School of Accounting and Finance Office: (852) The Hong Kong Polytechnic University Fax: (852)

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1 Shaojun Zhang School of Accounting and Finance Office: (852) The Hong Kong Polytechnic University Fax: (852) Hung Hom, Kowloon, Hong Kong Academic Employment Assistant Professor January 2009 to present School of Accounting and Finance, Faculty of Business The Hong Kong Polytechnic University, Hong Kong Assistant Professor June 2001 to December 2008 Division of Banking and Finance, Nanyang Business School Nanyang Technological University, Singapore Graduate Teaching/Research Assistant (Part-time) August 1996 to May 2001 Department of Statistics Florida State University, U.S.A. Education Ph. D., Statistics with concentration in Finance, Florida State University, U.S.A., 2001 M. Sc., Statistics, Florida State University, U.S.A., 1998 B. Sc., Applied Mathematics, Tsinghua University, China, 1996 B. E., Electronics & Computer Technology, Tsinghua University, China, 1996 Professional Qualification Associate of the Society of Actuaries (ASA) from September 2008 to present Member of the Board of Directors of the Asian Finance Association from July 2010 to present Research Interests Chinese equity markets; empirical asset pricing; information-based trading; market microstructure Teaching Interests Investments; business risk management Academic Publications Wilson H.S. Tong, Shaojun Zhang and Yanjian Zhu, 2013, Trading on inside information: Evidence from the share-structure reform in China, Journal of Banking and Finance, Vol. 37, pp James S. Ang and Shaojun Zhang, 2013, Evaluating long-horizon event study methodology, Handbook of Financial Econometric and Statistics, forthcoming. Yuxing Yan and Shaojun Zhang, 2012, An improved estimation method and empirical properties of the probability of information-based trading, Journal of 1

2 Banking and Finance, Vol. 36, pp Lei M. Li and Shaojun Zhang, 2010, An Out-of-Sample Validation Study of Asset Pricing Models, Advances in Investment Analysis and Portfolio Management, Vol. 4, pp James S. Ang and Shaojun Zhang, 2007, Beyond earnings surprises: Incremental information about future earnings around earnings announcement, Asia-Pacific Journal of Financial Studies, Vol. 36, pp o 2008 Best Paper Award by the Asia-Pacific Journal of Financial Studies James S. Ang and Shaojun Zhang, 2006, Underwriting relationships: Information production costs, underwriting fees, and first mover advantage, Review of Quantitative Finance and Accounting, Vol. 27, No. 2, pp Buen Sin Low and Shaojun Zhang, 2005, The volatility risk premium embedded in currency options, Journal of Financial and Quantitative Analysis, Vol. 40, No. 4, pp James S. Ang and Shaojun Zhang, 2004, League Table: A study of the competition to underwrite floating rate debt, Journal of International Financial Markets, Institutions & Money, Vol. 14, No. 4, pp James S. Ang and Shaojun Zhang, 2004, An evaluation of testing procedures for long horizon event studies, Review of Quantitative Finance and Accounting, Vol. 23, No. 3, pp Shaojun Zhang, Xu-Feng Niu and James S. Ang, 2003, Building tracking portfolios based on a generalized information criterion, Statistica Sinica, Vol. 13, No. 4, pp Working Papers Quality of PIN estimates and the PIN-return relationship, (with Yuxing Yan) Trading Restriction, Tick Size, and Price Discovery of Cross-listed Firms: Evidence from a Natural Experiment in China, (with Kalok Chan and Wilson Tong) Fragmentation, Liquidity and Stock Price: Evidence from the Flash Crash, (with James Ang, Kalok Chan, and Kenneth Hunsader) Float, Speculation, and Stock Prices: Evidence from the Share Structure Reform in China, (with Chuan-Yang Hwang and Yanjian Zhu) Teaching Experience The following are the courses I have taught, and the degree programs they are Hong Kong Polytechnic University BBA in Accountancy and Finance (more than 100 students) o Investments M. Sc. in Finance and M. Sc. in Corporate Finance o Investments M. Sc. in Corporate Governance o Business Risk Management China MBA Program (taught in Mandarin) o Advanced Investment Theory and Practice 2

