Zhang, Michael Xiaoquan（張曉泉）

Biography

Prof. Michael Zhang is the Wei Lun Professor of Business AI at Department of Decisions, Operations and Technology at The Chinese University of Hong Kong. He holds a PhD in Management from MIT Sloan School of Management, an MSc in Management, a BE in Computer Science and a BA in English from Tsinghua University. Before joining the academia, he worked as an analyst for an investment bank, and as an international marketing manager for a high-tech company. He holds a US patent, and cofounded a quantitative hedge fund called Super Quantum Fund.

Prof. Zhang’s research interests are on issues related to creation, dissemination and processing of information in business and management contexts. His works study pricing of information goods, online advertising, innovation and incentives, and the use of artificial intelligence in financial markets. His research has appeared in American Economic Review, Management Science, Journal of Marketing, MIS Quarterly, Information Systems Research, Journal of MIS, Decision Support Systems, and Journal of Interactive Marketing. He has also been actively involved in professional services, including serving as a Senior Editor for Information Systems Research, an Associate Editor for Management Science, a Guest Associate Editor for MIS Quarterly.

Prof. Zhang offered advice to the following organisations: Hong Kong Cyberport, Jingdong Finance, Alibaba Group’s Lakeside (Hu Pan) University, Huawei, China Mobile, China Merchants Securities, Douban.com, and Radica Systems. He serves as an independent director for NASDAQ-listed e-commerce company Secoo (symbol: SECO)

Teaching Areas

PhD seminar in Economics of IS Research
Entrepreneurial Financing
FinTech
Strategic Value of Information Technology

Research Interests

Business Analytics
Digital Finance
Online advertising
Economics of Artificial Intelligence

