Professor Xiaoquan (Michael) Zhang

Chinese University of Hong Kong

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About


Professor Michael Zhang is a professor at Chinese University of Hong Kong. Externally, he is affiliated with MIT Initiative on Digital Economy and Leibniz Centre for European 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, a Chinese patent, and cofounded several companies in Social Networking (MITBBS, the biggest social network for Chinese in America) and FinTech (Super Quantum Fund).




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 co-authored two books:
  1. Navigating the Factor Zoo: The Science of Quantitative Investing, Routledge, 2025. (ISBN 9781032768410)
  2. Digital Quantum Leap: Strategies and Tactics for Organizational Transformation, 2021. (ISBN: 9787111659600)
According to Google Scholar, his works have been cited for 10149 times, as of 2024-07-21.
He has been actively involved in professional services, including serving as Senior Editor for MIS Quarterly (previously Information Systems Research and Associate Editor for Management Science). He is now an independent director for NASDAQ-listed company Secoo and HK Stock Exchange-listed company Maxnerva.
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.

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I like...


100

AI

100

Painting

80

Driving

90

Music

85

Traveling

93

Foie Gras

0

Gastroscopy

92

Jogging

20

TV

Experience


  • 2017
    -
    now

    Chinese University of Hong Kong

    Professor

    Business implications of Artificial Intelligence (Deep Learning).

  • 2013
    -
    2017

    HKUST Business School

    Associate Professor

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

  • 2006
    -
    2013

    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

  • 2019
    -
    present

    Super Quantum Fund

    Co-Founder

    Developing machine learning and financial mathematics models for asset management.

  • 2001
    -
    2006

    MITBBS

    Co-Founder

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

  • 1999
    -
    2000

    Dayang Image, Co., Ltd.

    International Marketing Manager

    Segmentation, Targeting, Positioning, Pricing...

Education


  • 2000
    -
    2006

    MIT Sloan School of Management

    PhD in Management

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

  • 1996
    -
    1999

    Tsinghua University

    Master of Science in Management

    Dissertation: An Empirical Study of National Innovation Systems.

