Xintong (Eunice) ZHAN
Department of Finance
Fellow, Asian Bureau of Finance and Economic Research (ABFER)
Senior Research Fellow, Lau Chor Tak Institute of Global Economics and Finance (IGEF)
Editorial Board, Financial Analysts Journal (FAJ)
Email: xintongzhan@fudan.edu.cn or xintongzhan@hotmail.com
CV: [PDF] | Fudan Web | LinkedIn | ORCiD | Google Scholar
Li-Dasan Chair Professor of Finance, School of Management, Fudan University, January 2022 - present
Assistant Professor of Finance and Real Estate, CUHK Business School, Chinese University of Hong Kong, August 2018 - December 2021
Assistant Professor of Finance, Erasmus School of Economics, Erasmus University Rotterdam, September 2016 - July 2018
Ph.D. in Finance (Supervisor: Hua ZHANG), 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
Product Market Threats and Stock Crash Risk (with Si Li), 2019, Management Science 65 (9), 4011-4031.
Peer Effects of Corporate Social Responsibility (with Jie Cao, Hao Liang), 2019, Management Science 65 (12), 5487-5503. AFA
Does Change in the Information Environment Affect Financing Choices? (with Xu Li, Chen Lin), 2019, Management Science 65 (12), 5676-5696.
The Calendar Effects of the Idiosyncratic-Volatility Puzzle: A Tale of Two Days? (with Jie Cao, Tarun Chordia), 2021, Management Science 67(12), 7866-7887. AFA EFA
Patent Quality, Firm Value, and Investor Underreaction: Evidence from Patent Examiner Busyness (with Tao Shu, Xuan Tian), 2022, Journal of Financial Economics 143 (3), 1043-1069. SFS
Option Return Predictability ( with Jie Cao, Bing Han, Qing Tong), 2022, Review of Financial Studies 35(3), 1394-1442. EFA
Option Price Implied Information and REIT Returns (with Jie Cao, Bing Han, Linjia Song), 2023, Journal of Empirical Finance 71, 13-28. AREUEA-ASSA
Implied Volatility Changes and Corporate Bond Returns (with Jie Cao, Amit Goyal, Xiao Xiao), 2023, Management Science 69(3), 1375-1397. AFA EFA
ESG Preference, Institutional Trading, and Stock Return Patterns (with Jie Cao, Sheridan Titman, Weiming Zhang), 2023, Journal of Financial and Quantitative Analysis 58, 1843-1877. WFA
Options Trading and Stock Price Informativeness (with Jie Cao, Amit Goyal, Sai Ke), 2024, Journal of Financial and Quantitative Analysis 59, 1516-1540. WFA
Options Trading and Corporate Debt Structure (with Jie Cao, Michael Hertzel, Jie Xu), 2025, Journal of Accounting and Public Policy 49, 107274. AFA
Smart Beta, "Smarter" Flows (with Jie Cao, Jason Hsu, Linjia Song, Zhanbing Xiao), 2025, Journal of Empirical Finance 81, 101580.
Carbon Emissions, Mutual Funds' Trading, and the Liquidity of Corporate Bonds (with Jie Cao, Yi Li, Weiming Zhang, Linyu Zhou), 2025, Management Science forthcoming.
