E-mail: binzhao@tbs.tu.ac.th
Academic employment
Thammasat University
Assistant Professor of Finance, 2022-
Lecturer, 2021
NYU Shanghai
Visiting Assistant Professor of Finance, 2018-2020
Shanghai Advanced Institute of Finance, Shanghai Jiaotong University
Assistant Professor of Finance, 2010-2018
Education
Wisconsin School of Business, University of Wisconsin-Madison
Ph.D. in Finance, May 2010
Cornell University
M.S. in Applied Economics and Management, 2006
Imperial College London
M.Sc. in Agricultural Economics, 2004
China Agricultural University
B.A. in Pomology Science, 2002
Research Area
Behavioral finance, Chinese financial markets
Courses taught
Behavior Finance, Chinese Financial Markets, Chinese Economy, Security Analysis and Valuation, Corporate Finance for undergrad, master in finance, and MBA program
Consulting Experience
Shanghai Stock Exchange, top international investment bank, hedge fund, etc.
Publication
Financial History Review, forthcoming
(with Warren Bailey)
Firm-initiated Stock Trading Suspension During a Market Crash
Journal of Banking and Finance, 2025(177), 107473
(with Jennifer Huang, Donghui Shi, and Zhongzhi Song)
Housing Market Investability and Stock Market Participation
Economics Letter, 2025 (248), 112219
(with Huasheng Gao, Yiqing Lv, and Ning Zhu)
Do retail investors gamble more during lockdown?
International Review of Finance, 2024, 24(4): 572-603
(with Pantisa Pavabutr)
Unveiling investors' substitution behavior: Stock trading decisions in response to housing market dynamics
Journal of Corporate Finance, 2024(86), 102590
(with Yiqing Lv and Ning Zhu)
Corporate Actions and the Manipulation of Retail Investors in China: analysis of stock splits
Journal of Financial Economics, 2022, 145(3): 762-787
(with Sheridan Titman and Chishen Wei)
Does Good Luck Make People Overconfident? Evidence from a Natural Experiment in the Stock Market
(with Huasheng Gao and Donghui Shi)
Journal of Corporate Finance, 2021
Trading for Status
(with Harrison Hong, Wenxi Jiang, and Na Wang)
Review of Financial Studies, 2014, 27(11): 3171-3212
The Nelson–Siegel Model of the Term Structure of Option Implied Volatility and Volatility Components
(with Biao Guo and Qian Han)
Journal of Futures Markets, 2014, 34(8): S788-806S
高送转现象研究（Research on Stock Split）
上海证券交易所联合研究计划 （Joint-Research Plan with Shanghai Stock Exchange）
http://www.sse.com.cn/aboutus/research/jointresearch/c/3990530.pdf
A股市场的风险性分析及国际对比 （China A-Share Market Risk and International Comparison）(with Ning Zhu)
上海证券交易所联合研究计划 （Joint-Research Plan with Shanghai Stock Exchange）
Working paper
Information Transmission in Dealer Markets: Evidence from Chinese Block Trades
(With Donghui Shi, Sheridan Titman, and Chishen Wei)
Does Diversity Lead to Diverse Opinions? Evidence from Languages and Stock Markets
(with Yen-cheng Chang, Harrison Hong, Larissa Tieden and Na Wang)
Presentations
2024 Asian FA
2022 China International Conference in Finance
2021 FMA, Asian FA
2019 Thammasat University, China International Conference in Finance
2018 Australasian Finance and Banking Conference, New Zealand Finance Meeting, NYU Stern, FMA Asia, Summer Institute of Finance, NBER-China Working Group, 2018 China International Forum on Finance and Policy
2017 NYU Shanghai, FISF Fudan University
2016 Renmin University, China International Conference in Finance, 2nd Annual Volatility Institute Conference at NYU Shanghai
2015 Shanghai Stock Exchange, AEA, University of New South Wales, University of Technology Sydney, China Finance Review International (session key-note speech), discussant at First Finance Workshop at CEIBS, discussant at China International Conference in Finance, 1st Annual Volatility Institute Conference at NYU Shanghai
2014 NYU-SJTU Conference in Shanghai, FMA-Tokyo, NBER China Working Group, WFA, EFMA, EFA
2013 Symposium on China’s Financial Markets, China International Conference in Finance, Fudan University, Xiamen University
2012 Hong Kong University of Science and Technology, Southwest University of Finance and Economics, China International Conference in Finance, Summer Institute of Finance, Symposium on China’s Financial Markets, NBER China Working Group
2011 China International Conference in Finance, Third Behavior Finance Conference in Beijing University, Fudan University
2010 Shanghai Advanced Institute of Finance, Iowa State University, Shanghai University of Finance and Economics, Central University of Finance and Economics, University of International Business and Economics
Honors and Awards
Thammasat Business School Publication Award 2021
China Academy of Financial Research (CAFR) Research Grant 2016
SAIF Junior Faculty Research Award 2011
services
MIF Committee, Thammast Business School, 2021-present
Ph.D. Committee, Thammast Business School, 2023-present
Program Committee for 2016 FMA Asia Pacific Conference
Program Committee for Asian Finance Association (AsianFA) 2015
Conference Co-Organizer, Third Shanghai Winter Finance Conference, December 18, 2010
Seminar Coordinator, Shanghai Advanced Institute of Finance (June 2011- July 2012)
Curriculum Committee, Shanghai Advanced Institute of Finance (June 2011-July2012)
Master in Finance Service Committee, Shanghai Advanced Institute of Finance (June 2011-)
Ph.D. and Research Committee, Wisconsin School of Business, University of Wisconsin-Madison, September 2008-May 2009
Referee
Journal of Finance, Journal of Empirical Finance, Journal of Financial Services Research, International Journal of Central Banking, Journal of Corporate Finance, Journal of Business Ethics, Pacific-Basin Finance Journal, European Journal of Finance
Reviewer
Research Grant Proposals for Research Grant Council of Hong Kong, 2011, 2012, 2013, 2015, 2017, 2018