  • 1992
    -
    1996

    Tsinghua University

    Bachelor of Engineering in Computer Science

  • 1992
    -
    1996

    Tsinghua University

    Bachelor of Fine Arts in English

Numbers


8

Programming languages
I use

517,160

Miles flown
in the last 10 years

12,188

Students taught

38

Bottles of wine
opened last year

Publications by Subject/Methodology/Journal/Topic


  1. Tao Lu, Lihong Zhang, Michael Zhang, Zhenling Zhao, "Beyond Risk: A Measure of Distribution Uncertainty"Information Systems Research, forthcoming.
  2. Bingjie Qian, Tat-Koon Koh, and Michael Zhang, "Effect of Virtual Identity Disclosure on Users' Giving 'Likes' in Community-Based Platforms: A Natural Experiment." Information Systems Research, forthcoming.
  3. Jialu Liu, Siqi Pei, and Michael Zhang, "Indirect Value of Public Infrastructure Technology," Management Science, forthcoming.
  4. Yue Feng, Xianghua Lu, and Michael Zhang, "Mutual Disclosures and Content Intimacy in User Engagement: Evidence from an Online Chat Group," MIS Quarterly, forthcoming.
  5. Tim Li and Michael Zhang, "Development Trajectory of Blockchain Platforms: the Role of Multi-Role," Information Systems Research, forthcoming.
    [Click Here for the Working Paper Version]
  6. Hongchuan Shen, Ivy Dang, and Michael Zhang, "Mr. Right or Mr. Best: The Role of Information under Preference Mismatch in Online Dating," Information Systems Research, forthcoming.
  7. Lihong Zhang and Michael Zhang, "Mispricing and Algorithm Trading," Information Systems Research, forthcoming.
    [Click Here for the Working Paper Version]
  8. Jialu Liu, Siqi Pei, Michael Zhang, "Online Food Delivery Platforms and Female Labor Force Participation," Information Systems Research, forthcoming.
    [Click Here for the Working Paper Version]
  9. Dapeng Xu, Michael Zhang, Hong Hong, Qiang Ye, "Why Is the Grass Always Greener on the Other Side? Tourist Bias in Online Restaurant Ratings," Information Systems Research, forthcoming.
  10. Xiaoyang Li, Yang Shi, Maggie Hu, and Michael Zhang, "Numerological Heuristics and Credit Risk in P2P Lending," Information Systems Research, 34(4), 2023, 1744-1760.
    [Click Here for the Working Paper Version]
  11. Jiaqi Zhou, Qingpeng Zhang, Sijia Zhou, Xin Li, and Michael Zhang, "Unintended Emotional Effects of Online Health Communities: A Text Mining-Supported Empirical Study," MIS Quarterly, 47(1), 2023, 195-266.
    [Click Here for the Working Paper Version]
  12. Tao Lu, May Yuan, Chong (Alex) Wang, Michael Zhang, "Histogram Distortion Bias in Consumer Choices," Management Science, 68(12), 2022, 8963-8978.
    [Click Here for the Working Paper Version]
  13. Keongtae Kim, Jooyoung Park, Yang Pan, Kunpeng Zhang, Michael Zhang , "Risk Disclosure in Crowdfunding," Information Systems Research, 33(3), 2022, 1023-1041.
    [Click Here for the Working Paper Version]
  14. Erik Brynjolfsson, Chong (Alex) Wang, and Michael Zhang, "The Economics of IT and Digitization: Eight Questions for Research," MIS Quarterly, 45(1), 2021, 473-477.
    [Click Here for the Working Paper Version]
  15. Terry Hendershott, Michael Zhang, Leon Zhao, and Eric Zheng, "FinTech as a Game Changer: Overview of Research Frontiers," Information Systems Research, 32(1), 2021, 1-17.
    [Click Here for the Working Paper Version]
  16. Michael Kummer, Olga Slivkó, and Michael Zhang, "Unemployment and Digital Public Goods Contribution," Information Systems Research, 31(3), 2020, 801-819.
    [Click Here for the Working Paper Version]
  17. Monic Sun, Michael Zhang, and Feng Zhu, "U-shaped Conformity in Online Social Networks," Marketing Science, 38(3), 2019, 461-480.
    [Click Here for the Working Paper Version]
  18. Juan Feng, Xin Li, and Michael Zhang, "Online Product Reviews-Triggered Dynamic Pricing: Theory and Evidence," Information Systems Research, 30(4), 2019, 1107-1123.
    [Click Here for the Working Paper Version]
  19. Chong (Alex) Wang, Michael Zhang, and Il-Horn Hann, "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]
  20. Xiaomeng Du, Meng Su, Michael Zhang, and Xiaona Zheng, "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]
  21. Michael Zhang, and Lihong Zhang, "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]
  22. Sean Xin Xu and Michael Zhang "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]
  23. Michael Zhang and Juan Feng, "Cyclical Bid Adjustments in Search-Engine Advertising," Management Science, 57, 9, 2011, 1703-1719.
    [Click Here for the Working Paper Version]
  24. Michael Zhang and Feng Zhu, "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]
  25. Feng Zhu and Michael Zhang, "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]
  26. Edward Malthouse, Michael Haenlein, Bernd Skiera, Egbert Wege, and Michael Zhang, "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]
  27. Michael Zhang and Chong (Alex) Wang "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]
  28. Chong (Alex) Wang and Michael Zhang, "Sampling of Information Goods," Decision Support Systems, 48, 1, December 2009, 14-22.
    [Click Here for the Working Paper Version]
  29. Chris Dellarocas, Michale Zhang, and Neveen Awad, "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]
  30. Erik Brynjolfsson and Michael Zhang, "Innovation Incentives for Information Goods," Innovation Policy and the Economy eds. Adam B. Jaffe, Josh Lerner and Scott Stern, vol. 7, 2007.