Unlocking ESG Premium from Options (with Jie Cao, Amit Goyal, Weiming Zhang), 2025, Journal of Financial and Quantitative Analysis accepted. -- AFA SFS
Forecasting Option Returns with News (with Jie Cao, Bing Han, Gang Li, Ruijing Yang) -- AFA (2025), CICF (2022), SFS Cavalcade AP (2022)
Betting Against the Crowd: Option Trading and Market Risk Premium (with Jie Cao, Gang Li, Guofu Zhou) -- CICF (2023), WFE Derivatives (2025)
Foreign Institutional Ownership and Corporate Carbon Emissions (with Jie Cao, Weiming Zhang, Yaojia Zhang) -- NFA (2023), UN PRI Academic Conference (2023), FMA Europe (2023), AFA (2024) poster
Opioid Crisis and Firm Downside Risks: Evidence from the Option Market (with Jie Cao, Amit Goyal, Yajing Wang, Weiming Zhang) -- Finance Down Under (2025)
Short Sellers and Social Responsibility Ratings (with Jie Cao, David McLean, Weiming Zhang) -- Previously circulated as "Green or Brown: Which Overpriced Stock to Short Sell?". CICF (2025), NFA (2021), FMA Consortium on Asset Management (2023)
Socially Responsible Investors and Stock Price Informativeness (with George Yang, Weiming Zhang, Yaojia Zhang) -- ABFER (2024), ARCS (2025)
The Impact of Labor Risk on Implied Cost of Equity Capital: Evidence from Opioid Epidemic (with Jie Cao, Linda Myers, Weiming Zhang, Yaojia Zhang)
Do Insurers Listen to Earnings Conference Calls? Evidence from the Corporate Bond Market (with Jie Cao, Gang Li, Russell Wermers, Linyu Zhou) -- AFA (2024), CICF (2024), MIT Asia Conference in Accounting (2023)
A Conditional Factor Model for REIT Returns (with Jie Cao and Linjia Song)
The Salience of Climate Change and Green Patents Review: Evidence from Climatic Disasters (with Jie Cao, Tao Shu, Xuan Tian, Yajing Wang) -- AEA (2025) poster, Best Paper in ESG and Sustainability (AFBC 2024)
Opioid Crisis Along the Supply Chain (with Jie Cao, Linjia Song, Weiming Zhang) -- ARCS (2025)
Demand Shocks and Product Quality: Evidence from Hospitals (with Jie Cao, Lei Lei, Linjia Song)
Forecasting Corporate Bond Index Returns with Firm Characteristics and Macro Variables (with Jie Cao, Linjia Song, Ruijing Yang)
Real Activities and Uncertainty: Evidence from Real Estate Market (with Jie Cao, Linjia Song, Sheridan Titman)
Do Bond Short Sellers React to Earnings Conference Calls? (with Jie Cao, Shuting Li, Linyu Zhou)
The Cost of Care: Paid Family Leave and Bank Loan Pricing (with Si Li, Jianglong Liu, Linjia Song)
Information Processing Costs and Supply Chain Formation: Evidence from Local IPOs (with Jie Cao, Michael Hertzel, Linjia Song, Xinqi Yu)
Bitcoin Option and Stock Return Predictability (with Jie Cao, Gang Li, Yajing Wang)
Beyond Words: The Impact of Fed Chairs’ Facial Cues on Global Stock Performance (with Jie Cao, Zhenyang Song, Xincheng Xiong)
The General Program (Principal Investigator), 2022, The National Natural Science Foundation of China (NSFC)
General Research Fund (Principal Investigator), 2021/22, Hong Kong Research Grant Council, HK$825,993 (US$105,900)
General Research Fund (Principal Investigator), 2020/21 Hong Kong Research Grant Council, HK$550,000 (US$70,500)
Early Career Scheme (Principal Investigator), 2019/20, Hong Kong Research Grant Council, HK$450,000 (US$58,000)
GIWM Research Grant, 2020 , Geneva Institute for Wealth Management, Switzerland, CHF15,000
Alternative Risk Premia Research Grant of the Paris–Dauphine House of Finance and Unigestion, 2019, France, €10,000
Canadian Derivatives Institute (CDI) Research Grant (x2), 2016-2018, Canada, CA$50,000
Project Impact Enhancement Fund, 2019, CUHK Business School, HK$200,000
Research Grant Direct Allocation, 2018, CUHK Business School, HK$250,000
