Zhan Xintong
Finance
Add: Guoshun Road Siyuan Building Room 232, Siyuan Building
Tel: +86-21-25011068
E-mail: xintongzhan@fudan.edu.cn
Research Field: Empirical Asset Pricing, Sustainable Finance, Empirical Corporate Finance
Website: https://xintongzhan.github.io/
Educational Background
Doctor Degree, Finance, The Chinese University of Hong Kong, HK
Bachelor Degree, Finance, Peking University
Academic Background
2018.08——2021.12, Assistant Professor of Finance and Real Estate, CUHK Business School, Chinese University of Hong Kong
2016.09——2018.07, Assistant Professor of Finance, Erasmus School of Economics, Erasmus University Rotterdam, the Netherlands
Awards on Research
2024.12, CFA Institute Prize for Best Paper in ESG and Sustainability, The 37th Australian Finance & Banking Conference
2024.06, Best Paper Award,2024 Hong Kong Conference for Fintech, AI, and Big Data in Business
2023.07, Best Conference Paper Award, China Derivatives Youth Forum
2023.03, Best Paper Prize,2023 Consortium on Asset Management
2021.07, Young Researcher Award 2020, The Chinese University of Hong Kong
2021.07, Shinhan Investment Paper Award, The 17th Conference of Asia-Pacific Association of Derivatives
2020.09, Best Paper Award on Derivatives at the Northern Finance Association Annual Conference (2020), Northern Finance Association
2020.02, Best Paper Prize,2020 Consortium on Asset Management
2019.11, 2019 AAM–CAMRI Prize in Asset Management, Asia Asset Management, National University of Singapore
2018.12, Best Paper Award, Second Prize, The 26th Conference on the Theories and Practices of Securities and Financial Markets
2018.05, ETF Research Academy Award, Paris–Dauphine House of Finance and Lyxor Asset Management
2017.09, 2017 Chicago Quantitative Alliance (CQA) Academic Competition Award, Third Prize, Chicago Quantitative Alliance(CQA)
2016.11, 2016 Chicago Quantitative Alliance Asia (CQAsia) Academic Competition Award, Second Prize, Chicago Quantitative Alliance Asia (CQAsia)
2015.12, Zephyr Prize for Best Paper in Corporate Finance, The 28th Australian Finance and Banking Conference Committee
Awards on Teaching
Journal Papers
| 1. | Jie Cao, Yi Li, Xintong Zhan, Weiming Zhang, and Linyu Zhou. 2025. Carbon emissions, mutual fund trading, and the liquidity of corporate bonds. Management Science forthcoming 1-28.  |
| 2. | Jie Cao, Jason C. Hsu, Linjia Song, Zhanbing Xiao, and Xintong Zhan. 2025. Smart beta, “smarter” flows. Journal of Empirical Finance 81 1-16. |
| 3. | Jie (Jay) Cao, Michael Hertzel, Jie (Jessica) Xu, and Xintong (Eunice) Zhan. 2025. Options trading and corporate debt structure. Journal of Accounting and Public Policy 49 107274, 1-23. |
| 4. | Jie Cao, Amit Goyal, Sai Ke, and Xintong Zhan. 2024. Options trading and stock price informativeness. Journal of Financial and Quantitative Analysis 59(4) 1516-1540. |
| 5. | Jie Cao (Jay), Xintong Zhan (Eunice), Weiming Zhang (Elaine), and Yaojia Zhang (Zoe). 2023. The return predictability of carbon emissions: Evidence from Hong Kong and Singapore. Pacific-Basin Finance Journal 82 1-21. |
| 6. | Jie Cao, Sheridan Titman, Xintong Zhan, and Weiming Zhang. 2023. ESG preference, institutional trading, and stock return patterns. Journal of Financial and Quantitative Analysis 58(5) 1843-1877. |
| 7. | Jie (Jay) Cao, Aurelio Vasquez, Xiao Xiao, and Xintong (Eunice) Zhan. 2023. Why does volatility uncertainty predict equity option returns?. The Quarterly Journal of Finance 13(1) 1-35. |
| 8. | Jie Cao, Bing Han, Linjia Song, and Xintong Zhan. 2023. Option price implied information and REIT returns. Journal of Empirical Finance 71 13-28. |
