Ning Zhu

China Academy of Financial Research (CAFR)

1954 Huashan Road

Shanghai P.R.China, 200030

China

Yale School of Management

135 Prospect Street

Box 208200

New Haven, CT 06520-8200

United States

http://pantheon.yale.edu/~nz26/

University of California, Davis - Graduate School of Management

Assistant Professor of Management

One Shields Avenue

Davis, CA 95616

United States

http://www.gsm.ucdavis.edu/Faculty/Zhu/

SCHOLARLY PAPERS

31

DOWNLOADS
Rank 473

SSRN RANKINGS

Top 473

in Total Papers Downloads

32,344

CITATIONS
Rank 653

SSRN RANKINGS

Top 653

in Total Papers Citations

759

Scholarly Papers (31)

Efficiency and the Bear: Short Sales and Markets around the World

Yale ICF Working Paper No. 02-45; EFA 2003 Annual Conference; AFA 2004 San Diego Meetings; 14th Annual Conference on Financial Economics & Accounting
Number of pages: 69 Posted: 06 Oct 2004
IMD International, Yale School of Management - International Center for Finance and China Academy of Financial Research (CAFR)
Downloads 4,131 (1,437)
Citation 124

Abstract:

Efficiency and the Bear: Short Sales and Markets Around the World

NBER Working Paper No. w9466
Number of pages: 44 Posted: 08 Feb 2003
IMD International, Yale School of Management - International Center for Finance and China Academy of Financial Research (CAFR)
Downloads 46 (332,969)
Citation 124

Abstract:

Efficiency and the Bear: Short Sales and Markets around the World

Journal of Finance, Forthcoming
Posted: 23 Jan 2006
IMD International, Yale School of Management - International Center for Finance and China Academy of Financial Research (CAFR)

Abstract:

Short Sales, Market Efficiency, Market Crashes

2.

Do Noise Traders Move Markets?

EFA 2006 Zurich Meetings Paper
Number of pages: 47 Posted: 15 Dec 2005
University of California, Davis, University of California, Berkeley - Haas School of Business and China Academy of Financial Research (CAFR)
Downloads 2,958 (2,415)
Citation 44

Abstract:

Behavioral Finance, Asset Pricing, Market Efficiency

3.

Up Close and Personal: An Individual Level Analysis of the Disposition Effect

Yale ICF Working Paper No. 02-20
Number of pages: 39 Posted: 11 Mar 2002
Ravi Dhar and Ning Zhu
Yale School of Management - International Center for Finance and China Academy of Financial Research (CAFR)
Downloads 2,631 (2,864)
Citation 67

Abstract:

Disposition Effect, Investor Sophistication, Individual Decision Making

4.

China and the World Financial Markets 1870-1930: Modern Lessons From Historical Globalization (English Version)

Yale ICF Working Paper No. 00-62
Number of pages: 60 Posted: 31 Oct 2001
Yale School of Management - International Center for Finance, Cornell University and China Academy of Financial Research (CAFR)
Downloads 2,105 (4,732)
Citation 8

Abstract:

5.

The Impact of Clientele Changes: Evidence from Stock Splits

Yale ICF Working Paper No. 03-14, EFA 2005 Moscow Meetings Paper, AFA 2005 Philadelphia Meetings
Number of pages: 60 Posted: 28 Dec 2004
Yale School of Management - International Center for Finance, Yale School of Management - International Center for Finance and China Academy of Financial Research (CAFR)
Downloads 2,064 (4,701)
Citation 16

Abstract:

Stock Splits, Clientele Change, Market Efficiency, Noise Trading, Investor Sophistication, Splits, Clientele Shift, Liquidity

6.

The Local Bias of Individual Investors

Yale ICF Working Paper No. 02-30
Number of pages: 59 Posted: 13 Mar 2002
Ning Zhu
China Academy of Financial Research (CAFR)
Downloads 2,018 (4,526)
Citation 80

Abstract:

Local Bias, Individual Behavior, Asset Pricing, Asymmetric Information, Overreaction, Familiarity

7.
Downloads 1,961 ( 5,434)
Citation 28

Rain or Shine: Where is the Weather Effect?

Yale ICF Working Paper No. 02-27; EFA 2003 Annual Conference Paper No. 304
Number of pages: 32 Posted: 27 Aug 2002
Ning Zhu and William N. Goetzmann
China Academy of Financial Research (CAFR) and Yale School of Management - International Center for Finance
Downloads 1,897 (5,633)
Citation 28

Abstract:

Weather Effect, Market Efficiency, Order Flow, Volatility, Individual Behavior

Rain or Shine: Where is the Weather Effect?

