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Zha, Tao

Professor of Economics
Emory University


Educational Background

Professor Zha holds an M.A. in Economics from Washington State University (1988) and a Ph.D. in Economics from University of Minnesota (1992).


Professor Zha has served on the editorial boards of academic journals, including Econometrica, Journal of Econometrics, and American Economic Journal: Macroeconomics. Professor Zha is a member of the Advisory Committee of Dynare, CEPREMAP (Center for Economic Research and its Applications).

Honors / Achievements

Professor Zha’s major fields of study are macroeconomics, financial economics, the Chinese economy, and econometrics. He has published over 40 papers on leading academic journals such as Econometrica, Journal of Econometrics, American Economic Review, Journal of Political Economy, Brooking Papers for Economic Activity, Journal of Monetary Economics, Review of Economic Studies, etc. Three of his articles have been cited by the Nobel Economic Sciences Prize Committee in 2011.

Professor Zha has received National Science Foundation Research Grant in Economics in 2011 and Wim Duisenberg Research Fellowship from the European Central Bank in 2012. He is a frequent invited speaker at the European Central Bank. He is also the recipient of Abramson Scroll Award for Outstanding Articles in Business Economics, 2002.

Short BIO

Tao Zha is a Special-Term Professor of Economics at Shanghai Advanced Institute of Finance (SAIF), and Samuel Candler Dobbs Professor of Economics at Emory University. He is Director of the Center for Quantitative Economic Research in the Research Department of the Federal Reserve Bank of Atlanta. He is Research Associate at National Bureau of Economic Research (NBER) under the economic fluctuations and growth program and the monetary economics program.


  • Publications

    Benveniste, Lawrence, Alexander Ljungqvist, William Wilhelm, and Xiaoyun Yu, 2003, “Evidence of Information Spillovers in the Production of Investment Banking Services”, Journal of Finance 58, 577‐608.

    Chang, Chun, and Xiaoyun Yu, 2004, “Investment Opportunities, Liquidity Premium and Conglomerate Mergers”, Journal of Business77, 45‐74.

    Bhattacharya, Utpal, Neal Galpin, Rina Ray, and Xiaoyun Yu, 2006, “The Role of the Media in the Launch of Internet IPOs”,Betriebswirtschaftliche Forschung und Praxis 58 (Special Issue on IPOs), 442‐456.

    Bhattacharya, Utpal, and Xiaoyun Yu, 2008, “The Causes and Consequences of Recent Financial Market Bubbles: An Introduction”,Review of Financial Studies 21, 3‐10.

    Benveniste, Lawrence, Huijing Fu, Paul Seguin, and Xiaoyun Yu, 2008, “On the Anticipation of IPO Underpricing: Evidence from Equity Carve‐outs”, Journal of Corporate Finance 14, 614‐629.

    Bhattacharya, Utpal, Neal Galpin, Rina Ray, and Xiaoyun Yu, 2009, “The Role of the Media in the Internet IPO Bubble”, Journal of Financial and Quantitative Analysis 44, 657‐682.

    Wang, Tracy, Andrew Winton, and Xiaoyun Yu, 2010, “Corporate Fraud and Business Conditions: Evidence from IPOs”, Journal of Finance 65, 2255‐2292.

    Chang, Chun, and Xiaoyun Yu, 2010, “Information Efficiency and Liquidity Premium as the Determinants of Capital Structure”, Journal of Financial and Quantitative Analysis 45, 401‐440.

    Yu, Frank, and Xiaoyun Yu, 2011, “Corporate Lobbying and Fraud Detection”, Journal of Financial and Quantitative Analysis 46, 1865-1891.

    Book Chapters

    Chang, Chun, and Xiaoyun Yu, 1999, “Relationship between Social Security in China and the Development of the Capital Markets”, in D. Xu, Z. Yin, and Y. Zheng, ed., Social Security Reform in China, Economic Science Press, Beijing, China.

    Xiaoyun Yu, 2011, “Market Microstructure” (in Chinese), in D., Ke, H. Li, and S. Lu, ed., Volume of Finance, Frontiers of Western Research in the Humanities and Social Sciences, Renda Press, Beijing, China.

    Xu, Dan (Danielle), and Xiaoyun Yu, 2011, “IPOs and SEOs” (in Chinese), in D., Ke, H. Li, and S. Lu, ed., Volume of Finance, Frontiers of Western Research in the Humanities and Social Sciences, Renda Press, Beijing, China.

Working Paper

  • Bhattacharya, Utpal, Alexander Borisov, and Xiaoyun Yu, “Firm Mortality and Natal Financial Care”

    Chang, Chun, Guanmin Liao, Xiaoyun Yu, and Zheng Ni, “Information from Relationship Lending: Evidence from Loan Defaults in China”

    Du, Qianqian, Frank Yu, and Xiaoyun Yu, “Beyond ‘Lost in Translation’: Cultural Proximity and theProcessing of Financial Information”

    Fu, Huijing, and Xiaoyun Yu, “Is Board Structure ‘One‐Size‐Fits‐All’? The Unintended Informational Consequence of the Sarbanes‐Oxley Acts”

    Giannetti, Mariassunta, and Xiaoyun Yu, “Connections and Information Acquisition in Capital Allocation”

    Giannetti, Mariassunta, Guanmin Liao, and Xiaoyun Yu, “The Brain Gain in Corporate Boards: A Natural Experiment from China”

    Gupta, Nandini, and Xiaoyun Yu, “Does Money Follow the Flag?”

    Jacobsen, Stacey E., Irina Stefanescu, and Xiaoyun Yu, “The ‘Real’ Value of Conflicted Analyst Coverage”

    Qian, Yiming, and Xiaoyun Yu, “Business Cycles, Firm Size and Market Reactions to News”

    Tian, Xuan, Gregory Udell, and Xiaoyun Yu, “Disciplining Delegated Monitors: The Consequences of Failing to Prevent Fraud”

    Yu, Xiaoyun, “Ownership Structure, Liquidity, and Investment Efficiencies”