JING ZHAO Department of Business Management, Poole College of Management, Campus Box 7229 North Carolina State University, Raleigh, NC 27695

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1 JING ZHAO Department of Business Management, Poole College of Management, Campus Box 7229 North Carolina State University, Raleigh, NC Mobile Phone: (919) Home Phone: (919) Office Phone: (919) Website: EDUCATION Ph.D., Finance, Pennsylvania State University, December 2007 M.A., Economics, Emory University, August 2003 B.A., Finance, Shandong University, China, July 1999 ACADEMIC POSITIONS North Carolina State University, Poole College of Management Assistant Professor of Finance, Department of Business Management 2007 present AREAS OF INTEREST Research: Corporate Finance, Executive Contracts and Compensation, Innovation, Corporate Governance, Mergers and Acquisitions, Real Estate/Urban Economics Teaching: Investments, Corporate Risk Management, Derivatives, Corporate Finance PUBLICATIONS Can Growth Options Explain the Trend in Idiosyncratic Risk?, with Charles Cao and Tim Simin, December 2008, Review of Financial Studies 21 (6), Best Paper Award, 3rd NTU International Conference on Economics, Finance, and Accounting (IEFA), 2005 Entrenchment or Incentive? CEO Employment Contracts and Acquisition Decisions, September 2013, Journal of Corporate Finance 22, Best Paper Award in Corporate Finance (semi-finalist), 2012 FMA On SSRN s Top Ten Download List for 10 categories and ejournals (4/25/13-6/1/13) Full-Page Media Coverage: Strategy+Business Magazine s Featured Story CEOs with Contracts Pull off Better M&A Deals, 8/5/2013. It Makes a Village: Residential Relocation after Charter School Admission, with Bartley R. Danielsen and David M. Harrison, 2014, Real Estate Economics 42 (4), Hedge Funds and Corporate Innovation, with Ying Wang, 2015, Financial Management 44 (2), Page 1 of 6

2 School Choice Programs: The Impacts on Housing Values, with Bartley Danielsen and Josh Fairbanks, Journal of Real Estate Literature forthcoming. On SSRN s Top Ten Download List (12/17/2014-2/1/2015) Credibility and Multiple SEOs: What Happens When Firms Return to the Capital Market?, with Mark Walker and Keven Yost, Financial Management forthcoming. SELECTED WORKING PAPERS Promoting the Quiet Life or Risk-Taking? CEO Severance Contracts and Managerial Decision- Making, with Chris Muscarella (Latest version: July 2015) AFA Chicago Meetings (2012) Paper Best Paper Award in Corporate Finance (semi-finalist), 2011 FMA On SSRN s Top Ten Download List for 11 categories and ejournals (12/18/11-2/13/12) Under review Does Employee Treatment and Workforce Diversity Impact Corporate Innovative Efficiency?, with Roger Mayer and Richard Warr (Latest version: May 2015) Reject and resubmit at Financial Management Local Religious Beliefs and Hedge Fund Risk-Taking Behaviors, with Lei Gao and Ying Wang (Latest version: September 2015) Under review Arts-Based Charter Schools as Urban Redevelopment Catalysts: Santa Ana, California s Orange County School of the Arts, with Bartley Danielsen and David Harrison (Latest version: August 2015) Grant, National Endowment for the Arts ($10,000) awarded ( ) Grant, The Friedman Foundation ($15,000) awarded ( ) SELECTED WORKS IN PROGRESS CEO Severance Contracts, Disclosures, and Crash Risk, with Chris Muscarella Dual Ownership and Corporate Innovation, with Ying Wang RESEARCH PRESENTATIONS (* denotes presentation by co-author) Can Growth Options Explain the Trend in Idiosyncratic Risk? rd NTU International Conference on Economics, Finance, and Accounting* 2005 Financial Management Association (FMA) Annual Meetings 2003 Penn State University Page 2 of 6

3 Entrenchment or Incentive? CEO Employment Contracts and Acquisition Decisions 2012 Financial Management Associate Annual Meetings 2011 Eastern Finance Association (EFA) Annual Meetings 2009 Northern Finance Association (NFA) Annual Meetings 2006 FMA 2006 Penn State University, SUNY-Binghamton, North Carolina State University, Southern Illinois University at Carbondale, Louisiana State University Promoting the Quiet Life or Risk-Taking? CEO Severance Contracts and Managerial Decision- Making 2013 Financial Accounting and Reporting Section Midyear Meetings (FARS) 2012 American Finance Association (AFA) Annual Meetings 2012 Conference on Financial Economics and Accounting (CFEA)/University of Southern California 2012 Northern Finance Association (NFA) Annual Meetings 2012 Eastern Finance Association (EFA) Annual Meetings 2011 Top Ten Session, FMA Annual Meetings 2011 North Carolina State University Credibility and Multiple SEOs: What Happens When Firms Return to the Capital Market? 2012 Financial Management Association Annual Meetings* 2012 Eastern Finance Association Annual Meetings* 2011 Northern Finance Association Annual Meetings Hedge Funds and Corporate Innovation 2014 Midwest Finance Association Annual Meetings* 2013 Eastern Finance Association Annual Meetings* 2012 Financial Management Association Annual Meetings It Makes a Village: Residential Relocation after Charter School Admission th Annual AREUEA Conference (ASSA)* The Heterogeneity of CEO Employment Contract Provisions and Risk-Taking: Evidence from M&As 2014 Financial Management Association Annual Meetings 2014 Midwest Finance Association Annual Meetings Does Employee Treatment and Workforce Diversity Impact Corporate Innovative Efficiency? 2015 Financial Management Association Annual Meetings 2014 North Carolina State University Page 3 of 6

