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Zhang, Michael Xiaoquan

Zhang, Michael Xiaoquan 張曉泉

BA, BE, MSc (Tsinghua); PhD (MIT)

Wei Lun Professor of Business AI
RGC Senior Research Fellow

Contact

Department of Decisions, Operations and Technology

Room 918, 9/F
Cheng Yu Tung Building
12 Chak Cheung Street
Shatin, N.T., Hong Kong

zhang@cuhk.edu.hk

+852 3943 7647

Personal Website Google Scholar LinkedIn Curriculum Vitae
Home>Academic Staffs>Zhang, Michael Xiaoquan

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

Working Papers

  • Yan Cheng, Jingbo Wang, Xinyu Cao, Zuo-Jun Max Shen, and Xiaoquan (Michael) Zhang, “Do Bullet Chats Keep Viewers Watching? Estimating Heterogeneous Treatment Effects with a Control Function Approach”
  • Miaozhe Han, Hongchuan Shen, Sihan Zhai, and Xiaoquan (Michael) Zhang, “Digital Footprints and Information Misallocation: Evidence from Multi-method Studies”
  • Yunqing Chen, Leilei Gao, and Xiaoquan (Michael) Zhang, “Username Design and Reciprocal Platform Engagement”
  • May Yuan, Leilei Gao, and Xiaoquan (Michael) Zhang, “Unveiling the Discrepancy between Reviewer Intent and Consumer Interpretation: How Pricer is Used and Neglected in Product Ratings”
  • Ailing Xu, Jingye Huang, Qiaochu He, Xiaoquan (Michael) Zhang, and Ying-Ju Chen, “Transparency Design in User Engagement”
  • Yunlu Yin, Jiajia Liu, Zhongqiang (Tak) Huang, Yan Luo, and XIaoquan (Michael) Zhang, “Search More, Know More? Mobile Search Inflates Decision Confidence and Financial Risk-Taking”
  • Hong Hong, Maggie Hu, DaPeng Xu, and Xiaoquan (Michael) Zhang, “Collective Wisdom of Content Consumers in Investing Communities”
  • Xueyun Luo, Guangrui Kayla Li, and Xiaoquan (Michael) Zhang, “The Paradox of Paywalls: Effect of Monetization on Audience Engagement in Online Content Platforms”
  • Iftekhar Hasan, Haitian Lu, Xiaoyang Li, Xiaoquan (Michael) Zhang “Rational AI in Financial Market”
  • Simeng Qin, Xiaoquan (Michael) Zhang, Gang Li, Jianping Li, Lionel Z. Wang, “Stress-Testing Financial AI: A Sequential Generative Adversarial Framework for Uncovering Vulnerabilities in Deep Algorithmic Agents”
  • Dapeng Xu, Jason Ye, Maggie Hu, and Xiaoquan (Michael) Zhang “Cyberloafing at Work: A Comprehensive Meta-Analysis of Antecedents, Consequences, and Contextual Moderators”
  • Xu Gan and Xiaoquan (Michael) Zhang “The Social Externality of Technology Innovation: Dockless Bike-Sharing, Physical Activity, and Public Health”
  • Jialu Liu, Ruijia Wu, and Xiaoquan (Michael) Zhang “Breaking Algorithmic Collusion via the Reverse Catfish Effect”
  • Hong Hong, Maggie Hu, Yingxin Lin, Xiaoquan (Michael) Zhang “Gender Differences in Susceptibility to Informational Influence: Evidence from Online Review Platforms”
  • Zheng Gong, Kayla Li, and Xiaoquan (Michael) Zhang “The Impact of Algorithmic Recommendation on Time Preference: Evidence from Laboratory and Field Experiments”
  • Guihua Yu, Yunlu Yin, Xiaoquan (Michael) Zhang, and Lusha Zhu “The Egalitarian Robot: How Robot Contributions Shape Fairness in Human-Robot Teams”
  • Chang Yu, Xianghua Lu, and Xiaoquan (Michael) Zhang, “The Cost of De-Socialized Evaluation: AI’s Role in Shaping Deceptive Impression Management”
  • Yingxin Lin, Jihao Hu, Xiaoti Yue, and Xiaoquan (Michael) Zhang, “Unintended Consequences of Emotional Expressiveness in Freelancer Profile Pictures: Evidence from an Online Labor Platform”
  • Jihao Hu, Yingxin Lin, DaPeng Xu, and Xiaoquan (Michael) Zhang, “Unintended Consequences of Status Effect in Reputation Systems”
  • Dorothy Jiang, Weiguang Wang, Keran Zhao, and Xiaoquan (Michael) Zhang, “When Money Meets Mission: Rethinking Financial and Social Commitment Alignment in Impact Investing”
  • Hao Ying, Tao Lu, and Xiaoquan (Michael) Zhang, “Slicing the Attention Pie: Pricing the Effectiveness of Social Influencers”
  • Peixin Liu, Lihong Zhang, Xiaoquan (Michael) Zhang, “Empowering Businesses with Foundation Models in Generative AI”
