ZHANG Hong
Full-time Faculty
Professor of Finance; Keppel Professor in Financial Economics; Director, Sim Kee Boon Institute for Financial Economics
Home Page
Education
| 2004 | Ph.D., Yale University, School of Management |
| 1999 | M.S., Physics, New York University |
| 1997 | B.S., Physics, Fudan University |
Current Position(s) Held
| 2022 - Now | Professor of Finance Lee Kong Chian School of Business, Singapore Management University |
Awards, Recognition and Honors
- Winner of the Best Paper Award at the 15th Financial Markets and Corporate Governance Conference 2025
- Winner of Alt Data Technology Prize, 2024 Australasian Finance & Banking Conference
- Finalist, the 2020 NBS -ONE Research Impact on Practice Award.
- Winner of the Arthur Warga Award for the Best Paper in Fixed Income at 2018 SFS Cavalcade Asia Pacific Conference.
- Winner of the Best Paper in Banking and Financial Institutions at the 2015 Asian Finance Association Annual Meeting (AsFA).
- Winner of the CFA Society Toronto Award, 2013 Northern Finance Association Annual Conference.
- Winner of the TCW Best Paper Award, The 2013 China International Conference in Finance (CICF).
- Winner of the JUFE Best Paper Award, The 2013 Asian Finance Association Annual Meeting (AsFA).
Research Interests
- Market Efficiency and Frictions
- Delegated Portfolio Management
- Short Selling
- Social, Environmental and Cultural issues
- International Finance and Globalization
Selected Journal Articles (Refereed)
- Mengyu Wang, Jeffery Wurgler, and Hong Zhang, 2025, “Policy Uncertainty Reduces Green Innovation,” accepted at Journal of Financial Economics.
- Massimo Massa, Hong Zhang, and Weikang Zhu, 2025, “M&As and the Value of Control,” accepted at Journal of Law and Economics.
- Sterling Huang, Bo Li, Massimo Massa, Siyuan Yang, and Hong Zhang, 2025, “Borrowing from Friends of Friends: Indirect Social Networks and Bank Loans,” Management Science, forthcoming.
- Po-Hsuan Hsu, Sterling Huang, Massimo Massa, Yaru Qian, and Hong Zhang 2025, “Exploratory Innovation: A New Perspective on Family Firms’ Under-diversification Puzzle,” Research Policy, forthcoming.
- Zhe Li, Massimo Massa, and Nianhang Xu, and Hong Zhang, 2025, “A Social Norm Perspective of Information Manipulation in China,” Journal of Financial and Quantitative Analysis, forthcoming.
- Massimo Massa, Xiaoqiao Wang, Bohui Zhang, and Hong Zhang, 2025, “The Boundaries of the Law: Can US Private Enforcement Discipline Foreign Firms?,” Journal of International Business Studies, 56:62–83.
- Massimo Massa, James O’Donovan, and Hong Zhang, 2022, “International Asset Pricing with Strategic Business Groups,” Journal of Financial Economics, 145, 339-361.
- Charles Cao, Grant Farnsworth, and Hong Zhang, 2021, “The Economics of Hedge Fund Startups: Theory and Evidence,” Journal of Finance 76-3, 1427-1469.
- Jennifer (Jie) Li, Massimo Massa, Hong Zhang, and Jian Zhang, 2021, “Air Pollution, Behavioral Bias, and the Disposition Effect in China,” Journal of Financial Economics 142, 641-673.
- Massimo Massa, Chengwei Wang, Hong Zhang, and Jian Zhang, 2022, “Investing in Low-trust Countries: Trust in the Global Mutual Fund Industry,” Journal of Financial and Quantitative Analysis 57, 240 - 290.
- Si Cheng, Massimo Massa, and Hong Zhang, 2019, “The Unexpected Activeness of Passive Investors: A Worldwide Analysis of ETFs,” Review of Asset Pricing Studies 9-2, 296–355.
- Yawen Jiao, Massimo Massa, and Hong Zhang, 2016, “Short Selling Meets Hedge Fund 13F: An Anatomy of Informed Demand,” Journal of Financial Economics 122, 544–567.
- Massimo Massa, Yanbo Wang, and Hong Zhang, 2016, “Benchmarking and Embedded Currency Risk,” Journal of Financial and Quantitative Analysis 51: 629-654.