Books


  1. Navigating the Factor Zoo: The Science of Quantitative Investing, Routledge, 2024. (ISBN 9781032768410)
    [Publisher page]
    [Amazon page]
  2. 《数字跃迁:数字化变革的战略和战术》(Digital Quantum Leap: Strategies and Tactics for Organizational Transformation), 2021. (ISBN: 9787111659600)
    北京华章出版公司
  3. 《數位躍升力:建立敏捷組織與商業創新的數位新戰略》, 2021. (ISBN: 9789571382289)
    台北時報出版社.


All Journal Publications


  1. Tao Lu, Lihong Zhang, Michael Zhang, Zhenling Zhao, "Beyond Risk: A Measure of Distribution Uncertainty"Information Systems Research, forthcoming.
  2. Bingjie Qian, Tat-Koon Koh, and Michael Zhang, "Effect of Virtual Identity Disclosure on Users' Giving 'Likes' in Community-Based Platforms: A Natural Experiment." Information Systems Research, forthcoming.
  3. Jialu Liu, Siqi Pei, and Michael Zhang, "Indirect Value of Public Infrastructure Technology," Management Science, forthcoming.
  4. Yue Feng, Xianghua Lu, and Michael Zhang, "Mutual Disclosures and Content Intimacy in User Engagement: Evidence from an Online Chat Group," MIS Quarterly, forthcoming.
  5. Tim Li and Michael Zhang, "Development Trajectory of Blockchain Platforms: the Role of Multi-Role," Information Systems Research, forthcoming.
    [Click Here for the Working Paper Version]
  6. Hongchuan Shen, Ivy Dang, and Michael Zhang, "Mr. Right or Mr. Best: The Role of Information under Preference Mismatch in Online Dating," Information Systems Research, forthcoming.
  7. Lihong Zhang and Michael Zhang, "Mispricing and Algorithm Trading," Information Systems Research, forthcoming.
    [Click Here for the Working Paper Version]
  8. Jialu Liu, Siqi Pei, Michael Zhang, "Online Food Delivery Platforms and Female Labor Force Participation," Information Systems Research, forthcoming.
    [Click Here for the Working Paper Version]
  9. Dapeng Xu, Michael Zhang, Hong Hong, Qiang Ye, "Why Is the Grass Always Greener on the Other Side? Tourist Bias in Online Restaurant Ratings," Information Systems Research, forthcoming.
  10. Xiaoyang Li, Yang Shi, Maggie Hu, and Michael Zhang, "Numerological Heuristics and Credit Risk in P2P Lending," Information Systems Research, 34(4), 2023, 1744-1760.
    [Click Here for the Working Paper Version]
  11. Jiaqi Zhou, Qingpeng Zhang, Sijia Zhou, Xin Li, and Michael Zhang, "Unintended Emotional Effects of Online Health Communities: A Text Mining-Supported Empirical Study," MIS Quarterly, 47(1), 2023, 195-266.
    [Click Here for the Working Paper Version]
  12. Tao Lu, May Yuan, Chong (Alex) Wang, Michael Zhang, "Histogram Distortion Bias in Consumer Choices," Management Science, 68(12), 2022, 8963-8978.
    [Click Here for the Working Paper Version]
