Lei Zhang

City University of Hong Kong (CityU)

College of Business

83 Tat Chee Avenue

Hong Kong

China

SCHOLARLY PAPERS

32

DOWNLOADS
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7,383

SSRN CITATIONS
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Top 20,881

in Total Papers Citations

15

CROSSREF CITATIONS

33

Scholarly Papers (32)

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 (CityU)
Downloads 696 (52,275)

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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 (CityU)
Downloads 604 (62,679)

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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 (CityU)
Downloads 362 (114,710)
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 (CityU)
Downloads 226 (186,589)
Citation 4

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

4.

Trust in Financial Markets: Evidence from Reactions to Earnings News

Management Science forthcoming
Number of pages: 54 Posted: 12 Nov 2014 Last Revised: 18 Mar 2022
Chishen Wei and Lei Zhang
Singapore Management University - Lee Kong Chian School of Business and City University of Hong Kong (CityU)
Downloads 504 (78,596)

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Trust, earnings response coefficients, auditor quality, financial reporting

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 (CityU)
Downloads 444 (91,433)
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 (CityU) and INSEAD - Finance
Downloads 405 (101,684)
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 (CityU)
Downloads 344 (122,182)
Citation 2

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Trust, Local Bias, Institutional Investors, Cultural economics

8.

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 (CityU)
Downloads 321 (131,573)

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

9.

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 (CityU)
Downloads 305 (138,925)
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 (CityU)
Downloads 157 (258,665)

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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 (CityU) and INSEAD - Finance
Downloads 138 (286,939)

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

11.

Corporate Exposure to Weather and Bond Yield Spread

Number of pages: 60 Posted: 09 Mar 2020 Last Revised: 22 Oct 2021
Lei Zhang and Min Zhu
City University of Hong Kong (CityU) and University of Queensland
Downloads 274 (154,963)

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

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 (CityU)
Downloads 252 (168,619)

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

13.

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 (CityU)
Downloads 237 (178,797)
Citation 2

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Institutional Blockholders, CEO Turnover, Corporate Governance

14.

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 (CityU)
Downloads 229 (184,735)

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

15.

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 (CityU)
Downloads 221 (191,025)
Citation 2

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

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 (CityU)
Downloads 189 (220,408)

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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 (CityU)
Downloads 123 (313,137)

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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 (CityU)
Downloads 45 (553,443)

Abstract:

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18.

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 (CityU)
Downloads 147 (272,145)
Citation 1

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

19.

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 (CityU)
Downloads 142 (279,580)
Citation 3

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stock liquidity, retail investors, local bias, noise trading

20.

Shareholder Monitoring and Securities Class Action Lawsuits

Number of pages: 53 Posted: 04 Apr 2016 Last Revised: 25 Jan 2022
Chishen Wei and Lei Zhang
Singapore Management University - Lee Kong Chian School of Business and City University of Hong Kong (CityU)
Downloads 139 (284,267)

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Securities class action litigation, shareholder monitoring, corporate governance

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 (CityU)
Downloads 130 (299,232)

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

22.

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 (CityU)
Downloads 127 (304,494)

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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 (CityU)
Downloads 121 (315,510)

Abstract:

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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 (CityU)
Downloads 107 (343,557)

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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 (CityU) and INSEAD - Finance
Downloads 82 (405,999)

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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 (CityU)
Downloads 82 (405,999)

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

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 (CityU)
Downloads 65 (466,864)

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

28.

Operating Exposure to Weather, Earnings Predictability, and Analyst Forecast

Number of pages: 54 Posted: 17 Feb 2022
Lei Zhang
City University of Hong Kong (CityU)
Downloads 41 (562,577)

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

29.

How Do Banks Respond to the Operational Weather Risk of Borrowers? Evidence from Loan Contracts

Number of pages: 54 Posted: 17 Feb 2022
Lei Zhang
City University of Hong Kong (CityU)
Downloads 36 (588,852)

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operating weather exposure, loan spread, collateral requirement, covenant intensity, covenant slack

30.

Rainmakers: Bad Weather and Institutional Investor Performance

Number of pages: 59 Posted: 03 Jun 2022
Lei Zhang
City University of Hong Kong (CityU)
Downloads 33 (605,906)

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bad weather, precipitation, institutional investors, portfolio return, productivity

31.

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 (CityU)
Downloads 29 (630,327)
Citation 4

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32.

Do Exchange Traded Funds Affect Corporate Cash Holdings?

Number of pages: 67 Posted: 05 Sep 2019 Last Revised: 29 Jun 2022
University of Queensland - Business School, University of Queensland - Business School, University of Queensland - Business School and City University of Hong Kong (CityU)
Downloads 26 (650,523)

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

Other Papers (3)

Total Downloads: 32
1.

Governance by Constraint: The Corporate Governance Implications of an Anomaly

Number of pages: 54 Posted: 11 Sep 2020
Xiaoran Huang, Massimo Massa and Lei Zhang
Xiamen University, INSEAD - Finance and City University of Hong Kong (CityU)
Downloads 14 (661,332)

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betting-against-beta, leverage constraint, corporate governance, security market line

2.

Fire-Sales Around the World: The Effects on Corporate Financing

Number of pages: 50 Posted: 26 Jul 2018
Massimo Massa, Chuyi Yang and Lei Zhang
INSEAD - Finance, Nanyang Business School, Nanyang Technological University and City University of Hong Kong (CityU)
Downloads 10

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fire-sales, stock liquidity, capital structure, financing choice

3.

Investor Leverage Constraints and Corporate Risk Taking

Number of pages: 52 Posted: 27 Oct 2020
Xiaoran Huang, Massimo Massa and Lei Zhang
Xiamen University, INSEAD - Finance and City University of Hong Kong (CityU)
Downloads 8

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betting-against-beta, leverage constraint, corporate risk-taking, debtholder-shareholder conflict, capital structure