Nationality

Chinese

Academic Post

Professor

R Ph.D. Supervisor RMaster’s Supervisor

Academic Qualification

PhD

Graduation School

Chinese Academy   of Sciences

Academic Engagement

(Representative)

Publications

[1] Jing Rui, Hongquan Zhu. A Dilemma: An Analysis of Government Intervention in IPO Pricing in China’s Securities Market, China Journal of Accounting Research, 2026, forthcoming

[2] Lin Zhiyu, Zhonghua Xie, Hongquan Zhu. Nothing Comes from Nothing: Value Judgement of Strategic Investors and IPO Pricing in Chinese STAR Market. International Journal of Finance & Economics, 2026; 31:4127–4149.

[3] Zhu Hongquan, Wenjin Feng. Short Selling and Stock Returns: Evidence from the First-day of Listing on the STAR Market, Asia-Pacific Journal of Accounting & Economics, 2026, 2612088.

[4] Zhou Chao, Yuanyuan Huang, Hongquan Zhu. Research on the antecedent configurations of organizational resilience in a major crisis: A capability and process perspective, Journal of Industrial Engineering and Engineering Management (in Chinese), 2026, 40(1): 130-144.

[5] Dong Dayong, Danling Jiang, Yuelin Peng, Longmin Shen, Hongquan Zhu. Intercity mentioning: Stock posts, city network, and firms, Journal of Corporate Finance, 2025, 93, 102803.

[6] Qin Lu, Don M. Autore, Danling Jiang, Hongquan Zhu. Faster than flying High-speed rail, investors, and firms, Journal of Financial Markets, 2025, 75, 100984.

[7] Zhu Hongquan, Rui Jing. Development of the Market Maker System on the STAR Market: Mechanisms, Outcomes and Lessons Learnt, Securities Market Herald (in Chinese), 2025(12), 57-67.

[8] Xie Zhonghua, Lin Zhiyu, Hongquan Zhu. Risk Perception Factor and Its Pricing in Chinese Stock Market, China Journal of Econometrics (in Chinese), 2025, 5(1): 241-266.

[9] Dong Dayong, Danling Jiang, Keke Wu, Hongquan Zhu. Game in another town: Geography of Stock Watchlists and Firm Valuation, Journal of Banking & Finance, 2024, 163: 107164.

[10]  Jing Rui, Hongquan Zhu. Are Retail Investors Liquidity Providers? Evidence from the STAR and ChiNext Markets in China, Pacific-Basin Finance Journal, 2024, 83: 102223.

[11]  Jiang Danling, Pan Song, Hongquan Zhu. Earnings Seasonality, Management Earnings Forecast, and Stock Returns in China, China Journal of Accounting Research, 2023, 16(2): 100303.

[12]  Jiang Danling, Xun Peng, Hongquan Zhu. Shared Analyst Coverage and Connected-Firm Momentum Spillover in China, System Engineering－Theory & Practice (in Chinese), 2023 ,43(07): 1891-1909.

[13] Zhu Hongquan, Shiyun Chen, Yajing Li. The Impact of Local Corruption on the Cost of Corporate Equity Financing: Evidence from IPOs in China, Journal of Systems Science and Mathematical Sciences (in Chinese), 2022, 42(9): 2412-2431.

[14]  Yang Ling, Hongquan Zhu. Financial Constraints, Financial Assets Holding and Bank Loans, Statistical Research (in Chinese), 2022, 39(9): 74-87.

[15]  Cao Peng, Hongquan Zhu, Juncheng Huang. The Effects of Local Corruption on Cprporate Social Responsibility: Evidence from A-Share Listed Companies, Quarterly Journal of Finance (in Chinese), 2022, 16: 192-217

[16]  Desalegn, Tigist Abebe, Hongquan Zhu. Does Economic Policy Uncertainty Affect Bank Earnings Opacity? Evidence from China, Journal of Policy Modeling, 2021, 43: 1000–1015.

[17] Zhu Hongquan, Xiaoqian Liu, Yajing Li. The Influence of Economic Policy Uncertainty on IPO Underpricing in Chinese A-share Market. System Engineering－Theory & Practice (in Chinese), 2021, 41(05): 1197-1210.

