Ning, and Mark Seasholes, 2010, The Local Bias of Individual Investors.

    2. Zhu, Ning, Ravi Dhar, and Dan Ariely, Why Individuals Favor Split Stocks.

    3. Zhu, Ning, Ravi Dhar, William Goetzmann, and Shane Shepherd, The Impact of Clientele Change: Evidence from Stock Splits.

    4. Zhu, Ning, Search Costs and Individual Choice between Direct and Delegated Portfolio Management.

    5. Zhu, Ning, Mao-Wei Hung, Yu-Jane Liu, and Chia-Fen Tsai, Portfolio Choice and Background Risk: New Evidence from Taiwan.

    6. Zhu, Ning, Li Liao, Zhisheng Li, Weiqiang Zhang, Security Supply and Bubble: a Natural Experiment from the Chinese Warrants Market.

    7. Zhu, Ning, Yu-Jane Liu, and Yi-Tsung Lee, Is There Information in Insider Trading? New Evidence from Taiwan.

    8. Zhu, Ning, and Arturo Bris, Momentum Profit, Contrarian Profit, and Short Sales around the World.

    9. Zhu, Ning, Arturo Bris, and Douglas Baird, The Dynamics of Large and Small Chapter 11 Cases: An Empirical Study.

    10. Zhu, Ning, and Christopher Malloy, Mutual Fund Choices and Investor Demographics.

    11. Zhu, Ning, and Steven Strauss, Buy-Side Analysts, Sell-Side Analysts, and Equity Trading Businesses.

  • Behavioral Finance