Jeffrey Zhang

Jeffrey Zhang is a professor of finance and the Director of the Master of Finance program at the University of Dayton’s School of Business Administration. With over a decade of dedicated service at UD, Dr. Zhang is recognized for his leadership in graduate business education and his commitment to academic excellence.

Dr. Zhang earned his Ph.D. in Finance from the University of Rhode Island, an MBA and Master of Accounting from the University of Northern Iowa, and a BA in Finance from Shanghai International Studies University. His diverse educational background provides him with a comprehensive perspective on both theoretical and applied finance.

In his dual roles, Dr. Zhang oversees the strategic development and operation of the Master of Finance program while teaching courses that prepare students for leadership in the financial sector. His approach is informed by rigorous scholarship, global experience, and the Marianist values of education, service, and community engagement central to the University of Dayton’s mission.

• FIN 360 - Investments
• FIN 460 - Portfolio Management & Security Analysis
• FIN 480 - Options and Futures Markets

• University of Rhode Island, PhD (Finance), 2009
• University of Northern Iowa, MBA/MAcc
• Shanghai International Studies University, BA

• Corporate finance
• Fixed income
• Chinese classical poems and cross-cultural translations

• An, H., Chen, C., Wu, Q., Zhang, T. Corporate Innovation: Do Diverse Boards Help? To appear in Journal of Financial and Quantitative Analysis.
• Tao, Q., Li, H., Wu, Q., Zhang, T., Zhu, Y. (2019). The Dark Side of Board Network Centrality: Evidence from Merger Performance. Journal of Business Research, 104, 215-232.
• Shi, J., Wang, J., Zhang, T. (2017). Are Short Sellers Informed? Evidence from Credit Rating Agency Announcements. Journal of Financial Research, 40(2), 179-221.
• Li, Z., Lin, B., Zhang, T., Chen, C. (2017). Does Short Selling Improve Stock Price Efficiency and Liquidity? Evidence from a Natural Experiment in China. European Journal of Finance, 15, 1350-1368.
• Chen, R., Li, Y., Luo, D., Zhang, T. (2017). Helping Hands or Grabbing Hands? An Analysis of Political Connections and Firm Value. Journal of Banking & Finance, 80, 71-89.
• Chen, C., Huang, S. Zhang, T. (2017). Non-Interest Income, Trading, and Bank Risk. Journal of Financial Services Research, 51(1), 19-53.
• Hickox, C., Lin, B., Oppenheimer, O., Zhang, T. (2016). How do Analysts React to Shareholder Class Action Lawsuits? Journal of Economics and Business, 85, 29-48.
• An, H., Chen, Y., Luo, D., Zhang, T. (2016). Political Uncertainty and Corporate Investment: Evidence from China. Journal of Corporate Finance, 36, 174-189 .
• An, H., Wu, Q., Zhang, T. (2016). REIT Liquidity Management and Institutional Investors. Journal of Real Estate Research, 38(4), 539-568.
• Liu, J., Tao, Q., Hou, W., Zhang, T.  (2016). Systematic Risk, Government Policy Intervention, and Dynamic Contrarian Investments. International Review of Economics and Finance, 43, 334-343.
• Chen, S., Lin, B., Lu, R., Zhang, T. (2015). Controlling Shareholders' Incentives and Executive Pay-for-Performance Sensitivity: Evidence from the Split Share Structure Reform in China. Journal of International Financial Markets, Institutions and Money, 34, 147-160.
• Mohan, N., Zhang, T. (2014). An Analysis of Risk-Taking for Defined Benefit Public Pension Plans. Journal of Banking and Finance, 40, 403-419.
• An, H., Lee, Y., Zhang, T. (2014). Do Corporations Manipulate Earnings to Meet or Beat Analysts' Expectations? Evidence from Pension Plan Assumption Changes. Review of Accounting Studies, 19(2), 698-735.
• Wang, F., Zhang, T. (2014). Financial Crisis and Credit Crunch in the Housing Market. Journal of Real Estate Finance and Economics, 49, 256-276.
• Chen, X., Yao, T., Yu, T., Zhang, T. (2014). Learning and Incentive: A Study Based on Analyst Response to Pension Underfunding. Journal of Banking and Finance, 45, 26-42.
• Wang, F., Zhang, T. (2014). The Effect of Unfunded Pension Liabilities on Bond Ratings, Default Probability and Recovery Rate. Review of Quantitative Finance and Accounting, 43(4), 781-802.
• An, H., Zhang, T. (2013). Stock Price Synchronicity, Crash Risk, and Institutional Investors? Journal of Corporate Finance, 21, 1-15.
• An, H., Huang, Z., Zhang, T. (2013). What Determines Corporate Pension Fund Risk-Taking Strategy? Journal of Banking and Finance, 37(2), 597-613
• Chen, X., Yu, T., Zhang, T. (2013). What Drives Corporate Pension Plan Contributions: Moral Hazard or Tax Benefits? Financial Analysts Journal, 69(4), 58-72.
• Lin, B., Lu, R., and Zhang, T. (2012). Tax-Induced Earnings Management in Emerging Markets: Evidence from China. Journal of the American Taxation Association, 34(2), 19-44.
• Yao, T., Yu, T., Zhang, T., Chen, S. (2011). Asset Growth and Stock Returns: Evidence from Asian Financial Market. Pacific-Basin Finance Journal, 19(1), 115-139.
• Huang, Z., Heian, J., Zhang, T. (2011). Difference of Opinion, Overconfidence, and the High-volume Return Premium. Journal of Financial Research, 34(1), 1-25.

• Chinese classical poems (shi and ci, in Chinese) and cross-cultural translations