- Massimo Massa, Wenlan Qian and Weibiao Xu, and Hong Zhang, 2015, “Competition of the Informed: Does Short Selling Affect Insider Trading,” Journal of Financial Economics 118: 268-288.
- Massimo Massa, Bohui Zhang, and Hong Zhang, 2015, “The Invisible Hand of Short Selling: Does Short-Selling Discipline Earnings Management?,” Review of Financial Studies 28: 1701-1736.
- Chunmei Lin and Massimo Massa, and Hong Zhang, 2014, “Mutual Funds and Information Diffusion: The Role of Country-Level Governance,” Review of Financial Studies 27: 3343-3387
- Matt Spiegel and Hong Zhang, 2013, “Mutual Fund Risk and Market Share Adjusted Fund Flows,” Journal of Financial Economics 108-2: 506-528.
- Harry Mamaysky, Matt Spiegel, and Hong Zhang, 2008, “Estimating the Dynamics of Mutual Fund Alphas and Betas,” Review of Financial Studies 21(1): 233-264.
- Harry Mamaysky, Matt Spiegel, and Hong Zhang, 2007, “Improved Forecasting of Mutual Fund Alphas and Betas,” Review of Finance 11: 359-400 (the lead article).
Research Areas and Areas of Expertise
Strategic Priorities
HighlightsHong Zhang is an internationally recognized finance scholar whose research bridges market efficiency, delegated portfolio management, social and environmental impacts, and financial innovation, with influential publications and leadership across Asia and global academic institutions.
Hong Zhang’s work is distinguished by its methodological rigor and real-world relevance, combining empirical and theoretical advances in finance with a strong focus on social, environmental, and policy impacts. His research has shaped understanding of market efficiency, investor behavior, and financial innovation, and has been recognized with multiple awards and featured in global media. He is also a leader in case development and executive training, contributing to both academic and practical finance education.
Focused research areas include Investor-side frictions and delegated portfolio management; strategic firms and risk factors; real and social impacts of financial markets; social, environmental, and cultural influences on financial decision-making; new developments in financial markets such as social networks and blockchain technologies.
Hong Zhang’s work is distinguished by its methodological rigor and real-world relevance, combining empirical and theoretical advances in finance with a strong focus on social, environmental, and policy impacts. His research has shaped understanding of market efficiency, investor behavior, and financial innovation, and has been recognized with multiple awards and featured in global media. He is also a leader in case development and executive training, contributing to both academic and practical finance education.
Focused research areas include Investor-side frictions and delegated portfolio management; strategic firms and risk factors; real and social impacts of financial markets; social, environmental, and cultural influences on financial decision-making; new developments in financial markets such as social networks and blockchain technologies.
Areas of Expertise
Finance
Latest Publications
Showing up to 6 latest publications from the past 5 years.
- Z Li, M Massa, N Xu, H ZhangJournal of Financial and Quantitative Analysis 61 (1), 370-408, 2026
- M Wang, J Wurgler, H ZhangJournal of Financial Economics 175, 104189, 2026
- PH Hsu, S Huang, M Massa, Y Qian, H ZhangResearch Policy 54 (10), 105320, 2025
- J Hu, X Ma, A Subrahmanyam, H ZhangAvailable at SSRN 5332402, 2025
- S Yang, JJ LI, H Zhang, L LiaoHong and Liao, Li, Predictive Crypto Crashes and Asset Pricing Implications …, 2025
- T Duan, FW Li, H ZhangWorldwide Evidence (May 09, 2025), 2025
This highlights are AI-generated content using the faculty's CV.
Home Page
Education
| 2004 | Ph.D., Yale University, School of Management |
| 1999 | M.S., Physics, New York University |
| 1997 | B.S., Physics, Fudan University |
Current Position(s) Held
| 2022 - Now | Professor of Finance Lee Kong Chian School of Business, Singapore Management University |
Awards, Recognition and Honors
- Winner of the Best Paper Award at the 15th Financial Markets and Corporate Governance Conference 2025
- Winner of Alt Data Technology Prize, 2024 Australasian Finance & Banking Conference
- Finalist, the 2020 NBS -ONE Research Impact on Practice Award.
- Winner of the Arthur Warga Award for the Best Paper in Fixed Income at 2018 SFS Cavalcade Asia Pacific Conference.
- Winner of the Best Paper in Banking and Financial Institutions at the 2015 Asian Finance Association Annual Meeting (AsFA).
- Winner of the CFA Society Toronto Award, 2013 Northern Finance Association Annual Conference.
