Zhang, Henry Haorui（張昊睿）

Biography

Professor Henry Zhang Haorui is an assistant professor of finance at the CUHK Business School. His research focuses on how financial frictions and liquidity provision affect firms’ real decisions, with an emphasis on credit supply channels and intermediary behavior. He studies the transmission of financial shocks through non-bank credit markets such as factoring with receivables-backed funds, the role of collateral constraints in shaping firms’ investment and hedging under uncertainty, and how financial market design influences firms’ access to liquidity. A common theme across his work is the use of rich microdata to quantify how the cost and structure of financing shape firms’ decisions. He has a particular interest in financial applications to environmental settings, such as carbon credit markets and extreme weather shocks.

Teaching Areas

International Finance

Research Interests

Corporate Finance
Macro-Finance
Financial Intermediation
Environmental Finance

• Publications & Working Papers

  Working Papers

  • Victor Orestes, Thiago Silva, and Henry Zhang, “Firm-Level and Aggregate Effects of Cheaper Liquidity: Evidence from Factoring.”
  • Victor Orestes, Thiago Silva, and Henry Zhang, “Volatility and Under-Insurance with Limited Pledgeability: Evidence from a Frost Shock.”

• Grants
  • “Aggregate Impacts of Command-and-Control Environmental Policy: Evidence from Court-Ordered Mining Bans in India,” EU Horizon 2020 Research and Innovation Grant 8,000 EUR; PEDL Exploratory Research Grant 25,000 GBP; STICERD 10,000 GBP.
  • “Firm-Level and Aggregate Effects of Cheaper Liquidity: Evidence from Factoring,” MIT George and Obie Shultz Fund 4,000 USD.

• Awards & Honours
  • National Science Foundation Graduate Research Fellowship, 2019