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Publications

by members of

Shanghai Business School → Research Center of Finance

These are publications listed in RePEc written by members of the above institution who are registered with the RePEc Author Service. Thus this compiles the works all those currently affiliated with this institution, not those affilated at the time of publication. List of registered members. Register yourself. Citation analysis. This page is updated in the first days of each month.
| Working papers | Journal articles |

Working papers

2026

  1. Fei Ren & Miao-Miao Yi & Zhang-Hangjian Chen & Xiang Gao, 2026, "The effect of investor-driven information diffusion on excess comovement: Evidence from retail and institutional investors in China and the United States," Papers, arXiv.org, number 2605.08726, May.

2025

  1. Chen, Zhang-Hangjian & Derwall, Jeroen & Gao, Xiang & Koedijk, Kees, 2025, "Does Biodiversity Risk Matter to Capital Markets? New Evidence from China," CEPR Discussion Papers, Centre for Economic Policy Research, number 20066, Mar.

2023

  1. Gao, Xiang & Koedijk, Kees & Montone, Maurizio & Wang, Zhan, 2023, "The Prospect Capital Asset Pricing Model: Theory and Empirics," CEPR Discussion Papers, Centre for Economic Policy Research, number 17935, Feb.

2022

  1. Gao, Xiang & Koedijk, Kees & Walther, Thomas & Wang, Zhan, 2022, "Relative Investor Sentiment Measurement," CEPR Discussion Papers, Centre for Economic Policy Research, number 17370, Jun.

2009

  1. Gao, Xiang, 2009, "Private Debt with Default Risk within and across Border," MPRA Paper, University Library of Munich, Germany, number 17126, Sep.
  2. Gao, Xiang, 2009, "Macroeconomic Analysis on the Basis of Trade Theory: A Review Essay," MPRA Paper, University Library of Munich, Germany, number 18380, Aug.

Journal articles

2026

  1. Li, Yongkui & Liu, Xiaokang & Li, Jianhong & Gao, Xiang, 2026, "Shadow banking engagement and trade-credit financing: Evidence from nonfinancial firms in China," Economic Systems, Elsevier, volume 50, issue 1, DOI: 10.1016/j.ecosys.2025.101351.
  2. REN, Fei & YI, Miaomiao & CHEN, Zhang-Hangjian & GAO, Xiang, 2026, "The effect of investor-driven information diffusion on excess comovement: Evidence from retail and institutional investors in China and the United States," Journal of International Financial Markets, Institutions and Money, Elsevier, volume 106, issue C, DOI: 10.1016/j.intfin.2025.102258.
  3. Zhang‐HangJian Chen & Xiang Gao & Kees G. Koedijk & Qian Wei, 2026, "Biodiversity Scores and Corporate Profitability," International Journal of Finance & Economics, John Wiley & Sons, Ltd., volume 31, issue 3, pages 3216-3232, July, DOI: 10.1002/ijfe.70086.