- Winner of the TCW Best Paper Award, The 2013 China International Conference in Finance (CICF).
- Winner of the JUFE Best Paper Award, The 2013 Asian Finance Association Annual Meeting (AsFA).
Research Interests
- Market Efficiency and Frictions
- Delegated Portfolio Management
- Short Selling
- Social, Environmental and Cultural issues
- International Finance and Globalization
Selected Journal Articles (Refereed)
- Mengyu Wang, Jeffery Wurgler, and Hong Zhang, 2025, “Policy Uncertainty Reduces Green Innovation,” accepted at Journal of Financial Economics.
- Massimo Massa, Hong Zhang, and Weikang Zhu, 2025, “M&As and the Value of Control,” accepted at Journal of Law and Economics.
- Sterling Huang, Bo Li, Massimo Massa, Siyuan Yang, and Hong Zhang, 2025, “Borrowing from Friends of Friends: Indirect Social Networks and Bank Loans,” Management Science, forthcoming.
- Po-Hsuan Hsu, Sterling Huang, Massimo Massa, Yaru Qian, and Hong Zhang 2025, “Exploratory Innovation: A New Perspective on Family Firms’ Under-diversification Puzzle,” Research Policy, forthcoming.
- Zhe Li, Massimo Massa, and Nianhang Xu, and Hong Zhang, 2025, “A Social Norm Perspective of Information Manipulation in China,” Journal of Financial and Quantitative Analysis, forthcoming.
- Massimo Massa, Xiaoqiao Wang, Bohui Zhang, and Hong Zhang, 2025, “The Boundaries of the Law: Can US Private Enforcement Discipline Foreign Firms?,” Journal of International Business Studies, 56:62–83.
- Massimo Massa, James O’Donovan, and Hong Zhang, 2022, “International Asset Pricing with Strategic Business Groups,” Journal of Financial Economics, 145, 339-361.
- Charles Cao, Grant Farnsworth, and Hong Zhang, 2021, “The Economics of Hedge Fund Startups: Theory and Evidence,” Journal of Finance 76-3, 1427-1469.
- Jennifer (Jie) Li, Massimo Massa, Hong Zhang, and Jian Zhang, 2021, “Air Pollution, Behavioral Bias, and the Disposition Effect in China,” Journal of Financial Economics 142, 641-673.
- Massimo Massa, Chengwei Wang, Hong Zhang, and Jian Zhang, 2022, “Investing in Low-trust Countries: Trust in the Global Mutual Fund Industry,” Journal of Financial and Quantitative Analysis 57, 240 - 290.
- Si Cheng, Massimo Massa, and Hong Zhang, 2019, “The Unexpected Activeness of Passive Investors: A Worldwide Analysis of ETFs,” Review of Asset Pricing Studies 9-2, 296–355.
- Yawen Jiao, Massimo Massa, and Hong Zhang, 2016, “Short Selling Meets Hedge Fund 13F: An Anatomy of Informed Demand,” Journal of Financial Economics 122, 544–567.
- Massimo Massa, Yanbo Wang, and Hong Zhang, 2016, “Benchmarking and Embedded Currency Risk,” Journal of Financial and Quantitative Analysis 51: 629-654.
- Massimo Massa, Wenlan Qian and Weibiao Xu, and Hong Zhang, 2015, “Competition of the Informed: Does Short Selling Affect Insider Trading,” Journal of Financial Economics 118: 268-288.
- Massimo Massa, Bohui Zhang, and Hong Zhang, 2015, “The Invisible Hand of Short Selling: Does Short-Selling Discipline Earnings Management?,” Review of Financial Studies 28: 1701-1736.
- Chunmei Lin and Massimo Massa, and Hong Zhang, 2014, “Mutual Funds and Information Diffusion: The Role of Country-Level Governance,” Review of Financial Studies 27: 3343-3387
- Matt Spiegel and Hong Zhang, 2013, “Mutual Fund Risk and Market Share Adjusted Fund Flows,” Journal of Financial Economics 108-2: 506-528.
- Harry Mamaysky, Matt Spiegel, and Hong Zhang, 2008, “Estimating the Dynamics of Mutual Fund Alphas and Betas,” Review of Financial Studies 21(1): 233-264.
- Harry Mamaysky, Matt Spiegel, and Hong Zhang, 2007, “Improved Forecasting of Mutual Fund Alphas and Betas,” Review of Finance 11: 359-400 (the lead article).