CFA Institute Prize (Best Paper in ESG and Sustainability), The 37th Australian Finance & Banking Conference, Sydney, 2024
Best Paper Award, Hong Kong Fintech, AI and Big Data in Business Conference, 2024
Best Paper Prize, FMA Consortium on Asset Management by University of Cambridge, 2023
Best Paper Award, The 6th China Derivatives Youth Forum, Guangzhou, 2023
Excellent Young Scholar (Overseas), The National Natural Science Foundation of China (NSFC), 2022
Shinhan Investment Paper Award, The 18th Annual Conference of the Asia-Pacific Association of Derivatives, 2022
Young Researcher Award, Chinese University of Hong Kong, 2021
Shinhan Investment Paper Award, The 17th Annual Conference of the Asia-Pacific Association of Derivatives, 2021
Best Paper Award on Derivatives, Northern Finance Association Annual Conference, 2020
Best Paper Prize, FMA Consortium on Asset Management by University of Cambridge, 2020
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, Kaohsiung, 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, Sydney, 2015
AFA Student Travel Grant, 2015
Outstanding Paper Award, The 9th International Conference on Asia-Pacific Financial Market, Seoul, 2014
Best Paper Award, The 22nd Conference on the Theories and Practices of Securities and Financial Markets, Kaohsiung, 2014
"ESG Preferences Negatively Affecting Market Efficiency", written by Larry Swedroe @Alpha Architect, September 29, 2023
"The Contrarian Predictive Power of Retail Option Trading", written by Larry Swedroe @www.wealthmanagement.com, May 30, 2023
"Is Climate Change Driving Mutual Funds to Dump High Carbon Bonds?", China Business Knowledge @ CUHK, March 17, 2022
"ESG Investors Succeed in the Bond Market", written by Larry Swedroe @www.advisorperspectives.com, December 13, 2021
"The Unintended Consequences of Green Investing", Scholarly Pursuits featured by CUHK, 2021
"Alternative Investment Strategies: When REITs Meet Options", China Business Knowledge @ CUHK, May 27, 2021
"Research and Investment Strategies", Risk & Reward by Invesco, Q3, 2020
"A Look at ESG’s Influence on Market Efficiency", Canadian Investment Review, October 10, 2019
"Does Busyness Affect Patent Quality?", China Business Knowledge @ CUHK, April 11, 2019
"Does CSR Influence Our Investment Behaviour?", China Business Knowledge @ CUHK, January 17, 2019
"Passive Funds Have Increased Asset Management Competition", written by Beverly Chandler @ www.etfexpress.com, November 15, 2018
"ETFs Create Opportunities for Active Managers", written by George Geddes @ www.etfstream.com, November 13, 2018
"What Role Has Passive Management Left for Active?", LYXOR Asset Management Research Publication, November 2018
"Whats Hot: ESG Exposure and Portfolio Construction", The official blog of BNP Paribas Asset Management, October, 2018
"How Smart Beta Shakes Up the Investing World", China Business Knowledge @ CUHK, March 19, 2018
“Factor ETFs Raise Active Bar”, written by Larry Swedroe @ www.etf.com, June 5, 2017
"Effects of Smart Beta ETFs on Mutual Funds", CXO Advisory Group Investing Notes, May 25, 2017
"Sure Win: New Study on Option Pricing Suggests Arbitrage Opportunities", China Business Knowledge @ CUHK, September 1, 2016
"Doing Well By Doing Good: The Impact of CSR on Competitors", China Business Knowledge @ CUHK, May 5, 2016
"Option Strategies Based on Factor Sorts", CXO Advisory Group Investing Notes, December 22, 2015
“CSR Strategies Affect the Value and Practice of Peer Firms”, 3BL Media, September 24, 2015
"Peer Effects of Corporate Social Responsibility", Value Walk, September 22, 2015
"北交所", TVB 财经透视, November 21, 2021
"中概股回流", 香港01, February 8, 2021
"金融支持大湾区建设意见如何落地实施", 南方网 , June 4, 2020
"聪明贝塔指数基金", 伍治坚证据主义访谈, 2017年