[18]  He Mao, Juncheng Huang, Hongquan Zhu. Heterogeneous Beliefs and Idiosyncratic Volatility Puzzle: Evidence from China. China Finance Review International, 2021, 11(1): 124-141.

[19]  Lee Yen-Hsien, Paul Jen-Hwa Hu, Hongquan Zhu, Hsin-Wei Chen. Discovering event episodes from sequences of online news articles: A time adjoining frequent item set-based clustering method, Information & Management, 2020, 57, 103348.

[20]  Cao Peng, Lu Qin, Hongquan Zhu. Local Corruption and Stock Price Crash Risk: Evidence from China. International Review of Economics & Finance, 2019, 63: 240-252.

[21]  Zhu Hongquan, Lu Zhu. Abnormal Audit Fees, Audit Quality and Initial Public Offering Pricing: Evidence from Chinese A-share Stock Markets. Audit and Economic Research (in Chinese), 2018, 33(04): 55-65.

[22]  Li Wei, Yajing Li, Hongquan Zhu. Government Intervention in IPO—Evidence on the Exemption from IPO Regulatory Requirements in China. Journal of International Accounting Research, 2016, 15(2): 79-96.

[23] Zhu Hongquan, Jiang Yu, Lin Chen. Heterogeneous Beliefs, Short-sale Constraints and Stock Returns: Evidence from China. Journal of Management Science in China (in Chinese), 2016, 19(7): 115-126.

[24] Zhu Hongquan, Gong Fei, Xiaohong Xie. Are Foreigners Smarter? Evidence from Investment Products’ Returns of Foreign and Domestic Commercial Banks in China. Management Review (in Chinese), 2016, 28(3): 106-115.

[25]  Meng Rujing, Xiangdong, Xianming Zhou, Hongquan Zhu. Do ESOPs enhance firm performance Evidence from China’s reform experiment, Journal of Banking & Finance, 2011, 35: 1541–1551.

Projects

[1] Social Communication Biases, Participant Behavior and Financial Risk Management. Natural Science Foundation of China General Program (Project No.: 72573133). January 2026−December 2029. Principle Investigator.

[2] Institutional Construction, Participant Behavior and Asset Pricing Efficiency: Analysis Based on IPOs on the Science and Technology Innovation Board. Natural Science Foundation of China General Program (Project No.: 72073109). January 2021-December 2024. Principle Investigator.

[3] Research on the Impact of Urban Interconnection and Investor Preference on Local Stock Listing and Trading Based on Big Data. National Natural Science Foundation of China Major Research Program (Project No.: 91746109). January 2018−December 2020. Investigators.

[4] Liquidity Depletion and Stock Price Crash Risk—Analysis Based on China's Securities Market. National Natural Science Foundation of China General Program (Project No.: 71773100). January 2018-December 2021. Principle Investigator.

[5] Research on the Impact of Heterogeneous Beliefs on Asset Pricing—Based on A-Share Market Financing. Humanities and Social Sciences Project of the Ministry of Education (Project No.: 2018S090049). January 2018−July 2020. Investigator.

[6] The Speculative Trading of Institutional Investors on Asset Pricing: Evidence from Chinese Stock Markets. National Natural Science Foundation of China (Project No.: 71473206). January 2015−December 2018. Principle Investigator.

[7] The Impact of Institutional Investor Behavior on Stock Price Correlations: Evidence from the Chinese Securities Market. Ministry of Education Special Research Fund for Doctoral Program (for Doctoral Supervisors, Project No.: 20120184110021). January 2013−December 2015. Principle Investigator.

[8] Heterogeneous Beliefs, Market Conditions and Asset Pricing. National Natural Science Foundation of China (Project No.: 71171170). January 2012−December 2015. Principle Investigator.

[9] The Impact of Investor Confidence on Asset Pricing. National Natural Science Foundation of China (Project No.: 70971110). January 2010−December 2012. Principle Investigator.

Course Name

Undergraduate

Financial Marketing

Research Method of Finance

Master

Applied Econometrics

Empirical Finance Research

PhD

Advance of   Financial Markets and Corporate Finance

MBA

Financial Marketing