Lei Zhang

City University of Hong Kong

College of Business

83 Tat Chee Avenue

Hong Kong

China

SCHOLARLY PAPERS

30

DOWNLOADS
Rank 8,637

SSRN RANKINGS

Top 8,637

in Total Papers Downloads

6,796

SSRN CITATIONS
Rank 20,356

SSRN RANKINGS

Top 20,356

in Total Papers Citations

13

CROSSREF CITATIONS

38

Scholarly Papers (30)

1.

The Effects of Organizational Structure on Bond Investing: Do Bond Investors Behave like Banks?

Number of pages: 55 Posted: 15 Jan 2009 Last Revised: 04 Sep 2014
Massimo Massa and Lei Zhang
INSEAD - Finance and City University of Hong Kong
Downloads 685 (47,304)

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organizational structure, hierarchy, proximity investment, herding, performance

2.

Sociability, Golf Courses, and the Performance of Institutional Investors

Number of pages: 76 Posted: 02 Aug 2015 Last Revised: 20 Aug 2016
Chishen Wei and Lei Zhang
Singapore Management University - Lee Kong Chian School of Business and City University of Hong Kong
Downloads 579 (58,736)

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Sociability, Social Connections, Institutional Investors, Golf

Investment Horizon of the Bond Investor Base and the Leverage of the Firm

AFA 2009 San Francisco Meetings Paper
Number of pages: 54 Posted: 25 Mar 2008 Last Revised: 12 Oct 2010
Massimo Massa, Ayako Yasuda and Lei Zhang
INSEAD - Finance, University of California, Davis - Graduate School of Management and City University of Hong Kong
Downloads 334 (112,169)
Citation 4

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institutional investors; corporate bonds; investment horizon; corporate finance; capital structure; leverage; clientele; investor base

Investment Horizon of the Bond Investor Base and the Leverage of the Firm

INSEAD Business School Research Paper No. 2007/57/FIN/ACGRD
Number of pages: 54 Posted: 18 Oct 2007 Last Revised: 12 Oct 2010
Massimo Massa, Ayako Yasuda and Lei Zhang
INSEAD - Finance, University of California, Davis - Graduate School of Management and City University of Hong Kong
Downloads 208 (181,806)
Citation 4

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institutional investors; corporate bonds; investment horizon; corporate finance; capital structure; leverage; clientele; investor base

4.

Trust and Certification in Financial Markets: Evidence from Reactions to Earnings News

Number of pages: 53 Posted: 12 Nov 2014 Last Revised: 09 Sep 2021
Chishen Wei and Lei Zhang
Singapore Management University - Lee Kong Chian School of Business and City University of Hong Kong
Downloads 464 (77,334)

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Trust, Earnings Reactions, Auditor Quality, Sarbanes-Oxley Act

5.

CDS and the Liquidity Provision in the Bond Market

INSEAD Working Paper No. 2012/114/FIN
Number of pages: 46 Posted: 21 Oct 2012 Last Revised: 10 Dec 2012
Massimo Massa and Lei Zhang
INSEAD - Finance and City University of Hong Kong
Downloads 431 (84,388)
Citation 13

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CDS, bond liquidity, yield spreads, fire sales, crisis

6.

The Spillover Effects of Hurricane Katrina on Corporate Bonds and the Choice between Bank and Bond Financing

AFA 2012 Chicago Meetings Paper
Number of pages: 58 Posted: 11 Mar 2011 Last Revised: 08 Feb 2012
Lei Zhang and Massimo Massa
City University of Hong Kong and INSEAD - Finance
Downloads 372 (100,030)
Citation 1

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Hurricane Katrina, property insurance, bond ownership, bond abnormal return, bank/bond financing, debt maturity

7.

Trust and Local Bias

Journal of Financial and Quantitative Analysis , Volume 55 , Issue 7 , November 2020 , pp. 2211 - 2245
Number of pages: 77 Posted: 02 Sep 2014 Last Revised: 25 Aug 2021
Chishen Wei and Lei Zhang
Singapore Management University - Lee Kong Chian School of Business and City University of Hong Kong
Downloads 331 (113,984)
Citation 2

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Trust, Local Bias, Institutional Investors, Cultural economics

8.

Cosmetic Mergers: The Effect of Style Investing on the Market for Corporate Control

AFFI/EUROFIDAI, Paris December 2007 Finance International Meeting AFFI - EUROFIDAI
Number of pages: 46 Posted: 27 Feb 2007
Massimo Massa and Lei Zhang
INSEAD - Finance and City University of Hong Kong
Downloads 303 (125,312)
Citation 3

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mergers and acquisitions, popularity, style investing, short-termism, mutual funds, dumb money

Investor Horizon Clientele and IPO Underpricing

Number of pages: 50 Posted: 16 Sep 2009 Last Revised: 03 Sep 2014
Massimo Massa and Lei Zhang
INSEAD - Finance and City University of Hong Kong
Downloads 152 (239,918)

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institutional investors, investor horizon clientele, proximity investing, short-term investor fraction, IPOs, Amihud illiquidity, underpricing

Investor Horizon Clientele and IPO Underpricing

Number of pages: 56 Posted: 17 Mar 2012
Lei Zhang and Massimo Massa
City University of Hong Kong and INSEAD - Finance
Downloads 132 (268,694)

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institutional investors, investor horizon clientele, proximity investing, local short-term demand, IPOs, Amihud illiquidity, underpricing

10.