2025

  1. Chen, Zhang-HangJian & Ren, Qiming & Gao, Xiang & Kaakeh, Mohamad & Koedijk, Kees G., 2025, "Can ESG performance shape dynamic risk spillovers? Evidence from Chinese carbon and equity markets," Finance Research Letters, Elsevier, volume 72, issue C, DOI: 10.1016/j.frl.2024.106547.
  2. Wang, Yanqi & Chen, Runyu & Gao, Xiang & Qi, Wenhao, 2025, "Text similarity in analyst reports and stock price synchronization," Journal of Economics and Business, Elsevier, volume 136, issue C, DOI: 10.1016/j.jeconbus.2025.106258.
  3. Gao, Xiang & Koedijk, Kees & Walther, Thomas & Wang, Zhan, 2025, "Relative investor sentiment," International Review of Economics & Finance, Elsevier, volume 100, issue C, DOI: 10.1016/j.iref.2025.104105.
  4. Wang, Zhan & Gao, Xiang & Gu, Jiahao, 2025, "Can cryptocurrencies improve portfolio diversification? Evidence from the prospect risk perspective," Research in International Business and Finance, Elsevier, volume 76, issue C, DOI: 10.1016/j.ribaf.2025.102828.
  5. Yang Liu & Hongyan Zhang & Xiang Gao & Yanxiang Xie, 2025, "Corporate Digital Transformation and Capacity Utilization Rate: The Functionary Path via Technological Innovation," IJFS, MDPI, volume 13, issue 3, pages 1-31, August.
  6. Jiayi Cui & Qian Wei & Xiang Gao, 2025, "How Retail vs. Institutional Investor Sentiment Differ in Affecting Chinese Stock Returns?," JRFM, MDPI, volume 18, issue 2, pages 1-18, February.
  7. Zhang-Hangjian Chen & Cheng-Ye Yu & Xiang Gao & Xiaohong Li, 2025, "Global shocks and local connectedness: evidence from dynamic tail risk interdependences among Chinese regional carbon markets," Applied Economics Letters, Taylor & Francis Journals, volume 32, issue 10, pages 1357-1362, June, DOI: 10.1080/13504851.2024.2303367.

2024

  1. Yang, Xinglong & Chen, Zhang-HangJian & Feng, Yujia & Gao, Xiang & Koedijk, Kees G., 2024, "Corporate SDG performance and investor trading behavior," Finance Research Letters, Elsevier, volume 66, issue C, DOI: 10.1016/j.frl.2024.105659.
  2. Li, Jingbo & Chen, Zhang-Hangjian & Gao, Xiang & Huisman, Ronald & Koedijk, Kees, 2024, "Lead-lag relations between the Chinese carbon and energy markets: Evidence from extreme climate shocks," Finance Research Letters, Elsevier, volume 70, issue C, DOI: 10.1016/j.frl.2024.106317.
  3. Chen, Zhang-Hangjian & Chu, Wei-Wei & Gao, Xiang & Koedijk, Kees G. & Xu, Yaping, 2024, "Extreme weather, climate risk, and the lead–lag role of carbon," Global Finance Journal, Elsevier, volume 61, issue C, DOI: 10.1016/j.gfj.2024.100974.
  4. Sui, Jianli & Lv, Wenqiang & Gao, Xiang & Koedijk, Kees G., 2024, "China’s GDP-at-Risk: Real-Time Monitoring, Risk Tracing, and Macroeconomic Policy Effects," Journal of International Money and Finance, Elsevier, volume 147, issue C, DOI: 10.1016/j.jimonfin.2024.103150.
  5. Li, Yongkui & Du, Qixuan & Chao, Xiangrui & Gao, Xiang, 2024, "Macro-prudential policy, digital transformations and banks’ risk-taking," The Quarterly Review of Economics and Finance, Elsevier, volume 98, issue C, DOI: 10.1016/j.qref.2024.101941.
  6. Yanping Ma & Qian Wei & Xiang Gao, 2024, "The Impact of Political Risks on Financial Markets: Evidence from a Stock Price Crash Perspective," IJFS, MDPI, volume 12, issue 2, pages 1-16, May.
  7. Fuqi Cui & Xiang Gao & Zhan Wang, 2024, "The Crowding-Out Effect of ESG Practices on Social Welfare: Evidence from China," Chinese Economy, Taylor & Francis Journals, volume 57, issue 2, pages 102-122, March, DOI: 10.1080/10971475.2023.2281211.
  8. Sunghan Ryu & Kees G. Koedijk & Victor Chow & Xiang Gao, 2024, "Environmental, Social, and Governance (ESG) for Online Marketplaces," Electronic Markets, Springer;IIM University of St. Gallen, volume 34, issue 1, pages 1-5, December, DOI: 10.1007/s12525-024-00701-7.

