Lei Zhang

City University of Hong Kong

College of Business

83 Tat Chee Avenue

Hong Kong

China

SCHOLARLY PAPERS

32

DOWNLOADS
Rank 7,781

SSRN RANKINGS

Top 7,781

in Total Papers Downloads

6,284

SSRN CITATIONS
Rank 21,103

SSRN RANKINGS

Top 21,103

in Total Papers Citations

4

CROSSREF CITATIONS

38

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
Downloads 673 (41,363)

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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 569 (51,567)

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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 324 (100,567)
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 205 (160,995)
Citation 4

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

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

Number of pages: 53 Posted: 12 Nov 2014 Last Revised: 28 Oct 2019
Chishen Wei and Lei Zhang
Singapore Management University - Lee Kong Chian School of Business and City University of Hong Kong
Downloads 316 (103,421)

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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 City University of Hong Kong
Downloads 112 (266,746)

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

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 414 (76,677)
Citation 9

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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 323 (101,520)
Citation 1

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

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 City University of Hong Kong
Downloads 295 (112,030)
Citation 3

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

8.

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 City University of Hong Kong
Downloads 279 (118,870)
Citation 2

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Trust, Local Bias, Institutional Investors, Cultural economics

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 141 (223,566)

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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 129 (240,050)

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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
Xiamen University, Nanyang Technological University (NTU) - Nanyang Business School and City University of Hong Kong
Downloads 253 (131,647)

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

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 208 (159,113)

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Institutional Blockholders, CEO Turnover, Corporate Governance

12.

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 177 (184,254)

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

13.

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 176 (185,191)

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conglomerate discount, financial constraints, Tobin’s Q

14.

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, School of Management, University of Science and Technology of China and City University of Hong Kong
Downloads 166 (194,745)

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Corporate Hedging, Crash Risk, Information Asymmetry, Agency Theory

15.

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 163 (197,812)

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

Does TRACE Coverage Reduce Corporate Yield Spreads?

Number of pages: 42 Posted: 13 Jun 2012
Lei Zhang
City University of Hong Kong
Downloads 115 (261,668)

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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 41 (463,658)

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17.

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 City University of Hong Kong
Downloads 149 (213,321)
Citation 1

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

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 136 (229,439)
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 126 (243,433)

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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 122 (249,376)
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 115 (260,476)

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

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
City University of Hong Kong
Downloads 100 (287,023)

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

23.

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 City University of Hong Kong
Downloads 90 (306,958)

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

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 Technological University (NTU) - Nanyang Business School and City University of Hong Kong
Downloads 79 (332,418)

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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 79 (332,418)

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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 77 (337,528)

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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
Downloads 55 (408,184)

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

28.

Does Corporate Exposure to Weather Affect Bond Yield Spread?

Number of pages: 46 Posted: 09 Mar 2020 Last Revised: 11 Mar 2020
Lei Zhang and Min Zhu
City University of Hong Kong and University of Queensland
Downloads 49 (422,932)

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Weather, Abnormal Cumulative Precipitation, Yield Spread, Cash Flow Volatility, Equity Volatility, Climate Finance

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 28 (515,389)
Citation 3
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30.

Do Exchange Traded Funds Affect Corporate Cash Holdings?

Posted: 05 Sep 2019 Last Revised: 01 May 2020
University of Queensland - Business School, University of Queensland - Business School and City University of Hong Kong
Downloads 0 (720,946)

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

31.

Local Gender Imbalance and Corporate Risk-Taking

Number of pages: 75
Zhanhui Chen, Xiaoran Huang and Lei Zhang
Hong Kong University of Science & Technology (HKUST) - Department of Finance, Xiamen University and City University of Hong Kong
Downloads 0

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gender imbalance, male-female ratio, risk attitude, corporate risk-taking

32.

Lender-Shareholder Distance and Loan Contract Terms

Number of pages: 55
Xiaoran Huang, Jun-Koo Kang and Lei Zhang
Xiamen University, Nanyang Technological University (NTU) - Nanyang Business School and City University of Hong Kong
Downloads 0

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Lender-shareholder distance, Information asymmetry, Loan spread, Covenant, Collateral, Loan maturity, Loan accessibility, Covenant slack