Zigan Wang
Dr. Zigan WANG
Assistant Professor

2859 1045

KK 902

Academic & Professional Qualification
  • Ph.D., Columbia University
  • B.A., Tsinghua University

Dr. Zigan WANG received his Ph.D. from Columbia University and joined The University of Hong Kong as Assistant Professor of Finance in 2015.  He finished his undergraduate study at Tsinghua University in 2009.

Research Interest
  • Finance: foreign exchange, hedge fund, empirical corporate finance, banking, international finance
  • Economics: environmental economics, political economics
  • Accounting: tax avoidance, auditing quality, disclosure
Selected Publications

International Finance, Foreign Exchange:

  • “Media Sentiment and Currency Reversals,”
    (with Ilias Filippou and Mark P. Taylor), Forthcoming at Journal of Financial and Quantitative Analysis.
  • “Currency Volatility and Global Technological Innovation,”
    (with Po-Hsuan Hsu, Mark P. Taylor, and Qi Xu), Journal of International Economics, Vol. 137, July 2022, Article 103607.
  • “The Real Effects of Exchange Rate Risk on Corporate Investment: International Evidence,”
    (with Mark P. Taylor and Qi Xu), Journal of International Money and Finance, Vol. 117, October 2021, Article 102432.
  • “Technical Trading: Is it still Beating the Foreign Exchange Market?”
    (with Po-Hsuan Hsu and Mark P. Taylor), Journal of International Economics, Vol. 102, September 2016, pp. 188-208.

Corporate Finance:

  • “The Role of Financial Constraints in Firm Investment under Pollution Abatement Regulation,”
    (with Tri Vi Dang and Youan Wang), Forthcoming at Journal of Corporate Finance.
  • “Estimation and Inference of Treatment Effects with L2-Boosting in High-Dimensional Settings,”
    (with Jannis Kueck, Ye Luo, and Martin Spindler), Forthcoming at Journal of Econometrics.
  • “Corporate Political Connections and Favorable Environmental Regulatory Enforcement,”
    (with Amanda Heitz and Youan Wang), Forthcoming at Management Science.
  • “Real Effects of Share Repurchases Legalization on Corporate Behaviors,”
    (with Qie Ellie Yin and Luping Yu), Journal of Financial Economics, Vol. 140(1), April 2021, pp. 197-219.
  • “Bank Networks and Acquisitions,”
    (with Ross Levine and Chen Lin), Management Science, Vol. 66(11), November 2020, pp. 5216-5241.

Book Chapter:

  • “Corporate Governance, Policies and Public Listing: The Case of Chinese State-owned Enterprises,”
    in S. Boubaker and D.K Nguyen (ed.), Corporate Governance and Corporate Social Responsibility: Emerging Markets Focus, World Scientific Publishing, 2014.
Recent Publications
Currency Volatility and Global Technological Innovation

We investigate the real effects of foreign exchange (FX) volatility on technological innovation. Using a 32-market, three-decade sample, we show that heightened FX volatility associates with significantly lower firm-level R&D expenditures, patents granted, and forward citations. The negative FX volatility-innovation relation can be attributed to precautionary savings needs and trade slowdown. The relationship is stronger for firms with financial constraints, with the use of foreign debt, and in more open economies; it is weaker for firms with derivatives hedging, with higher sales, and in countries with better financial development.


企业在外国投资,外汇波动是其中一项重要考虑因素。香港大学经管学院金融学助理教授王自干早前与其他学者进行研究,分析截至2017年的30年内,逾4000间跨国公司的外汇敞口数据,指出若外汇波动提升一个标准差 (standard deviation)会令跨国企业隔年的投资规模平均减少逾半。

Real Effects of Share Repurchases Legalization on Corporate Behaviors

We use staggered share repurchases legalization from 1985 to 2010 across the world to examine its impact on corporate behaviors. We find that share-repurchasing firms do not cut dividends as a substitution. The cash for repurchasing shares comes more from internal cash than external debt issuance, leading to reductions in capital expenditures and R&D expenses. While this strategy boosts stock prices, it results in lower long-run Tobin's Q, profitability, growth, and innovation, accompanied by lower insider ownership. Tax benefits and paying out temporary earnings are two primary reasons that firms repurchase.

Bank Networks and Acquisitions

Does the predeal geographic overlap of the branches of two banks affect the probability that they merge, postannouncement stock returns, and postmerger performance? We compile information on U.S. bank acquisitions from 1984 through 2016, construct several measures of network overlap, and design and implement a new identification strategy. We find that greater predeal network overlap (1) increases the likelihood that two banks merge; (2) boosts the cumulative abnormal returns of the acquirer, target, and combined banks; and (3) reduces employment, boosts revenues, reduces the number of branches, improves loan quality, and expedites executive turnover.