Hao Zhang

Associate Professor

Contact:: Office: BEC 256 hzhang@uvic.ca 250-853-3871

Credentials:: BEcon, People's University of China; MBA and PhD in Finance at Concordia University

Area of expertise:: International finance, stock market investments

Biography

Dr. Hao Zhang teaches in the areas of financial management, international finance and investments at the University of Victoria, Gustavson School of Business. He joined the faculty in 1994 shortly after it was established and teaches finance to both undergraduate and graduate students.

Hao’s primary research and teaching interests are in international finance and investments. He has published on a range of financial topics including market overreaction, stock splits, asset pricing models, market microstructure, international cross-listing and currency carry trades. His work has been published in several journals including the Journal of Financial and Quantitative Analysis, Journal of International Money and Finance, Journal of Financial Research, Journal of Empirical Finance, Review of Quantitative Finance and Accounting, International Review of Financial Analysis, International Journal of Economics and Finance, Economics Letters and Canadian Investment Review.

Hao has taught at various institutions including Concordia University, Laurentian University, and in China for McMaster University and the University of Toronto. Hao was the winner of the 1992 Harvey Rorke Memorial Prize from the Financial Research Foundation of Canada and the Governor General's Gold Medal from Concordia University.

Teaching

Courses taught

Investments (MBA/BCom)
Investments (BCom)
International Finance (BCom)

Selected publications

Journal publications

Wang, S.S., Xu K., Zhang, H. (2019). A Microstructure study of circuit breakers in the Chinese stock markets. Pacific-Basin Finance Journal, 57, 101174. https://doi.org/10.1016/j.pacfin.2019.101174

Zhang, H. (2018). Intraday patterns in foreign exchange returns and realized volatility. Finance Research Letters, 27, 99–104. https://doi.org/10.1016/j.frl.2018.02.017

Rizeanu, S., & Zhang, H. (2013). Exchange rates and portfolio rebalancing: Evidence from emerging economies. International Journal of Economics and Finance, 5(2), 15–27. https://doi.org/10.5539/ijef.v5n2p15

Doukas, J., & Zhang, H. (2013). The performance of NDF carry trades. Journal of International Money and Finance, 36, 172–190. http://dx.doi.org/10.2139/ssrn.2244339

Kryzanowski, L., & Zhang, H. (2002). Intraday market price integration for shares cross-listed internationally. Journal of Financial and Quantitative Analysis, 37, 383–396. https://doi.org/10.2307/3595005

Kryzanowski, L., & Zhang, H. (1997). Is the day-of-the-week effect still valid? Canadian Investment Review, summer, 21–26.

Cheung, R., Kryzanowski, L., & Zhang, H. (1996). Decimalization's Winners and Losers. Canadian Investment Review, winter, 35–39.

Kryzanowski, L., & Zhang, H. (1996). Trading patterns of small and large traders around stock split ex-dates. Journal of Financial Research, 19, 70–90.

Kryzanowski, L., & Zhang, H. (1995). Introduction of dual class shares: further evidence on Canadian pro-rata distributions. International Review of Financial Analysis, 4, 67–90.

Kryzanowski, L., & Zhang, H. (1993). Market behaviour around Canadian stock split ex-dates. Journal of Empirical Finance, 1, 57–81.

Kryzanowski, L., & Zhang, H. (1992). Economic forces and seasonality in security returns. Review of Quantitative Finance and Accounting, 2, 227–244.

Kryzanowski, L., & Zhang, H. (1992). Introduction of dual class shares: some evidence on Canadian pro-rata distributions. International Review of Financial Analysis, 1, 95–108.

Kryzanowski, L., & Zhang, H. (1992). The contrarian investment strategy does not work in Canadian markets. Journal of Financial and Quantitative Analysis, 27, 383–396.

Kryzanowski, L., & Zhang, H. (1991). Valuation effects of Canadian stock split announcements. Economics Letters, 36, 317–322.

Presentations

Wang, S., Xu, K., & Zhang, H. (2018, June). A microstructure study of circuit breakers in the Chinese stock markets. 25th Annual Conference of the Multinational Finance Society. Novotel Budapest City, Budapest, Hungary: Multinational Finance Society.

Wang, S., Xu, K., & Zhang, H. (2017, May). A microstructure study of circuit breakers in the Chinese stock markets. 4th Frontiers of Business Research in China International Symposium. Beijing, China: Renmin University of China.

Zhang, H., & Rizeanu, S. (2011, Autumn). Uncovered equity parity: evidence from emerging economies. Financial Management Association Annual Meeting. Las Vegas, USA.

Awards & grants

Recognition & awards

1992 - Governor General's Gold Medal, Concordia University
1992 - Harvey Rorke Memorial Prize, Financial Research Foundation of Canada

Grants

Why do circuit breakers jump so frequently in China?, Funded by Gustavson Executive Programs Research Grant (April 14, 2016 - April 14, 2017), awarded April 14, 2016 ($3,000.00), Completed, Fall 2018, PI Hao Zhang
Calculating Carry Trade Returns for Emerging Market Currencies, Funded by UVic Gustavson Executive Programs Grant (September 1, 2011) ($2,500.00), Completed, Fall 2011, PI Hao Zhang