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Chendi Zhang

Associate Professor of Finance

BSc (Shanghai Jiao Tong), MSc (CentER, Tilburg), PhD (CentER, Tilburg)

Selected working papers

"Employee Satisfaction, Labour Market Flexibility, and Stock Returns Around The World", with A. Edmans (LBS) and L. Li (LSE). Presented at AFA, SFS Cavalcade, and FIRS.

"Public Pension Funds and Corporate Political Activism", with R. Albuquerque (Boston College), Z. Lei (U. of Surrey) and J. Rocholl (ESMT Berlin).

"Searching for Gambles: Investor Attention, Gambling Attitudes and Stock Market Outcomes", with Y. Chen (WBS) and A. Kumar (U. of Miami).

Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence”, with R. Albuquerque (Boston College), and Y. Koskinen (U. of Calgary). Accepted by Management Science.

"A Direct Test of the Dividend Catering Hypothesis", with A. Kumar (U. of Miami), and Z. Lei (U. of Surrey).

Short Selling Before Initial Public Offerings”, with L. Chen (U. of Exeter) and A. Kumar (U. of Miami).

Chendi's working papers are available to download from SSRN.


Chendi Zhang is an Associate Professor of Finance at Warwick Business School, the University of Warwick. He specialises in corporate finance, sustainable and responsible investments, behavioural finance, financial intermediation, and emerging markets finance.

Dr. Zhang's research has been covered by the Wall Street Journal, CNN, CBS, VoxEU, and Harvard Law School Corporate Governance Forum, presenteed in the Western Finance Association and European Finance Association, and appeared in research/policy series of the NBER, CEPR, ECGI and the World Bank. He has held visiting research/ teaching positions at the Universities of Cambridge, Tilburg, Boston, Miami, and Beijing Normal. He has won the "Outstanding MBA Teacher" award at WBS.

He graduated from Shanghai Jiao Tong University in 1999, and earned his PhD from CentER, Tilburg University in 2006. After working for the World Bank as a consultant and teaching at Sheffield University, he joined Warwick University as an Assistant Professor in 2007 and a tenured Associate Professor in 2012.

Dr. Zhang has acted as a consultant on sustainable/ green investing and emerging markets finance for the International Finance Corporation and World Bank (Washington D.C.), Robeco SAM (Zurich), Bank of New York Mellon and Newton Investment Management (London). Prior to pursuing his PhD in the Netherlands, he worked in investment banking at China Everbright, a state-controlled financial group.

For Chendi's WBS hompage and his publications please visit WBS hompage.

Selected publications

"Short-term corporate debt around the world" (with M. Sorge, and K. Koufopoulos), forthcoming, Journal of Money, Credit and Banking

"Leveraged buybacks" (with Z. Lei), 2016, Journal of Corporate Finance, 39, 242-262

"Is Ethical Money Financially Smart? Nonfinancial Attributes and Money Flows of Socially Responsible Investment Funds" (with L. Renneboog and J. Ter Horst), 2011, Journal of Financial Intermediation, 20, 562-588.

"Information Salience, Investor Sentiment, and Stock Returns: the Case of British Soccer Betting" (with F. Palomino and L. Renneboog), 2009, Journal of Corporate Finance, 15, 368-387.

"The Price of Ethics and Stakeholder Governance: The Performance of Socially Responsible Mutual Funds" (with L. Renneboog and J. Ter Horst), 2008, Journal of Corporate Finance, 14, 302-322.

"Socially Responsible Investments: Institutional Aspects, Performance, and Investor Behaviour" (with L. Renneboog and J. Ter Horst), 2008, Journal of Banking and Finance, 32, 1723-1742.

"Myopic Loss Aversion: Information Feedback vs. Investment Flexibility" (with C. Bellemare, M. Krause, and S. Kröger), 2005, Economics Letters, 87, 319-324.

Referee activity

Journals: Journal of Financial Intermediation, Journal of Money, Credit and Banking, Journal of Corporate Finance, European Economic Review, Financial Management, Journal of Financial Markets, Journal of Banking and Finance, Journal of International Money and Finance, The Financial Review, European Financial Management, Journal of Behavioural Decision Making, Journal of Business Ethics, Corporate Governance: International Review.

Others: Social Sciences and Humanities Research Council of Canada (SSHRC), McGraw-Hill Higher Education. Imperial College Press.




Chendi Zhang
Room 2.202
Finance Group
Warwick Business School
University of Warwick

T: + 44 (0) 24 765 28200
F: + 44 (0) 24 765 23779