• Publications & Working Papers

  Publications

  • Michael Zhang, Tao Lu, and Chuan Shi (2025), “Navigating the Factor Zoo: The Science of Quantitative Investing,” Routledge, ISBN 9781032768410.
  • Hongqiao Chen, Ying-ju Chen, Yang Li, Xiaoquan (Michael) Zhang, and Sean X. Zhou, “Digital Goods Reselling: Implications on Cannibalization and Price Discrimination,” Production and Operations Management, forthcoming.
  • Lihong Zhang and Xiaoquan (Michael) Zhang, “Mispricing and Algorithm Trading,” Information Systems Research, forthcoming.
  • Jialu Liu, Siqi Pei, and Xiaoquan (Michael) Zhang, “Indirect Value of Public Infrastructure Technology,” Management Science, forthcoming.
  • Xiaoquan (Michael) Zhang, Dapeng Xu, Hong Hong, and Kalok Chan, “Investor Attention or Investor Sentiment: How Social Media React to ESG?” Information Systems Research, forthcoming.
  • Miaozhe Han, Hongchuan Shen, Jing Wu, and Xiaoquan (Michael) Zhang, “Artificial Intelligence and Firm Resilience: Evidence from Firm Performance under Disaster Shocks,” Information Systems Research, forthcoming.
  • Tao Lu, Lihong Zhang, Xiaoquan (Michael) Zhang, and Zhenling Zhao, “Beyond Risk: A Measure of Distribution Uncertainty,” Information Systems Research, forthcoming.
  • Bingjie Qian, Tat-Koon Koh, and Xiaoquan (Michael) Zhang, “Effect of Virtual Identity Disclosure on Users’ Giving ‘Likes’ in Community-Based Platforms: A Natural Experiment,” Information Systems Research, forthcoming.
  • Dapeng Xu, Hong Hong, Lingfei Deng, and Xiaoquan (Michael) Zhang, “Crowdfunding Success Factors: A Meta-Analytic Investigation,” Information Systems Research, forthcoming.
  • Dapeng Xu, Xiaoquan (Michael) Zhang, Hong Hong, and Qiang Ye, “Why Is the Grass Always Greener on the Other Side? Tourist Bias in Online Restaurant Ratings,” Information Systems Research, forthcoming.
  • Yue Feng, Xianghua Lu, and Xiaoquan (Michael) Zhang (2024), “Mutual Disclosures and Content Intimacy in User Engagement: Evidence from an Online Chat Group,” MIS Quarterly, 48(4), 1331-1362.
  • Hongchuan Shen, Ivy Dang, and Xiaoquan (Michael) Zhang (2024), “Mr. Right or Mr. Best: The Role of Information under Preference Mismatch in Online Dating,” Information Systems Research, 35(4), 2013-2029.
  • Jialu Liu, Siqi Pei, and Xiaoquan (Michael) Zhang (2024), “Online Food Delivery Platforms and Female Labor Force Participation,” Information Systems Research, 35(3), 1074-1091.
  • Tim Li and Xiaoquan (Michael) Zhang (2023), “Development Trajectory of Blockchain Platforms: The Role of Multi-Role,” Information Systems Research, 35(3), 1296-1323.
  • Xiaoyang Li, Yang Shi, Maggie Hu, and Xiaoquan (Michael) Zhang (2023), “Numerological Heuristics and Credit Risk in P2P Lending,” Information Systems Research, 34(4), 1744-1760.
  • Jiaqi Zhou, Qingpeng Zhang, Sijia Zhou, Xin Li, and Xiaoquan (Michael) Zhang (2023), “Unintended Emotional Effects of Online Health Communities: A Text Mining-Supported Empirical Study,” MIS Quarterly, 47(1), 195-266.
  • Tao Lu, May Yuan, Chong (Alex) Wang, and Xiaoquan (Michael) Zhang (2022), “Histogram Distortion Bias in Consumer Choices,” Management Science, 68(12), 8963-8978.
  • Keongtae Kim, Jooyoung Park, Yang Pan, Kunpeng Zhang, and Xiaoquan (Michael) Zhang (2022), “Risk Disclosure in Crowdfunding,” Information Systems Research, 33(3), 1023-1041.
  • Erik Brynjolfsson, Chong (Alex) Wang, and Xiaoquan (Michael) Zhang (2021), “The Economics of IT and Digitization: Eight Questions for Research,” MIS Quarterly, 45(1), 473-477.
  • Terry Hendershott, Xiaoquan (Michael) Zhang, Leon Zhao, and Eric Zheng (2021), “FinTech as a Game Changer: Overview of Research Frontiers,” Information Systems Research, 32(1), 1-17.
  • R. Heifermen, Y. Sivan, X. Zhang (2020), “Digital Quantum Leap: Strategies and Tactics for Organizational Transformation”《数字跃迁：数字化变革的战略和战术》 北京华章出版公司；《數位躍升力：建立敏捷組織與商業創新的數位新戰略》台北時報出版社。
  • M. Kummer, O. Slivkó, and X. Zhang (2020), “Unemployment and Digital Public Goods Contribution,” Information Systems Research, 31(3), 801-819.
  • M. Sun, X. Zhang, and F. Zhu (2019), “U-Shaped Conformity,” Marketing Science, 38(3), 461-480.
  • X. Li, J. Feng, and X. Zhang (2019), “Online Product Reviews-Triggered Dynamic Pricing: Theory and Evidence,” Information Systems Research, 30(4), 1107-1123.
  • A. Wang, X. Zhang, and I. Hann (2018), “Socially Nudged: A Quasi-Experimental Study of Friends’ Social Influence in Online Product Ratings,” Information Systems Research, 29(3), 641-655.
  • X. Du, M. Su, X. Zhang, and X. Zheng (2017), “Bidding for Multiple Keywords in Sponsored Search Advertising: Keyword Categories and Match Types,” Information Systems Research, 28(4), 711-722.
  • X. Zhang and L. Zhang (2015), “How Does the Internet Affect the Financial Market? An Equilibrium Model of Internet Facilitated Feedback Trading,” MIS Quarterly, 39(1), 17-38.
  • X. Xu and X. Zhang (2013), “Impact of Wikipedia on Market Information Environment: Evidence on Management Disclosure and Investor Reaction,” MIS Quarterly, 37(4), 1043-1068.
    • MISQ Paper of the Year Award
  • E.C. Malthouse, M. Haenlein, B. Skiera, E. Wege, and X. Zhang (2013), “Managing Customer Relationships in the Social Media Era: Introducing the Social CRM House,” Journal of Interactive Marketing, 27(4), 270-280.
  • X. Zhang and C. Wang (2012), “Network Positions and Contributions to Online Public Goods: The Case of Chinese Wikipedia,” Journal of Management Information Systems, 29(2), 11-40.
  • X. Zhang and J. Feng (2011), “Cyclical Bid Adjustments in Search-Engine Advertising,” Management Science, 59(7), 1703-1719.
  • X. Zhang and F. Zhu (2011), “Group Size and Incentives to Contribute: A Natural Experiment at Chinese Wikipedia,” American Economic Review, 101(4), 1601-1615.
  • F. Zhu and X. Zhang (2010), “Impact of Online Consumer Reviews on Sales: The Moderating Role of Product and Consumer Characteristics,” Journal of Marketing, 74(2), 133-148.
  • C. Wang and X. Zhang (2009), “Sampling of Information Goods,” Decision Support Systems, 48(1), 14-22.
  • C. Dellarocas, X. Zhang, and N. Awad (2007), “Exploring the Value of Online Product Reviews in Forecasting Sales: The Case of Motion Pictures” Journal of Interactive Marketing, 21 (4), 2-20.
    • Journal of Interactive Marketing 2008 Best Paper Award
  • E. Brynjolfsson and X. Zhang (2007), “Innovation Incentives for Information Goods.” In Innovation Policy and the Economy eds. Adam B. Jaffe, Josh Lerner and Scott Stern, NBER, 2007(7), 99-121.

