Zhang, Michael Xiaoquan

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

Associate Dean (Innovation and Impact)
Co-director, Hong Kong–Shenzhen Finance Research Centre


Department of Decision Sciences and Managerial Economics

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

+852 3943 7647



Prof. Michael Zhang is a Professor of Decision Sciences and Managerial Economics 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 several companies in Social Networking, FinTech, and LegalTech.

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
Strategic Value of Information Technology

Research Interests

Business Analytics
Digital Finance
Online advertising
Economics of Artificial Intelligence

  • Publications & Working Papers


    Working Papers

    • H. Hong, Dapeng Xu, Qiang Ye, and X. Zhang, “The Grass is Always Greener on the Other Side? Tourist Bias in Online Restaurant Ratings.”
    • Xiaoyang Li, Yang Shi, Maggie Hu, and X. Zhang, “Are All Heuristics Created Equal? Evidence from P2P Investments.”
    • 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.”
    • K. Kim, J. Park, Y. Pan, K. Zhang, and X. Zhang, “Risk Disclosure in Crowdfunding.”
    • Y. Liu, L. Zhang, and X. Zhang, “Statistical Inference with Ambiguity.”
    • 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. 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.”
    • T. Lu, A. Wang, M. Yuan, and X. Zhang, “Distribution Polarization Effect in Consumer Choice.”
    • L. Zhang and X. Zhang, “Homo Economicus and Market with Imperfections.”
    • 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.”
    • W. Wu, X. Zhang, and R. Zheng, “Crowd Governance: The Monitoring Role of Wikipedia in the Financial Market.”
    • N. Jia, S. Xu, and X. Zhang, “How Investors are Influenced by Social Media: A Large-Scale Field Experiment.”
    • 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


    • 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

    • 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
    • NET Institute Summer Research Support, 2007
    • SAS Fellowship on Consumer Sentiments and Market Value, 2006
  • 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


    • 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

    University Services

    • CUHK:
      • Associate Dean of Innovation and Impact (2018-Present)
      • Business School Executive Committee (2018-Present)
      • Department Executive Committee (2017-Present)
      • Department Academic Personnel Committee (2017-Present)
    • HKUST:
      • Search Committee for Design Thinking & Entrepreneurship Cluster Hiring (2016-2017)
      • Department Head Search Committee (2016-2017)
      • School Appointment and Substantiation Committee (2015-2017)
      • Department Merit Salary Review Committee (2014-2017)
      • Post-Graduate IS Program Coordinator (2010-2015)
      • Member of IS Post-Graduate Program Committee (2010-Present)
      • Chair of IS Faculty Search and Appointment Committee (2015-Present)
      • Member of IS Faculty Search and Appointment Committee (2009-2015)
      • Coach for APEX Case Competition (2009, 2010, 2011)
      • Judge for University 1-Million Dollar Competition
      • Delegate for the Hong Kong PhD Fellowship Scheme Outreach Group
      • Committee Member of the Joint Minor Program of Entrepreneurship
      • Data Science Faulty Task Force; Task Force on Entrepreneurship Education
      • Ad Hoc Committee of HKUST Business School Advisory Council
      • Public Talk to American Chamber of Commerce on Social Media Marketing
      • Public Talk to Potential Applicants to HKUST Business School UG Program


    • 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)


    • Hong Kong Cyberport Entrepreneurship Centre
    • China Merchants Securities Co., Ltd.
    • Hupan University (Startup Bootcamp of Alibaba Corp)
    • Huawei
    • Radica Systems
    • China Mobile


    • Schwarzman Scholars Selection Committee, 2016-Present
    • Institute for Operations Research and the Management (INFORMS) Technology, Innovation Management and Entrepreneurship Section 2017 Best Paper Award Competition
    • HKUST 1-Million Dollar Entrepreneurship Competition, 2015-2017

    Independent Director

    • NASDAQ-listed company Secoo Limited, 2017-Present