Lei Zhang

University of Queensland - Business School

Brisbane, Queensland 4072

Australia

  • University of Queensland - Business School

SCHOLARLY PAPERS

29

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6,122

CITATIONS
Rank 17,289

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Top 17,289

in Total Papers Citations

28

Scholarly Papers (29)

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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 University of Queensland - Business School
Downloads 664 (37,846)

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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 University of Queensland - Business School
Downloads 563 (47,089)

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Sociability, Social Connections, Institutional Investors, Golf

3.

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

Downloads 519 ( 52,173)
Citation 6

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 University of Queensland - Business School
Downloads 316 (93,551)
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 University of Queensland - Business School
Downloads 203 (147,708)
Citation 5

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

4.

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 University of Queensland - Business School
Downloads 388 (74,472)
Citation 6

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

5.

Why Do Firms Pay Cash in Acquisitions? Evidence from a Demand Perspective

AFA 2010 Atlanta Meetings Paper
Number of pages: 52 Posted: 25 May 2008 Last Revised: 21 Jan 2010
Lei Zhang
University of Queensland - Business School
Downloads 388 (74,472)
Citation 1

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mergers and acquisitions, cash popularity, cash payments, offer premium

6.

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

Downloads 370 ( 78,695)

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

Number of pages: 44 Posted: 12 Nov 2014 Last Revised: 04 Mar 2018
Chishen Wei and Lei Zhang
Singapore Management University - Lee Kong Chian School of Business and University of Queensland - Business School
Downloads 274 (109,246)

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

Trust and Market Efficiency

Number of pages: 61 Posted: 01 Nov 2014
Chishen Wei and Lei Zhang
Singapore Management University - Lee Kong Chian School of Business and University of Queensland - Business School
Downloads 96 (271,008)

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Trust, Market Efficiency, Earnings Reactions, Auditor Choice, Government Policy and Regulation

7.

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 University of Queensland - Business School
Downloads 293 (102,140)
Citation 3

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

8.

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
University of Queensland - Business School and INSEAD - Finance
Downloads 283 (106,076)

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

9.

Investor Horizon Clientele and IPO Underpricing

Downloads 259 (116,419)

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 University of Queensland - Business School
Downloads 134 (212,219)

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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
University of Queensland - Business School and INSEAD - Finance
Downloads 125 (224,265)

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

10.

Does Distance Matter for Debtholder-Shareholder Conflicts?

Number of pages: 61 Posted: 29 Sep 2015 Last Revised: 08 Mar 2016
Xiaoran Huang, Jun-Koo Kang and Lei Zhang
Nanyang Technological University (NTU) - Division of Banking & Finance, Nanyang Technological University (NTU) - Nanyang Business School and University of Queensland - Business School
Downloads 235 (129,125)

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Debtholder-shareholder distance, Moral hazard, Agency problem, Risk shifting, Asset substitution, Information asymmetry, Loan contracts

11.

Trust and Local Bias

Number of pages: 77 Posted: 02 Sep 2014 Last Revised: 09 Jun 2019
Chishen Wei and Lei Zhang
Singapore Management University - Lee Kong Chian School of Business and University of Queensland - Business School
Downloads 223 (135,304)
Citation 1

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Trust, Local Bias, Institutional Investors, Cultural economics

12.

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 University of Queensland - Business School
Downloads 195 (153,630)

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Institutional Blockholders, CEO Turnover, Corporate Governance

13.

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

Number of pages: 48 Posted: 10 Mar 2010
Andriy Bodnaruk, Massimo Massa and Lei Zhang
University of Illinois at Chicago, INSEAD - Finance and University of Queensland - Business School
Downloads 172 (171,963)
Citation 1

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conglomerate discount, financial constraints, Tobin’s Q

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 University of Queensland - Business School
Downloads 167 (176,450)
Citation 7

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

15.

Does TRACE Coverage Reduce Corporate Yield Spreads?

Downloads 148 (195,373)

Does TRACE Coverage Reduce Corporate Yield Spreads?

Number of pages: 42 Posted: 13 Jun 2012
Lei Zhang
University of Queensland - Business School
Downloads 109 (248,209)

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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
University of Queensland - Business School
Downloads 39 (432,218)

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16.

Local Equity Market Participation and Stock Liquidity

Number of pages: 50 Posted: 24 Jun 2010 Last Revised: 16 Oct 2010
Lei Zhang
University of Queensland - Business School
Downloads 134 (211,582)
Citation 2

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stock liquidity, retail investors, local bias, noise trading

17.

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 University of Queensland - Business School
Downloads 121 (228,939)
Citation 2

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18.

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 University of Queensland - Business School
Downloads 119 (231,709)

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

19.

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 University of Queensland - Business School
Downloads 113 (240,663)

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

20.

Supplier-Customer Relationships and Corporate Hedging Policy

Number of pages: 53 Posted: 27 Feb 2018
Jun-Koo Kang, Limin Xu and Lei Zhang
Nanyang Technological University (NTU) - Nanyang Business School, University of Adelaide - Business School and University of Queensland - Business School
Downloads 109 (246,897)

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

21.

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
Nanyang Technological University (NTU) and University of Queensland - Business School
Downloads 106 (251,706)

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

22.

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
University of Queensland - Business School
Downloads 95 (270,879)

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

23.

Corporate Hedging, Information Environment, and Stock Price Crash Risk

Number of pages: 57 Posted: 26 Nov 2018
Jeong-Bon Kim, Yi Si, Chongwu Xia and Lei Zhang
City University of Hong Kong, Xiamen University, Nanyang Technological University (NTU) - Division of Banking & Finance and University of Queensland - Business School
Downloads 85 (290,671)

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Corporate Hedging, Crash Risk, Information Asymmetry, Agency Theory

24.

Identifying Ineffective Monitors from Securities Class Action Lawsuits

Number of pages: 58 Posted: 04 Apr 2016 Last Revised: 01 Oct 2018
Chishen Wei and Lei Zhang
Singapore Management University - Lee Kong Chian School of Business and University of Queensland - Business School
Downloads 78 (306,012)

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Institutional investors, Securities class action litigation, Shareholder linkages, Corporate governance

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
University of Queensland - Business School and INSEAD - Finance
Downloads 76 (310,735)

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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
Andriy Bodnaruk, Massimo Massa and Lei Zhang
University of Illinois at Chicago, INSEAD - Finance and University of Queensland - Business School
Downloads 73 (317,979)

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

27.

Law Firm Expertise and Agency Problem in Securities Class Action Lawsuits

Number of pages: 40 Posted: 23 Feb 2017
Chuyi Yang and Lei Zhang
Nanyang Technological University (NTU) - Nanyang Business School and University of Queensland - Business School
Downloads 66 (335,791)

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Securities class action lawsuits, Agency problem, Law firm expertise

28.

Bank Credit Tightening, Debt Market Frictions and Corporate Yield Spreads

Downloads 52 (377,061)

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 University of Queensland - Business School
Downloads 52 (383,264)

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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
Abel Cadenillas, Tahir Choulli, Michael I. Taksar and Lei Zhang
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 University of Queensland - Business School
Downloads 28 (471,410)
Citation 5
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