  13. Keongtae Kim, Jooyoung Park, Yang Pan, Kunpeng Zhang, Michael Zhang , "Risk Disclosure in Crowdfunding," Information Systems Research, 33(3), 2022, 1023-1041.
    [Click Here for the Working Paper Version]
  14. Erik Brynjolfsson, Chong (Alex) Wang, and Michael Zhang, "The Economics of IT and Digitization: Eight Questions for Research," MIS Quarterly, 45(1), 2021, 473-477.
    [Click Here for the Working Paper Version]
  15. Terry Hendershott, Michael Zhang, Leon Zhao, and Eric Zheng, "FinTech as a Game Changer: Overview of Research Frontiers," Information Systems Research, 32(1), 2021, 1-17.
    [Click Here for the Working Paper Version]
  16. Michael Kummer, Olga Slivkó, and Michael Zhang, "Unemployment and Digital Public Goods Contribution," Information Systems Research, 31(3), 2020, 801-819.
    [Click Here for the Working Paper Version]
  17. Monic Sun, Michael Zhang, and Feng Zhu, "U-shaped Conformity in Online Social Networks," Marketing Science, 38(3), 2019, 461-480.
    [Click Here for the Working Paper Version]
  18. Juan Feng, Xin Li, and Michael Zhang, "Online Product Reviews-Triggered Dynamic Pricing: Theory and Evidence," Information Systems Research, 30(4), 2019, 1107-1123.
    [Click Here for the Working Paper Version]
  19. Chong (Alex) Wang, Michael Zhang, and Il-Horn Hann, "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]
  20. Xiaomeng Du, Meng Su, Michael Zhang, and Xiaona Zheng, "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]
  21. Michael Zhang, and Lihong Zhang, "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]
  22. Sean Xin Xu and Michael Zhang "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]
  23. Michael Zhang and Juan Feng, "Cyclical Bid Adjustments in Search-Engine Advertising," Management Science, 57, 9, 2011, 1703-1719.
    [Click Here for the Working Paper Version]
  24. Michael Zhang and Feng Zhu, "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]
  25. Feng Zhu and Michael Zhang, "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]
  26. Edward Malthouse, Michael Haenlein, Bernd Skiera, Egbert Wege, and Michael Zhang, "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]
  27. Michael Zhang and Chong (Alex) Wang "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]
  28. Chong (Alex) Wang and Michael Zhang, "Sampling of Information Goods," Decision Support Systems, 48, 1, December 2009, 14-22.
    [Click Here for the Working Paper Version]
  29. Chris Dellarocas, Michale Zhang, and Neveen Awad, "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]
  30. Erik Brynjolfsson and Michael Zhang, "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


