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Zhu, Ning

Professor of Finance
Shanghai Advanced Institute of Finance


Educational Background

Ph.D. Finance, Yale University


Ning Zhu is a deputy director and professor of finance at the Shanghai Advanced Institute of Finance, a fellow at the Yale University International Center for Finance, and a Special Term Professor of Finance at University of California, Davis and at Guanghua School of Management at Peking University. Prior to coming back to Asia, he was a tenured professor of finance at University of California, Davis.

Honors / Achievements

Best Paper Award, Journal of Contemporary Accounting and Economics Symposium, 2006
Shanghai Futures Exchange Research Grant, 2005
BSI Gamma Foundation Research Grant, 2005
First place, Best Paper Award, China International Finance Research, 2005
Runner up, Best Paper Award, European Finance Association 2004

Short BIO

Professor Zhu is specialized in behavioral finance, investments, corporate finance, and the Asian financial markets. He has published numerous articles in leading journals in the finance, economics, management and legal fields.
In addition to his academic research, Professor Zhu helps assets management companies in a wide range of capacities. During his leave from the University of California in 2008-2010, he implements his research into practice and leads the quantitative strategies and portfolio advisory teams at Lehman Brothers and Nomura International in Hong Kong, which was top ranked by leading institutional surveys. He also commands extensive consulting experiences advising government agencies, market regulators, stock and futures exchanges, and some of the largest institutional money managers and investment banks in the world.



  • Mark S. Seasholes, Ning Zhu, Individual Investors and Local Bias, Journal of Finance.

    Ning Zhu, Wenli Li, Michelle White, Did Bankruptcy Reform Contribute to the Mortgage Crisis? American Economic Journal: Policy.

    Chih-ling Tsai, Hansheng, Wang, Ning Zhu (2011), Does a Bayesian Approach Generate Robust Forecasts? Evidence from Applications in Portfolio Investment Decisions, Annals of the Institute of Statistical Mathematics.

    Paul A. Griffin, Ning Zhu (2010), Accounting Rules? Stock Buybacks and Stock Options: Additional Evidence, Journal of Contemporary Accounting & Economics.

    Yu-Jane Liu, Chih-Ling Tsai, Ming-Chun Wang, Ning Zhu (2010), Prior Consequences and Subsequent Risk Taking: New Field Evidence from the Taiwan Futures ExchangeManagement Science.

    Ning Zhu, Mark Seasholes, Local Bias (2010), Individual Investors and Local Bias, Journal of Finance.

    Ning Zhu (2010), Household Consumption and Personal Bankruptcy, The Journal of Legal Studies.

    Michelle White, Ning Zhu (2010), Saving your Home in Chapter 13 BankruptcyJournal of Legal Studies.

    Brad M. Barber , Terrance Odean, Ning Zhu (2009), Do Retail Trades Move Markets? The Review of Financial Studies.

    Arturo Bris , William N. Goetzmann , Ning Zhu (2007), Efficiency and the Bear: Short Sales and Markets around the WorldThe Journal of Finance.

    Andrey Ukhov , William N. Goetzmann and Ning Zhu (2007), China and the World Financial Markets 1870-1939: Modern Lessons from Historical GlobalizationEconomic History Review.

    William N. Goetzmann, Ning Zhu (2005), Rain or Shine: Where is the Weather Effect? European Financial Management.

    Ravi Dhar , William N. Goetzmann, Ning Zhu (2005), the Impact of Clientele Changes: Evidence from Stock SplitsYale ICF Working Paper.