Dr. Jian ZHANG
Assistant Professor

3917 4176

KK 819

Academic & Professional Qualification
  • Ph.D., National University of Singapore
  • B.S., University of Science and Technology of China

Dr. Zhang joined The University of Hong Kong (HKU) as an assistant professor at the HKU Business School in 2020. Prior to that, he was an assistant professor of finance at Hong Kong Baptist University.

Research Interest

His areas of interest include Household Finance, Behavioral Finance, Financial Institutions, and Corporate Finance. His research has been published in major economics and finance journals, including Journal of Financial Economics, Review of Economics and Statistics, Management Science, Journal of Financial and Quantitative Analysis, Review of Finance and Journal of Financial Intermediation.

Selected Publications
  • “Investing in Low-Trust Countries: On the Role of Social Trust in the Global Mutual Fund Industry” (with M. Massa, C. Wang and H. Zhang), Journal of Financial and Quantitative Analysis, Forthcoming.
  • “Interest Rate Pass-Through and Consumption Response: The Deposit Channel” (with S. Agarwal, S. Chomsisengphet, and Y. Yildirim), Review of Economics and Statistics, 103(5), 2021, 922-938.
  • “Air Pollution, Behavioral Bias, and the Disposition Effect in China” (with J. Li, M. Massa and H. Zhang), Journal of Financial Economics, 142(2), 2021, 641-673.
  • “Good Days, Bad Days: Stock Market Fluctuation and Taxi Tipping Decisions” (with W. Tan), Management Science, 67(6), 2021, 3965-3984.
  • “Disguised Corruption: Evidence from Consumer Credit in China” (with S. Agarwal, W. Qian and A. Seru), Journal of Financial Economics, 137(2), 2020, 430-450.
  • “Gender Gap in Personal Bankruptcy Risks: Empirical Evidence from Singapore” (with S. Agarwal, J. He and T. Sing), Review of Finance, 22(2), 2018, 813-847.
  • “Gender Difference and Intra-Household Economic Power in Mortgage Signing Order” (with S. Agarwal, R. Green, E. Rosenblatt, and V. Yao), Journal of Financial Intermediation, 36, 2018, 86-100.
Recent Publications
Purple Haze, All in My Brain

Jian Zhang from the HKU Business School along with authors from the Shanghai Advanced Institute of Finance at Shanghai Jiao Tong University, INSEAD in Singapore and the PBC School of Finance at Tsinghua University, helped to advance understanding of this phenomenon in their recent paper, called Air Pollution, Behavioral Bias, and the Disposition Effect in China. The team studied how air pollution can affect mental health by intensifying a certain type of cognitive bias observed in financial markets.



Interest Rate Pass-Through and Consumption Response: The Deposit Channel

This study assesses a new mechanism, the deposit channel, in the transmission of interest rate shock to household consumption using an administrative panel data set of financial transactions for Turkey. Our empirical strategy exploits variation in consumers' adherence to the Islamic laws that forbid earning interest and employs a standard difference-in-difference design. Following an unanticipated announcement of interest rate hike, rate-sensitive consumers significantly reduce their overall spending, and the response persists throughout the post-announcement period. The response of debt payment, disparate exposure to inflation, exchange rate, and the demographic difference can hardly fully account for the documented consumption response heterogeneity.