金融与财务学系系列讲座之336期暨复旦大学2026年校庆报告会

Time：14:00-15:30, Tuesday, May 19, 2026

Location: Room 603, Starr Building（史带楼603室）

Host： Prof. Junye Li （李隽业 教授）

Department of Finance, FDSM

Topic: Overpaid Lottery and Overpaid Protection: Evidence from Retail Structured Products

Speaker: Prof. Chu Zhang (张处 教授)

Hong Kong University of Science and Technology (HKUST)

Abstract: The negative relationship between the first moment and the third moment of asset returns is often attributed to a lottery effect (i.e., overweight of the right tail of the return distribution) in the literature. We show that overpaid protection (i.e., overweight of the left tail) also drives such a relationship. The callable bull/bear contracts (CBBCs) listed on the Hong Kong Stock Exchange have explicit protection features and provide direct evidence of the negative relationship. The finding contributes to richer patterns in behavioral finance.

Bio: Professor Chu Zhang is a chair professor in the Department of Finance and the director of Center for Investing at the Hong Kong University of Science and Technology (HKUST). Professor Zhang obtained his MBA and PhD degrees in finance from the University of Chicago. He has published in various top-tier finance journals such as the Journal of Finance, the Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Management Science, Journal of Monetary Economics and Journal of Business. His research interests range from empirical methodology of asset pricing models, financial market volatility, to credit risk in the Japanese market, fixed-income and repo markets in China, and the warrants and options markets in Hong Kong. His more recent work involves the characteristics based factor models and the role of information risk in asset pricing. Professor Zhang referees for many finance journals and takes part in various professional activities outside HKUST. From 1997 to 2022, Professor Zhang obtained more than 10 research grants from the Research Grants Council (RGC) of Hong Kong. In 2021, Professor Zhang, as the project coordinator, led a team of professors from the business school and the environment division at HKUST to secure a large, theme-based research grant from the RGC, entitled “Developing Hong Kong as a Global Green Finance Center.”