Xinran Zhang

Basic Information

Name: Xinran Zhang

E-mail: zhangxinran@cufe.edu.cn

Address: School of Finance, Central University of Finance and Economics, Shahe Advanced Education Park, Changping District, Beijing, 102206

Education Background

2015.09-2021.06 PBC School of Finance, Tsinghua University, Ph.D. in Finance

2020.01-2020.06 Columbia Business School, Visiting Scholar

2011.09-2015.06 East China Normal University, B.S. in Economics

Current Academic Position:

2021.7-2023.12: Assistant Professor, School of Finance, Central University of Finance and Economics

2024.1-present: Associate Professor, School of Finance, Central University of Finance and Economics

Research Interests

Empirical Asset Pricing, Chinese capital market

Publications:

[1] Tracking Retail Investors Activity, with Ekkehart Boehmer, Charles Jones, and Xiaoyan Zhang, The Journal of Finance, 2021, 76(5), 2249-2305.

[2] Can Shorts Predict Return? A Global Perspective, with Ekkehart Boehmer, Zsuzsa. R. Huszár, Yanchu Wang, and Xiaoyan Zhang, The Review of Financial Studies, 2022, 35(5): 2428-2463.

[3] Retail and Institutional Investor Trading Behaviors: Evidence from China, with Lin Tan, and Xiaoyan Zhang, Annual Review of Financial Economics, 2024,16:459-483.

[4] Retail Trading and Return Predictability in China, with Charles M. Jones, Donghui Shi, and Xiaoyan Zhang, Journal of Financial and Quantitative Analysis, 2025, 60(1), 68-104.

[5] When Do Short Sellers Trade? Evidence from Intraday Data and Implications for Informed Trading Models, with Danqi Hu, Charles M. Jones, and Xiaoyan Zhang, Journal of Financial Economics, 2025,172:104148 .

Working Paper:

[1] When Price Discovery and Market Quality Are Most Needed: The Role of Retail Investors During Pandemic, with Charles M. Jones, Lin Tan and Xiaoyan Zhang.

[2] Tracking Retail and Institutional Investors Activity in China, with Siyang Li, Julie Wu, and Xiaoyan Zhang.

[3] Macro Announcements and Heterogeneous Investors Trading in the Chinese Stock Market, with Calvin Dun Jian, Lin Tan, and Xiaoyan Zhang.

[4] Meme Stocks and Individual Investor Trading: Evidence from Reddit Outages, with Yongxin Xu, Yuhao Xuan, and Gaoping Zheng.

Research Fund:

National Natural Science Foundation of China, 72303268, 2024.01-2026.12.

Central University of Finance and Economics Jingying Scholar, JYXZ2501, 2025.06-2027.06

Teaching Fund:

CUFE Teaching Fund, 2023.

Teaching Classes:

Big data and finance, Fintech regulation and Regtech, Introduction of Fintech

Text Book

Big data in Finance, Higher Education Press, 2023

Journal Referee:

Review of Financial Studies, Management Science, Review of Finance, Journal of Banking and Finance, Journal of Futures Markets, Journal of Empirical Finance, Pacific-Basin Finance Journal, Accounting and Finance, European Economic Review, Journal of Economic Dynamics and Control