Zhang, Hua（張華）

Biography

Prof. Hua Zhang is currently a Professor in Department of Finance, The Chinese University of Hong Kong (CUHK). His main research interests are investments, capital markets, corporate finance, fixed income and derivative securities. He has published over 20 papers in finance and economics journals. He received 5 best paper awards in international conferences. Prof. Zhang has extensive teaching experience at BBA, MBA, EMBA, EMPAcc, MPhil/PhD as well as executive training programs. He has been awarded eight Faculty of Business Administration Teaching Awards.

Teaching Area

Corporate Finance

Research Interests

Capital Markets
Corporate Finance
Derivative Securities
Investments

• Publications & Working Papers
  • Siu Kai Choy and Hua Zhang, “Public News Announcements, Short-Sale Restriction and Informational Efficiency”, Review of Quantitative Finance and Accounting, 52(1), 197-229.
  • Hua Zhang, Gongming Qian, Lee Li, Zhengming Qian (2019), “Intra- and inter-regional expansion: A nonlinear model”, Management Decision, 57(7), 1554-1566.
  • Hua Zhang and Siu-kai Choy (2010), “Trading Costs and Price Discovery,” Review of Quantitative Finance and Accounting, 34(1).
  • Hua Zhang, Nianhang Xu, and Shinong Wu (2008), “附加承诺能有效传递公司价值的信号吗? — 来自我国上市公司股权分置改革的证据,”  管理世界, 142-151.
  • Hua Zhang (2005), “Share Price Performance Following Actual Share Repurchases,” Journal of Banking and Finance, 29, 1887-1901.
  • Hei-ming Haynes Yung, and Hua Zhang (2003), “An Empirical Investigation of the GARCH Option Pricing Model: Hedging Performance,” Journal of Futures Markets, 23(12), 1191-1207.
  • Hei-ming Haynes Yung, Hua Zhang, and Ying-foon Chow (2003), “Expiration Day Effects: The Case of Hong Kong,” Journal of Futures Markets, 23(1), 67-86.
  • Hua Zhang (2002), “Share Repurchases under Commercial Law 212-2 in Japan: Market Reaction and Actual Implementation,” Pacific-Basin Finance Journal, 10, 287-305.
  • Hua Zhang and Jin-chuan Duan (2001), “Pricing the Hang Seng Index Options around the Asia Financial Crisis: The GARCH Approach,” Journal of Banking and Finance, 25, 1989-2014.
  • Hua Zhang (1999), “Dynamics of the Short-Term Interest Rate after the 1979-1982 Monetary Experiment,” Journal of Fixed Income, 9(3), 35-41.
  • Hua Zhang and Yangru Wu (1997), “Do Interest Rates Follow Unit-Root Processes? – Evidence from Cross-Maturity Treasury-Bill Yields,” Review of Quantitative Finance and Accounting, 8, 69-81.
  • Hua Zhang and Yangru Wu (1997), “Forward Premiums as Unbiased Predictors of Future Currency Depreciation: A Nonparametric Analysis,” Journal of International Money and Finance, 6(4), 609-23.
  • Hua Zhang and Yangru Wu (1996), “Asymmetry in Forward Exchange Rate Bias: A Puzzling Result,” Economics Letters, 50, 407-411.
  • Hua Zhang and Yangru Wu (1996), “Mean Reversion in Interest Rates – New Evidence from a Panel of OECD Countries,” Journal of Money, Credit and Banking, 28(4), 604-621.
  • Hua Zhang, Lawrence Kryzanowski, and KuanXu (1995), “Determinants of the Decreasing Term Structure of Relative Yield Spreads for Taxable and Tax-Exempt Bonds,” Applied Economics, 27.
  • Hua Zhang and Mao-Wei Hung (1995), “Price Movements and Price Discovery in the Municipal Bond Index and the Index Futures Markets,” Journal of Futures Markets, 15(3).

• Grants
  • “Price Formation Dynamics in Hong Kong Equity Index Markets (香港股票指數與指數期貨市場的價格形成機制)”, Earmarked Grants awarded by Research Grants Council, 2007-2009
  • “A Study on Share Repurchases in Hong Kong (香港股票回購研究)”, Earmarked Grants awarded by Research Grants Council, 2000-2002
  • “Weak Moments in the Efficient Methods of Moments (有效矩分析方法的微矩問題)”, Earmarked Grants awarded by Research Grants Council, 2000-2002