NBER Working Paper No. w9465
Number of pages: 31 Posted: 02 Feb 2003
Ning Zhu and William N. Goetzmann
China Academy of Financial Research (CAFR) and Yale School of Management - International Center for Finance
Downloads 41 (349,339)
Citation 28

Abstract:

Rain or Shine: Where is the Weather Effect?

European Financial Management, Vol. 11, No. 5, pp. 559-578, November 2005
Number of pages: 20 Posted: 08 Dec 2005
William N. Goetzmann and Ning Zhu
Yale School of Management - International Center for Finance and China Academy of Financial Research (CAFR)
Downloads 23 (427,246)
Citation 28
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Abstract:

8.

Systematic Noise

AFA 2004 San Diego Meetings, EFA 2005 Moscow Meetings Paper
Number of pages: 33 Posted: 14 Aug 2005
University of California, Davis, University of California, Berkeley - Haas School of Business and China Academy of Financial Research (CAFR)
Downloads 1,658 (6,973)
Citation 70

Abstract:

Noise trading, herding, individual investors,

9.

Short-Sales in Global Perspective

Yale ICF Working Paper No. 04-01
Number of pages: 30 Posted: 27 Jan 2004
IMD International, Yale School of Management - International Center for Finance and China Academy of Financial Research (CAFR)
Downloads 1,458 (8,758)
Citation 10

Abstract:

10.

China and the World Financial Markets 1870-1930: Modern Lessons From Historical Globalization (Chinese Version)

Yale ICF Working Paper No. 00-63; EFA 2002 Berlin Meetings Discussion Paper
Number of pages: 55 Posted: 01 Nov 2001
Yale School of Management - International Center for Finance, Cornell University and China Academy of Financial Research (CAFR)
Downloads 1,290 (10,645)
Citation 8

Abstract:

11.

The Chinese Bond Market: Historical Lessons, Present Challenges and Future Perspectives

Yale ICF Working Paper No. 07-04
Number of pages: 35 Posted: 11 Jun 2007
Haizhou Huang and Ning Zhu
International Monetary Fund (IMF) and China Academy of Financial Research (CAFR)
Downloads 1,240 (10,970)
Citation 1

Abstract:

China financial market, bond market, monetary policy, financial history

12.

Do Individual Investors Learn from Their Trading Experience?

Yale ICF Working Paper No. 03-32
Number of pages: 28 Posted: 15 Nov 2003
Gina Nicolosi, Liang Peng and Ning Zhu
Northern Illinois University, Smeal College of Business, The Pennsylvania State University and China Academy of Financial Research (CAFR)
Downloads 1,219 (11,706)
Citation 25

Abstract:

individual investors, learning, rationality, trading

13.

The Costs of Bankruptcy

Journal of Finance, Forthcoming, Yale ICF Working Paper No. 04-13, AFA 2005 Philadelphia Meetings Paper
Number of pages: 81 Posted: 07 Dec 2005
Arturo Bris, Ivo Welch and Ning Zhu
IMD International, University of California, Los Angeles (UCLA) and China Academy of Financial Research (CAFR)
Downloads 944 (16,767)
Citation 94

Abstract:

14.

The Dynamics of Large and Small Chapter 11 Cases: An Empirical Study

Yale ICF Working Paper No. 05-29, ECGI - Finance Working Paper No. 107/2005, AFA 2008 New Orleans Meetings Paper
Number of pages: 43 Posted: 19 Feb 2007
University of Chicago Law School, IMD International and China Academy of Financial Research (CAFR)
Downloads 926 (17,100)
Citation 11

Abstract:

bankruptcy, creditors, Chapter 11

15.

The Costs of Bankruptcy Chapter 7 Cash Auctions vs. Chapter 11 Bargaining

EFA 2004 Maastricht Meetings Paper No. 5155
Number of pages: 71 Posted: 03 Aug 2004
Arturo Bris, Ivo Welch and Ning Zhu
IMD International, University of California, Los Angeles (UCLA) and China Academy of Financial Research (CAFR)
Downloads 715 (25,616)
Citation 9

Abstract:

16.

