Professor Xiaoquan (Michael) Zhang

Chinese University of Hong Kong

More

About

Professor Michael Zhang is the Wei-Lun Endowed Chair Professor of Business AI at the 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 11825 times, as of 2025-08-31.
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.

Download CV

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

    Wei Lun Endowed Chair Professor of Business AI

    Developing models related to Business implications of AI.

  • 2019
    -
    now

    Super Quantum Fund

    Co-Founder

    Developing machine learning and financial mathematics models for asset management.

  • 2022
    -
    2024
    (on leave)

    Tsinghua University

    Irwin and Joan Jacobs Chair Professor

    Associate Dean at Shenzhen Institute of Economics and Management

    Fintech and Machine Learning in Asset Pricing.

  • 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

  • 2003
    -
    2005

    AlphaSimplex

    Quantitative Researcher (part time)

    Conducting systematic analysis of financial market anomalies based on an evolutionary approach.

  • 2001
    -
    2006

    MITBBS

    Co-Founder

    Running 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

    PhD

    Dissertation: Tapping into the Pulse of the Market

  • 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

517,611

Miles flown
in the last 10 years

12,188

Students taught

38

Bottles of wine
opened last year

Publications by Subject/Methodology/Journal/Topic

Subject:
Method:
Journal:
Topic:
  2. Tim Li and Xiaoquan (Michael) Zhang, "Strategic Participation on Tokenized Platforms: Balancing Investment and Laboring Intensities"MIS Quarterly, forthcoming.
  4. Hongqiao Chen, Ying-ju Chen, Yang Li, Xiaoquan (Michael) Zhang, and Sean X. Zhou, "Digital Goods Reselling: Implications on Cannibalization and Price Discrimination"Production and Operations Management, forthcoming.
    [Click Here for the Working Paper Version]
  6. Jialu Liu, Siqi Pei, and Xiaoquan (Michael) Zhang, "Indirect Value of Public Infrastructure Technology," Management Science, forthcoming.
    [Click Here for the Working Paper Version]
  8. Xiaoquan (Michael) Zhang, Dapeng Xu, Hong Hong, and Kalok Chan,"Investor Attention or Investor Sentiment: How Social Media React to ESG?"Information Systems Research, forthcoming.
    [Click Here for the Working Paper Version]
  10. Miaozhe Han, Hongchuan Shen, Jing Wu, Xiaoquan (Michael) Zhang, “Artificial Intelligence and Firm Resilience: Evidence from Firm Performance under Disaster Shocks,” Information Systems Research, forthcoming.
    [Click Here for the Working Paper Version]
  12. Tao Lu, Lihong Zhang, Xiaoquan (Michael) Zhang, Zhenling Zhao, "Beyond Risk: A Measure of Distribution Uncertainty"Information Systems Research, forthcoming.
    [Click Here for the Working Paper Version]
  14. Bingjie Qian, Tat-Koon Koh, and Xiaoquan (Michael) Zhang, "From Anonymity to Accountability: How Virtual Identity Disclosure Changes the Quantity and Quality of ‘Likes’." Information Systems Research, forthcoming.
    [Click Here for the Working Paper Version]
  16. Dapeng Xu, Hong Hong, Lingfei Deng, and Xiaoquan (Michael) Zhang, "Crowdfunding Success Factors: A Meta-Analytic Investigation," Information Systems Research, forthcoming.
    [Click Here for the Working Paper Version]
  18. Dapeng Xu, Xiaoquan (Michael) Zhang, Hong Hong, and Qiang Ye, "Why Is the Grass Always Greener on the Other Side? Tourist Bias in Online Restaurant Ratings," Information Systems Research, forthcoming.
