Dr. Xiangguo Zhang | Motivation and Employee Engagement | Best Researcher Award

Early Academic Pursuits

Zhang’s academic journey began in China, where he pursued dual degrees at Dalian University of Technology, obtaining a Bachelor of Economics in Finance and a Bachelor of Law with honors. This combination of law and economics provided him with a unique perspective on the intersection between financial systems and regulatory frameworks. Additionally, he spent a year as a Visiting Student at the School of Law at Jilin University in Changchun, China, which further honed his analytical skills in legal and financial environments.

He later expanded his academic horizon by moving to the UK, where he undertook multiple postgraduate degrees. At the University of Glasgow, Zhang earned a Master’s in International Finance and Economic Policy and a Master of Research (M.Res) in Economics. These advanced studies allowed him to delve deeply into economic theories, with a focus on financial economics, under the supervision of notable academics like Prof. Bart Taub. His growing interest in financial markets and the implications of information flow laid the groundwork for his later research pursuits.

His crowning academic achievement came with his Ph.D. in Economics (Financial Economics) from the prestigious University of Birmingham, UK, where his thesis, titled “Heterogeneous Information in Market Microstructure,” explored how asymmetric information influences financial markets. Under the mentorship of Prof. John Fender and Prof. Pei Kuang, Zhang honed his research skills in financial economics, further solidifying his status as a scholar in this field.

Professional Endeavors

After completing his Ph.D., Xiangguo Zhang embarked on a professional career that involved both teaching and research. He has held positions as a Post-doctoral Research Fellow at the Institute of Economics, Tsinghua University, since March 2024. This prestigious role has allowed him to continue his academic research, particularly in the areas of financial economics and corporate finance, while working alongside some of China’s top scholars in the field.

In addition to his research, Zhang has served as a Visiting Lecturer at City, University of London, where he taught undergraduate courses in macroeconomics and data analysis, as well as a range of finance-related subjects. His teaching experience is diverse, covering both undergraduate and postgraduate levels. Notably, he has held positions as a Graduate Teaching Assistant at the University of Birmingham, where he taught subjects such as Advanced Corporate Finance, Special Topics in Finance, International Financial Management, and Monetary Policy.

His involvement in academia also extended to research assistance. Notably, he worked as a Research Assistant to Dr. Eilnaz Kashefi Pour on a project investigating financial performance in thermal energy systems, collaborating with experts in metallurgy and materials science. This interdisciplinary approach further diversified Zhang’s professional and academic experience.

Research Focus and Contributions

Xiangguo Zhang’s primary research interests lie in financial economics, particularly the dynamics of market efficiency, information disclosure, and cost of capital. His research addresses the increasingly complex issues related to market microstructures and how information asymmetry affects financial decision-making and corporate innovation.

Among his key contributions is his paper titled “Environmental Regulation, Academic Top Managers and Green Innovation: Evidence from China,” which has been accepted for publication in Finance Research Letters. This research is particularly timely, given the global push toward green technologies and sustainability. In this work, Zhang explores how academic leadership in firms can drive green innovation, contributing to the growing literature on corporate environmental responsibility.

Another significant work is his ongoing research into market efficiency and the cost of capital. His paper, “Market Efficiency, Cost of Capital, and Information Disclosure Quality,” currently under review by the North American Journal of Economics and Finance, investigates the effects of transparent information on the performance of financial markets. He also authored a theoretical paper titled “Level-k Reasoning with Heterogeneous Information Signals,” which is under review by the International Review of Economics and Finance.

Moreover, Zhang’s innovative work on financing is evident in his working paper titled “A Rational Rush Theory of Financing Innovations.” This piece, which has been submitted to the Journal of Financial Economics, provides a theoretical framework for understanding how firms rush into financing decisions under uncertainty. It bridges the gap between corporate finance and innovation strategy, shedding light on the behavior of firms in volatile markets.

Zhang’s contribution to the understanding of the impact of global shocks is exemplified in his working paper, “Introducing Green Technology for Air Transport under COVID-19 Market Shock,” which examines how the pandemic has accelerated the adoption of green technologies in the air transport industry. This research is expected to be submitted to the International Journal of Industry Organization by the end of 2024.

Accolades and Recognition

Throughout his academic career, Xiangguo Zhang has received numerous accolades and scholarships that recognize his scholarly potential. At the University of Birmingham, he was awarded a scholarship from the Department of Economics for the duration of his Ph.D., totaling £14,040 per year from 2019 to 2022. His research was also supported by the CoSS PGR Development Funding, which provided him with additional financial resources to present his work at international conferences.

His earlier achievements include the Distinguished Graduate Dissertation Award from Dalian University of Technology in 2016 and a scholarship from the University of Glasgow alumni network during his M.Sc. studies.

Impact and Influence

Zhang’s influence in the field of economics is already visible through his contributions to high-impact journals, conference presentations, and invited talks. He has presented his research at several international conferences, including the Asian and African Meetings of the Econometric Society, as well as the International Conference on Derivatives and Capital Markets. His talks at these events demonstrate his commitment to disseminating cutting-edge research to a global audience.

Legacy and Future Contributions

Looking forward, Xiangguo Zhang’s research has the potential to make significant contributions to both academia and industry. His focus on financial market efficiency, corporate finance, and green innovation is particularly relevant in today’s world, where sustainability and transparency are becoming critical drivers of economic growth. As a Post-doctoral Fellow at Tsinghua University, Zhang is well-positioned to continue his impactful research, contributing to policy-making and advancing theoretical models that can guide economic decision-making in uncertain times.

In the future, Zhang is likely to leave a lasting legacy as both a scholar and educator, shaping the next generation of economists while continuing to produce influential research in the field of financial economics.