Corporate Derivatives Usage, Information Environment, and Stock Price Crash Risk

European Accounting Review, Forthcoming
Number of pages: 62 Posted: 26 Nov 2018 Last Revised: 12 Apr 2021
Jeong-Bon Kim, Yi Si, Chongwu Xia and Lei Zhang
City University of Hong Kong, The School of Management, Xi'an Jiaotong University, School of Management, University of Science and Technology of China and City University of Hong Kong
Downloads 268 (142,487)

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Derivatives Usage; Stock Price Crash Risk; Information Opacity; Agency Theory

11.

Powerful Blockholders and CEO Turnover

Number of pages: 57 Posted: 11 Feb 2016 Last Revised: 11 Feb 2017
Chishen Wei and Lei Zhang
Singapore Management University - Lee Kong Chian School of Business and City University of Hong Kong
Downloads 222 (171,278)
Citation 2

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Institutional Blockholders, CEO Turnover, Corporate Governance

12.

The Informational Role of Overconfident CEOs

Number of pages: 30 Posted: 23 Aug 2016 Last Revised: 01 Oct 2018
Chishen Wei and Lei Zhang
Singapore Management University - Lee Kong Chian School of Business and City University of Hong Kong
Downloads 212 (178,842)

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Overconfident CEOs, Information Asymmetry, Cost of Capital, Short Interest

13.

Supplier-Customer Relationships and Corporate Hedging Policy

Number of pages: 53 Posted: 27 Feb 2018
Jun-Koo Kang, Limin Xu and Lei Zhang
Nanyang Business School, Nanyang Technological University, University of Adelaide - Business School and City University of Hong Kong
Downloads 193 (194,950)
Citation 1

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Supplier, Customer, Product market relationship, Hedging, Financial distress risk, Risk management

14.

Supply Uncertainty of the Bond Investor Base and the Leverage of the Firm

Journal of Financial Economics 110, 185–214.
Number of pages: 61 Posted: 06 Mar 2013 Last Revised: 11 Jan 2015
Massimo Massa, Ayako Yasuda and Lei Zhang
INSEAD - Finance, University of California, Davis - Graduate School of Management and City University of Hong Kong
Downloads 190 (197,723)
Citation 2

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institutional investors, corporate bonds, capital supply uncertainty, corporate finance, capital structure, leverage, clientele, investor base

15.

Corporate Exposure to Weather and Bond Yield Spread

Number of pages: 62 Posted: 09 Mar 2020 Last Revised: 28 Jan 2021
Lei Zhang and Min Zhu
City University of Hong Kong and University of Queensland
Downloads 187 (200,551)

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corporate weather exposure, abnormal cumulative precipitation, bond yield spread, cash flow risk, equity volatility, climate finance

16.

Conglomerate Discount and Financial Constraints: A Novel View to an Old Puzzle

Number of pages: 48 Posted: 10 Mar 2010
University of Illinois at Chicago, INSEAD - Finance and City University of Hong Kong
Downloads 183 (204,421)

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conglomerate discount, financial constraints, Tobin’s Q

Does TRACE Coverage Reduce Corporate Yield Spreads?

Number of pages: 42 Posted: 13 Jun 2012
Lei Zhang
City University of Hong Kong
Downloads 121 (286,898)

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bond liquidity, TRACE, option-adjusted spreads, asset swap spreads, CDS spreads

Does TRACE Coverage Reduce Corporate Yield Spreads?

Number of pages: 42 Posted: 12 Jun 2012 Last Revised: 13 Jun 2012
Lei Zhang
City University of Hong Kong
Downloads 43 (514,399)

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18.

Local Equity Market Participation and Stock Liquidity

Number of pages: 50 Posted: 24 Jun 2010 Last Revised: 16 Oct 2010
Lei Zhang
City University of Hong Kong
Downloads 138 (258,696)
Citation 3

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stock liquidity, retail investors, local bias, noise trading

19.

Back to the Beginning: Does Investor Diversification Affect the Firm's Cost of Equity?

Number of pages: 57 Posted: 15 Dec 2014 Last Revised: 10 Oct 2015
Zhanhui Chen and Lei Zhang
Hong Kong University of Science & Technology (HKUST) - Department of Finance and City University of Hong Kong
Downloads 137 (260,176)
Citation 1

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Institutional investors; Marginal Investor; Investor Diversification; Cost of Equity

20.