    [Click Here for the Working Paper Version]
  20. Lihong Zhang and Xiaoquan (Michael) Zhang, "Mispricing and Algorithm Trading," Information Systems Research, 36(1), 2025, 21-40.
    [Click Here for the Working Paper Version]
  22. Yue Feng, Xianghua Lu, and Xiaoquan (Michael) Zhang, "Mutual Disclosures and Content Intimacy in User Engagement: Evidence from an Online Chat Group," MIS Quarterly, 48(4), 2024, 1331-1362.
    [Click Here for the Working Paper Version]
  24. Hongchuan Shen, Ivy Dang, and Xiaoquan (Michael) Zhang, "Mr. Right or Mr. Best: The Role of Information under Preference Mismatch in Online Dating," Information Systems Research, 35(4), 2024, 2013-2029.
    [Click Here for the Working Paper Version]
  26. Jialu Liu, Siqi Pei, Xiaoquan (Michael) Zhang, "Online Food Delivery Platforms and Female Labor Force Participation," Information Systems Research, 35(3), 2024, 1074-1091.
    [Click Here for the Working Paper Version]
  28. Tim Li and Xiaoquan (Michael) Zhang, "Development Trajectory of Blockchain Platforms: the Role of Multi-Role," Information Systems Research, 35(3), 2023, 1296-1323.
    [Click Here for the Working Paper Version]
  30. Xiaoyang Li, Yang Shi, Maggie Hu, and Xiaoquan (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]
  32. Jiaqi Zhou, Qingpeng Zhang, Sijia Zhou, Xin Li, and Xiaoquan (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]
  34. Tao Lu, May Yuan, Chong (Alex) Wang, Xiaoquan (Michael) Zhang, "Histogram Distortion Bias in Consumer Choices," Management Science, 68(12), 2022, 8963-8978.
    [Click Here for the Working Paper Version]
  36. Keongtae Kim, Jooyoung Park, Yang Pan, Kunpeng Zhang, Xiaoquan (Michael) Zhang, "Risk Disclosure in Crowdfunding," Information Systems Research, 33(3), 2022, 1023-1041.
    [Click Here for the Working Paper Version]
  38. Erik Brynjolfsson, Chong (Alex) Wang, and Xiaoquan (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]
  40. Terry Hendershott, Xiaoquan (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]
  42. Michael Kummer, Olga Slivkó, and Xiaoquan (Michael) Zhang, "Unemployment and Digital Public Goods Contribution," Information Systems Research, 31(3), 2020, 801-819.
    [Click Here for the Working Paper Version]
  44. Monic Sun, Xiaoquan (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]
  46. Juan Feng, Xin Li, and Xiaoquan (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]
  48. Chong (Alex) Wang, Xiaoquan (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]
  50. Xiaomeng Du, Meng Su, Xiaoquan (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]
  52. Xiaoquan (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]
  54. Sean Xin Xu and Xiaoquan (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]
  56. Xiaoquan (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]
  58. Xiaoquan (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]
  60. Feng Zhu and Xiaoquan (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]
  62. Edward Malthouse, Michael Haenlein, Bernd Skiera, Egbert Wege, and Xiaoquan (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]
  64. Xiaoquan (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]
  66. Chong (Alex) Wang and Xiaoquan (Michael) Zhang, "Sampling of Information Goods," Decision Support Systems, 48, 1, December 2009, 14-22.
    [Click Here for the Working Paper Version]
  68. Chris Dellarocas, Xiaoquan (Michael) 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]
  70. Erik Brynjolfsson and Xiaoquan (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)