  Working Papers

  • C. Gao, H. Hong, X. Zhang, and Q. Ye, “Seeking Alpha or Seeking Noise? Attention Bias in Online Investment Communities.”
  • J. Liu, S. Pei, and X. Zhang, “Environmental Regulation and Political Corruption.”
  • M. Han, H. Shen, J. Wu, and X. Zhang, “AI Intensity and Firm Resilience: Evidence from Firm Performance under Disaster Shocks.”
  • Z. Fu, T. Lu, L. Zhang, and X. Zhang, “Market Uncertainties and Prediction of Rare Events: With an Application to Financial Market Crashes.”
  • B. Qian, T. Koh, and X. Zhang, “The Effect of Identity Disclosure on Online Community Participation: A Natural Experiment.”
  • H. Chi, S. Piramuthu, W. Zhou, and X. Zhang,”Self-Cannibalization of Durable Goods with Sharing: A Producer Perspective.”
  • A. Liu, X. Xu, X. Zhang, and X. Zhao, “Social Media and Financial Information Asymmetry: How Information Aggregation on Wikipedia Reduces Insider Trading Profitability.”
  • Y. Liu, L. Zhang, and X. Zhang, “Statistical Inference with Ambiguity.”
  • W. Shen, B. Peng, X. Zhang, H. Liu, R. Qian, Y. Hong, Z. Guo, Z. Ding, P. Lu and P. Tang, “Reinforcement Mechanism Design.”
  • P. Tang, Z. Wang, and X. Zhang, “Optimal Commitments in Auctions with Incomplete Information.”
  • L. Zhang, G. Lai, B. Yu, and X. Zhang, “Longevity Risk, Optimal Retirement, Consumption Choice, and Risky Investment Decision.”
  • D. Hu, X. Li and X. Zhang, “The Impacts of Geographic Dispersion on OSS Project Success: Face to Face vs. Virtual Collaboration.”
  • X. Zhang, Henry Qian, Alex Wang, and Monic Sun, “Perilous Randomized Experiments in Social Networks.”
  • N. Jia, S. Xu, and X. Zhang, “How Investors are Influenced by Social Media: A Large-Scale Field Experiment.”
  • X. Chen, A. Wang, and X. Zhang, “All Online Friends Are Not Created Equal: Discovering Influence Structure in Online Social Networks.”
  • A. Wang, X. Zhang, and  K. Tam, “Role Identity Salience and User Participation in Online Communities.”
  • K. Novoselov, C.C. Hsieh, and X. Zhang, “Do Questions Convey Valuable Information? An Empirical Investigation of Conference Calls.”
  • W. Wu, X. Zhang, and R. Zheng, “An Empirical Study on the Monitoring Role of Wikipedia in the Financial Market.”
  • W. Wu, W. Shi, X. Zhang, and R. Zheng, “Firm Performance and Information Dissemination: Evidence from Twitter.”
  • W. Wu, H. Xu, X. Zhang, and R. Zheng, “On the Inefficiency of Sponsored Search Auctions.”
  • T. Zhang and X. Zhang, “Corporate Campaign Contributions and Political Favoritism.”
  • E. Brynjolfsson and X. Zhang, “Producer Innovation Incentives and Revenue Distribution of Bundled Products.”

