Gao, Zhenyu(高振宇)

BS, MA (Peking U); PhD (Princeton University)

Associate Professor


Department of Finance

Room 1244, 12/F
Cheng Yu Tung Building
12 Chak Cheung Street
Shatin, N.T., Hong Kong

+852 3943 1824


Prof. Zhenyu Gao is an Associate Professor of Department of Finance at The Chinese University of Hong Kong (CUHK) Business School. Prof. Gao joined CUHK in 2014. His primary research interests are in asset pricing, behavioural finance, real estate finance, and Chinese economy. He received his PhD in Economics from Princeton University and MA in Economics as well as BS in Astrophysics from Peking University.

Teaching Area


Research Interests

Asset Pricing
Behavioural Finance
Real Estate Finance
Chinese Economy

  • Publications & Working Papers
    • Zhenyu Gao, Michael Sockin, and Wei Xiong, “Learning about the Neighborhood,” Review of Financial Studies, in press.
    • Ran Duchin, Zhenyu Gao, and Haibing Shu (2020), “The Role of Government in Firm Outcomes,” Review of Financial Studies, 33(12), 5555-5593.
    • Zhenyu Gao, Michael Sockin and Wei Xiong, “Economic Consequences of Housing Speculation,” Review of Financial Studies, 33.11 (2020), 5248-5287.
    • Darwin Choi, Zhenyu Gao, and Wenxi Jiang, “Attention to Global Warming,” Review of Financial Studies, 33.3 (2020), 1112-1145.
    • Zhenyu Gao, Haohan Ren, and Bohui Zhang, “Googling Investor Sentiment around the World,” Journal of Financial and Quantitative Analysis, 55.2 (2020), 549-580.
    • Darwin Choi, Zhenyu Gao, and Wenxi Jiang, “Measuring the Carbon Exposure of Institutional Investors,” Journal of Alternative Investment, (2020) 23, 12-23.
    • Chen Ting, Zhenyu Gao, Jibao He, Wenxi Jiang, and Wei Xiong, “Daily Price Limits and Destructive Market Behaviour,” Journal of Econometrics, 208.1 (2019), 249-264.

    Selected Working Papers

    • Darwin Choi, Zhenyu Gao, and Wenxi Jiang, “Global Carbon Divestment and Firms’ Actions.”
    • Zhenyu Gao, Po-Hsuan Hsu, and Sahn-Wook Huh, “Technology Competition and Informed Trading: Evidence from Weekly Patent Announcements.”
    • Zhenyu Gao, Jiang Luo, Haohan Ren, and Bohui Zhang, “Are Institutional Traders Sentimental?”
    • Zhenyu Gao, Haohan Ren, and Bohui Zhang, “Investor Sentiment and Stock Return Comovement: the Roles of Information and Innovation.”
    • Zhenyu Gao, Wenxi Jiang, and Da Tian, “Liquidity-based Stock Network.”
  • Grants
    • “Spillover Effect of Housing into Stock Markets”, General Research Fund awarded by Research Grants Council, 2021-2022
    • “Daily Price Limits and Contagion in Stock Markets”, General Research Fund awarded by Research Grants Council, 2018-2020
    • “Measuring Investor Sentiment in the Housing Markets”, Early Career Scheme awarded by Research Grants Council, 2015-2017
  • Awards & Honours
    • The 26th SFM Best Paper Award First Place, 2018
    • Emerald Best Paper Award at the China Finance Review International Conference, 2017
    • FMA Annual Meeting semifinalist for Best Paper Award, 2016
    • Princeton University Fellowship, 2008-2013
  • Academic/Professional Services
    • Journal Referee: American Economic Review, Journal of Finance, Management Science, Real Estate Economics, Journal of Banking and Finance, Journal of Empirical Finance, Journal of Financial Markets, Journal of Futures Markets, China Economic Review, International Review of Finance, Asia-Pacific Journal of Financial Studies
    • Editorship: Co-Editor, Special Issue on Climate Change Implications for the Asset Management Industry, Journal of Alternative Investment, 2019
    • Executive Committee Member, Hong Kong-Shenzhen Finance Research Centre, 2019-Present
    • Coordinator, MPhil-PhD in Finance Programme
    • Coordinator for the Interdepartmental Research Workshop, 2015-Present
    • Seminar Coordinator, Department of Finance, CUHK, 2014-2017