Faculty Profile

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Education

Current Position(s) Held

Awards, Recognition and Honors

• 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)

1. Massimo Massa, James  O’Donovan, and Hong Zhang, 2022, “International Asset Pricing with Strategic Business Groups,”  Journal of Financial Economics, 145, 339-361.
2. Charles Cao, Grant Farnsworth, and Hong Zhang, 2021, “The Economics of Hedge Fund Startups: Theory and Evidence,” Journal of Finance 76-3, 1427-1469.
3. 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.
4. 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.  
5. 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.
6. 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. 
7. Massimo Massa, Yanbo Wang, and Hong Zhang, 2016, “Benchmarking and Embedded Currency Risk,” Journal of Financial and Quantitative Analysis 51: 629-654. 
8. 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.
9. 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. 
10. 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
11. Matt Spiegel and Hong Zhang, 2013, “Mutual Fund Risk and Market Share Adjusted Fund Flows,” Journal of Financial Economics 108-2: 506-528. 
12. 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. 
13. 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 Advisor/ Co-research Advisor to

• Gong Ruxue, PhD in Business (Finance)