  • Xinyu Li, Francis Costello, Keongtae Kim, and Michael Zhang, “Assessing Open Source Software Developer’s Opportunity Costs in a Time of Generative AI”
  • Ning Jia, Sean Xu, Zhitao Yin, and Michael Zhang, “Investor Misreaction to Secondhand Information on Social Media: Evidence from a Wikipedia Experiment”
  • Ding Ma, Yingjie He, Yinghao Chu, Michael Saunders, and Michael Zhang, “An Integrated Deep Learning Framework for Real-Time Air Pollution Control”
  • Tongda Zhang, Ding Ma, Michael Saunders, Michael Zhang, “Probing the Irrationality of AI: Experiments with ChatGPT”
  • Ding Ma, Tongda Zhang, Michael Saunders, Michael Zhang, “Innovating with Intelligence: Establishing An Institutional Protocol for AI-Driven Product Development”
  • Ding Ma, Tongda Zhang, Michael Saunders, Michael Zhang, “Transforming E-Commerce Analysis: An Inclusive Infrastructure and a Fast Search Algorithm”
  • Daniel Blaseg, Ehsan Bolandifar, Michael Zhang, “The Paradox of Budget Transparency: Budget Disclosures and Performance in Crowdfunding Ventures”
  • Sijia Ma, Chong (Alex) Wang, Michael Zhang, Tao Lu, “Facade of Trust: The Impact of AI-Enhanced Profile Pictures in Online Interactions”
  • Xingjin Chen, Yilin Li, Xiaoyu Xia, Sean Xin Xu, Michael Zhang, “Nonlinear Impact of Structural Diversity on User Engagement in Social Networks: Evidence from a Large-scale Field Experiment”
  • Li, T., Tang, Z., Lu, T., Zhang, X., “Propose and Review: Interactive Bias Mitigation for Machine Classifiers”
  • Han, M., Shen, H., Zhai, S., Zhang, X., “An Empirical Study of Algorithm-Induced Online Information Misallocation”
  • Pei, S., Zhang, Y., Feng, J., Zhang, X., “How Much Personalized Information is Necessary? Re-examining Personalized Recommendations in Consumer Purchases”
  • Sun, L., Chen, Y., Zheng, X., Su, M., Zhang, X., “Short-Term Cannibalization and Long-Term Loyalty Effects of Recommender Systems: Evidence from a Field Experiment”
  • Kawamata, Y., Zhang, X., Akiyama, E. “Impulsive Equilibrium in Search-Engine Advertising”
  • Cheng, B., Zhang, L. and Zhang, X. “Uncertainty and Failure of Diversification”
  • Hu, M., Han, X., and Zhang, X. “Intensified Online Opinion Clashes with Salient Group Identity”
  • Gao, C., Hong, H., Zhang, X., and Ye, Q., “Seeking Alpha or Seeking Noise? Attention Bias in Online Investment Communities”
  • Wu, W., Xu, H., Zhang, X., and Zheng, R., “Ignorance Is Bliss: The Role of Information in Keyword Auctions”
  • Sun, S., Xu, K., and Zhang, X., “Do Monetary Incentives Crowd Out UGC Contributions? Evidence from YouTube”
  • Chi, H., Piramuthu, S., Zhou, W. and Zhang, X., “Self-Cannibalization of Durable Goods with Sharing: A Producer Perspective.”
  • Liu, A., Xu, X., Zhang, X., and Zhao, X., “Social Media and Financial Information Asymmetry: How Information Aggregation on Wikipedia Reduces Insider Trading Profitability.”
  • Liu, Y., Zhang, L., and Zhang, X., “Statistical Inference under Ambiguity”
  • Weiran Shen, Binghui Peng, Michael Zhang, Hanpeng Liu, Ruohan Qian, Yan Hong, Zhi Guo, Zongyao Ding, Pengjun Lu and Pingzhong Tang, “Reinforcement Mechanism Design”
  • Zihe Wang, Pingzhong Tang and Michael Zhang, “Optimal Commitments in Auctions with Incomplete Information”
  • Lihong Zhang, Gene Lai, Baimin Yu and Michael Zhang, “Longevity Risk, Optimal Retirement, Consumption Choice, and Risky Investment Decision”
  • Michael Zhang, Henry Qian, Alex Wang and Monic Sun, “Perilous Randomized Experiments in Social Networks”
  • Wu, W., Zhang, X., and Zheng, R., “An Empirical Study on the Monitoring Role of Wikipedia in the Financial Market.”
  • Wu, W., Shi, W., Zhang, X., and Zheng, R., “Firm Performance and Information Dissemination: Evidence from Twitter.”
  • Erik Brynjolfsson and Michael 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)
No. 22

Financial Times Executive MBA Ranking 2025