3 o Corporate Risk Nanyang Technological University B. Sc. in Banking and Finance Program o Financial Modeling with Excel B. Sc. in Actuarial Science o Asset Valuation o Actuarial Computing M. Sc. in Financial Engineering o Financial Time Series Analysis (a compulsory subject for PhD students) o Probability and Statistics M. Sc. in Finance o Investments Nanyang MBA o Financial Modeling Student Hong Kong Polytechnic University Supervisor of one PhD student Supervisor for Master s of Finance research projects Supervisor for MBA and EMBA students investigative business Nanyang Technological University Ph. D. chair for Zhu, Yanjian (2008) (first job: Zhejiang University, China) Ph. D. co-chair for Cao, Qin (2008) (first job: Standard Chartered Bank, Singapore) Ph. D. committee member for Michelle Cheong, Ping Wang, Bohui Zhang M. Sc. Business (by Research) committer member for Lei Zeng, Jeffery Seow Supervisor for the M. Sc. Financial Engineering Thesis of Alvin Cheng Kiat, Chua Chin Tong, and Zheng Ru Supervisor for the final-year research project of more than 30 undergraduate students in the B. Sc. Business program Supervisor of over 20 undergraduate students in the Global Immersion Program Professional Services University Hong Kong Polytechnic University o Member of Human Subject Ethics Committee, a Sub-Committee of the University Research Committee o Member of the Master s of Finance Program Committee o Member of the Master s of Corporate Finance Program Committee o Panel member for admission interview for MSc, MBA and BBA program o Mentor for foundation year students University Nanyang Technological University o Reviewed applications and conducted interviews for student admission to B.Sc. (Business) program, M.Sc. (Financial Engineering) program, and Ph.D. (Finance) program o Taught for executive education programs for bank managers and government 3

4 officials from China Seminars at o University of Macau (2010) o Hong Kong Polytechnic University (2008, 2012) o Nanyang Technological University (2001, 2002, 2003, 2004, 2006) o Xiamen University (2006) o Singapore Management University (2005) Ad hoc reviewer for o Asia-Pacific Financial Markets o China Accounting and Finance Review o Emerging Markets Finance and Trade o Journal of Finance o Journal of Futures Markets o Journal of Banking and Finance o Journal of International Financial Markets, Institutions & Money o Journal of Economics and Business o International Review of Financial Analysis o Pacific-Basin Finance Journal o Review of Quantitative Finance and Accounting o Singapore Economic Review Discussant and/or Session chair at o 2013 Asian Finance Association Conference o 2012 Hong Kong Economic Association Conference o 2012 China International Conference in Finance o 2012 International Finance and Banking Society Conference o 2012 Asian Finance Association Conference o 2011 Asian Finance Association Conference o 2011 International Finance and Banking Society Conference o 2010 Asian Finance Association Conference o 2009 China Accounting and Finance Review International Symposium o 2009 China International Conference in Finance o 2008 Global Finance Conference o 2007 China International Conference in Finance o 2006 Financial Management Association International Meetings o 2006 NTU International Conference on Finance o 14th Conference on the Theories and Practices of Securities and Markets o 2004 China International Conference in Finance o 2002 European Financial Management Association Meeting Member of conference program selection committee o 2013 World Finance and Banking Symposium o 2013 Auckland Finance Meeting o 2013 International Finance and Banking Society Conference o 2012 Asian Finance Association Conference o 2012 International Finance and Banking Society Conference o 2012 Auckland Finance Meeting Member of o Asian Finance Association o Financial Management Association International o Society of Actuaries 4

