Dr Hai Zhang

Senior Lecturer

Accounting and Finance

Personal statement

I joined Strathclyde Business School in March 2017 and currently work as lecturer in Finance. Prior to that, I was fully funded by Economic and Social Research Council (ESRC) for my PhD research (2013-2016) at University of Glasgow. My research mainly focuses on the financing innovation in incomplete financial markets, and particularly its role of alleviating severe financing constraints for agents due to the asymmetric information. Some of my works have been published in internationally recognized journals such as European Journal of Operational Research, Journal of Economic Dynamics and Control etc. I have also acted as referee for different journals: European Journal of operational Research, Journal of Business Venturing, Quantitative Finance.


Debt structure and debt overhang
Gan Liu, Xia Xin, Zhang Hai
Journal of Corporate Finance Vol 74, pp. 1-46 (2022)
SME investment and financing under asymmetric information
Wang Yao, Zhang Hai, Zhao Zhiming
European Financial Management Vol 28, pp. 1347-1375 (2021)
Innovative credit guarantee schemes with equity-for-guarantee swaps
Song Pengcheng, Zhang Hai, Zhao Qin
International Review of Financial Analysis Vol 77 (2021)
Hedge inflation risk of specific purpose guarantee funds
Chen Ze, Chen Bingzheng, Hu Yi, Zhang Hai
European Financial Management Vol 28, pp. 1104-1136 (2021)
Institutional trading in volatile markets : evidence from Chinese stock markets
Darby Julia, Zhang Hai, Zhang Jinkai
Pacific-Basin Finance Journal (2020)
Dynamic investment, debt structure and debt overhang
Gan Liu, Xia Xin, Zhang Hai

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Professional activities

International Review of Economics and Finance (Journal)
Peer reviewer
European Journal of Finance (Journal)
Peer reviewer
Economic Modelling (Journal)
Peer reviewer
Energies (Journal)
Peer reviewer
2019 Paris Financial Management Conference
EFMA 2019 Annual Meeting

More professional activities


Research on investment and fi nancing of small and medium-sized enterprises based on enterprise asset securitization
Zhang, Hai (Co-investigator) Zhang, Yong (Principal Investigator) Fang, Donghui (Co-investigator)
As one of the important financial instruments of direct financing in the capital market, Enterprise’s asset securitization plays an important role in optimizing enterprise financing structure, invigorating assets, improving liquidity and reducing financing cost, etc. It is an effective measure to solve the problem of "difficult financing and expensive financing" of small and medium-sized enterprises (SMEs). This project focuses on the design, pricing, and influence of securitization products of SMEs on their investment and financing decisions. First, based on the classical real-options theory, this project constructs a model of the optimal risk retention ratio of the asset securitization of SMEs and the investment and financing decisions of SMEs. Second, This project builds a model on asset securitization of SMEs and financial policies by game theory. Last, the project incorporates an incomplete market into the model and then explores the impact of the risk aversion of entrepreneurs on the pricing of asset securitization and financial decisions. This project is originated from the practical financial problems in China, and it has a great theoretical contribution to expanding and enriching the financial research of SMEs. At the same time, it also provides theoretical reference and practical guidance for SMEs and financial institutions to implement asset securitization to solve financing difficulties.
01-Jan-2021 - 31-Jan-2024

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