Hao Zhang Headshot

Hao Zhang

Professor

Department of Finance and Accounting
Saunders College of Business
Program Director, MS in Finance
hzhang@saunders.rit.edu
585-475-3981
Office Location
LOW-3319

Hao Zhang

Professor

Department of Finance and Accounting
Saunders College of Business
Program Director, MS in Finance

Education

BA, MA, Xiamen University (China); Ph.D., State University of New York at Buffalo

Bio

Hao Zhang is an Associate Professor in the Saunders College of Business at Rochester Institute of Technology (RIT). In 2010, he earned his Ph.D. degree from the State University of New York at Buffalo. He has taught several courses including Financial Management, Advanced Corporate Finance, Intermediate Investments, Debt Analysis (Fixed-Income Securities), and Financial Management II. His current research interests include corporate governance, executive compensation, market microstructure, information intermediaries, financial institutions, tax avoidance, etc. His articles have been accepted for publication in academic journals such as Journal of Financial Economics (JFE), Journal of Financial and Quantitative Analysis (JFQA), Journal of Accounting Research (JAR), The Accounting Review (TAR), Contemporary Accounting Research (CAR), Review of Finance (RoF), Journal of Banking and Finance (JBF), Journal of Corporate Finance (JCF), Journal of Financial Markets (JFM), Auditing: A Journal of Practice and Theory (AJPT), Journal of Business Finance & Accounting (JBFA), Journal of Business Ethics, etc. He was on sabbatical leave during 2016-2017 and visiting the U.S. Securities and Exchange Commission (SEC) as a Financial Economist. He is the recipient of the Eisenhart Award for Outstanding Teaching for AY2018-19, which is the highest University-level teaching award that can be bestowed upon a faculty member at RIT. He is also the recipient of the Exemplary Teaching Award from the Saunders College of Business for several years. He received a Provost's Learning Innovations Grant (PLIG) to support his effort to integrate Bloomberg Terminals into teaching. His research papers are available at:  https://scholar.google.com/citations?hl=en&user=7yWh0ucAAAAJ

 

hzhang@saunders.rit.edu
585-475-3981
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Select Scholarship