Stocks, Bonds and Debt Imbalance: The Role of Relative Availability of Bond and Bank Financing

Number of pages: 63 Posted: 15 Jan 2009
Massimo Massa and Lei Zhang
INSEAD - Finance and City University of Hong Kong
Downloads 126 (277,195)
Citation 4

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21.

The Role of Relative Availability of Bond and Bank Financing: A Measure of Debt Inflexibility

Number of pages: 49 Posted: 10 Mar 2010
Massimo Massa and Lei Zhang
INSEAD - Finance and City University of Hong Kong
Downloads 121 (285,612)

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debt inflexibility, capital structure, external financing, cash flow sensitivity, dividend payout

22.

Shareholder Monitoring and Securities Class Action Lawsuits

Number of pages: 63 Posted: 04 Apr 2016 Last Revised: 12 Aug 2020
Chishen Wei and Lei Zhang
Singapore Management University - Lee Kong Chian School of Business and City University of Hong Kong
Downloads 120 (287,337)

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Securities class action litigation, corporate governance, shareholder monitoring

23.

Illiquidity Spillovers from the Bond Market: The Effect of TRACE Coverage on Stock Liquidity

Number of pages: 38 Posted: 24 Jun 2012 Last Revised: 26 Jun 2012
Lei Zhang
City University of Hong Kong
Downloads 113 (299,702)

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TRACE, transparency, illiquidity spillovers, Amihud illiquidity, zero-return illiquidity

24.

Do Law Firms Matter for Securities Class Action Lawsuit Outcomes?

Number of pages: 53 Posted: 23 Feb 2017 Last Revised: 12 Sep 2019
Barry R. Oliver, Chuyi Yang and Lei Zhang
University of Queensland - Business School, Nanyang Business School, Nanyang Technological University and City University of Hong Kong
Downloads 95 (336,713)

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Securities class action lawsuits, Agency problem, Law firm expertise

25.

Fire-sales and Information Advantage: When Bank-Affiliation Helps

Number of pages: 46 Posted: 02 Jul 2012 Last Revised: 30 Nov 2012
Lei Zhang and Massimo Massa
City University of Hong Kong and INSEAD - Finance
Downloads 81 (371,348)

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fire sales, crisis, bank-affiliation, foreign ownership, liquidity

26.

Credit Advantage and Firm Structure: The Benefits of a Separate Corporate Veil

Number of pages: 34 Posted: 15 Mar 2011 Last Revised: 14 Mar 2012
University of Illinois at Chicago, INSEAD - Finance and City University of Hong Kong
Downloads 81 (371,348)

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separate legal liability, subsidiary based firm, credit advantage, agglomeration, M&As

27.

Political Affinity and Mutual Fund Voting Schizophrenia

Number of pages: 52 Posted: 19 Jan 2021 Last Revised: 27 Jan 2021
Massimo Massa and Lei Zhang
INSEAD - Finance and City University of Hong Kong
Downloads 75 (388,224)

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ideology, political affinity, mutual fund voting, contentious proposals, voting divergence

Bank Credit Tightening, Debt Market Frictions and Corporate Yield Spreads

Number of pages: 53 Posted: 05 Sep 2014
Massimo Massa and Lei Zhang
INSEAD - Finance and City University of Hong Kong
Downloads 60 (442,795)

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bank credit tightening, debt inflexibility, lending standards, bond yield spreads, debt and equity correlation

29.

Classical and Impulse Stochastic Control for the Optimization of the Dividend and Risk Policies of an Insurance Firm

Mathematical Finance, Vol. 16, No. 1, pp. 181-202, January 2006
Number of pages: 22 Posted: 21 Jun 2006
University of Alberta - Department of Mathematical and Statistical Sciences, University of Alberta - Department of Mathematical and Statistical Sciences, University of Missouri at Columbia - Department of Mathematics (Deceased) and City University of Hong Kong
Downloads 29 (576,288)
Citation 4
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30.

Do Exchange Traded Funds Affect Corporate Cash Holdings?

Number of pages: 66 Posted: 05 Sep 2019 Last Revised: 28 Jan 2021
University of Queensland - Business School, University of Queensland - Business School and City University of Hong Kong
Downloads 10 (710,537)

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Exchange traded funds, Cash holdings, ETF ownership, Financial constraints

Other Papers (1)

Total Downloads: 35
1.

Operating Exposure to Weather, Earnings Predictability, and Analyst Forecast

Number of pages: 51 Posted: 23 Jun 2021 Last Revised: 17 Sep 2021
Lei Zhang
City University of Hong Kong
Downloads 35 (719,045)

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operating weather exposure, earnings seasonality, short-term earnings persistence, analyst forecast dispersion, analyst forecast accuracy