Zhaofeng Xu
Assistant Lecturer
Department of Banking and Finance
Monash Business School, Monash University
Contact:
Address: H4.09/900 Dandenong Rd, Caulfield East, VIC, 3145, Australia
Tel: +61 450 865 986
Email: zhaofeng.xu1@monash.edu
Research Interests
Empirical Corporate Finance, Finance and Labor, Corporate Governance, Corporate Bond
Education
Monash University, Australia
Ph.D. in Finance, 2020-2024
Supervisors: Prof. Abe de Jong, Dr. Zhe An, A/Prof. Ying Xia
Bachelor of Commerce (Honours), 2019
Bachelor of Banking and Finance, 2016-2018
Academic Position
Monash University, Australia
Assistant Lecturer, 2024
Teaching Associate, 2022-2023
Publication
(Presenter:*; Co-author presentation:#)
Inflexibility and Corporate Bond Yield Spreads with Zhe An, Abe de Jong, and Ying Xia
Accepted by The Review of Corporate Finance Studies (ABDC: A*).
Presentations: AFBC Conference (Sydney, 2023*); FMA Annual Meeting (Chicago, 2023*); Asian Finance Association Annual Conference (Ho Chi Minh City, 2023*); AFAANZ Annual Conference (Brisbane, 2023#); FMCG Conference (Melbourne, 2023*); FMA Asia-Pacific (Melbourne, 2022*); 36th Australian Ph.D. Conference in Economics and Business (Perth, 2022*).
We show that firms with higher scale inflexibility have higher bond yield spreads due to increased cash flow volatility and financial distress risk.
Working Papers
(Presenter:*; Co-author presentation:#)
Presentations: FMA Asia-Pacific (Seoul, 2024*), International Conference on Business and Finance (Virtual, 2024*); FIRN PhD Symposium (Port Douglas, 2024*); ABR-Deakin Accounting Conference (Melbourne, 2024*); SBFC Conference (Sydney, 2024*); AFBC Conference (Sydney, 2024*).
I explore the staggered pay ratio reporting and find that shareholders submit fewer governance proposals but pass more. These passed proposals are more likely to be implemented, though they result in short-term underperformance.
When Law Hides Pay: The Unintended Consequences of the Primary Beneficiary Test for Internships with Zhe An
We find that firms are less likely to disclose internship pay information but increase the specificity of education and specialized skill requirements in response to the implementation of the primary beneficiary test.
Short Selling Threat and Corporate Risk-Taking: International Evidence with Zhe An, and Ying Xia
Presentations: ICUR (Virtual, 2020*); Student Research Day of Deakin University (Melbourne, 2019*).
We show robust evidence that firms exposed to higher short-selling threats take on riskier but value-enhancing investments.
Academic Services
Referee Service: Review of Finance, Accounting and Finance, Journal of Accounting and Public Policy, Australian Journal of Management.
Teaching Experiences
Monash University, Australia
Lecturer
Advanced Corporate Finance (Undergraduate), 2024
Average Student’s Evaluation: 88/100
Teaching Assistant
Financial Management Theory (Postgraduate), 2022-2024
Average Student’s Evaluation: 95/100
Awards: Purple Letter for Top-Performing Units in Student Evaluation of Teaching and Units (2022, 2023, 2024)
Investments and Portfolio Management (Undergraduate), 2024
Average Student’s Evaluation: 100/100
Corporate Finance (Undergraduate), 2022-2023
Average Student’s Evaluation: 84/100
Finance and Society (Undergraduate), 2022