5 Conference Presentations 2013 Asian Finance Association Conference, July 2013, Hong Kong o Kalok Chan, Wilson H.S. Tong, Shaojun Zhang, Trading Restriction, Tick Size and Price Discovery of Cross-listed Firms: Evidence from a Natural Experiment in China 2013 HKPolyU Mini Conference on Cross-Listings, Apr. 2013, Hong Kong o Kalok Chan, Wilson H.S. Tong, Shaojun Zhang, Trading Restriction, Tick Size and Price Discovery of Cross-listed Firms: Evidence from a Natural Experiment in China 2013 HKUST Value-Partners Center Conference, Jan. 2013, Hong Kong o Wilson H.S. Tong, Shaojun Zhang, Yanjian Zhu, Trading on inside information: Evidence from the share-structure reform in China 2012 Hong Kong Economic Association Conference, Dec. 2012, Hong Kong o Wilson H.S. Tong, Shaojun Zhang, Yanjian Zhu, Trading on inside information: Evidence from the share-structure reform in China 2012 China International Conference in Finance, July 2012, Chongqing, China o Yan Yuxing, Shaojun Zhang, Quality of PIN Estimates and the PIN-Return Relationship 2012 Asian Finance Association Conference, July 2012, Taipei, Taiwan o Yan Yuxing, Shaojun Zhang, Quality of PIN Estimates and the PIN-Return Relationship 2012 International Finance and Banking Society Conference, June 2012, Valencia, Spain o Yan Yuxing, Shaojun Zhang, Quality of PIN Estimates and the PIN-Return Relationship 2011 Asian Finance Association Conference, July 2011, Macau, China o Wilson H.S. Tong, Shaojun Zhang, Yanjian Zhu, Evidence of Trading on Inside Information in China 2011 International Finance and Banking Society Conference, June 2011, Rome, Italy o Wilson H.S. Tong, Shaojun Zhang, Yanjian Zhu, Evidence of Trading on Inside Information in China 2009 China Accounting and Finance Review International Symposium, July 2009, Nanjing, China o Hwang Chuan Yang, Shaojun Zhang, Yanjian Zhu, Related Party Transactions in China before and after the Share Structure Reform 2008 China International Conference in Finance, July 2008, Dalian, China o Hwang Chuan Yang, Shaojun Zhang, Yanjian Zhu, Related Party Transactions in China before and after the Share Structure Reform 2008 Global Finance Conference, May 2008, Hangzhou, China o Lei M. Li, Shaojun Zhang, An Out-of-Sample Validation Study of Asset Pricing Models 2007 China International Conference in Finance, July 2007, Chengdu, China o Hwang Chuan Yang, Shaojun Zhang, Yanjian Zhu, Float, Liquidity, and Stock Price: Evidence from the Share Structure Reform in China 2007 International Conference on Behavioral Finance and Chinese Finance, July 2007, Shanghai, China o Hwang Chuan Yang, Shaojun Zhang, Yanjian Zhu, Float, Liquidity, and Stock Price: Evidence from the Share Structure Reform in China 5

