FENG ZHAN. Education. Research Interests

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FENG ZHAN Boler School of Business, SB 223 Department Economic and Finance John Carroll University, University Heights, Ohio Tel: (216) 397-4984 Eamil:Fzhan@jcu.edu http://ssrn.com/author=1570631 Education Ph.D., Finance, Schulich School of Business, York University, 2014 M.A., Economics, University of Manitoba, 2009 B.A. (Honours), Economics, University of Manitoba, 2007, First Class Honours B.Sc. (Major), Computer Science, University of Manitoba, 2004, Distinction Research Interests International Finance, Corporate Finance, Corporate Governance, Investments, Law and Finance, Market Microstructure Academic Experience 2014 Current John Carroll University, Boler School of Business Assistant Professor of Finance 2012-2014 York University, Schulich School of Business Instructor Industry Experience Researcher 2011.07 2012.12 Capital Markets Cooperative Research Centre (CMCRC), Sydney, Australia Research Consultant 2011.07 2011.12 Investment Industry Regulatory of Canada (IIROC), Toronto, Canada Publications High. Journal of Banking & Finance, 59, 2015, 330-349. The Value-Destroying Behavior of Managers in Tax-Subsidized Funds (with M. Jacob, S.Johan and D. Schweizer), Journal of Banking & Finance, forthcoming 1

Exchange Trading Rules, Surveillance and Suspected Insider Trading (with M. Aitken and D.. Journal of Corporate Finance, forthcoming. Equity Incentives and Corporate Fraud in China (with H. Lars, and M. Tarsalewska). Journal of Business Ethics, forthcoming. The Scope of International Mutual Fund Outsourcing: Fees, Performance and Risks (with D. Cumming and A. Schwienbacher). Journal of International Financial Markets, Institutions & Money, 38, 2015, 185-199. Trade Size, High Frequency Trading and colocation Around the World (with M. Aitken and D., European Journal of Finance, forthcoming. The Changing Latitude: Labour-Sponsored Venture Capital Corporations in Canada (With S. John and D. Schweizer). Corporate Governance: An International Review, 22(2), 2014, 145-161. Working Papers and Working in Progress Individualism, Synchronized Stock Price Movements, and Stock Market Volatility, SSRN: http://ssrn.com/abstract=2173060 China: From Imitator to Innovator? (with J. Proelss and D. Schweizer). Honors and Awards Wasmer Summer Research Grants, John Carroll University, 2015 Academy of International Business (AIB) Doctoral Travel Stipend Awards, 2014 PhD Scholarship, Capital Markets Cooperative Research Centre, Australia, 2011-2012 Schulich Entrance Scholarships of Merit for PhDs, 2009-2010 Manitoba Graduate Scholarship (Provincial), 2008-2009 B.A. (Honours). With First Class Honour, 2007 Dean s Honour List, 2006-2007 B.Sc. (Major). With Distinction, 2004 Teaching John Carroll University, Boler School of Business: Business Finance (Business Major, core, undergraduate) Investment (Finance Major, core, undergraduate) Portfolio Management (Finance Major, elective, undergraduate) Fundamentals of Finance (MBA, core, graduate) York University, Schulich School of Business Introduction to Finance (Business Major, core, undergraduate) Managing Contemporary Enterprise (Business Major, core, undergraduate) 2

