Hao Zhang - Featured Faculty 2015

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portrait of Hao Zhang

Hao Zhang

Saunders College of Business

HAO ZHANG IS AN EMPIRICAL RESEARCHER WITH PUBLICATIONS IN FINANCE AND ACCOUNTING JOURNALS. HE HAS WORKED COLLABORATIVELY WITH SOME SCHOLARS AT RIT (E.G., DR. STAN HOI AND DR. ASHOK ROBIN) AND RESEARCHERS AT OTHER SCHOOLS. HIS ARTICLES HAVE BEEN ACCEPTED FOR PUBLICATION IN ACADEMIC JOURNALS SUCH AS JOURNAL OF FINANCIAL ECONOMICS, JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, THE ACCOUNTING REVIEW, JOURNAL OF BANKING AND FINANCE, JOURNAL OF FINANCIAL MARKETS, AUDITING: A JOURNAL OF PRACTICE AND THEORY, JOURNAL OF BUSINESS FINANCE & ACCOUNTING, ETC.

Some of Dr. Hao Zhang’s recent studies focus on corporate tax avoidance, which means that corporations take various actions to reduce tax payment. Dr. Hao Zhang, along with Saunders College of Business professor Dr. Stan Hoi and co-authors from RPI and Fordham University, published articles in Journal of Financial Economics (JFE) and The Accounting Review (TAR) about corporate tax avoidance. The TAR paper shows that firms with excessive irresponsible CSR activities have aggressive corporate tax avoidance, lending credence to the argument that corporate culture shapes tax avoidance behaviors. The JFE paper provides convincing evidence that debtholders, including banks and public bond investors, perceive corporate tax avoidance as risk-engendering activities and therefore charge higher interest cost when lending to firms that are aggressively avoiding taxes.

Dr. Hao Zhang is also interested in issues related to market microstructure and information intermediaries. The Journal of Financial Markets (JFM) paper, titled “A Simple Approximation of Intraday Spreads Using Daily Data” (with Dr. Kee Chung), provides a simple approximation of intraday bid-ask spread. Bid-ask spread is a widely-used measure of information asymmetry and market liquidity, therefore this study should be of interest to both academia and industry practitioners. This study and its proposed bid-ask spread measure have been cited and taught in a recent textbook that teaches financial modeling.

HAO ZHANG
ASSOCIATE PROFESSOR
DEPARTMENT OF FINANCE
SAUNDERS COLLEGE OF BUSINESS

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