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张博辉

教授

职位 : 香港中文大学(深圳)经管学院执行副院长、校长讲座教授;深圳高等金融研究院金融科技与社会金融研究中心主任、数据科学理学硕士项目联合主任

教育背景 : 新加波南洋理工大学金融学博士、香港科技大学经济学硕士、清华大学工程力学学士

研究领域 : 信息媒介对资本市场的影响,中外资本市场,金融科技

邮箱地址 : bohuizhang@cuhk.edu.cn

个人简介

张博辉博士现任香港中文大学(深圳)经管学院执行副院长、校长讲座教授、深圳高等金融研究院金融科技与社会金融研究中心主任及数据科学理学硕士项目联合主任,曾任澳大利亚新南威尔士大学商学院教授、国际金融中心副主任。张教授于2008年毕业于新加波南洋理工大学获得金融学博士学位,此前分别于2004年在香港科技大学获得经济学硕士学位和2003年在清华大学工程力学系获得工程学学士学位。


张教授开展多个方向的研究,包括金融科技、媒体、 中国资本市场、国际资本市场。他的研究成果多次发表在国际顶尖学术期刊上,包括Review of Financial Studies、 Journal of Financial Economics、 Journal of Accounting Research、 Management Science、 Journal of Financial Quantitative and Analysis、 Journal of International Business Studies、 和Review of Finance等。


张教授分别于2016年获得澳大利亚国家社会科学院授予的青年研究学者奖章和在2010年获得新南威尔士大学授予的青年研究学者奖章。他曾主持多项澳大利亚国家研究委员会基金项目、新南威尔士大学澳洲商学院研究基金、和参与中国国家自然科学基金面上项目。他的文章曾在2012和2016 China Finance Annual Meeting、 2014 MIT Asia Conference in Accounting、2014 Asian Finance Association Conference、2013 Asia-Pacific Financial Markets of the Korean Securities Association、 2013 Asian Finance Association Conference、 2013 China International Conference in Finance、 2013 Northern Finance Association Conference、及2011 Chinese Finance Association Best Paper Symposium获得最佳会议论文奖。


张教授曾担任三十多家国际学术期刊 如Journal of Finance, Review of Financial Studies, Journal of Accounting Research, Accounting Review, Management Science的审稿人。他是多个国际金融学术组织年会组委会成员,包括Western Finance Association Conference, Northern Finance Association Conference、European Finance Association Conference、 China International Conference in Finance、Financial Management Association Conference、 Australasian Finance and Banking Conference、及Asian Finance Association Conference。


张教授到目前为止指导了18位博士研究生和教授超过10,000名硕士、学士生。

学术著作

1. “Insider Sales under the Threat of Short Sellers: New Hypothesis and New Tests” (with Kemin Wang, Rencheng Wang, K. C. John Wei, and Yi Zhou), 2021, The Accounting

Review, forthcoming.

2. “Trust, Incomplete Contracting, and Corporate Innovation” (with Fei Xie and Wenrui Zhang), 2021, Management Science, forthcoming.

3. “Stock Market Liberalization and Innovation” (with Fariborz Moshirian, Xuan Tian, and Wenrui Zhang), 2021, Journal of Financial Economics 139, 985-1014.

4. “Does the Media Spotlight Burn or Spur Innovation?” (with Lili Dai and Rui Shen), 2021, Review of Accounting Studies, vol 26(1), 343-390.

5. “The Impact of XBRL Adoption on Local Bias: Evidence from Mandated U.S. Filers” (with Bing Li, Zhenbin Liu, and Wei Qiang), 2020, Journal of Accounting and Public Policy 39,

106767.

6. “Global Political Uncertainty and Asset Prices” (with Jonathan Brogaard, Lili Dai, and Phong Ngo), 2020, Review of Financial Studies 33, 1737-1780.

7. “Is Information Risk Priced? Evidence from Abnormal Idiosyncratic Volatility” (with Yung Chiang Yang and Chu Zhang), 2020, Journal of Financial Economics 135, 528-554.

8. “Googling Investor Sentiment around the World” (with Zhenyu Gao and Haohan Ren), 2020, Journal of Financial and Quantitative Analysis 55, 549-580.

9. “Investor Protection and the Value Impact of Stock Liquidity” (with Tao Huang, Fei Wu, and Jing Yu), 2020, Journal of International Business Studies 51, 72-94.

10. “Political Uncertainty and Finance: A Survey” (with Lili Dai), 2019, Asia-Pacific Journal of Financial Studies 48, 307-333.

11. “News Media Coverage and Corporate Leverage Adjustments” (with Tung Lam Dang, Viet Anh Dang, Fariborz Moshirian, and Lily Nguyen), 2019, Journal of Banking and Finance

109, 105666.

12. “Who Captures the Power of the Pen?” (with Jiaxing You and Le Zhang), 2018, Review of Financial Studies 31, 43-96.

13. “The Determinants and Pricing of Liquidity Commonality Around the World” (Fariborz Moshirian, Xiaolin Qian, and Claudia Koon Ghee Wee), 2017, Journal of Financial

Markets 33, 22-41.

14. “How Do Foreign Institutional Investors Enhance Firm Innovation?” (with Luong Hoang Luong, Fariborz Moshirian, Lily Nguyen, and Xuan Tian), 2017, Journal of Financial and

Quantitative Analysis 52, 1449-1490.