2023

  1. Gao, Jun & Gao, Xiang & Gu, Chen, 2023, "Forecasting European stock volatility: The role of the UK," International Review of Financial Analysis, Elsevier, volume 89, issue C, DOI: 10.1016/j.irfa.2023.102728.
  2. Tian, Shuairu & Gao, Xiang & Cai, Xiaojing, 2023, "The interactive CNY-CNH relationship: A wavelet analysis," Journal of International Money and Finance, Elsevier, volume 133, issue C, DOI: 10.1016/j.jimonfin.2023.102829.
  3. Xiang Gao & Guoping Shi & Yige Wu & Luming Zhang, 2023, "How Do State-Owned and Private-Owned CVC Differ in Nurturing Innovation in China?," JRFM, MDPI, volume 16, issue 1, pages 1-12, January.
  4. Zhang-Hangjian Chen & Xiang Gao & Apicha Insuwan, 2023, "Dynamic information spillover between Chinese carbon and stock markets under extreme weather shocks," Humanities and Social Sciences Communications, Palgrave Macmillan, volume 10, issue 1, pages 1-12, December, DOI: 10.1057/s41599-023-02134-7.
  5. Xiang Gao & Dongdong Li & Weige Huang, 2023, "Intergenerational education mobility: A machine learning perspective," World Journal of Vocational Education and Training, Conscientia Beam, volume 5, issue 1, pages 1-10.
  6. Weige Huang & Xiang Gao, 2023, "Forecasting Bitcoin Futures: A Lasso-BMA Two-Step Predictor Selection for Investment and Hedging Strategies," SAGE Open, , volume 13, issue 1, pages 21582440231, January, DOI: 10.1177/21582440231151652.

2022

  1. Gao, Xiang & Hu, Yichuan & Wang, Huanhuan & Wang, Xiaohu, 2022, "Brexit and global equity fund capital reallocation," Journal of International Money and Finance, Elsevier, volume 125, issue C, DOI: 10.1016/j.jimonfin.2022.102639.
  2. Song Cao & Ziran Li & Kees G. Koedijk & Xiang Gao, 2022, "The emotional cost-of-carry: Chinese investor sentiment and equity index futures basis," China Finance Review International, Emerald Group Publishing Limited, volume 12, issue 3, pages 451-476, January, DOI: 10.1108/CFRI-07-2021-0144.
  3. Xiang Gao & Bin Li, 2022, "Retail store entry and online consumer search: the role of cognitive versus physical search costs," Nankai Business Review International, Emerald Group Publishing Limited, volume 13, issue 4, pages 630-647, June, DOI: 10.1108/NBRI-01-2022-0006.
  4. Qian Chen & Xiang Gao & Jianming Mo & Zhouling Xu, 2022, "Market Reaction to Local Attention around Earnings Announcements in China: Evidence from Internet Search Activity," IJFS, MDPI, volume 10, issue 4, pages 1-26, October.
  5. Xiang Gao & Zhenhua Gu & Shuzhen Niu & Sunghan Ryu, 2022, "Effects of International Tourist Flow on Startup Financing: Investment Scope and Market Potential Perspectives," SAGE Open, , volume 12, issue 4, pages 21582440221, October, DOI: 10.1177/21582440221126455.
  6. Weige Huang & Xiang Gao, 2022, "LASSO-based high-frequency return predictors for profitable Bitcoin investment," Applied Economics Letters, Taylor & Francis Journals, volume 29, issue 12, pages 1079-1083, July, DOI: 10.1080/13504851.2021.1908512.
  7. Xiang Gao & Zong-Han Lin & Li Sun, 2022, "CEO-director connectedness and firm’s operational risk," Applied Economics Letters, Taylor & Francis Journals, volume 29, issue 12, pages 1102-1106, July, DOI: 10.1080/13504851.2021.1910126.