| 9. | Jie Cao, Amit Goyal, Xiao Xiao, and Xintong Zhan. 2023. Implied volatility changes and corporate bond returns. Management Science 69(3) 1375-1397. |
| 10. | Tao Shu, Xuan Tian, and Xintong Zhan. 2022. Patent quality, firm value, and investor underreaction: Evidence from patent examiner busyness. Journal of Financial Economics 143(3) 1043–1069. |
| 11. | Xintong (Eunice) Zhan, Bing Han, Jie Cao, and Qing Tong. 2022. Option return predictability. The Review of Financial Studies 35(3) 1394–1442. |
| 12. | Jie Cao, Tarun Chordia, and Xintong Zhan. 2021. The calendar effects of the idiosyncratic volatility puzzle: a tale of two days?. Management Science 67(12) 7866–7887. |
| 13. | Xu Li, Chen Lin, and Xintong Zhan. 2019. Does change in the information environment affect financing choices?. Management Science 65(12) 5676–5696. |
| 14. | Jie Cao, Hao Liang, and Xintong Zhan. 2019. Peer effects of corporate social responsibility. Management Science 65(12) 5487-5503. |
| 15. | Si Li and Xintong Zhan. 2019. Product market threats and stock crash risk. Management Science 65(9) 4011–4031. |
| 16. | Xintong Zhan and Yajing Wang. 2023. Forecasting Option Return. Tsinghua Financial Review (5) 97-98. (in Chinese) |
Research Projects
2023.01—2026.12, Principal Investigator, ESG Performance and Options Market, National Natural Science Foundation of China
2020.01—2021.11, Principal Investigator, Sustainability or Return? The Impact of Sustainability Rating on the Flow-Performance Sensitivity of Mutual Funds, Hong Kong Research Grants Council, Early Career Scheme
2019.05—2021.12, Co-PI, ESG Preference and Market Efficiency, Geneva Institute for Wealth Management
2019.04—2020.12, Co-PI, ESG Preference and Market Efficiency, Paris–Dauphine House of Finance and Unigestion
Academic Posts
2025.07—,Senior Research Fellow (Honorary),Lau Chor Tak Institute of Global Economics and Finance
2025.03—,Associate Editor,Asia-Pacific Journal of Financial Studies
2024.01—,Editorial Board Member,Financial Analysts Journal
2023.09—,Fellow,Asian Bureau of Finance and Economic Research (ABFER)
2023.07—,Research Fellow (Honorary),Lau Chor Tak Institute of Global Economics and Finance
2023.06—,Associate Editor,International Review of Finance
2023.02—,Editor,China Accounting and Finance Review
Academic Conferences
2024.08, European Finance Association (EFA) 2024 Annual Meeting, Bratislava
2024.07, The 2024 China International Confernece in Finance (CICF), Beijing
2024.01, American Finance Association (AFA) 2024 Annual Meeting, San Antonio
2023.10, Academic Network Conference PRI in Person 2023, Tokyo, Japan
2023.07, 2023 MIT Asia Conference in Accounting, Singapore
2023.07, The 2023 China International Confernece in Finance, Shanghai, China
2023.06, Alliane for Research on Corporate Sustainability 15th Annual Reearch Conference, Washington, DC, USA
2023.03, 2023 Consortium on Asset Management, Cambridge, England
2022.01, American Finance Association (AFA) 2022 Annual Meeting, Virtual Conference
2021.01, American Finance Association (AFA) 2021 Annual Meeting, Virtual Conference
2020.08, European Finance Association (EFA) 2020 Annual Meeting, Virtual Conference
2020.06, Western Finance Association (WFA) 2020 Annual Meeting, Virtual Conference
2020.05, The SFS Cavalcade North America 2020, Virtual Conference
2020.01, American Finance Association (AFA) 2020 Annual Meeting, San Diego, USA
2019.06, Western Finance Association (WFA) 2019 Annual Meeting, Los Angeles, USA
2017.01, American Finance Association (AFA) 2017 Annual Meeting, Chicago, USA
2016.08, European Finance Association (EFA) 2016 Annual Meeting, Oslo, Norway
2016.01, American Finance Association (AFA) 2016 Annual Meeting, San Francisco, USA
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