Full-time Faculty

Faculty CV

Xiaoyan Zhang

Academic Employments


July 2002 – June 2010        Assistant Professor of Finance, Johnson School of Management, Cornell University

June 2010 – June 2014      Associate Professor of Finance, Krannert School of Management, Purdue University

July 2014 – August 2018    Professor of Finance, Duke Realty Chair, Krannert School of Management, Purdue University

August 2018 – present        Xinyuan Professor of Finance, Associate Dean, PBC School of Finance, Tsinghua University


Editorial Appointment


July 2013 – present            Management Science, Associate Editor

July 2017 – present            Financial Management, Associate Editor

July 2017 – present            Journal of Banking and Finance, Associate Editor

July 2018 – present            Journal of Empirical Finance, Associate Editor




1997 – 2002                        Columbia Business School, Finance & Economics Division, Columbia University

                                            Ph.D. in Finance received in October 2002 (graduated with honor)

1993 – 1997                        Peking University, School of Economics, Beijing, China

                                            B.A. in Economics received in July 1997


Academic Interests


Research                            International Finance, Empirical Asset Pricing, Applied Econometrics

Teaching                             Derivatives, Investments, Risk Management



1.   “What Do Short-Sellers Know?” (with Ekkehart Boehmer, Charles Jones and Julie Wu)

      Accepted, Review of Finance.

2.   “Potential Pilot Problems: Treatment Spillovers in Financial Regulatory Experiments” (with Ekkehart Boehmer and 

      Charles Jones) 

      Forthcoming, Journal of Financial Economics.

3.   “Anticipating Uncertainty: Straddle around Earnings Announcement” (with Chao Gao and Yuhang Xing)

      Journal of Financial and Quantitative Analysis, 2018, 53, 2587-2617.

4.   “No-Arbitrage Restriction and Hedge Fund Performance Evaluation” (with Haitao Li and Yuewu Xu) 

      Journal of Financial and Quantitative Analysis, 2016, 51, 231-257.

5.   “The Information Content of The Sentiment Index” (with Steve Sibley, Yanchu Wang and Yuhang Xing) 

      Journal of Banking and Finance, 2016, 62, 164-179. 

6.   “Shackling Short Sellers: The 2008 Shorting Ban” (with Ekkehart Boehmer and Charles Jones)

      Review of Financial Studies, lead article, 2013, 26, 1363-1400.

      This paper won Best Paper Award at16th Mitsui Finance Symposium at University of Michigan.

7.   “Aggregate Idiosyncratic Volatility” (with Geert Bekaert and Robert Hodrick)

      Journal of Financial and Quantitative Analysis, lead article, 2012, 47, 1155-1185.

      This paper won the William F. Sharpe Award for the best paper published in JFQA 2012.

8.   “Empirical Evaluation of Asset Pricing Models: Arbitrage and Pricing Errors in Contingent Claims” (with Zhenyu 


      Journal of Empirical Finance, 2012, 19, 65-78.  

9.   “Investing In Talents: Manager Characteristics and Hedge Fund Performances” (with Haitao Li and Rui Zhao)

      Journal of Financial and Quantitative Analysis, 2011, 46, 59-82. 

10. “What Does the Individual Option Volatility Smirk Tell Us About Future Equity Returns?” (with Yuhang Xing and  

      Rui Zhao)

      Journal of Financial and Quantitative Analysis, 2010, 45, 641-662.

11. “Evaluating Asset Pricing Models Using the Second Hansen-Jagannathan Distance” (with Haitao Li and Yuewu 


      Journal of Financial Economics, 2010, 97, 279-301.

12. “International Stock Return Comovements” (with Geert Bekaert and Robert Hodrick)

      Journal of Finance, 2009, 64, 2591-2626.

13. “High Idiosyncratic Volatility and Low Returns: International and Further U.S. Evidence” (with Andrew Ang, Robert 

       Hodrick, and Yuhang Xing)

       Journal of Financial Economics, 2009, 91, 1-23


14. “Which Shorts Are Informed?” (with Ekkehart Boehmer and Charles Jones)

      Journal of Finance, lead article, 2008, 63, 491-527.

      This paper won BSI Gamma Foundation Award, and is one of the finalists for Smith-Breeden Award from JF.


15. “The Cross-Section of Volatility and Expected Returns” (with Andrew Ang, Robert Hodrick, and Yuhang Xing)

      Journal of Finance, 2006, 61, 259-299.

      This paper is one of the 10 best cited paper in Journal of Finance since 2000. 

16. “Specification Tests of International Asset Pricing Models” 

      Journal of International Money and Finance, 2006, 25, 275-307.


17. “Evaluating the Specification Errors of Asset Pricing Models” (with Robert Hodrick)

      Journal of Financial Economics, 2001, 62, 327-376.


Working Papers


1.  “Are Shorts Equally Informed? A Global Perspective” (with Ekkehart Boehmer, Zsuzsa. R. Huszár, Yanchu 

      Wang and Xinran Zhang, R&R at Review of Financial Studies)

2.  “Tracking Retail Investors” (with Ekkehart Boehmer, Charles Jones and Xinran Zhang, R&R at Journal of Finance)

3.  “Strategic Risk Shifting and Idiosyncratic Volatility Puzzle” (with Zhiyao Chen, Ilya Strebulaev, and Yuhang Xing, 

     R&R at Management Science)

4.  “Gambling or De-risking: Hedge Fund Risk Taking vs. Managers’ Compensation” (with Chengdong Yin, R&R at 

     Review of Financial Studies)

5.  “The Multinational Return Premium: Investor’s Perspective” (with Yeejin Jang and Xue Wang)

6.  “Government Affiliation and Peer-to-Peer Lending Platforms in China” (with Jinglin Jiang, Li Liao, and Zhengwei 



Honors and Grants


CFRC Best Paper Award, 2018.