• Awards and Honours

  Awards

  • CUHK Teaching Merit Award, 2019, 2020, 2021
  • Best Paper Award, Workshop on Information Systems and Economics (WISE), 2020
  • Service Award, Information Systems Research, 2016
  • Paper of the Year, MIS Quarterly, 2014
  • Associate Editor of the Year, Information Systems Research, 2015
  • Finalist, Franklin Prize of Teaching Excellence, HKUST, 2013
  • First Runner-up, Franklin Prize of Teaching Excellence, HKUST,  2012
  • Franklin Prize of Teaching Excellence, HKUST, 2009
  • Best Paper Nominee, ICIS, 2009
  • Best Paper Award, Journal of Interactive Marketing, 2009
  • 4th Annual PSU-SAP Doctoral Award, 2004

  Keynote Speaker

  • UBS Quant Conference, 2023
  • Inaugural Morgan Stanley MSQA Asia Investment Forum, 2023
  • Asia-Pacific Credit Outlook 2022 Conference
  • China Digital Industry Summit, 2021
  • International Conference on Smart Finance, 2020
  • Taiwan CIO Value Institute, 2019
  • Microsoft-Tsinghua AI Summit, 2019
  • 20th ZEW Summer Workshop for Young Economists: Digitized Economy and Novel Research Methods, 2018
  • UBS Asia Pacific Quant Conference, 2017
  • Global Artificial Intelligence and Robotics Summit, 2017
  • The 14th International Symposium on Financial System Engineering and Risk Management, 2016
  • International Conference on E-Commerce, 2012

  Other Honours

  • NET Institute Summer Research Support, 2012
  • Weilun Fellow, College of Fellows of HKUST, 2010-2017

• Academic/Professional Services

  Managing Editor

  • SSRN ISN Journal: eBusiness & eCommerce.

  Senior Editor

  • Information Systems Research (ISR), 2017-Present
  • Information Systems Research (ISR) Special Issue on FinTech, 2018

  Associate/Area Editor

  • Information Systems Research (ISR), 2011-2016
  • Management Science, 2016-Present
  • Electronic Commerce Research and Applications (ECRA), 2011-2014
  • Production and Operations Management (POM), 2011-2014
  • Guest AE for Management Information Systems Quarterly (MISQ)
  • International Conference on Information Systems (ICIS), 2008-2011, 2013

  Conference Co-Chair

  • 15th Symposium of Statistical Challenges in E-Commerce Research (SCECR), 2019
  • China Summer Workshop on Information Management (CSWIM), 2011

  Track Co-Chair

  • Pacific Asia Conference on Information Systems (PACIS), 2010, 2017
  • International Conference on Information Systems (ICIS), 2012, 2014, 2016

  Programme Committee Member

  • China Summer Workshop on Information Management (CSWIM), 2007-2010, 2012-2016
  • ACM Conference on Electronic Commerce (ACM EC), 2008
  • International Conference on E-Commerce (ICEC), 2008-2016

  Referee

  • Management Science, MIS Quarterly, Information Systems Research, Journal of Management Information Systems, Marketing Science, Journal of Marketing, Journal of Marketing Research, Journal of Interactive Marketing, NSF, Operations Research, Production and Operations Management, European Journal of Operational Research, Journal of Institutional Economics, The Economic Journal, Electronic Markets, International Conference on Information Systems,International Conference on E-Commerce, Pacific Asia Conference on Information Systems, Americas Conference on Information Systems, ACM Ecommerce Conference

  CUHK Services

  • Associate Dean of Innovation and Impact (2018-2021)
  • Business School Executive Committee (2018-2021)
  • Department Executive Committee (2017-2021)
  • Department Academic Personnel Committee (2017-2021)

  Member

  • Institute for Operations Research and the Management (INFORMS)
  • Association for Information Systems (AIS)
  • American Economic Association (AEA)
  • American Finance Association (AFA)
  • Association for the Advancement of Artificial Intelligence (AAAI)
  • INFORMS Society for Marketing Science (ISMS)