Gaiyan Zhang
Gaiyan Zhang
Assistant Professor of Finance
Office:
1111 Tower ~ Voice: 314-516-6269
E-Mail: zhangga@umsl.edu
Homepage: http://www.umsl.edu/~buszhang
Degrees Held: Ph.D. (Finance), University of California, Irvine, 2005
M.A. (Finance), Fudan University, Shanghai, China, 1999
B.A. (Finance), Nankai University, Tianjin, China, 1996
Interests:
- Areas: Financial Management, International Finance
- Courses:
- Areas: Credit Risk, Derivatives, Corporate Finance, International Finance, Risk Management
- Selected Significant Publications:
- 'Credit Contagion from Counterparty Risk' with Philippe Jorion, Journal of Finance, 2009, forthcoming.
- 'Good and Bad Credit Contagion: Evidence from Credit Default Swaps', with Philippe Jorion, Journal of Financial Economics, June 2007, 84(3), Pages 860-883. Also summarized in CFA Digest, November 2007, Vol. 37, No. 4: Pages. 29-31.
- 'Institutional Ownership and Credit Spreads: An Information Asymmetry Perspective', with Ashley Wang, Journal of Empirical Finance, 2009, forthcoming.
- 'Informational Efficiency of Credit Default Swap and Stock Markets: The Impact of Adverse Credit Events
- 'Are the U.S. Stock Market and Credit Default Swap Market Related? Evidence from the CDX Indices' with Hung-gay Fung, Gregory E. Sierra, and Jot Yau, Journal of Alternative Investments, 2008, Summer, 43-61.
- 'Information Effects of Bond Rating Changes: The Role of the Rating Prior to the Announcement', with Philippe Jorion, Journal of Fixed Income, Spring 2007, Pages 45-59.
- 'On the Relationship Between Asian Credit Default Swap and Equity Markets', with Johnny Chan, and Hung-gay Fung, Journal of Asian Business Studies, 2009, forthcoming.
- 'Institutional Reforms and Investor Reactions to CSR Announcements: Evidence From an Emerging Economy' with Bindu Arya, Journal of Management Studies, 2009, forthcoming.
- 'A Model of Price, Volume and Sequential Information', International Journal of Business and Economics, 2007, vol.6, no.3, Pages 207-223.
- 'Prospects for China's Free Trade Agreements', with Yanying Zhang and Hung-gay Fung, Chinese Economy, 2007, March-April, Pages 5-35.
- 'On the Imbalances between the Real Estate Market and Stock Markets in China' with Hung-Gay Fung, Chinese Economy, 2006, Pages 26-39.
- Book Chapters:
- "Credit Derivatives: Trends, Challenges and Opportunities," in Advances in International Investments: Traditional and Alternative, H.G. Fung, ed. World Scientific, 2008, forthcoming
- "China's Foreign Exchange Market," in China's Capital Markets: Challenges from WTO Membership, Chan, K.C., H. G. Fung, and Q. W. Liu ed. Edward Elgars Publishing Co., 2007.
Other Information:
- Received University of Missouri-St. Louis' Douglas E. Durand Award for Research Excellence, FDIC research fellowship from Center for Financial Research, UM-St. Louis Research Awards, UM-St.Louis Center for International Studies Research Fellowship, UM-St. Louis Small Grants Fund, College of Business Summer Research Grant, University of California at Irvine's Dissertation Grant, Fudan University Sasakawa Distinguished Researcher Award, and Fudan University New York Life Outstanding Graduate Research Award.
- Papers accepted for presentation at the National Bureau of Economic Research (NBER) 'Risk of Financial Institutions' program held in University of Chicago, the 2nd Bank of Canada Conference on Fixed Income Markets, the FDIC's Center for Financial Research Workshop, and the AFA, WFA, and FMA annual meetings.
- PhD dissertation 'Intra-industry credit contagion: the evidence from the credit default swap market and the stock market' was in the top-10-list by downloads at the Social Science Research Network (SSRN) in the areas of 'Options, Futures and Derivatives', and 'Risk Management' (2004).
- Served as paper reviewer for Chinese Economy, China and World Economy, Financial Review, Journal of Banking and Finance, Journal of Financial Stability, Management Science, grant reviewer for the Research Grants Council of Hong Kong and UM Research Board, and on the FMA 2008 Annual Meeting Program Committee on International Finance.
- Member of Financial Management Association, American Financial Association, Western Financial Association