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:

Teaching:

Areas: Financial Management, International Finance
Courses:
- BA 3580 - International Corporate Finance
- FIN 6500 - Financial Management

Research:

Areas: Credit Risk, Derivatives, Corporate Finance, International Finance, Risk Management
Selected Significant Publications:
- '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, forthcoming.
- 'On the Relationship Between Asian Credit Default Swap and Equity Markets', with Johnny Chan, and Hung-gay Fung, Journal of Asian Business Studies, 2008, forthcoming.
- 'A Model of Price, Volume and Sequential Information', International Journal of Business and Economics, 2007, vol.6, no.3, Pages 207-223.
- '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.'
- '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.
- '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.
- 'New Perspectives on Interest Rate Policy and Real Estate Reform in China', Journal of Financial Studies, 1998.
- 'Revisiting Present International Exchange Rate System: a Course or an End?', World Economics and International Politics, 1998.
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:

Papers accepted for presentation at the National Bureau of Economic Research (NBER) 2008 'Risk of Financial Institutions' program held in University of Chicago, Western Financial Association 2008 Annual Meeting, and American Financial Management 2007Annual Meeting.
Received University of Missouri-St. Louis' Douglas E. Durand Award for Research Excellence in 2007
Received FDIC research fellowship from Center for Financial Research of $10,000 (2007), UM-St. Louis Small Grants Fund (2007), UM-St.Louis Center for International Studies Research Support (2007), UM-St. Louis
Research Awards of $12,000 (2005), University of California, Irvine's Dissertation Grant (2004), Fudan University Sasakawa Distinguished Researcher Award (1998), and Fudan University New York Life Outstanding
Graduate Research Award(1997).
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 Management