Dr Hai Zhang

Strathclyde Chancellor's Fellow

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.

Publications

Innovative credit guarantee schemes with equity-for-guarantee swaps
Song Pengcheng, Zhang Hai, Zhao Qin
International Review of Financial Analysis Vol 77 (2021)
https://doi.org/10.1016/j.irfa.2021.101809
Institutional trading in volatile markets : evidence from Chinese stock markets
Darby Julia, Zhang Hai, Zhang Jinkai
Pacific-Basin Finance Journal (2020)
https://doi.org/10.1016/j.pacfin.2020.101484
Dynamic investment, debt structure and debt overhang
Gan Liu, Xia Xin, Zhang Hai
(2020)
Algorithmic trading for online portfolio selection under limited market liquidity
Ha Youngmin, Zhang Hai
European Journal of Operational Research Vol 286, pp. 1033-1051 (2020)
https://doi.org/10.1016/j.ejor.2020.03.050
Innovative Credit Guarantee Schemes with Equity-for-Guarantee Swaps
Song Pengcheng, Zhang Hai, Zhao Qin
(2020)
Can crude oil serve as a hedging asset for underlying securities? - Research on the heterogenous correlation between crude oil and stock index
Xu Sa, Du Ziqing, Zhang Hai
Energies Vol 13 (2020)
https://doi.org/10.3390/en13123139

More publications

Professional activities

International Review of Economics and Finance (Journal)
Peer reviewer
3/2020
European Journal of Finance (Journal)
Peer reviewer
2020
Economic Modelling (Journal)
Peer reviewer
2020
Energies (Journal)
Peer reviewer
2020
2019 Paris Financial Management Conference
Participant
16/12/2019
EFMA 2019 Annual Meeting
Participant
26/6/2019

More professional activities

Projects

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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