  1. Ning Jia, Sean Xu, Zhitao Yin, and Michael Zhang, "Investor Misreaction to Secondhand Information on Social Media: Evidence from a Wikipedia Experiment"
  2. Ding Ma, Yingjie He, Yinghao Chu, Michael Saunders, and Michael Zhang, "An Integrated Deep Learning Framework for Real-Time Air Pollution Control"
  3. Tongda Zhang, Ding Ma, Michael Saunders, Michael Zhang, "Probing the Irrationality of AI: Experiments with ChatGPT"
  4. Ding Ma, Tongda Zhang, Michael Saunders, Michael Zhang, "Innovating with Intelligence: Establishing An Institutional Protocol for AI-Driven Product Development"
  5. Ding Ma, Tongda Zhang, Michael Saunders, Michael Zhang, "Transforming E-Commerce Analysis: An Inclusive Infrastructure and a Fast Search Algorithm"
  6. Daniel Blaseg, Ehsan Bolandifar, Michael Zhang, "The Paradox of Budget Transparency: Budget Disclosures and Performance in Crowdfunding Ventures"
  7. Sijia Ma, Chong (Alex) Wang, Michael Zhang, Tao Lu, "Facade of Trust: The Impact of AI-Enhanced Profile Pictures in Online Interactions"
  8. Xingjin Chen, Yilin Li, Xiaoyu Xia, Sean Xin Xu, Michael Zhang, "Nonlinear Impact of Structural Diversity on User Engagement in Social Networks: Evidence from a Large-scale Field Experiment"
  9. Li, T., Tang, Z., Lu, T., Zhang, X., "Propose and Review: Interactive Bias Mitigation for Machine Classifiers"
  10. Han, M., Shen, H., Zhai, S., Zhang, X., "An Empirical Study of Algorithm-Induced Online Information Misallocation"
  11. Pei, S., Zhang, Y., Feng, J., Zhang, X., "How Much Personalized Information is Necessary? Re-examining Personalized Recommendations in Consumer Purchases"
  12. Sun, L., Chen, Y., Zheng, X., Su, M., Zhang, X., "Short-Term Cannibalization and Long-Term Loyalty Effects of Recommender Systems: Evidence from a Field Experiment"
  13. Kawamata, Y., Zhang, X., Akiyama, E. "Impulsive Equilibrium in Search-Engine Advertising"
  14. Cheng, B., Zhang, L. and Zhang, X. "Uncertainty and Failure of Diversification"
  15. Hu, M., Han, X., and Zhang, X. "Intensified Online Opinion Clashes with Salient Group Identity"
  16. Zhang, X., Xu, D., Hong, H. "Investor Attention or Investor Sentiment: How Social Media React to ESG?"
  17. Chen, H., Chen, Y-J, Li, Y., Zhang, X., and Zhou X., "Digital Goods Reselling: Implications on Cannibalization and Price Discrimination"
  18. Gao, C., Hong, H., Zhang, X., and Ye, Q., "Seeking Alpha or Seeking Noise? Attention Bias in Online Investment Communities"
  19. Han, M., Shen, H., Wu, J., and Zhang, X. "AI Intensity and Firm Resilience: Evidence from Firm Performance under Disaster Shocks"
  20. Wu, W., Xu, H., Zhang, X., and Zheng, R., "Ignorance Is Bliss: The Role of Information in Keyword Auctions"
  21. Sun, S., Xu, K., and Zhang, X., "Do Monetary Incentives Crowd Out UGC Contributions? Evidence from YouTube"
  22. Chi, H., Piramuthu, S., Zhou, W. and Zhang, X., "Self-Cannibalization of Durable Goods with Sharing: A Producer Perspective."
  23. Liu, A., Xu, X., Zhang, X., and Zhao, X., "Social Media and Financial Information Asymmetry: How Information Aggregation on Wikipedia Reduces Insider Trading Profitability."
  24. Liu, Y., Zhang, L., and Zhang, X., "Statistical Inference under Ambiguity"
  25. Weiran Shen, Binghui Peng, Michael Zhang, Hanpeng Liu, Ruohan Qian, Yan Hong, Zhi Guo, Zongyao Ding, Pengjun Lu and Pingzhong Tang, "Reinforcement Mechanism Design"
  26. Zihe Wang, Pingzhong Tang and Michael Zhang, "Optimal Commitments in Auctions with Incomplete Information"
  27. Lihong Zhang, Gene Lai, Baimin Yu and Michael Zhang, "Longevity Risk, Optimal Retirement, Consumption Choice, and Risky Investment Decision"
  28. Michael Zhang, Henry Qian, Alex Wang and Monic Sun, "Perilous Randomized Experiments in Social Networks"
  29. Chen, X, Wang A., and Zhang, X., "All Online Friends Are Not Created Equal: Discovering Influence Structure in Online Social Networks."
  30. Wang, A., Zhang, X., and Tam, K., "Role Identity Salience and User Participation in Online Communities."
  31. Novoselov, K., Hsieh, C-C., and Zhang, X., "Do Questions Convey Valuable Information? An Empirical Investigation of Conference Calls"
  32. Wu, W., Zhang, X., and Zheng, R., "An Empirical Study on the Monitoring Role of Wikipedia in the Financial Market."
  33. Wu, W., Shi, W., Zhang, X., and Zheng, R., "Firm Performance and Information Dissemination: Evidence from Twitter."
  34. Zhang, T., and Zhang, X., "Corporate Campaign Contributions and Political Favoritism."
  35. Erik Brynjolfsson and Michael Zhang, "Producer Innovation Incentives and Revenue Distribution of Bundled Products"

Contact


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

zhang@cuhk.edu.hk

+852 3943-7647

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