China NSF Grant, 2017.

National 1000 Talents of China, 2016.

ETF Research Academy Award, 2014.

Top 40 (Business School Professors) Under 40, Fortune Magazine 2014.

Netspar Research Fellowship, 2013.

William F. Sharpe Award for the best paper published in JFQA, 2013.

Best Paper Award at16th Mitsui Finance Symposium, 2009.

Lamfalussy Fellowship from European Central Bank, 2007

BSI Gamma Research Fund, 2003, 2005

Whitecomb Faculty Research Fellow, Cornell University, 2005

Q Group Research Fund, 2004

Air Products Faculty Fellow, Cornell University, 2003

Lehman Brothers Fellowship for Research Excellence in Finance, 2001

Center for International Business Education Award, Columbia Business School, 2001

Roger F. Murray Fellow, Columbia Business School, 1999-2001

Columbia Business School Fellowship, 1997-2002


Citations and Downloads


Web of Science: 2,294 citations

Google scholar citations: 8,660 citations

SSRN downloads: 29,889 downloads


Invited Presentations


Conference Presentations, Discussions, Session Chair, Program Director

American Finance Association Annual Conference, 2004-2016, 2018.

Western Finance Association Annual Conference, 2001, 2004, 2005, 2007-2009, 2013, 2015, 2019.

China International Conference in Finance, 2009 – 2019.

Summer Institute in Finance, 2012-2016.

China Finance Research Conference, 2016-2017.

Hong Kong Finance Symposium, 2016.

European Finance Association Annual Conference, 2001, 2004.

Financing Economics and Accounting Annual Conference, 2005.

BSI Gamma Foundation Annual Conference, 2005.


Campus Presentations

              2001: New York University.

              2002: Cornell University, Pennsylvania State University, Rice University, Emory University, University of  

              Washington, University of Southern California, Ohio State University, University of Rochester, University of 

              Iowa, University of Toronto, University of Western Ontario, University of Rochester.

              2003: Duke University, University of Rochester.

              2004: University of Hong Kong, Hong Kong Chinese University, Hong Kong Science and Technology  


              2005: University of Wisconsin at Milwaukee, SUNY at Binghamton, University of Toronto.

              2008: University of Washington, University of Colorado, Georgia State University.

              2009: Purdue University, Boston College, UT at Dallas, Indiana University, UC Riverside, University of 

              Maryland, University of Houston, University of Wisconsin at Madison.

              2011: University of Georgia, University of Hawaii, George Mason University.

              2012: Manchester Business School, University of Reading, Syracuse University, Singapore Management 

              University, Nanyang Business School.

              2013: Georgetown University, University of Massachusetts, University of Hong Kong, City University of  

              Hong Kong, Tilburg University, Erasmus University, University of Maastricht.

              2014: Tsinghua University, University of Sydney, Australian National University, University of New South 

              Wales, Tsinghua University.

              2015: University of Illinois at UC, Zhejiang University, Renmin University.

              2017: Temple University, Miami University, University of Oregon.

              2019: University of North Carolina, University of Georgia, Georgia Tech University, Baruch College.

Other Professional Activities


Conference Organizer / Sponsor

               Wabash River Finance Conference, 2011-2017.

               China Finance Research Conference, 2017-2019.

               Review of Financial Studies Fintech Workshop, 2017, 2018.



American Finance Association, Western Finance Association.


Journal Referee

Journal of Finance, Journal of Financial Economics, Review of Financial Studies, American Economic Review, Journal of Financial and Quantitative Analysis, Management Science, Review of Asset Pricing Studies, Journal of Empirical Finance, Journal of Banking and Finance, Journal of Business and Economic Statistics, Journal of Economic Dynamics and Control


Selected Media Coverage


Short-Selling Ban: Policy Failure or Success? Wall Street Journal, June 16, 2009

CNBC News TV Interview, September 17, 2007

What SAT Scores Say About Your Hedge Fund, New York Times, September 9, 2007

Better Educated, Greener Hedgies Are Best, Institutional Investor, August 16, 2007




MBA Courses             Derivatives, Risk Management
PHD Courses             Empirical Asset Pricing
Recognition                Nominated for the Apple Teaching Award, 2006-2009
                                   Distinguished Teacher Award, 2010-2016


University Service


Johnson Graduate School of Management, Cornell University

Finance Recruiting Committee, 2004-2006

New Course Approval Committee, 2007-2009

Finance Workshop organizer, 2004, 2008

Ph.D. Thesis Committees: Hadiye Aslan, Yuan Gao, Sean McFadden, Oguzhan Vicil, Lanyue Zhou, Nazrul Alam


Krannert Graduate School of Management, Purdue University

Finance Area Head, 2015, 2016

Finance Recruiting Committee, 2010, 2011, 2013, 2014, 2015, 2016

Finance Area Funding Committee, 2013, 2014, 2015, 2016

Management Policy Committee, 2013, 2014, 2015, 2016

Management Executive Committee, 2015, 2016

Ph.D. Thesis Committees: Mihai Ion, Steve Sibley, Yanchu Wang, Xue Wang.

PBC School of Finance, Tsinghua University

PH.D. Program Director, 2018-present.

Associate Dean, 2018-present.

Recruiting Committee, 2017-2019.

Promotion Committee, 2017-2019.

Ph.D. Thesis Committees: Haorui Bai, Xinran Zhang, Shuojia Ke, Huimin Ge, Teng Ma, Zijian Zhang.

Post-Doc Students: Fang Qiao, Hui Zhao, Huihang Wu.