Yaojia (Zoe) ZHANG’s Website

Hello! I am currently a Postdoctoral Research Fellow at the School of Accounting and Finance, The Hong Kong Polytechnic University.

My research focuses on the intersection of corporate social responsibility (CSR) and different empirical fields, including accounting, finance, and management, with a particular emphasis on climate finance and information.

I'm on the job market (2025-2026). I will be participating in the EAA Talent Workshop 2025 (Madrid) and the ASSA 2026 Annual Meeting (Philadelphia), and I am available for interviews.

Download my CV

Email: yjzoe.zhang@polyu.edu.hk

Employment

The Hong Kong Polytechnic University

Postdoctoral Fellow, 2025 - present

Academic Background

The Chinese University of Hong Kong

Ph.D. in Finance, 2020 - 2025

B.B.A. in Accounting (First Class Honor), 2015 - 2020

The University of Miami, Florida, USA

Exchange Undergraduate Student, 2017

Chicago Quantitative Alliance (CQA) Institute, USA

CQA Scholar, 2019

Research Interests

Financial Accounting, Capital Market Information Efficiency, Financial Reporting, Managerial Accounting, Corporate Governance, Climate Finance, Corporate Finance, International Finance, Financial Institutions.

References

Prof. Jie (Jay) Cao (Hong Kong Polytechnic University)
Prof. Xavier Giroud (Columbia Business School)
Prof. Omrane Guedhami (University of South Carolina)
Prof. Linda Myers (University of Tennessee)
Prof. George Yang (Chinese University of Hong Kong)
Prof. Xintong Zhan (Fudan University)

Job Market Paper

1. Carbon Emissions Trading and Stock Price Informativeness: The International Evidence (with Jie Cao) -- AEA (2026)

Abstract: This paper shows that emissions trading systems (ETSs) globally enhance stock price informativeness at firm level. ETS is particularly beneficial for firms where carbon-related information is financially significant, earnings and returns are uncertain, and investors focus on carbon data. Our findings suggest that ETS reduces the cost of integrating carbon information by providing benchmarks for carbon costs and aligning investor expectations. This leads to more accurate market prices and better-informed trading decisions. Moreover, analysts offer more precise and frequent earnings forecasts and are more likely to follow these firms after ETS implementation.

Other Working Papers

2. Socially Responsible Investors and Stock Price Informativeness (with George Yang, Xintong Zhan, Weiming Zhang) - Revise & Resubmit, The Accounting Review

3. Foreign Institutional Ownership and Corporate Carbon Emissions (with Jie Cao, Xintong Zhan, Weiming Zhang) - Revise & Resubmit, Strategic Management Journal

4. The Impact of Labor Risk on Implied Cost of Equity Capital: Evidence from Opioid Epidemic (with Jie Cao, Linda Myers, Xintong Zhan, Weiming Zhang)

5. Female Directors Reduce Corporate Carbon Emissions Globally (with Jie Cao, Xintong Zhan, Weiming Zhang)

Publications by Invitation

The Return Predictability of Carbon Emissions: Evidence from Hong Kong and Singapore (with Jie Cao, Xintong Zhan, Weiming Zhang), 2023, Pacific-Basin Finance Journal 82 (Special Issue), 102177.
Green Human Capital and Carbon Emissions of Asian Firms (with Fangyuan Li, Weiming Zhang), 2025, Asian Economic Policy Review (Special Issue), forthcoming.

Teaching Experience

Teaching Assistant, CUHK Business School, The Chinese University of Hong Kong

Empirical Asset Pricing (PhD)
Financial Management (Undergraduate)
Investment Analysis and Portfolio Management (Undergraduate)