Is Cash Auction Procedure a Bargain? Evidence from U.S. Bankruptcy Courts

Yale ICF Working Paper No. 03-13
Number of pages: 43 Posted: 28 May 2003
Ning Zhu
China Academy of Financial Research (CAFR)
Downloads 555 (37,860)

Abstract:

Bankruptcy Costs, Chapter 11, Chapter 7

Distress Without Bankruptcy: An Emerging Market Perspective

Number of pages: 62 Posted: 25 Mar 2008
Joseph P. H. Fan, Jun Huang and Ning Zhu
The Chinese University of Hong Kong (CUHK) - School of Accountancy, Shanghai University of Finance and Economics and China Academy of Financial Research (CAFR)
Downloads 293 (81,218)
Citation 1

Abstract:

Distress, Bankruptcy, China, Law and Economics, Corporate Governance

Distress Without Bankruptcy: An Emerging Market Perspective

Number of pages: 45 Posted: 17 Mar 2009
Joseph P. H. Fan, Jun Huang and Ning Zhu
The Chinese University of Hong Kong (CUHK) - School of Accountancy, Shanghai University of Finance and Economics - School of Accountancy and China Academy of Financial Research (CAFR)
Downloads 196 (123,378)
Citation 1

Abstract:

Institution; Distress; Bankruptcy; Emerging Market

18.

Equity Research as Marketing Tool: The Case of Secondary Market Equity Trading

Number of pages: 41 Posted: 08 Nov 2004
Steven Strauss and Ning Zhu
Princeton University - Woodrow Wilson School of Public and International Affairs and China Academy of Financial Research (CAFR)
Downloads 483 (43,964)
Citation 2

Abstract:

Financial analyst, equity trading, financial intermediation

Accounting Rules? Stock Buybacks and Stock Options: Additional Evidence

UC Davis Graduate School of Management Research Paper No. 08-09
Number of pages: 44 Posted: 17 Dec 2008 Last Revised: 20 Dec 2009
Paul A. Griffin and Ning Zhu
University of California, Davis - Graduate School of Management and China Academy of Financial Research (CAFR)
Downloads 479 (45,101)
Citation 3

Abstract:

Stock buybacks, stock options, accounting rules, corporate governance, agency costs, management compensation, market reaction

Accounting Rules? Stock Buybacks and Stock Options: Additional Evidence

Journal of Contemporary Accounting & Economics (JCAE), Vol. 6, No. 1, pp. 1-17, June 2010, UC Davis Graduate School of Management Research Paper
Posted: 02 Jul 2010
Paul A. Griffin and Ning Zhu
University of California, Davis - Graduate School of Management and China Academy of Financial Research (CAFR)

Abstract:

Stock buybacks, stock options, unclear accounting rules, corporate governance, agency costs, management compensation, managerial opportunism, market reaction

20.

Individual Investors and Local Bias

Journal of Finance, Forthcoming
Number of pages: 66 Posted: 12 Oct 2005 Last Revised: 15 Dec 2009
Mark S. Seasholes and Ning Zhu
Hong Kong University of Science & Technology (HKUST) and China Academy of Financial Research (CAFR)
Downloads 427 (48,209)
Citation 110

Abstract:

Information Aggregation, Individual Investors, Home Bias

21.

Household Consumption and Personal Bankruptcy

Number of pages: 41 Posted: 21 Mar 2008
Ning Zhu
China Academy of Financial Research (CAFR)
Downloads 381 (58,280)
Citation 9

Abstract:

personal bankruptcy, consumption, bankruptcy law reform

22.

Are All Individual Investors Created Equal? Evidence from Individual Investor Trading around Securities Litigation Events

Number of pages: 40 Posted: 10 Jun 2005
Paul A. Griffin and Ning Zhu
University of California, Davis - Graduate School of Management and China Academy of Financial Research (CAFR)
Downloads 291 (80,714)
Citation 2

Abstract:

Individual investor behavior, accounting fraud, securities litigation damages, class period trading, investor informedness

23.

House Money Effect: Evidence from Market Makers at Taiwan Futures Exchange

Number of pages: 56 Posted: 19 Mar 2006
National Chengchi University (NCCU) - Department of Finance and Banking, University of California, Davis - Graduate School of Management, National Chengchi University and China Academy of Financial Research (CAFR)
Downloads 277 (79,814)
Citation 1

Abstract:

House money effect, market maker, derivatives, investor behavior

24.

