People and Research People

People Details



Associate Professor

10-288, Lau Ming Wai Academic Building, City University of Hong Kong
+852 34422164

Research Areas

Banking, Credit Markets, Institutional Investors


PhD - Finance (INSEAD)
MSc - Operations Research and Control Science (Fudan University)
BSc - Mathematics (Fudan University)


Dr. ZHANG Lei is an Associate Professor of Finance at CityU in Hong Kong. Before joining CityU, he was an Associate Professor of Finance at the University of Queensland in Australia. He received his Bachelor's and Master's degree from Fudan University, and PhD degree from INSEAD. His research interests include credit markets, institutional investors, risk management, and financial intermediaries. He has published papers in leading academic journals including Journal of Financial Economics, Journal of Monetary Economics, Management Science, Journal of International Business Studies, Journal of Financial and Quantitative Analysis, Review of Finance, Review of Asset Pricing Studies, European Accounting Review, Journal of Economic Behavior and Organization, Journal of Financial MarketsFinancial Management, Journal of Futures Markets, and Mathematical Finance.


Teaching Areas

Corporate valuation, Fixed income analytics, Financial management

External Links


Journal Publications and Reviews

Wei, Chishen; Zhang, Lei / Trust in Financial Markets: Evidence from Reactions to Earnings News. November 2022; In: Management Science.

Chen, Zhanhui; Huang, Xiaoran; Zhang, Lei / Local gender imbalance and corporate risk-taking. June 2022; In: Journal of Economic Behavior and Organization. Vol. 198, pp. 650-672

Liu, Lewis; Neupane, Suman; Zhang, Lei / Firm location effect on underwriting, subscription, and underpricing: Evidence from IPOs in China. March 2022; In: Economic Modelling. Vol. 108

Quinn, Mitchell D.; Zhang, Lei; Mi, Lin / Yield curve inversions: A study of country-level and firm-level stock reactions. March 2022; In: International Review of Finance. Vol. 22, No. 1, pp. 278-285

Kim, Jeong-Bon; Si, Yi; Xia, Cheongwu; Zhang, Lei / Corporate Derivatives Usage, Information Environment, and Stock Price Crash Risk. 2022; In: European Accounting Review. Vol. 31, No. 5, pp. 1263–1297

Xia, Chongwu; Yang, Chuyi; Zhang, Lei / The real effect of foreign exchange hedging on corporate innovation. December 2021; In: Journal of Futures Markets. Vol. 41, No. 12, pp. 2046-2078

Massa, Massimo; Zhang, Lei / Bank credit tightening, debt market frictions, and corporate yield spreads. September 2021; In: Journal of Financial Markets. Vol. 55

Massa, Massimo; Zhang, Lei / Local investor horizon clientele and IPO underpricing. June 2021; In: Journal of Financial Markets. Vol. 54

Massa, Massimo; Zhang, Lei / The Spillover Effects of Hurricane Katrina on Corporate Bonds and the Choice between Bank and Bond Financing. May 2021; In: Journal of Financial and Quantitative Analysis. Vol. 56, No. 3, pp. 885–913

Huang, Xiaoran; Qiao, Zheng; Zhang, Lei / The real effects of institutional spatial concentration. March 2021; In: Financial Management. Vol. 50, No. 4, pp. 1113-1167

Wei, Chishen; Zhang, Lei / Trust and Local Bias. November 2020; In: Journal of Financial and Quantitative Analysis. Vol. 55, No. 7, pp. 2211-2245

Qiao, Zheng; Xia, Chongwu; Zhang, Lei / Does corporate hedging affect firm valuation? Evidence from the IPO market. June 2020; In: Journal of Futures Markets. Vol. 40, No. 6, pp. 895–927

Manconi, Alberto; Massa, Massimo; Zhang, Lei / The Informational Role of Corporate Hedging. August 2018; In: Management Science. Vol. 64, No. 8, pp. 3843–3867

Massa, Massimo; Zhang, Lei / Does corporate hedging attract foreign institutional investors? Evidence from international firms. July 2018; In: Journal of International Business Studies. Vol. 49, No. 5, pp. 605-632

Massa, Massimo; Zhang, Lei / Effects of Team Hierarchies on Bond Investing. December 2017; In: REVIEW OF ASSET PRICING STUDIES. Vol. 7, No. 2, pp. 278-315

Zhang, Lei / Local equity market participation and stock liquidity. February 2017; In: Quarterly Review of Economics and Finance. Vol. 63, pp. 101–121

Manconi, Alberto; Massa, Massimo; Zhang, Lei / Bondholder Concentration and Credit Risk: Evidence from a Natural Experiment. March 2016; In: Review of Finance. Vol. 20, No. 1, pp. 127–159

Massa, Massimo; Yasuda, Ayako ; Zhang, Lei / Supply uncertainty of the bond investor base and the leverage of the firm. October 2013; In: Journal of Financial Economics. Vol. 110, No. 1, pp. 185-214

Massa, Massimo; Zhang, Lei / Monetary policy and regional availability of debt financing. May 2013; In: Journal of Monetary Economics. Vol. 60, No. 4, pp. 439-458

Massa, Massimo; Zhang, Lei / Cosmetic mergers: The effect of style investing on the market for corporate control. September 2009; In: Journal of Financial Economics. Vol. 93, No. 3, pp. 400-427

Cadenillas, Abel; Choulli, Tahir; Taksar, Michael; Zhang, Lei / CLASSICAL AND IMPULSE STOCHASTIC CONTROL FOR THE OPTIMIZATION OF THE DIVIDEND AND RISK POLICIES OF AN INSURANCE FIRM. January 2006; In: Mathematical Finance. Vol. 16, No. 1, pp. 181-202

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