SHAN ZHAO

SHAN ZHAO
School of Economics, SHUFE Phone: +86 137-6486-6626
777 Guoding Rd, Shanghai, E-mail: zhsh333@yahoo.com
200433, China zhao.shan@mail.shufe.edu.cn
Current Position
Assistant Professor, School of Economics, Shanghai University of Finance & Economics (SHUFE),
China (since 2008)
Education
PhD in Economics, Toulouse School of Economics, University of Toulouse 1, 2004-2008
“Dynamic Incentive Mechanisms--Competition and Collusion”
MA in Mathematical Economics and Econometrics, University of Toulouse 1, 2003-2004
MA in Political Economics, Sichuan University, China, 1999-2002
Diploma (Zikao) in Industrial Economics, SZKC and SWUFE, China, 1992-1995
Research Interests
Corporate Finance, Corporate Governance, Financial Institutions, Contract Theory
Current Research Topics
Boards of Directors, Takeover, Natural Experiments and Identification in Corporate Finance,
Corporate Innovation
Teaching Experience
Shanghai University of Finance and Economics, Assistant Professor
- Corporate Finance and Governance, graduate, Fall 2011
- Advanced Microeconomics, graduate, Fall 2009, 2010, 2011
- M&A and Corporate Governance, graduate, Spring 2009, 2010
- Advanced Microeconomics, undergraduate, Spring 2009, 2010, 2011
Toulouse School of Economics, Teaching Assistant
- Microeconomics 2 (Information Economics), graduate, Winter 2006
Management School, UESTC (China), Associate Lecturer (Full Time)
- Investment Banking, undergraduate, Fall 2002
- Foreign Exchange, undergraduate, Spring 2003
Research Experience and Other Employment
2002-2003 Management School, UESTC, China, Associate Lecturer of Finance (Full Time)
2002 West China Securities Co., Ltd., Research Assistant (Part Time)
Honors, Scholarships, and Fellowships
2010
2004-2007
Best Paper Award, CICF (China International Conference in Finance)
Scholarships from the French government
Publications and Working Papers
“Financial Development, Government Ownership of Banks, and Firm Innovation” with Sheng Xiao
(Minnesota)
forthcoming at the Journal of International Money and Finance
- presented at CICF 2011, 3rd EMG 2011(London)
“When Bank Loans are Bad News: Market Reactions to Loan Announcements under the Risk of
Expropriation” with Weihua Huang (Maastricht) and Armin Schwienbacher (SKEMA) (2012)
Journal of International Financial Markets, Institutions & Money 22 (2), pp. 233-252

- presented at FMA 2008, AFFI 2007 - accepted by CICF 2008
“How Do Agency Costs Affect Firm Value? Evidence from China” with Sheng Xiao (Minnesota)
forthcoming at the European Journal of Finance
- presented at CICF 2009
“Exogenous Increase in Takeover Protection and Firm Innovative Knowledge Accumulation Strategy”
with Heli Wang (Singapore Management University) and Jinyu He (HKUST)
- Revise and resubmit, Academy of Management Journal
“The Two-Sided Career Concerns of Independent Directors: Evidence from Director Voting” with Wei
Jiang (Columbia), Hualin Wan (Lixin)
“Do Independent Directors Matter?” with Ronald Masulis (UNSW), Christian Ruzzier (Universidad de
San Andres), and Sheng Xiao (Minnesota)
- presented at UNSW, UTS (Sydney)
“Shareholder Rights and Tunneling: Evidence from a Quasi-Natural Experiment” with Jun Qian (Boston
College)
- presented at the 3 rd International Conference for Corporate Governance in Emerging Markets
“Corporate Voluntary Disclosure and the Market for Corporate Control: Evidence From a Natural
Experiment” with Zhaoyang Gu (Minnesota) and Jun Huang (SHUFE)
“When Does CEO Duality Add Value? Evidence from a Natural Experiment” with Tina Yang
(Villanova)
- presented at FMA 2011, AsianFA 2011 meeting
Research Papers in Progress:
“Finance and Growth: Evidence from China” with Minwen Li (Tsinghua), Vojislav Maksimovic
(Maryland)
Selected Publications in Chinese
“Corporate Diversification, Firm Performance and Ownership structure”, Web Journal of Chinese
Management Review (a Hong Kong based refereed journal), 2003, Vol. 6, No. 4, pp.79-91. with Sheng
Xiao (Minnesota)
“Top Management Turnover in China Listed Companies: an Empirical Analysis” Reform, Nov 2001,
29-34. (Reform was ranked 2 nd among all economics journals by CSSIC impact factor in 2001)
Miscellaneous
Referee for Rand Journal of Economics (2), China Economic Quarterly (1), China Economic Review (1)
Research Grants: Pujiang Grant (RMB 70,000); 3 rd phase of national 211 project (RMB 30,000)
Passed CFA (Chartered Financial Analyst) Level 1 exam
Language Skills:
Chinese (native), English (fluent), French (intermediate)