Does a Bayesian Approach Generate Robust Forecasts? Evidence from Applications in Portfolio Investment Decisions

Number of pages: 8 Posted: 17 Dec 2008
University of California, Davis - Graduate School of Management, Peking University - Guanghua School of Management and China Academy of Financial Research (CAFR)
Downloads 188 (122,465)

Abstract:

model selection, BIC, model averaging, model mixing, stock predictability, financial markets

25.

Does the Location of Stock Exchange Matter? A Within-Country Analysis

Number of pages: 55 Posted: 17 Mar 2010
Tsinghua University - School of Economics & Management, affiliation not provided to SSRN, affiliation not provided to SSRN and China Academy of Financial Research (CAFR)
Downloads 110 (192,438)

Abstract:

Retail investor, local bias, stock exchange, investor sentiment, co-movement

The Cost of Owning Employer Stocks: Lessons from Taiwan

Number of pages: 44 Posted: 15 Mar 2006
Ning Zhu, Yi-Tsung Lee and Yu-Jane Liu
China Academy of Financial Research (CAFR), Peking University - Guanghua School of Management and National Chengchi University (NCCU) - Department of Finance and Banking
Downloads 86 (238,137)
Citation 6

Abstract:

Employer stock, retirement, pension reform, investor behavior

The Cost of Owning Employer Stocks: Lessons from Taiwan

Posted: 08 Mar 2010
Yi-Tsung Lee, Yu-Jane Liu and Ning Zhu
Peking University - Guanghua School of Management, National Chengchi University (NCCU) - Department of Finance and Banking and China Academy of Financial Research (CAFR)

Abstract:

27.

Did Bankruptcy Reform Cause Mortgage Default Rates to Rise?

FRB of Philadelphia Working Paper No. 10-16
Number of pages: 30 Posted: 19 May 2010
Wenli Li, Michelle J. White and Ning Zhu
Federal Reserve Bank of Philadelphia, University of California, San Diego (UCSD) - Department of Economics and China Academy of Financial Research (CAFR)
Downloads 65 (269,111)
Citation 5

Abstract:

28.

Did Bankruptcy Reform Cause Mortgage Default to Rise?

NBER Working Paper No. w15968
Number of pages: 40 Posted: 10 May 2010
Wenli Li, Michelle J. White and Ning Zhu
Federal Reserve Bank of Philadelphia, University of California, San Diego (UCSD) - Department of Economics and China Academy of Financial Research (CAFR)
Downloads 45 (327,192)
Citation 5

Abstract:

29.

Saving Your Home in Chapter 13 Bankruptcy

NBER Working Paper No. w14179
Number of pages: 39 Posted: 21 Jul 2008
Michelle J. White and Ning Zhu
University of California, San Diego (UCSD) - Department of Economics and China Academy of Financial Research (CAFR)
Downloads 25 (399,792)
Citation 14

Abstract:

30.

China and the World Financial Markets 1870-1939: Modern Lessons from Historical Globalization

Economic History Review, Vol. 60, No. 2, pp. 267-312, May 2007
Number of pages: 46 Posted: 11 Apr 2007
Cornell University, Yale School of Management - International Center for Finance and China Academy of Financial Research (CAFR)
Downloads 24 (409,366)
Citation 8
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Abstract:

31.

Do Retail Trades Move Markets?

The Review of Financial Studies, Vol. 22, No. 1, pp. 151-186, 2009
Posted: 03 Jan 2009
University of California, Davis, University of California, Berkeley - Haas School of Business and China Academy of Financial Research (CAFR)

Abstract:

G11, G12, G14

Other Papers (2)

Total Downloads: 209    Citations: 24
1.

Do Individual Investors Learn from Their Trade Experience?

Journal of Financial Markets, Forthcoming
Number of pages: 34 Posted: 25 Mar 2005 Last Revised: 30 Oct 2008
Gina Nicolosi, Liang Peng and Ning Zhu
Northern Illinois University, Smeal College of Business, The Pennsylvania State University and China Academy of Financial Research (CAFR)
Downloads 120
Citation 22

Abstract:

Learning, rationality, self-attribution, over-confidence, individual investors

2.

Cost of Time and Household Choice between Direct and Delegated Investment

Number of pages: 41 Posted: 20 Mar 2005
Ning Zhu
China Academy of Financial Research (CAFR)
Downloads 72
Citation 2

Abstract:

mutual fund, search cost, cost of time, investor choice