Dr. Emma Sujiao ZHAO
Finance
Research Assistant Professor
KK 402
Academic & Professional Qualification
- Ph.D. in Finance, Grenoble University (France), October 29, 2014, with Highest Distinction.
Biography
I am a Research Assistant Professor at HKU Business School, University of Hong Kong, where my research focuses on household finance, financial contracting, and empirical banking, with a special emphasis on climate-related risks and the role of financial institutions in the green transition.
Previously, I served as a Research Economist in the Economics and Research Department of Banco de Portugal, where I contributed to policy-relevant research in these areas. I continue to collaborate with central banking institutions and academic networks across Europe.
Teaching
- Corporate Finance
- Derivatives
Research Interest
- Household Finance
- Empirical Banking
- Financial Contracting
- Climate Change-Related Risks on Banks
Selected Publications
- Zhao, Emma S. J.; Bonfim, Diana; Ferreira, Miguel; Queiró, Francisco. 2025. “Fiscal Policy and Credit Supply in a Crisis.” American Economic Review, 115(6), 1896–1935. [Authors listed alphabetically]
- Zhao, Emma S. J.; De Jonghe, Olivier; Benkovskis, Konstantins; Bielskis, Karolis; Bonfim, Diana; Bottero, Margherita; Briglevics, Tamás; Cesnak, Martin; Dirma, Mantas; Emiris, Marina; Filep-Mosberger, Pálma; Jouvanceau, Valentin; Kaiser, Nicholas; Khametshin, Dmitry; Lalinsky, Tibor; Grolmusz, Viola M.; Moretti, Laura; Nikitins, Arturs Janis; Nunnari, Angelo; Rodriguez-Moreno, Maria; Stefanova, Elitsa; Szabó, Lajos Tamás; Vilerts, Karlis. Forthcoming. “Household Borrowing and Monetary Policy Transmission: Post-Pandemic Insights from Nine European Credit Registers.” International Journal of Central Banking. [Authors listed alphabetically]
- Zhao, Emma S. J.; Fontaine, Patrice. 2021. “Suppliers as Financial Intermediaries: Trade Credit for Undervalued Firms.” Journal of Banking & Finance, 124, 1–19. [Authors listed alphabetically]
- Zhao, Emma S. J.; Benlemlih, Mohammed; Ge, Jingwen. 2021. “Undervaluation and Non-Financial Information: Evidence from Voluntary Disclosure of CSR News.” Journal of Business Finance & Accounting, 48(5–6), 785–814. [Authors listed alphabetically]
Awards and Honours
- Eiffel Excellence Scholarship, French Ministry of Foreign affairs (2010)
- Semi-finalist for Best PhD Thesis in Corporate Finance by the French Finance Association (2015)