• ZHU, Ning

    Professor of Finance

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  • Support Staff:

    Iris Lei

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  • Research Interests

    Behavioral Finance, China's Macro Economy and Financial Markets, Short Sales, Bankruptcy and Restructuring, Corporate Finance and M&A.

Dr. Ning Zhu is a Professor of Finance at the Shanghai Advanced Institute of Finance (SAIF) at Shanghai Jiao Tong University. Previously, he held the position of Chair Professor at Tsinghua University and was a tenured Professor of Finance at the University of California. He also served as a Visiting Professor at Waseda University. From 2008 to 2010, Dr. Zhu worked as a Senior Executive at Lehman Brothers and Nomura Securities, leading teams that achieved top rankings in several institutional investor awards.


Professor Zhu's research interests encompass behavioral finance, Chinese macroeconomics and financial markets, short selling, bankruptcy and restructuring, corporate finance, and mergers and acquisitions. He has published over 50 articles in prestigious international journals, including the Review of Financial Studies, Journal of Finance, Management Science, and Journal of Legal Studies. Dr. Zhu is the author of the best-selling books The Guaranteed Bubble, The Investors' Enemy, and The Investors' Friend, which have been translated into multiple languages and gained widespread recognition. He was awarded the Sun Yefang Financial Innovation Book Award in 2018 and was included in the list of "China's Most Cited Scholars" by Elsevier in 2022.


Professor Zhu is a globally recognized expert on China's economy and financial system. He is a Faculty Fellow at Yale University, General Secretariat at the International Finance Forum, and Co-Secretary General of the International Financial Forum. Dr. Zhu has been invited as a guest speaker to the World Economic Forum in Davos, the Boao Forum for Asia, and other prominent events. He has also been interviewed by numerous domestic and international TV media outlets. Furthermore, Dr. Zhu has provided extensive consulting services to international organizations, governments, regulatory agencies, and major corporations worldwide.


Professor Zhu received his Ph.D. in Finance from School of Management, Yale University in 2003.

Journal Publications

1. Gao, Pengjie, Allen Hu, Peter Kelly, Cameron Peng, and Ning Zhu, 2023, Asset Complexity and the Return Gap, Review of Finance.

2. Liao, Jingchi, Cameron Peng, and Ning Zhu, 2022, Extrapolative Bubbles and Trading Volume, Review of Financial Studies.

3. Hu, Conghui, Yu-Jane Liu, and Ning Zhu, 2021, Deleveraging Commonality, Journal of Financial Markets.

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

5. Fang, Chenjun, and Ning Zhu, 2019, Name complexity, cognitive fluency, and asset prices, Review of Financial Economics.

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

7. 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.

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

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

10. Liao, Li, Zhisheng Li, Weiqiang Zhang, and Ning Zhu, 2012, Does the location of stock exchange matter? A within-country analysis, Pacific-Basin Finance Journal.

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

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

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

14. White, Michelle J., and Ning Zhu, 2010, Saving your Home in Chapter 13 Bankruptcy, Journal of Legal Studies.

15. 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.

16. Seasholes, Mark S., and Ning Zhu, 2010, Individual Investors and Local Bias, Journal of Finance.

17. Griffin, Paul A. and Ning Zhu, 2010, Accounting Rules? Stock Buybacks and Stock Options: Additional Evidence, Journal of Contemporary Accounting & Economics.

18. Nicolodi, Gina, Liang Peng, and Ning Zhu, 2009, Do Individual Investors Learn from their Trading Experience?, Journal of Financial Markets.

19. Lin, Xiaochi, Yi Zhang, and Ning Zhu, 2009, Does Bank Ownership Increase Firm Value? Evidence from China, Journal of International Money and Finance.

20. 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.