Xintong's Webpage

Xintong (Eunice) ZHAN

CUHK Business School

The Chinese University of Hong Kong

Shatin, N.T., Hong Kong

Tel: (+852) 3943-4179


Curriculum Vitae: [PDF]



Assistant Professor of Finance and Real Estate, CUHK Business School, Chinese University of Hong Kong, Aug 2018 - present

Assistant Professor of Finance, Erasmus School of Economics, Erasmus University Rotterdam, Sept 2016 - July 2018


Ph.D. in Finance, Department of Finance, Chinese University of Hong Kong, Aug 2012 - July 2016

B.A. in Finance, Guanghua School of Management, Peking University, Sept 2008 - July 2012

Refereed Publications:

  1. Product Market Threats and Stock Crash Risk (with Si Li), 2019, Management Science 65 (9), 4011–4031 .
  2. Peer Effects of Corporate Social Responsibility (with Jie Cao, Hao Liang), 2019, Management Science 65 (12), 5487–5503.
  3. Does Change in the Information Environment Affect Financing Choices? (with Xu Li, Chen Lin), 2019, Management Science 65 (12), 5676–5696.

Selected Working Papers (SSRN):

  1. Option Return Predictability ( with Jie Cao, Bing Han, Qing Tong) -- RR at Review of Financial Studies
  2. The Calendar Effects of the Idiosyncratic-Volatility Puzzle: A Tale of Two Days? (with Jie Cao, Tarun Chordia) -- RR at Management Science
  3. Implied Volatility Changes and Corporate Bond Returns (with Jie Cao, Xiao Xiao, Amit Goyal) -- NFA (2019)
  4. ESG Preference, Institutional Trading, and Stock Return Patterns (with Sheridan Titman, Xintong Zhan, and Weiming Zhang) Previously circulated under the title “ESG Preference and Market Efficiency: Evidence from Mispricing and Institutional Trading”. -- CICF (2019), NFA (2019)
  5. Volatility Uncertainty and the Cross-Section of Option Returns (with Jie Cao, Aurelio Vasquez, Xiao Xiao) -- AFA (2020), CICF (2018), NFA (2018), SFS Cavalcade AP (2018), CDI (2018)
  6. Option Trading and Stock Price Informativeness (with Jie Cao, Amit Goyal, Sai Ke) -- WFA (2019), SFS Cavalcade AP (2019), CDI (2018)
  7. Options Trading and Corporate Debt Structure (with Jie Cao, Michael Hertzel , Jie Xu) -- FMA Asia (2019), FMA Europe (2019), FMA (2019)
  8. Smart Beta, "Smarter" Flows (with Jie Cao, Jason Hsu, Zhanbing Xiao) -- CICF (2017), NFA (2018), 1st World Symposium on Investment Research (2018)
  9. Patent Quality and Firm Value: Evidence from Patent Examiners Busyness (with Tao Shu, Xuan Tian) -- CICF (2018)

Selected Research Grants:

  • Early Career Scheme (Principal Investigator), 2019-2021, Hong Kong Research Grant Council, HK$450,000 (US$57,000).
  • General Research Fund (Co-Investigator), 2019-2022, Hong Kong Research Grant Council, HK$830,600 (US$128,000).
  • Alternative Risk Premia Research Grant of the Paris–Dauphine House of Finance and Unigestion, 2019, €10,000.
  • Canadian Derivatives Institute (CDI) Research Grant (x2), 2016-2018, CA$50,000.
  • General Research Fund (Co-Investigator), 2015-2017, Hong Kong Research Grant Council, HK$413,500 (US$53,000).

Selected Honors & Awards:

  • AAM–CAMRI Prize in Asset Management, Asia Asset Management and National University of Singapore, 2019, US$15,000
  • ETF Research Academy Award of the Paris–Dauphine House of Finance and Lyxor Asset Management, 2018, €5,000.
  • Best Paper Award, The 26th Conference on the Theories and Practices of Securities and Financial Markets, 2018.
  • Chicago Quantitative Alliance (CQA) Academic Competition, Chicago, 2017.
  • Chicago Quantitative Alliance Asia (CQAsia) Academic Competition, Hong Kong, 2016.
  • Zephyr Prize, Best Paper in Corporate Finance, The 28th Australian Finance & Banking Conference, 2015.
  • AFA Student Travel Grant, 2015.
  • Outstanding Paper Award, The 9th International Conference on Asia-Pacific Financial Market, 2014.
  • Best Paper Award, The 22nd Conference on the Theories and Practices of Securities and Financial Markets, 2014.

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