Publications

Authors are listed in alphabetical order.

1. Wong Sonia Man-lai, Yuan Xue, Bohui Zhang, and Xiaofeng Zhao, 2026. "Knowledge is Power: A Field Experiment in Chinese and US Stock Markets", Journal of Accounting and Economics, Forthcoming. (UTD, ABS4)

2. Wang Xiaoqiao, Jing Xie, Bohui Zhang, and Xiaofeng Zhao, 2025. "Investor Communication and Payout Policy: A Field Experiment", Review of Finance, 29(6), pp. 1833-1870. (FT50, ABS4)   Data and code

3. Xue Yuan, Bohui Zhang, and Xiaofeng Zhao, 2025. "Nowcasting Firms' Operating Activities from Satellite Data on Thermal Infrared Radiation", Journal of Financial and Quantitative Analysis, 61(3), pp. 1073-1111. (FT50, ABS4)   Data and code

4. Su Lixin (Nancy), Sonia Man-lai Wong, Yuan Xue, and Xiaofeng Zhao, 2025. "Do Short-Sale Constraints Inhibit Information Acquisition? Evidence from Two Natural Experiments", Journal of Financial Markets, 72, p. 100945. (ABS3)

5. Lin Chen, Randall Morck, Bernard Yeung, and Xiaofeng Zhao, 2023. "What Do We Learn from Stock Price Reactions to China's First Announcement of Anti-Corruption Reforms?", The Journal of Finance and Data Science, 9, p. 100096.

6. Xue Shuyu, Bohui Zhang, and Xiaofeng Zhao, 2021. "Brain Drain: The Impact of Air Pollution on Firm Performance", Journal of Environmental Economics and Management, 110, p. 102546. (ABS3)   Data and code

7. Ren Haohan and Xiaofeng Zhao, 2020. "Anticorruption, Political Connections, and Corporate Cash Policy: Evidence from Politician Downfalls in China", Emerging Markets Review, 45, p. 100745.

8. Firth Michael, Chen Lin, Sonia Man-lai Wong, and Xiaofeng Zhao, 2019. "Hello, Is Anybody There? Corporate Accessibility for Outside Shareholders as a Signal of Agency Problems", Review of Accounting Studies, 24(4), pp. 1317-1358. (FT50, ABS4)   Data and code

Patents

1. Jingchen Pan, Xiaofeng Zhao, Bohui Zhang, and Yueyao Wang. "A Method and System for All-Weather Monitoring of Port Congestion Using Synthetic Aperture Radar" (一种利用合成孔径雷达全天候监测港口拥堵的方法及系统), CNIPA Patent No. ZL 2024 1 1889488.8 (CN 119335537 B), granted March 14, 2025.

2. Jingchen Pan, Xiaofeng Zhao, and Bohui Zhang. "A Method and System for Measuring Port Container Terminal Congestion Using Satellite Images" (利用卫星影像测度港口集装箱码头拥堵状况的方法及系统), CNIPA Patent No. ZL 2024 1 0512706.X (CN 118097454 B), granted July 12, 2024.

3. Yiping Lin, Yubo Liu, Bohui Zhang, and Xiaofeng Zhao. "A Method and System for Estimating Crude Oil Reserves of Floating Roof Oil Tanks through Satellite Images" (一种通过卫星图像估算浮顶油罐原油储量的方法及系统), CNIPA Patent No. ZL 2022 1 0183554.4 (CN 114708512 B), granted April 26, 2024.

Grants

As Principal Investigator :

1. "Generative AI in finance and economics: Implications for financial advice and decision-making", Contract Research, 2026-2028. Amount: HKD 470,000.

2. "Generative Artificial Intelligence and Stock Price Informational Efficiency: Evidence from OpenAI GPT API Outages", Direct Grant, 2025-2027. Amount: HKD 30,000.

3. "Clearing the Air on a Bad Air Day: Air Pollution and Interactive Corporate Communication", Contract Research, 2024-2027. Amount: HKD 1,500,000.

4. "Unraveling the Governance Participation Puzzle: A Field Experiment", Faculty Research Grant, 2024-2026. Amount: HKD 50,000.

5. "Insider Information and Corporate Disclosure and Financing Policies: Evidence from Satellite Data and a Field Experiment", General Research Fund (GRF No. 13500622), 2022-2024. Amount: HKD 489,747.

6. "Nowcasting Corporate Fundamentals from Satellite Data on Thermal Infrared Radiation", General Research Fund (GRF No. 13500021), 2021-2024. Amount: HKD 394,993.

7. "Short-Sale Constraints and Access to Management: Evidence from a Randomized Experiment", Early Career Scheme (ECS No. 23500019), 2019-2022. Amount: HKD 381,326.

8. Research Seed Fund, 2016-2019. Amount: HKD 50,000.

As Co-Investigator:

1. "AIGC赋能下投资者监督行为的测度、演化及其对企业AI言行一致性的影响研究" (No. 2026A1515012943), 广东省自然科学基金-面上项目, 2026-2028. Amount: RMB 100,000.

2. "Financial Education and Accrual Mispricing: Evidence from a Field Experiment", Faculty Research Grant, 2020-2022. Amount: HKD 50,000.

3. "Deforestation Risk Investment Strategy", World Wide Fund for Nature (WWF), 2019-2020. Amount: RMB 300,000.