Department of Economics and Finance | Staff List

Prof. ZHAO Shan (趙山教授)

PhD - Economics (Toulouse School of Economics)
Master - Economics (Toulouse School of Economics)
Master - Economics (Sichuan University)

Associate Professor

Contact Information

E-mail:
Address:	10-284, Lau Ming Wai Academic Building City University of Hong Kong
Phone:	+852 34427407
shanzhao@cityu.edu.hk
Personal Web:
https://sites.google.com/view/zhaoshan/
SSRN Web:
https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=479459

Research Areas

Corporate Finance
Corporate Governance
Institutional Investors

Dr. Shan Zhao received his Ph.D. from the Toulouse School of Economics, University of Toulouse 1, France. Prior to joining the Department of Economics and Finance at the City University of Hong Kong, he was an associate professor of finance at the Grenoble Ecole de Management, France. His areas of research include corporate finance, corporate governance, and institutional investors. His publications appeared in Journal of Financial Economics, Review of Financial Studies, Strategic Management journal, and other journals.

Selected Publications

Journal Publications and Reviews
Wei, Jiaying; Zhao, Shan / Does hedge fund activism harm corporate social performance? Evidence from ESG ratings. September 2025; In: Journal of Corporate Finance. Vol. 94 He, Jie (Jack); Huang, Jiekun; Zhao, Shan / Internalizing governance externalities: The role of institutional cross-ownership. November 2019; In: Journal of Financial Economics. Vol. 134, No. 2, pp. 400-418 WANG, Heli; ZHAO, Shan; CHEN, Guoli / FIRM-SPECIFIC KNOWLEDGE ASSETS AND EMPLOYMENT ARRANGEMENTS: EVIDENCE FROM CEO COMPENSATION DESIGN AND CEO DISMISSAL. September 2017; In: Strategic Management Journal. Vol. 38, No. 9, pp. 1875-1894 WANG, Heli; ZHAO, Shan; HE, Jinyu / INCREASE IN TAKEOVER PROTECTION AND FIRM KNOWLEDGE ACCUMULATION STRATEGY. December 2016; In: Strategic Management Journal. Vol. 37, No. 12, pp. 2393-2412 Jiang, Wei; Wan, Hualin; Zhao, Shan / Reputation Concerns of Independent Directors: Evidence from Individual Director Voting. March 2016; In: Review of Financial Studies. Vol. 29, No. 3, pp. 655-696 Yang, Tina; Zhao, Shan / CEO duality and firm performance: Evidence from an exogenous shock to the competitive environment. December 2014; In: Journal of Banking and Finance. Vol. 49, pp. 534-552 Xiao, Sheng; Zhao, Shan / How do agency problems affect firm value? - Evidence from China. April 2014; In: European Journal of Finance. Vol. 20, No. 7-9, pp. 803-828 Xiao, Sheng; Zhao, Shan / Financial development, government ownership of banks and firm innovation. June 2012; In: Journal of International Money and Finance. Vol. 31, No. 4, pp. 880-906 Huang, Weihua; Schwienbacher, Armin; Zhao, Shan / When bank loans are bad news: Evidence from market reactions to loan announcements under the risk of expropriation. April 2012; In: Journal of International Financial Markets, Institutions and Money. Vol. 22, No. 2, pp. 233-252

Journal Publications and Reviews

Wei, Jiaying; Zhao, Shan / Does hedge fund activism harm corporate social performance? Evidence from ESG ratings. September 2025; In: Journal of Corporate Finance. Vol. 94
He, Jie (Jack); Huang, Jiekun; Zhao, Shan / Internalizing governance externalities: The role of institutional cross-ownership. November 2019; In: Journal of Financial Economics. Vol. 134, No. 2, pp. 400-418
WANG, Heli; ZHAO, Shan; CHEN, Guoli / FIRM-SPECIFIC KNOWLEDGE ASSETS AND EMPLOYMENT ARRANGEMENTS: EVIDENCE FROM CEO COMPENSATION DESIGN AND CEO DISMISSAL. September 2017; In: Strategic Management Journal. Vol. 38, No. 9, pp. 1875-1894
WANG, Heli; ZHAO, Shan; HE, Jinyu / INCREASE IN TAKEOVER PROTECTION AND FIRM KNOWLEDGE ACCUMULATION STRATEGY. December 2016; In: Strategic Management Journal. Vol. 37, No. 12, pp. 2393-2412
Jiang, Wei; Wan, Hualin; Zhao, Shan / Reputation Concerns of Independent Directors: Evidence from Individual Director Voting. March 2016; In: Review of Financial Studies. Vol. 29, No. 3, pp. 655-696
Yang, Tina; Zhao, Shan / CEO duality and firm performance: Evidence from an exogenous shock to the competitive environment. December 2014; In: Journal of Banking and Finance. Vol. 49, pp. 534-552
Xiao, Sheng; Zhao, Shan / How do agency problems affect firm value? - Evidence from China. April 2014; In: European Journal of Finance. Vol. 20, No. 7-9, pp. 803-828
Xiao, Sheng; Zhao, Shan / Financial development, government ownership of banks and firm innovation. June 2012; In: Journal of International Money and Finance. Vol. 31, No. 4, pp. 880-906
Huang, Weihua; Schwienbacher, Armin; Zhao, Shan / When bank loans are bad news: Evidence from market reactions to loan announcements under the risk of expropriation. April 2012; In: Journal of International Financial Markets, Institutions and Money. Vol. 22, No. 2, pp. 233-252

Conference Papers
Huang, Yong; 尹妮娜; 张艳华; 赵山 / Impact of Antitrust Regulations on Firm Market Value: Evidence from Chinese and U.S. Internet Platforms. June 2023; 2nd Nanjing University International Symposium of Frontiers in the Economics of Industry, Cities and Innovation (2023), 17/06/2023 - 18/07/2023, Nanjing, China.