Academic Meeting Presentations 2015 Financial Management Association (FMA) Annual Meeting, Orlando, The Value- Destroying Behavior of Managers in Tax-Subsidized Funds (with M. Jacob, S.Johan and D. Schweizer) 2014 Eleventh Annual Journal of International Business Studies (JIBS) Paper Development Workshop (PDW), Vancouver, Canada, Individualism, Synchronized Stock Price Movements, and Stock Market Volatility 2014 Academy of International Business (AIB) Annual Meeting, Vancouver, Canada, Individualism, Synchronized Stock Price Movements, and Stock Market Volatility 2014 Conference on Financial Market Misconduct, Toronto, Canada, The Value- Destroying Behavior of Managers in Tax-Subsidized Funds (with M. Jacob, S.Johan and D. Schweizer) 2014 Conference on Business Ethics in Greater China: Past, Present and Future, China, Equity Incentives and Corporate Fraud in China (with H. Lars, and M. Tarsalewska) 2013 American Economic Association Annual Meeting (AEA), San Diego, High 2013 European Finance Association (EFA) Annual meetings, Cambridge, UK, High 2013 Financial Management Association (FMA) Annual Meeting, Chicago, High 2013 Financial Management Association (FMA) Annual Meeting (Top 10 Session), Chicago, Individualism, Synchronized Stock Price Movements, and Stock Market Volatility 2013 Northern Finance Association (NFA) Conference, Québec City, Canada, High 2013 The 30th International French Finance Association (AFFI) Conference, EMLYON, France, High Frequency Trading and End-of-Day Price Dislocation (with M. Aitken and D. 2013 The 5th International IFABS Conference, Nottingham, UK, Individualism, Synchronized Stock Price Movements, and Stock Market Volatility 3

2013 Center of Excellence SAFE "Sustainable Architecture for Finance in Europe" Goethe University, Frankfurt, Germany, High Frequency Trading and End-of-Day Price Dislocation (with M. Aitken and D. 2012 The 2nd Bank of Spain-Bank of Canada Workshop on "International Financial Markets", Ottawa, Canada, Exchange Trading Rules, Surveillance and Insider Trading (with M. Aitken and D. 2012 Financial Management Association (FMA) European Conference, Istanbul, Turkey, Exchange Trading Rules, Surveillance and Insider Trading (with M. Aitken and D. 2012 Financial Management Association (FMA) Annual Meeting, Atlanta, Exchange Trading Rules, Surveillance and Insider Trading (with M. Aitken and D. 2012 Northern Finance Association (NFA) Conference, Niagara Falls, Canada, Exchange Trading Rules, Surveillance and Insider Trading (with M. Aitken and D. 2012 American Law and Economics Association (ALEA) Annual Meeting, Stanford Law School, Exchange Trading Rules, Surveillance and Insider Trading (with M. Aitken and D. 2012 Academy of International Business (AIB) Annual Meeting, Washington, Exchange Trading Rules, Surveillance and Insider Trading (with M. Aitken and D. Professional Activities/Services Ad Hoc Academic Referee: Journal of Banking and Finance (JBF) Journal of Corporate Finance (JCF) European Journal of Finance (EJF) Journal of Business Ethics (JBE) Entrepreneurship Theory and Practice (ETP) International Small Business Journal (ISBJ) Corporate Governance: An International Review (CGIR) Emerging Market Review (EMR) Session Chair: 2014 FMA Annual (Nashville) Conference (Session Chair for Thinking about Risk), 2014 Conference on Business Ethics (Session Chair for Corporate Social Responsibility) Conference Scientific Committee: 2015 Paris Financial Management Conference 4

Program Paper Review Committee: 2015 FMA Annual (Orlando) Conference 2015 FMA European (Venice, Italy) Conference 2015 AIB Annual (Bengaluru, India) Conference 2014 FMA Annual (Nashville) Conference 2014 FMA European (Maastricht) Conference 2014 AIB (Vancouver) Conference 2013 FMA European (Luxembourg) Conference 2013 AIB (Istanbul) Conference Discussant: FMA Annual Meeting: 2014, 2013, 2012 AFFI Conference: 2013 NFA Conference: 2012 FMA European Conference: 2012 EFM Conference on Alternative Investments: 2011 University Services: Academic Advisor, JCU Student team for CFA Cleveland Research Challenge, 2015 - current 2015 Cleveland (local) CFA Research Challenge Champion Academic Advisor, Dornam Fund - JCU Student Managed Funds, 2014 - current AUM $190,000.00 Committee Member, Library Committee Committee Member, Computer Policies Committee Committee Member, Recruitment Committee Committee Member, Professional Development Committee Computer Skills OS: DOS, Linux, Unix, Windows, Programming: C, C++, CGI, Eview, Java, SAS, STATA, and SQL References Available upon request Current Version: October, 2015 5