Professor Xiaoquan (Michael) Zhang

Chinese University of Hong Kong



Professor Michael Zhang is a Professor of Decision Sciences and Managerial Economics at the Chinese University of Hong Kong. He serves as the Associate Dean of Innovation and Impact at the CUHK Business School and is also affiliated with MIT Initiative on Digital Economy and European Center for Economic Research (ZEW).
He has a PhD in Management from MIT Sloan School of Management, an MSc in Management, a BE in Computer Science and a BA in English from Tsinghua University. Before joining the academia, he worked as an analyst for an investment bank, and as an international marketing manager for a high-tech company. He holds a US patent, and cofounded several companies in Social Networking (Unknown Space, MITBBS, the biggest social network for Chinese in America), FinTech (Deep Gemini), and LegalTech (Lanternfish Limited).

Professor Zhang’s research interests are on issues related to creation, dissemination and processing of information in business and management contexts. His works study pricing of information goods, online advertising, innovation and incentives, and use of Artificial Intelligence in financial markets. His research has appeared in American Economic Review, Management Science, Marketing Science, Journal of Marketing, MIS Quarterly , Information Systems Research, Journal of MIS, Decision Support Systems, and Journal of Interactive Marketing.
He has been actively involved in professional services, including serving as a Senior Editor for Information Systems Research, an Associate Editor for Management Science, a Guest Associate Editor for MIS Quarterly. He was on the editorial boards of Production and Operations Management and Electronic Commerce Research and Applications. Professor Zhang actively contributes to the society by assuming advising positions for Hong Kong Cyberport Entrepreneurship Center, Alibaba Group’s Lakeside (Hu Pan) University, Huawei, China Mobile, China Merchants Securities,, and Radica Systems. He is also an independent director for NASDAQ-listed company Secoo.
His favorite movies are The Shawshank Redemption and Forrest Gump. His favorite cartoon character is Tintin.
His wife Jade runs the best Hong Kong Insurance information website in Chinese.

Download CV

I like...


Big Data and AI










Foie Gras








  • 2017

    Chinese University of Hong Kong


    Business implications of Artificial Intelligence (Deep Learning).

  • 2013

    HKUST Business School

    Associate Professor

    Interested in IT's impact on the financial market. Developed a research stream on FinTech.

  • 2006

    HKUST Business School

    Assistant Professor

    Worked on topics related to IT's impact on Marketing. Developed courses on Entrepreneurship, E-Commerce, Strategic Value of IT, and Research Methodology

  • 2001



    It is one of the largest online communities for Chinese in the USA. Wall Street Journal reported this website in 2004.

  • 1999

    Dayang Image, Co., Ltd.

    International Marketing Manager

    Segmentation, Targeting, Positioning, Pricing...


  • 2000

    MIT Sloan School of Management

    PhD in Management

    Dissertation: Tapping into the Pulse of the Market – Essays on Marketing Implications of Information Flows

  • 1996

    Tsinghua University

    Master of Science in Management

    Dissertation: An Empirical Study of National Innovation Systems.

