Xiaozhou Zhou

Academic Position

Full Professor, Department of Finance, ESG UQAM, Canada         June 2026 - Present

Associate Professor, Department of Finance, ESG UQAM, Canada         June 2019 - June 2026

    Assistant  Professor, Department of Finance, ESG UQAM, Canada           June 2015 - June 2019

Education

Ph.D. in Finance, HEC Montreal                                   2009-2015

Master in Economics, University of Montreal, Canada                                                     2007-2009

Master in Management, Harbin Institute of Technology, China / IAE Lille, France            2004-2007

Bachelor in Management, Harbin Institute of Technology, China                                      2000-2004

Publications  

• Do Recession Fears Help to Predict Stock Market Volatility? International Evidence. Journal of International Financial Markets, Institutions & Money, Vol 109, 102331, 2026. (with Y. Ma, S. Zhang and M. Zhou)

• Buckle-up and Accelerate: Insider’s Private Effort during M&A. Emerging Markets Review, Vol 72, 101449, 2026. (with Y. Gao, J. Wen, and J. Song)

• Interday Cross-Sectional Momentum: Global Evidence and Determinants. Finance, Vol 47 (1), 97-141, 2026. (with S. Schlie)

• Macroprudential Policy and Financial Risk: The Moderating Role of Financial Innovation. Finance Research Letters, Vol. 113, 110880, 2026. (with J. Yang, J. Wen, and X. Zhao) 

• The Financial Risk Concern in China: A Powerful Predictor of Stock Market Volatility. Research in International Business and Finance, Vol 80, 2025. (with Z. Li, F. Ma, and J. Zhang)

• How Does Foreign Economic Policy Uncertainty Affect Domestic Analyst Earnings Forecasts? Global Finance Journal, 101087, 2025. (with J. Song, 2023 Global Finance Journal Research Excellence Award) 

• Impacts of International Sanctions on Sender Countries’ Innovation. Economic Analysis and Policy, Vol 85, 1357–1373, 2025. (with S. Wang, J. Wen, and X. Zhao) 

• How Retail Investors Affect Stock Market? Pacific-Basin Finance Journal, Vol 90, 102620, 2025.  (with C. Chan and F. Zhan)

• High Price Impact Trades Identification and Its Implication for Volatility and Price Efficiency Risk Sciences, Vol. 1, 100002, 2025. (with G. Dionne)

• Capital Market Resilience and Technological Innovation. Journal of Quantitative & Technical Economics, Vol. 10, 2023. (with J. Wen and L. Li) 

• Impacts of Epidemics on Innovation: An Empirical Analysis. Technovation, Vol. 119, 2023. (with S. Wang, J. Wen, and X. Yang)

• A Taxonomy of Individual Liquidity Provision: Evidence from the Taiwan Stock Exchange. Finance Research Letters, Vol. 50, 2022. (with C. Chan and K. Chiou)  

• Asymmetric effects of the limit order book on price dynamics. Journal of Empirical Finance, Vol. 65, pp.77-98, 2022. (with T. Cenesizoglu and G. Dionne, Semi-finalist for the Best Paper Award at the 2017 Financial Management Association Asia Pacific Annual Meeting)

• The Dynamics of Ex-ante Weighted Spread: An Empirical Analysis. Quantitative Finance, Vol. 20, No. 4, pp. 593-617,  2020. (with G. Dionne)

• IPO flipping activity in China and its implications. Pacific-Basin Finance Journal, Vol. 61, 2020. (with M. Kooli)

• Liquidity-adjusted Intraday Value at Risk modeling and risk management: An application to data from Deutsche Börse. Journal of Banking and Finance, Vol. 59 pp. 202-219, 2015. (with G. Dionne and M. Pacurar, Semi-finalist for the Best Paper Award at the 2014 Financial Management Association Annual Meeting and recipient of the Best Publication Award from ESG UQAM in 2016 )

Working Papers

• Market Maker Introduction: Impact on Trading Composition and Market Dynamics, with C. Chan and J. Song

• Beyond Fundamentals: How Non-Fundamental Information Matters, with Y. Ma and Y. Yu

• Shorting in the Dark: The Dual Role of Short Sales in Off-Exchange Trading, with K. Xu and S. Schlie  

• ESG and Firms' Innovation: Evidence From the U.S., with Y. Gao, J. Wen, and S. Zhang

• Social Media Sentiment and Bitcoin Trading, with H. Jiang, P. Liu, and A. Roch 

• Social Media Sentiment Measurement, with P. Liu, and F. Zhan 

• Price Discovery and Market Making Activities in Cryptocurrency Markets: An Artificial Intelligence Perspective, with H. Jiang

Grants and Funding

• AMF Fund for Integrated Risk Management of Financial Institutions (AMF-GIRIF), Financial Markets Authority (AMF), 2025

• Quebec's FinTech Grant (principal investigator), La Chaire Fintech AMF – Finance Montréal, 2023

• National Natural Science Foundation of China (NSFC), Government of China (co-investigator), 2023-2026

• Ministry of Science and Technology, Government of China (principal-investigator), 2022-2024

• SSHRC Insight Development Grant (co-investigator), Government of Canada, 2022-2024

• SSHRC Insight Development Grant (principal investigator), Government of Canada, 2021-2023 

• Quebec's FinTech Grant (principal investigator), La Chaire Fintech AMF – Finance Montréal, 2020-2022              

• FQRSC Research Support for New Academics (principal investigator), Government of Quebec, 2018-2023

• PAFARC, ESG UQAM, 2016-2018

• International Scholarships Program (principal investigator), Global Affairs Canada, 2016

• FQRSC Doctoral Research Scholarships, Government of Quebec, 2011-2014

Awards

• FinteQC Honorable Mention, Faculty/Researcher Category, 2026

• Best Paper Award, China Derivatives Youth Forum, 2024

• Global Finance Journal Research Excellence Award in New Zealand Finance Meeting, 2023

• Semi-finalist in the competition of Best Paper Award of FMA, 2017

• Best publication of ESG, UQAM, 2016

• Semi-finalist in the competition of Best Paper Award of FMA, 2014 

• Dean's Honour List of the faculty of graduate and postdoctoral studies, University of Montreal, 2009

• Honor of Merit Student of Harbin Institute of Technology, 2001-2003

Ad-Hoc Journal Reviewer

Journal of Empirical Finance, Journal of International Financial Markets, Institutions & Money, International Review of Economics and Finance, Pacific-Basin Finance Journal, Finance Research Letters, Research in International Business and Finance, Accounting & Finance, British Accounting Review, Journal of Behavioral and Experimental Finance, Internatioinal Review of Financial Analysis, North American Journal of Economics and Finance, Economic Analysis and Policy, Journal of Risk, World Development Perspectives, Journal of International Financial Management Accounting, Journal of Management Science and Engineering, Weather Climate Society