Degrees Held: Ph.D. (Finance), University of California, Irvine, 2005
M.A. (Finance), Fudan University, Shanghai, China, 1999
B.A. (Finance), Nankai University, Tianjin, China, 1996
- Areas: Financial Management, International Finance
- FINANCE 3580 - International Corporate Finance
- FINANCE 6500 - Financial Management
- Areas: Credit Risk, Derivatives, Corporate Finance, International Finance, Risk Management
- Selected Significant Publications:
- 'Bank Capital, Interbank Contagion, and Bailout Policy', with Suhua Tian and Yuhong Yang, Journal of Banking and Finance, 2013, Vol. 37(8), August, 2765–2778.
- 'Information Efficiency of Credit Default Swaps Market: Evidence from Earnings Surprisies', with Sanjian Zhang, Journal of Financial Stability, 2013, 9(4), December, 720-730.
- 'Determinants and Price Discovery of China Sovereign Credit Default Swaps', with Tom Eyssell and Hung-gay Fung, Chinese Economic Review, a lead article, 2013, Vol. 24, March, 1-15.
- 'How Does the Use of Credit Default Swaps Affect Firm Risk and Value? Evidence from U.S. Life and Property-Casualty Insurance Companies,' with Hung-gay Fung and Min-Ming Wen, Financial Management, 2012, 41(4), 979-1007.
- 'Credit Contagion Channels: Market Microstructure Evidence from Lehman Brother's Bankruptcy', with Bidisha Chakrabarty, Financial Management, 2012, 41(2), 320-343.
- 'Reported Trade Figure Discrepancy, Regulatory Arbitrage, and Round-tripping: Evidence from the China-Hong Kong Trade Data', with Hung-gay Fung and Jot Yau, Journal of International Business Studies, 2011, Journal of International Business Studies, 42, 152-176.
- 'Emerging from Chapter 11 Bankruptcy: Is it Good News or Bad News for Industry Competitors?', Financial Management, 2010, Winter, 1719-1742.
- 'Information Transfer Effects of Bond Rating Downgrades', with Philippe Jorion, Financial Review, Vol. 45, 683-706.
'Do Credit Default Swaps Predict Currency Values: Evidence from the U.S. and European CDS Indices', with Jot Yau and Hung-gay Fung, Applied Financial Economics, a lead article, Vol. 20(6), March, 439-458.
- 'Credit Contagion from Counterparty Risk' with Philippe Jorion, Journal of Finance, Vol. 64 (October), 2053-2087. Also summarized in CFA Digest, February 2010, Vol. 40, No. 1.
'Institutional Ownership and Credit Spreads: An Information Asymmetry Perspective', with Ashley Wang, Journal of Empirical Finance,September,16(4), 597-612.
- 'Institutional Reforms and Investor Reactions to CSR Announcements: Evidence From an Emerging Economy' with Bindu Arya, Journal of Management Studies, a lead article, 2009, Vol. 46(7), 1089-1253.
- 'Informational Efficiency of Credit Default Swap and Stock Markets: The Impact of Adverse Credit Events ', International Review of Accounting, Banking and Finance, April 2009, Volume 1 No. 1, Pages 1-15.
- 'On the Relationship Between Asian Credit Default Swap and Equity Markets', with Johnny Chan, and Hung-gay Fung, Journal of Asian Business Studies, a lead article, 2009, 4(1), 2-11.
- 'Are the U.S. Stock Market and Credit Default Swap Market Related? Evidence from the CDX Indices' with Hung-gay Fung, Gregory E. Sierra, and Jot Yau, Journal of Alternative Investments, 2008, Summer, 43-61.
- 'Good and Bad Credit Contagion: Evidence from Credit Default Swaps', with Philippe Jorion, Journal of Financial Economics, June 2007, 84(3), Pages 860-883. Also summarized in CFA Digest, November 2007, Vol. 37, No. 4: Pages. 29-31.
- 'Information Effects of Bond Rating Changes: The Role of the Rating Prior to the Announcement', with Philippe Jorion, Journal of Fixed Income, Spring 2007, Pages 45-59.
- 'On the Imbalances between the Real Estate Market and Stock Markets in China' with Hung-Gay Fung, Chinese Economy, 2006, Pages 26-39
- Book Chapters:
- Zhang, Gaiyan (2013), Book Chapter “Sovereign Credit Default Swaps”, in Frontiers of Economics and Globalization: International Financial Markets, Hung-gay Fung and Yiuman Tse ed., Emerald.
- "Credit Contagion and Counterparty Risk", with Philippe Jorion, in Financial Contagion: The Viral Threat to the Wealth of Nations, John Wiley & Sons, Inc. 2011.
- "Credit Contagion and Counterparty Risk", with Philippe Jorion, in Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future, Hoboken, NJ: John Wiley & Sons, Inc. 2010.
- "Credit Derivatives: Trends, Challenges and Opportunities," in Advances in International Investments: Traditional and Alternative, H.G. Fung, ed. World Scientific, 2008.
- "China's Foreign Exchange Market," in China's Capital Markets: Challenges from WTO Membership, Chan, K.C., H. G. Fung, and Q. W. Liu ed. Edward Elgars Publishing Co., 2007.
- Received University of Missouri-St. Louis' Amheuser-Busch Excellence in Teaching Award in 2011 and Douglas E. Durand Award for Research Excellence in 2007, FDIC research fellowship from Center for Financial Research in 2007, UM-St. Louis Research Awards in 2005, UMSL Center for International Studies Research Fellowship, UMSL Small Grants Fund, College of Business Summer Research Grant, University of California at Irvine's Dissertation Grant, Fudan University Sasakawa Distinguished Researcher Award, and Fudan University New York Life Outstanding Graduate Research Award.
- Papers accepted for presentation at the National Bureau of Economic Research (NBER) 'Risk of Financial Institutions' program held in University of Chicago, the 2nd Bank of Canada Conference on Fixed Income Markets, the FDIC's Center for Financial Research Workshop, and the AFA, WFA, and FMA annual meetings.
- PhD dissertation 'Intra-industry credit contagion: the evidence from the credit default swap market and the stock market' was in the top-10-list by downloads at the Social Science Research Network (SSRN) in the areas of 'Options, Futures and Derivatives', and 'Risk Management' (2004).
- Paper reviewer for Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Management Science, Journal of Banking and Finance, Journal of Financial Intermediation, Journal of Corporate Finance, Journal of Futures Market, Financial Review, Journal of Financial Services Research, The Quarterly Review of Economics and Finance, Quarterly Journal of Finance, International Review of Finance, Journal of Financial Stability, Chinese Economy, China and World Economy, Journal of International Financial Markets, Institutions & Money, Emerging Markets Finance and Trade, Multinational Business Review, International Review of Economics and Finance. Grant reviewer for the Research Grants Council of Hong Kong, University of Missouri Research Board. FMA Annual Meeting Program Committee on International Finance.
- Member of Financial Management Association, American Financial Association, Western Financial Association