  • 1992

    Tsinghua University

    Bachelor of Engneering in Computer Science

  • 1992

    Tsinghua University

    Bachelor of Fine Arts in English



Programming languages
I use


Miles flown
in the last 10 years


Students taught


Bottles of wine
opened last year


Slivko, O., Kummer, M., and Zhang, X., "Unemployment and Digital Public Goods Contribution," Information Systems Research, forthcoming.
[Click Here for the Working Paper Version]
Sun, M., Zhang, X., and Zhu, F. "U-shaped Conformity in Online Social Networks," Marketing Science, forthcoming.
[Click Here for the Working Paper Version]
Feng, J., Li, X., and Zhang, X., "Online Product Reviews-Triggered Dynamic Pricing: Theory and Evidence," Information Systems Research, forthcoming.
[Click Here for the Working Paper Version]
Wang, A., Zhang, X., and Hann, I., "Socially Nudged: A Quasi-Experimental Study of Friends' Social Influence in Online Product Ratings," Information Systems Research, 29(3), 2018, 641-655.
[Click Here for the Working Paper Version]
Du, X., Su, M., Zhang, X., and Zheng, X., "Bidding for Multiple Keywords in Sponsored Search Advertising: Keyword Categories and Match Types," Information Systems Research, 28(4), 2017, 711-722.
[Click Here for the Working Paper Version]
Zhang, X., and Zhang, L., "How Does the Internet Affect the Financial Market? An Equilibrium Model of Internet Facilitated Feedback Trading," MIS Quarterly, 39, 1, 2015, 17-38.
[Click Here for the Working Paper Version]
Xu, S. X., and Zhang, X., "Impact of Wikipedia on Market Information Environment: Evidence on Management Disclosure and Investor Reaction," MIS Quarterly, 37, 4, 2013, 1043-1068.
MIS Quarterly Paper of the Year Award.
[Click Here for the Working Paper Version]
Malthouse, E. C., Haenlein, M., Skiera, B., Wege, E., and Zhang, X., "Managing Customer Relationships in the Social Media Era: Introducing the Social CRM House," Journal of Interactive Marketing, 27(4), 2013, 270-280.
[Click Here for the Working Paper Version]
Zhang, X., and Wang, C., "Network Positions and Contributions to Online Public Goods: The Case of Chinese Wikipedia," Journal of Management Information Systems, 29, 2, 2012, 11-40.
[Click Here for the Working Paper Version]
Zhang, X., and Feng, J., "Cyclical Bid Adjustments in Search-Engine Advertising," Management Science, 57, 9, 2011, 1703-1719.
[Click Here for the Working Paper Version]
Zhang, X., and Zhu, F., "Group Size and Incentives to Contribute: A Natural Experiment at Chinese Wikipedia," American Economic Review, 101, 4, 2011, 1601-1615.
[Click Here for the Working Paper Version]
Zhu, F., and Zhang, X., "Impact of Online Consumer Reviews on Sales: The Moderating Role of Product and Consumer Characteristics," Journal of Marketing, 74, 2, 2010, 133-148.
[Click Here for the Working Paper Version]
Wang, A., and Zhang, X., "Sampling of Information Goods," Decision Support Systems, 48, 1, December 2009, 14-22.
[Click Here for the Working Paper Version]
Dellarocas, C., Zhang, X., and Awad, N. F., "Exploring the Value of Online Product Reviews in Forecasting Sales: The Case of Motion Pictures," Journal of Interactive Marketing, 21, 4, 2007, 2-20.
Journal of Interactive Marketing 2008 Best Paper Award.
[Click Here for the Working Paper Version]
Brynjolfsson, E, and Zhang, X., "Innovation Incentives for Information Goods," Innovation Policy and the Economy eds. Adam B. Jaffe, Josh Lerner and Scott Stern, vol. 7, 2007.

Work In Progress

Kim, K., Park, J., Pan, Y., Zhang, K., Zhang, X., "Risk Disclosure in Crowdfunding"
Chi, H., Piramuthu, S., Zhou, W. and Zhang, X., "Durable Goods Competition with Sharing: Supply-Side Analysism."
Kummer, M., Slivko, O., and Zhang, X., "Doing by Learning: Online Knowledge in Times of Economic Crisis."
Chen, X, Wang A., and Zhang, X., "All Online Friends Are Not Created Equal: Discovering Influence Structure in Online Social Networks."
Wang, A., Zhang, X., and Tam, K., "Role Identity Salience and User Participation in Online Communities."
Liu, A., Xu, X., Zhang, X., and Zhao, X., "Does the Wisdom of Crowds Affect Insider trading? Evidence from Information Aggregation on Wikipedia."
Sun, M., Zhang, X., and Zhu, F. "When Does Conformity Decrease with Adoption? Evidence from A Large Field Experiment."
Wu, W., Zhang, X., and Zheng, R., "An Empirical Study on the Monitoring Role of Wikipedia in the Financial Market."
Kummer, M., Slivko, O., and Zhang, X., "Unemployment and volunteering: Does unemployment affect content generation on Wikipedia?"
Wu, W., Shi, W., Zhang, X., and Zheng, R., "Firm Performance and Information Dissemination: Evidence from Twitter."
Wu, W., Xu, H., Zhang, X., and Zheng, R., "On the Inefficiency of Sponsored Search Auctions."
Zhang, T., and Zhang, X., "Corporate Campaign Contributions and Political Favoritism."


Room 918, CYT Building
CUHK Business School
No. 12 Chak Cheung Street
Shatin, N.T. Hong Kong

+852 6081-2330

Leave me a message