15. “The Governance Transfer of Blockholders: Evidence from Block Acquisitions and Earnings Management around the World” (with Lili Dai, Ravi Dharwadkar, and Linna Shi), 2017,

Journal of Corporate Finance 52, 586-607.

16. “Dividend Policy and Earnings Management Across Countries” (with Wen He, Lilian Ng, and Nataliya Zaiats), 2017, Journal of Corporate Finance 42, 267-286.

17. “What Drives Investment-Cash Flow Sensitivity Around the World? An asset tangibility Perspective” (with Fariborz Moshirian, Vikram Nanda, and Alexander Vadilyev), 2017,

Journal of Banking and Finance 77, 1-17; Lead Article.

18. “Foreign Investor Heterogeneity and Stock Liquidity Across the World” (with Lilian Ng, Fei Wu, and Jing Yu), 2016, Review of Finance 20, 1867-1910.

19. “Foreign Institutional Ownership and the Global Convergence of Financial Reporting Practices” (with Vivian Fang and Mark Maffett), 2015, Journal of Accounting Research 53,

593-631.

20. “The Governance Effect of the Media’s News Dissemination Role: Evidence from Insider Trading” (with Lili Dai and Jerry Parwada), 2015, Journal of Accounting Research 53,

331-366.

21. “Political Uncertainty and Dividend Policy: Evidence from International Political Crises” (with Tao Huang, Fei Wu, and Jin Yu), 2015, Journal of International Business Studies 46,

574-595.

22. “The Invisible Hand of Short Selling: Does Short Selling Discipline Earnings Management?” (with Massimo Massa and Hong Zhang), 2015, Review of Financial Studies 28, 1701-1736.

23. “International Political Risk and Government Bond Pricing” (with Tao Huang, Fei Wu, and Jing Yu), 2015, Journal of Banking and Finance 55, 393-405.

24. “Commonality in News Around the World” (with Lam Tung Dang and Fariborz Moshirian), 2015, Journal of Financial Economics 116, 82-110.

25. “Cross Listing and Liquidity Commonality Around the World” (with Dang Tung Lam, Fariborz Moshirian, and Claudia Wee), 2015, Journal of Financial Markets 22, 1-26; Lead

Article.

26. “Does PIN Affect Equity Prices Around the World?” (Previous title, “Informed Trading around the World”, with Sandy Lai and Lilian Ng), 2014, Journal of Financial Economics

114, 178-195.

27. “Does Auditor Choice Matter to Foreign Investors? Evidence from Foreign Mutual Funds Worldwide” (with Julia Chou and Nataliya Zaiats), 2014, Journal of Banking and Finance

46, 1-20; Lead Article.

28. “Systematic Liquidity and the Funding Liquidity Hypothesis” (with Xiaolin Qian and Lewis Tam), 2014, Journal of Banking and Finance 45, 304-320.

29. “Large Foreign Ownership and Stock Price Informativeness Around the World” (with Wen He, Donghui Li, and Jianfeng Shen), 2013, Journal of International Money and Finance

36, 211-230.

30. “Information Environment and Equity Risk Premium Volatility Around the World” (with Sie Ting Lau and Lilian Ng), 2012, Management Science 58, 1322-1340.

31. “The World Price of Home Bias” (with Sie Ting Lau and Lilian Ng), 2010, Journal of Financial Economics 97, 191-217; Lead Article.



WORKING PAPERS


32. “Panda Games: Corporate Disclosure in the Eclipse of Search” (with Kemin Wang and Xiaoyun Yu)

33. “Political Uncertainty and Commodity Prices” (with Kewei Hou and Ke Tang)
34. “Brain Drain: The Impact of Air Pollution on Firm Performance” (with Shuyu Xue and Xiaofeng Zhao)
35. “The Price of Integrity” (with Chen Chen and Ying Xia)
36. “State Controlling Shareholders and Payout Policy” (with Chen Lin, Hang Liu, and Chenkai Ni)
37. “The Long-term Use of Short-term Debt around the World” (with Lifang Chen, Yong Li, and Yizhong Wang)
38. “Earnings Management upon a Sovereign Downgrade” (with Yupeng Lin and Zilong Zhang)
39. “The Boundaries of Law: Can US Private Enforcement Discipline Foreign Firms?” (with Massimo Massa, Xiaoqiao Wang, and Hong Zhang)
40. “Learning about Uncertainty from Options Trading” (with Da-Hea Kim and Sie Ting Lau)
41. “The Momentum of News” (with Ying Wang and Xiaoneng Zhu)
42. “Do Patents Portend Productivity Growth? Global Evidence from Private and Public Firms”(with Xin Chang, David McLean, and Wenrui Zhang)
43. “Political Connections and Peers” (with Jared R. Stanfield and Le Zhang)
44. “The More We Know, the Less We Agree: A Test of the Trading Horizon Heterogeneity Theory” (with Lili Dai, Jerry T. Parwada, and Donald W. Winchester)
45. “Liquidity, Information Production, and Debt-equity Choice” (with William Cheung, Hyun Joong Im, and Thomas H. Noe)
46. “Characterizing Global Financial and Economic Integration Using Cash Flow Expectations”