Personal profile
Name in Chinese
Biography
Prof. Xiaofeng Zhao is an Associate Professor in the Department of Finance at Lingnan University. He obtained his PhD degree in the Chinese University of Hong Kong. His current research interests include information economics and financial markets, Fintech and big data, field experiment, corporate governance and transparency. His research is published in journals such as Journal of Financial Quantitative Analysis, Review of Accounting Studies, Review of Finance, Journal of Environmental Economics and Management, and Journal of Financial Markets. He has led and participated in multiple projects funded by the University Grants Committee (UGC) of Hong Kong. His works received the Hong Kong Asian Capital Market Research Prize awarded by CFA Institute and HKSFA. His papers have been presented in international institutions and conferences including Hong Kong Monetary Authority (HKMA), the National Bureau of Economic Research (NBER), European Finance Association (EFA) Annual Meeting, Financial Management Association (FMA) Annual Meeting, Financial Management Association (FMA) European Conference, Asian Bureau of Finance And Economic Research (ABFER) Conference, China International Conference in Finance (CICF), and Asian Finance Association (AsianFA) Conference.
Research interests
Information economics and financial markets, Fintech and big data, field experiment, corporate governance and transparency
Collaborations and top research areas from the last five years
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Generative Artificial Intelligence and Stock Price Informational Efficiency: Evidence from OpenAI GPT API Outages
ZHAO, X. (PI) & ZHANG, B. (CoI)
1/01/26 → 31/12/27
Project: Grant Research
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Clearing the air on a bad air day: Air pollution and interactive corporate communication
ZHAO, X. (PI)
1/10/24 → 30/09/27
Project: Contract Research
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Unravelling the Governance Participation Puzzle: A field experiment
ZHAO, X. (PI) & YAN, M. (CoI)
1/09/24 → 31/08/26
Project: Grant Research
Research output
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Do short-sale constraints inhibit information acquisition? Evidence from Regulation SHO
SU, L., WONG, S.M.-L., YUAN, X. & ZHAO, X., Jan 2025, In: Journal of Financial Markets. 72, 100945.Research output: Journal Publications › Journal Article (refereed) › peer-review
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Investor Communication and Payout Policy : A Field Experiment
WANG, X., XIE, J., ZHANG, B. & ZHAO, X., 1 Nov 2025, In: Review of Finance. 29, 6, p. 1833-1870 38 p.Research output: Journal Publications › Journal Article (refereed) › peer-review
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Nowcasting Firms' Operating Activities from Satellite Data on Thermal Infrared Radiation
XUE, Y., ZHANG, B. & ZHAO, X., 8 Sept 2025, (E-pub ahead of print) In: Journal of Financial and Quantitative Analysis. 39 p.Research output: Journal Publications › Journal Article (refereed) › peer-review
1 Link opens in a new tab Citation (Scopus)
Prizes
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LU Research & Knowledge Transfer Fund Award 2022 (RGC Grant)
ZHAO, X. (Recipient), Apr 2022
Prize: Prize (CDCF)
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LU Research & Knowledge Transfer Fund Award 2022 (RGC Grant)
ZHAO, X. (Recipient), Sept 2022
Prize: Prize (CDCF)
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LU Research & Knowledge Transfer Fund Award 2020 (RGC/PICO Grant)
ZHAO, X. (Recipient), Apr 2020
Prize: Prize (CDCF)
Press/Media
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New thermal infrared radiation indicator enhances real-time monitoring of company performance and promotes sustainable industrial practices
11/09/25
1 item of Media coverage
Press/Media: Research / Knowledge Transfer
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港岭大学者创"热辐射指标" 实时监测企业营运 预测盈利变化
11/09/25
1 item of Media coverage
Press/Media: Research / Knowledge Transfer
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嶺大學者首創「熱輻射指標」實時監測企業營運 助識別潛在經營風險 準確預測盈利變化
10/09/25
1 item of Media coverage
Press/Media: Research / Knowledge Transfer
Thesis
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Hello, is anybody there? : Corporate accessibility for minority shareholders as a signal of agency problems in China
ZHAO, X. (Author), WONG, M. L. S. (Supervisor), 2013Student thesis: MPhil Thesis (Lingnan)