6 2006 NTU International Conference on Finance, December 2006, Taipei, Taiwan o Hwang Chuan Yang, Shaojun Zhang, Yanjian Zhu, Float, Liquidity, Speculation, and Stock Price: Evidence from the Share Structure Reform in China 14th Conference on the Theories and Practices of Securities and Finance Markets, December 2006, Kaohsiung, Taiwan o Hwang Chuan Yang, Shaojun Zhang, Yanjian Zhu, Float, Liquidity, Speculation, and Stock Price: Evidence from the Share Structure Reform in China Financial Management Association International Meetings, October 2006, Salt Lake City, Utah, U.S.A. o Yan Yuxing, Shaojun Zhang, An Improved Estimation Method and Empirical Properties of PIN 6th International Conference on Accounting Standards, July 2006, Xiamen, China o Sun, Qian and Zhang, Shaojun, Earnings management around IPOs: Evidence from Singapore 2006 China International Conference in Finance, July 2006, Xi an, China o Yan Yuxing, Shaojun Zhang, An Improved Estimation Method and Empirical Properties of PIN 2006 Saw Centre Conference on Finance at National Univerity of Singapore, April 2006, Singapore o Yan Yuxing, Shaojun Zhang, An Improved Estimation Method and Empirical Properties of Probability of Information-based trading (PIN) 2005 China International Conference in Finance, July 2005, Kunming, China o James S. Ang, Shaojun Zhang, Beyond Earnings Surprises: Incremental Information about Future Earnings around Earnings Announcement 1st Saw Centre Conference on Quantitative Finance at National Univerity of Singapore, April 2005, Singapore o Lei M. Li, Shaojun Zhang, An Out-of-Sample Validation Study of the CAPM and the Fama-French Three-Factor Model for Returns of Individual Stocks 2004 China International Conference in Finance, July 2004, Shanghai, China o Low Buen Sin, Shaojun Zhang, The Volatility Risk Premium Embedded in Currency Options 16th Australasia Finance and Banking Conference, December 2003, Sydney, Australia o Low Buen Sin, Shaojun Zhang, The Term Structure of Volatility Risk Premium in OTC Currency Options 16th Australasia Finance and Banking Conference, December 2003, Sydney, Australia o James S. Ang, Shaojun Zhang, An Evaluation of Testing Procedures for Long Horizon Event Studies Financial Management Association International Meetings, October 2002, San Antonio, Texas, U.S.A. o James S. Ang, Shaojun Zhang, Choosing Benchmarks and Test Statistics for Long Horizon Event Study Symposium on Stochastics and Applications at National Univerity of Singapore, August 2002, Singapore o Shaojun Zhang, Xu-Feng Niu, and James S. Ang, Building tracking 6

7 portfolios based on a generalized information criterion 10th Annual Conference on Pacific Basin Finance, Economics and Accounting, August 2002, Singapore o James S. Ang, Shaojun Zhang, Underwriting Relationship: Initial Setup Costs, Underwriting Fees, and First Mover Advantage 2002 European Financial Management Association Meetings, June 2002, London, U.K. o James S. Ang, Shaojun Zhang, Choosing Benchmarks and Test Statistics for Long Horizon Event Study 2000 Financial Management Association International Meetings, October 2000, Seattle, Washington, U.S.A. o James S. Ang, Shaojun Zhang, League Table: A Study of the Competition to Underwrite Floating Rate Debt Research Grants Research grant in the amount of HK$105,000 from Hong Kong Polytechnic University, 2013 Research grant in the amount of HK$145,000 from Hong Kong Polytechnic University, 2010 Research grant in the amount of HK$78,300 from Hong Kong Polytechnic University, 2009 Research grant in the amount of HK$49,900 from Hong Kong Polytechnic University, 2009 Research grant in the amount of S$60, from Nanyang Technological University, 2006 Research grant in the amount of S$4,900 from Nanyang Business School, 2006 Research grant in the amount of S$4,193 from Nanyang Business School, 2005 Awards and Honors 2013 Best Paper Award on Chinese Capital Markets by the Asian Finance Association 2008 Best Paper Award by the Asia-Pacific Journal of Financial Studies Best Researcher of the Year Award in the Banking and Finance Division, Nanyang Business School, 2006 Ralph A. Bradley Doctoral Student Award, Florida State University, 2001 University Fellowship, Florida State University, 1997, 1999, 2000 Student Presentation Award, Florida Chapter of the American Statistical Association Annual Meeting, 2000 Best First-year Student Award in the Department of Statistics, Florida State University, U.S.A., 1997 Outstanding Undergraduate Student Award, Tsinghua University, China, 1996 Xiong Qinglai Award for Outstanding Student in Mathematics, Tsinghua University, China, 1994 University Scholarship, Tsinghua University, China, 1992, 1993, 1995 updated in October