2021

  1. Xiang Gao & Weige Huang & Hua Wang, 2021, "Financial Twitter Sentiment on Bitcoin Return and High-Frequency Volatility," Virtual Economics, The London Academy of Science and Business, volume 4, issue 1, pages 7-18, January, DOI: 10.34021/ve.2021.04.01(1).
  2. Gao Xiang & Gu Zhenhua & Wang Zhan, 2021, "A Choice Model of University Endowments Governance," The B.E. Journal of Theoretical Economics, De Gruyter, volume 21, issue 1, pages 269-285, January, DOI: 10.1515/bejte-2019-0136.
  3. Qian Chen & Xiang Gao & Gangchen Liu, 2021, "Limited Attention and Post-Earnings Announcement Drift: Evidence from China s Stock Market," International Journal of Economics and Financial Issues, International Journal of Economics and Financial Issues, volume 11, issue 1, pages 1-17.
  4. Fan, Haichao & Gao, Xiang & Zhang, Lina, 2021, "How China's accession to the WTO affects global welfare?," China Economic Review, Elsevier, volume 69, issue C, DOI: 10.1016/j.chieco.2021.101688.
  5. Gao, Xiang & Sun, Li, 2021, "Modeling retirees’ investment behaviors in the presence of health expenditure risk and financial crisis risk," Economic Modelling, Elsevier, volume 94, issue C, pages 442-454, DOI: 10.1016/j.econmod.2020.10.013.
  6. Xiang Gao & Jiahao Gu & Yingchao Zhang, 2021, "Option informativeness before earnings announcements and under real activity manipulation," Pacific Accounting Review, Emerald Group Publishing Limited, volume 33, issue 3, pages 361-375, May, DOI: 10.1108/PAR-07-2020-0090.
  7. Qian Chen & Xiang Gao & Shan Xie & Li Sun & Shuairu Tian & Shigeyuki Hamori, 2021, "On the Predictability of China Macro Indicator with Carbon Emissions Trading," Energies, MDPI, volume 14, issue 5, pages 1-24, February.

2020

  1. Lo, Huai-Chun & Koedijk, Kees G. & Gao, Xiang & Hsu, Yuan-Teng, 2020, "How do job vacancy rates predict firm performance? A web crawling massive data perspective," Pacific-Basin Finance Journal, Elsevier, volume 62, issue C, DOI: 10.1016/j.pacfin.2020.101371.
  2. Zhigang Li & Yuan-Teng Hsu & Xiang Gao, 2020, "How does real earnings management respond to the 2007-2008 financial crisis?," Pacific Accounting Review, Emerald Group Publishing Limited, volume 32, issue 4, pages 495-517, September, DOI: 10.1108/PAR-09-2019-0119.
  3. Xiang Gao & Zhenhua Gu & Kees Koedijk, 2020, "On the Role of Projected FDI Inflows in Shaping Institutions : The Longer-Term Plan for Post-Pandemic Investment Reboot," East Asian Economic Review, Korea Institute for International Economic Policy, volume 24, issue 4, pages 441-468, DOI: 10.11644/KIEP.EAER.2020.24.4.387.

2018

  1. Fan, Haichao & Gao, Xiang & Li, Yao Amber & Luong, Tuan Anh, 2018, "Trade liberalization and markups: Micro evidence from China," Journal of Comparative Economics, Elsevier, volume 46, issue 1, pages 103-130, DOI: 10.1016/j.jce.2017.02.002.

2017

  1. Haichao Fan & Xiang Gao, 2017, "Domestic Creditor Rights and External Private Debt," Economic Journal, Royal Economic Society, volume 127, issue 606, pages 2410-2440, November.

2016

  1. Fan, Haichao & Gao, Xiang & Xu, Juanyi & Xu, Zhiwei, 2016, "News shock, firm dynamics and business cycles: Evidence and theory," Journal of Economic Dynamics and Control, Elsevier, volume 73, issue C, pages 159-180, DOI: 10.1016/j.jedc.2016.09.010.

2012

  1. Xiang Gao, 2012, "The extensive margin of intrafirm trade," International Journal of Economics and Business Research, Inderscience Enterprises Ltd, volume 4, issue 1/2, pages 213-232.

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