Invited Article/Publication
Hoi, C., Ke, Y., Wu, Q., & Zhang, H. (2024). Does Public Scrutiny on Corporate Tax Decisions Affect Directors? Effects of Responsible (Irresponsible) Corporate Tax Practices on Director Reputation. Accounting and Business Research 54. 168-189.
Chen, S., Ma, H., Wu, Q., & Zhang, H. (2024). Common institutional ownership and stock price crash risk. Contemporary Accounting Research 41. 679-711.
Chen, S., Ma, H., Wu, Q., & Zhang, H. (2023). Does common ownership constrain managerial rent extraction? Evidence from insider trading profitability. Journal of Corporate Finance 80. 102389.
Shen, C., & Zhang, H. (2020). What's good for you is good for me: The effect of CEO inside debt on the cost of equity. Journal of Corporate Finance 64. 101699.
Hasan, I., Hoi, C., Wu, Q., & Zhang, H. (2020). Is social capital associated with corporate innovation? Evidence from publicly listed firms in the U.S.. Journal of Corporate Finance 62. 101623.
Hoi, C., Wu, Q., & Zhang, H. (2019). Does social capital mitigate agency problems? Evidence from Chief Executive Officer (CEO) compensation. Journal of Financial Economics 133. 498-519.
Shen, C., & Zhang, H. (2018). Tournament Incentives and Firm Innovation. Review of Finance 22. 1515-1548.
Hoi, C., Wu, Q., & Zhang, H. (2018). Community Social Capital and Corporate Social Responsibility. Journal of Business Ethics 152. 647-665.
Robin, A., Wu, Q., & Zhang, H. (2017). Auditor Quality and Debt Covenants. Contemporary Accounting Research 34. 154-185.
Hasan, I., Hoi, C., Wu, Q., & Zhang, H. (2017). Does Social Capital Matter in Corporate Decisions? Evidence from Corporate Tax Avoidance. Journal of Accounting Research 55. 629-668.
Hasan, I., Hoi, C., Wu, Q., & Zhang, H. (2017). Social Capital and Debt Contracting: Evidence from Bank Loans and Public Bonds. Journal of Financial and Quantitative Analysis 52. 1017-1047.
Robin, A., & Zhang, H. (2015). Do Industry-Specialist Auditors Influence Stock Price Crash Risk?. Auditing: A Journal of Practice and Theory 34. 47-79.
Chung, K., Kim, J., Kim, Y., & Zhang, H. (2015). Information Asymmetry and Corporate Cash Holdings. Journal of Business Finance & Accounting 42. 1341-1377.
Chung, K., & Zhang, H. (2014). A Simple Approximation of Intraday Spreads Using Daily Data. Journal of Financial Markets 17. 94-120.
Jiang, Z., Kim, K., & Zhang, H. (2014). The Effects of Corporate Bailout on Firm Performance: International Evidence. Journal of Banking and Finance 43. 78-96.
Hasan, I., Hoi, C., Wu, Q., & Zhang, H. (2014). Beauty is in the Eye of the Beholder: The Effect of Corporate Tax Avoidance on the Cost of Bank Loans. Journal of Financial Economics 113. 109-130.
Shen, C., & Zhang, H. (2013). CEO Risk Incentives and Firm Performance Following R&D Increases. Journal of Banking and Finance 37. 1176-1194.
Hoi, C., Wu, Q., & Zhang, H. (2013). Is Corporate Social Responsibility (CSR) Associated with Tax Avoidance? Evidence from Irresponsible CSR Activities. The Accounting Review 88. 2025-2059.
Chung, K., & Zhang, H. (2011). Corporate Governance and Institutional Ownership. Journal of Financial and Quantitative Analysis 46. 247-273.
Chung, K., & Zhang, H. (2010). Insider Trading Regulation and Market Quality: Evidence from American Depositary Receipts. Asia Pacific Journal of Financial Studies 39. 340-360.
Invited Keynote/Presentation
Shen, C., & Zhang, H. (2019). CEO Inside Debt and the Cost of Equity. Canadian Academic Accounting Association (CAAA) Annual Conference.
Choi, H., Lee, S., Suk, I., & Zhang, H. (2018). Does Product Market Advertising Affect Capital Markets? Evidence from Financial Analyst Forecasts. Financial Management Association (FMA) Annual Meeting.
Shen, C., & Zhang, H. (2018). Do CEO Inside Debt Holdings Influence the Cost of Equity Capital?. American Accounting Association (AAA) Annual Meeting.
Choi, H., Lee, S., Suk, I., & Zhang, H. (2017). Do Financial Analysts Understand the Intangibility and the Hype of Product Market Advertising?. American Accounting Association (AAA) Annual Meeting.
Hoi, S., Wu, Q., & Zhang, H. (2016). Community Social Capital and Corporate Social Responsibility. Financial Management Association (FMA) Annual Meeting.
Ashok, R., & Zhang, H. (2016). Does Corruption Increase Trading Costs?. Financial Management Association (FMA) Annual Meeting.
Shen, C., & Zhang, H. (2015). Do CEO Inside Debt Holdings Influence the Cost of Equity Capital?. Financial Management Association International (FMA) Annual Meeting.
Robin, A., Wu, Q., & Zhang, H. (2014). Auditor Quality and Covenant Violations. Financial Management Association (FMA) Annual Meeting.
Shen, C., & Zhang, H. (2013). Tournament Incentives and Firm Innovation. American Accounting Association (AAA) Annual Meeting.
Robin, A., Wu, Q., & Zhang, H. (2013). Auditor Quality and Covenant Violations. American Accounting Association (AAA) Annual Meeting.
Shen, C., & Zhang, H. (2013). Tournament Incentives and Firm Innovation. Financial Management Association (FMA) Annual Meeting.
Shen, C., & Zhang, H. (2012). CEO Risk Incentives and Firm Performance Following R&D Increases. American Accounting Association (AAA) Annual Meeting.
Chung, K., & Zhang, H. (2012). A Simple Approximation of Intraday Spreads Using Daily Data. Financial Management Association (FMA) Annual Meeting.
Chung, K., Kim, J., Kim, Y., & Zhang, H. (2011). Information Asymmetry and Corporate Cash Holdings. Financial Management Association (FMA) Annual Meeting.
Shen, C., & Zhang, H. (2011). CEO Risk Incentives and Firm Performance Following R&D Increases. Financial Management Association (FMA) Annual Meeting.
Chung, K., & Zhang, H. (2011). A Simple Approximation of Intraday Spreads Using Daily Data. Midwest Finance Association Conference.
Chung, K., & Zhang, H. (2010). A Simple Approximation of Intraday Spreads Using Daily Data. CRSP Forum.
Chung, K., & Zhang, H. (2010). Insider Trading Regulation and Market Quality: Evidence from ADRs. Financial Management Association (FMA) Annual Meeting.

Currently Teaching

ACCT-858
Seminar: Special Topics in Accounting
3 Credits
This research seminar focuses on timely, special topics not covered in other seminars. Topics rotate based on faculty expertise (such as Financial Institutions and Markets, Behavioral Research in Accounting) and student needs as determined by the department.
FINC-220
Financial Management
3 Credits
Basic course in financial management. Covers business organization, time value of money, valuation of securities, capital budgeting decision rules, risk-return relation, Capital Asset Pricing Model, financial ratios, global finance, and working capital management.
FINC-362
Intermediate Investments
3 Credits
Focuses on the financial investment problems faced by individuals and institutions. Theoretical topics include asset pricing, hedging and arbitrage. Application topics include risk management in bond-and-stock portfolio context. A discussion of options, futures and swaps also is included.
FINC-790
Field Exam Preparatory
1 Credits
All MS-Finance students take a field exam at the end of their program. This course provides basic help to students taking this exam. (all required finance courses in the MS-finance program)
FINC-791
Computational Finance Exam Preparatory
0 Credits
Computational finance students take a field exam at the end of their program. This course provides basic help to students taking this exam. (all required finance courses in the computational finance program)
FINC-799
Independent Study Finance
3 Credits
The student will work independently under the supervision of a faculty adviser. (Instructor approval)
FINC-858
Seminar: Special Topics in Finance
3 Credits
This research seminar focuses on timely, special topics not covered in other seminars. Topics rotate based on faculty expertise (such as Financial Institutions and Markets, Behavioral Research in Accounting) and student needs as determined by the department.

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