4 TEACHING EXPERIENCES North Carolina State University Corporate Risk Management (MBA) Spring 2008-present Investments and Portfolio Management (Senior Level Core) Fall 2007-present Investments and Portfolio Management Honors Session Spring 2011 Past five-year average student evaluations (5 the best; 1 the worst): Instructor is an effective teacher : 4.34/5 (Dept. average: 4.26/5) Penn State University Security Analysis and Portfolio Management Summer 2004, Summer 2005 (Senior Level Undergraduate Core) PROFESSIONAL ACTIVITIES Grant Proposal Reviewer National Science Foundation (NSF) Ad hoc Referee Journal of Banking and Finance, Journal of Business Venturing, North American Journal of Economics and Finance, The Economic Record, Emerging Markets Finance and Trade, Journal of Empirical Finance, The Financial Review, Management Science Program Committee/Best Paper Award Committee/Reviewer/Session Chair Financial Management Association Annual Meetings (FMA), 2013, 2012, 2011, 2009 Eastern Finance Association Annual Meetings (EFA), 2013, 2012, 2011 Midwest Finance Association Annual Meetings (MFA), 2015, 2014, 2013 Society for Financial Studies/RFS Cavalcade, 2012 Northern Finance Association Annual Meetings (NFA), 2009 Invited Panelist Special Session on Teaching Corporate Risk Management, EFA 2011 Conference Discussant FMA, 2014, 2013 (2), 2012, 2009, 2008, 2007 (2), 2006, 2005 (2); MFA, 2014 Conference and Seminar Presentations 2015 FMA 2014 MFA, FMA, North Carolina State University 2013 Financial Accounting and Reporting Section (FARS) Midyear Meetings 2012 AFA, NFA, FMA, EFA, CFEA/University of Southern California 2011 FMA, NFA, EFA, North Carolina State University 2009 NFA 2006 FMA, Binghamton University-SUNY, North Carolina State University, Southern Illinois University at Carbondale, Louisiana State University, Penn State University 2005 FMA, Penn State University Page 4 of 6

5 Membership American Finance Association, Financial Management Association, Society for Financial Studies HONORS AND AWARDS Grant, The Friedman Foundation, 2015 Grant, National Endowment for the Arts, 2014 Best Paper Award in Corporate Finance (semi-finalist), FMA, 2014 Best Paper Award in Corporate Finance (semi-finalist), FMA, 2012 Best Paper Award in Corporate Finance (semi-finalist), FMA, 2011 Research Innovation Grant, Poole College of Management, NC State, 2012 FRPD Grant, North Carolina State University, 2015, 2013, 2012, 2011, 2009 Gill Grant, Poole College of Management, NC State, 2011, 2009 Best Paper Award, 3 rd NTU International Conference on Economics, Finance, Accounting, 2005 Smeal Doctoral Dissertation Research Grant, Penn State University, 2005 Kenneth J. Carey Memorial Fellowship, Penn State University, Honeywell Fellowship, Penn State University, Graduate Fellowship, Penn State University, Graduate Fellowship, Emory University, Hua-Xia Bank Fellowship, Shandong University, China, Merit-based University Fellowship, Shandong University, China, Merit-based Waiver of the Chinese National College Entrance Exam, 1995 SERVICE AACSB Accreditation Rater, Business Management, PCOM, NC State, Research Award Committee, Business Management, NC State, Finance Recruiting Committee, Business Management, NC State, , Undergraduate Curriculum Committee, Business Management, NC State, PCOM Undergraduate Concentration Fair (Finance), NC State, Text Book Approval Committee, Business Management, NC State, 2009 MBA Finance Concentration Fair Representative, NC State, 2008 Library Representative, Business Management, NC State, , PERSONAL Chinese Citizen U.S. Permanent Resident (Green Card Holder) Page 5 of 6

6 REFERENCES Chris J. Muscarella Professor of Finance L. W. Roy and Mary Lois Clark Teaching Fellow Department of Finance Pennsylvania State University 363 Business Building University Park, PA Phone: Fax: Richard S. Warr Professor of Finance Head, Department of Bus. Mgt. Poole College of Management North Carolina State University Campus Box 7229 Raleigh, NC Phone: Fax: Bartley R. Danielsen Associate Professor of Finance & Real Estate Department of Bus. Mgt. Poole College of Management North Carolina State University Campus Box 7229 Raleigh, NC Phone: Fax: Page 6 of 6

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