    Navigating the Factor Zoo Cover
    [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)
    Digital Quantum Leap-Simplified Chinese

    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)
    Digital Quantum Leap-Traditional Chinese

    台北時報出版社.


Work In Progress

  1. Jihao Hu, Yingxin Lin, DaPeng Xu, and Xiaoquan (Michael) Zhang, "Unintended Consequences of Status Effect in Reputation Systems"
  2. Dorothy Jiang, Weiguang Wang, Keran Zhao, and Xiaoquan (Michael) Zhang, "When Money Meets Mission: Rethinking Financial and Social Commitment Alignment in Impact Investing"
  3. Hao Ying, Tao Lu, and Xiaoquan (Michael) Zhang, "Slicing the Attention Pie: Pricing the Effectiveness of Social Influencers"
  4. Peixin Liu, Lihong Zhang, Xiaoquan (Michael) Zhang, "Empowering Businesses with Foundation Models in Generative AI"
  5. Xinyu Li, Francis Costello, Keongtae Kim, and Xiaoquan (Michael) Zhang, "Assessing Open Source Software Developer's Opportunity Costs in a Time of Generative AI"
  6. Ning Jia, Sean Xu, Zhitao Yin, and Xiaoquan (Michael) Zhang, "Investor Misreaction to Secondhand Information on Social Media: Evidence from a Wikipedia Experiment"
  7. Ding Ma, Yingjie He, Yinghao Chu, Michael Saunders, and Xiaoquan (Michael) Zhang, "Cognitive Biases in Large Language Models: lmplications for Survey-Based Research"
  8. Tongda Zhang, Ding Ma, Michael Saunders, Xiaoquan (Michael) Zhang, "Probing the Irrationality of AI: Experiments with ChatGPT"
  9. Ding Ma, Tongda Zhang, Michael Saunders, Xiaoquan (Michael) Zhang, "Innovating with Intelligence: Establishing An Institutional Protocol for AI-Driven Product Development"
  10. Ding Ma, Tongda Zhang, Michael Saunders, Xiaoquan (Michael) Zhang, "Transforming E-Commerce Analysis: An Inclusive Infrastructure and a Fast Search Algorithm"
  11. Daniel Blaseg, Ehsan Bolandifar, Xiaoquan (Michael) Zhang, "The Paradox of Budget Transparency: Budget Disclosures and Performance in Crowdfunding Ventures"
  12. Sijia Ma, Chong (Alex) Wang, Xiaoquan (Michael) Zhang, Tao Lu, "Facade of Trust: The Impact of AI-Enhanced Profile Pictures in Online Interactions"
  13. Xingjin Chen, Yilin Li, Xiaoyu Xia, Sean Xin Xu, Xiaoquan (Michael) Zhang, "Nonlinear Impact of Structural Diversity on User Engagement in Social Networks: Evidence from a Large-scale Field Experiment"
  14. Tim Li, Zhoufei Tang, Tao Lu, and Xiaoquan (Michael) Zhang, "Propose and Review: Interactive Bias Mitigation for Machine Classifiers"
  15. Miaozhe Han, Hongchuan Shen, Sihan Zhai, and Xiaoquan (Michael) Zhang, "An Empirical Study of Algorithm-Induced Online Information Misallocation"
  16. Siqi Pei, Yiying Zhang, Juan Feng, and Xiaoquan (Michael) Zhang, "How Much Personalized Information is Necessary? Re-examining Personalized Recommendations in Consumer Purchases"
  17. Luping Sun, Yuxin Chen, Xiaona Zheng, Meng Su, Xiaoquan (Michael) Zhang, "Short-Term Cannibalization and Long-Term Loyalty Effects of Recommender Systems: Evidence from a Field Experiment"
  18. Kawamata, Y., Xiaoquan (Michael) Zhang, Akiyama, E. "Impulsive Equilibrium in Search-Engine Advertising"
  19. Bingqian Cheng, Lihong Zhang, and Xiaoquan (Michael) Zhang, "Uncertainty and Failure of Diversification"
  20. Hu, M., Han, X., and Zhang, X. "Intensified Online Opinion Clashes with Salient Group Identity"
  21. Chaoyue Gao, Hong Hong, Xiaoquan (Michael) Zhang, and Qiang Ye, "Seeking Alpha or Seeking Noise? Attention Bias in Online Investment Communities"
  22. Weifang Wu, Hong Xu, Xiaoquan (Michael) Zhang, and Rong Zheng, "Ignorance Is Bliss: The Role of Information in Keyword Auctions"
  23. Sun, S., Xu, K., and Zhang, X., "Do Monetary Incentives Crowd Out UGC Contributions? Evidence from YouTube"
  24. Huihui Chi, Selwyn Piramuthu, Wei Zhou, and Xiaoquan (Michael) Zhang, "Self-Cannibalization of Durable Goods with Sharing: A Producer Perspective."
  25. Liu, A., Xu, X., Zhang, X., and Zhao, X., "Social Media and Financial Information Asymmetry: How Information Aggregation on Wikipedia Reduces Insider Trading Profitability."
  26. Yu Liu, Lihong Zhang, and Xiaoquan (Michael) Zhang, "Statistical Inference under Ambiguity"
  27. Weiran Shen, Binghui Peng, Xiaoquan (Michael) Zhang, Hanpeng Liu, Ruohan Qian, Yan Hong, Zhi Guo, Zongyao Ding, Pengjun Lu and Pingzhong Tang, "Reinforcement Mechanism Design"
  28. Zihe Wang, Pingzhong Tang and Xiaoquan (Michael) Zhang, "Optimal Commitments in Auctions with Incomplete Information"
  29. Lihong Zhang, Gene Lai, Baimin Yu and Xiaoquan (Michael) Zhang, "Longevity Risk, Optimal Retirement, Consumption Choice, and Risky Investment Decision"
  30. Xiaoquan (Michael) Zhang, Henry Qian, Alex Wang and Monic Sun, "Perilous Randomized Experiments in Social Networks"
  31. Wu, W., Zhang, X., and Zheng, R., "An Empirical Study on the Monitoring Role of Wikipedia in the Financial Market."
  32. Wu, W., Shi, W., Zhang, X., and Zheng, R., "Firm Performance and Information Dissemination: Evidence from Twitter."
  33. 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

Leave me a message