Department of Economics and Finance | Staff List

Prof. ZHANG Lei (張磊教授)

PhD - Finance (INSEAD)
MSc - Financial Mathematics and Control Sciences (Fudan University)
BSc - Mathematics (Fudan University)

Associate Professor

Contact Information

E-mail:
Address:	10-288, Lau Ming Wai Academic Building City University of Hong Kong
Phone:	+852 34422164
lzhan29@cityu.edu.hk
SSRN Web:
https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=644144

Research Areas

Banking, Credit Markets, Institutional Investors

Dr. ZHANG Lei is an Associate Professor of Finance at CityU in Hong Kong. Before joining CityU in 2020, 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 Markets, Financial Management, Journal of Futures Markets, and Mathematical Finance.

Teaching Areas

Corporate valuation, Fixed income analytics, Financial management

External Links

ORCID

Publications

Journal Publications and Reviews
Yu, Minfeng; Si, Yi; Tian, Gaoliang; Zhang, Lei / Climate risk and audit fees: An international study. December 2023; In: Accounting and Finance. Vol. 63, No. 5, pp. 4989-5025 Lin, Beiqi; Mei, Shunji ; Tan, Kelvin Jui Keng; Zhang, Lei / Do exchange traded funds affect corporate cash holdings?. October 2023; In: Journal of Business Finance and Accounting. Wei, Chishen; Zhang, Lei / Trust in Financial Markets: Evidence from Reactions to Earnings News. October 2023; In: Management Science. Vol. 69, No. 10, pp. 6393-6415 Haghighi, Afshin; Zhang, Lei; Oliver, Barry; Faff, Robert / Information acquisition and market liquidity: Evidence from EDGAR search activity. August 2023; In: Global Finance Journal. Vol. 57 Massa, Massimo; Zhang, Lei / Credit Default Swaps, Fire Sale Risk and the Liquidity Provision in the Bond Market. June 2023; In: Journal of Financial and Quantitative Analysis. 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

Journal Publications and Reviews

Yu, Minfeng; Si, Yi; Tian, Gaoliang; Zhang, Lei / Climate risk and audit fees: An international study. December 2023; In: Accounting and Finance. Vol. 63, No. 5, pp. 4989-5025
Lin, Beiqi; Mei, Shunji ; Tan, Kelvin Jui Keng; Zhang, Lei / Do exchange traded funds affect corporate cash holdings?. October 2023; In: Journal of Business Finance and Accounting.
Wei, Chishen; Zhang, Lei / Trust in Financial Markets: Evidence from Reactions to Earnings News. October 2023; In: Management Science. Vol. 69, No. 10, pp. 6393-6415
Haghighi, Afshin; Zhang, Lei; Oliver, Barry; Faff, Robert / Information acquisition and market liquidity: Evidence from EDGAR search activity. August 2023; In: Global Finance Journal. Vol. 57
Massa, Massimo; Zhang, Lei / Credit Default Swaps, Fire Sale Risk and the Liquidity Provision in the Bond Market. June 2023; In: Journal of Financial and Quantitative Analysis.
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