Haoxiang Zhu


Haoxiang Zhu


Haoxiang Zhu is the Sarofim Family Career Development Professor and an Associate Professor of Finance at the MIT Sloan School of Management. He is also an academic consultant to the US Commodity Futures Trading Commission, a member of the Federal Reserve Bank of Chicago's Working Group on Financial Markets, and a member of the Finance Theory Group.

Zhu's main research interests are broadly in asset pricing and specifically in market structure and market design. His research probes how the designs of financial markets affect asset price behavior, liquidity, and efficiency. His work has been published in Review of Economic Studies, Journal of Finance, Review of Financial Studies, and Journal of Financial Economics, among others. Zhu's research has won several awards, including the 2016 AQR Insight Award, Best Paper Prize in Asset Pricing at the 2015 Western Finance Association annual meeting, and the 2013 Review of Financial Studies Young Researcher Prize. In 2016, he was named one of the 40 under 40 Best Business School Professors by Poets and Quants.

Zhu holds a BA in mathematics and computer science from the University of Oxford and a PhD in finance from the Stanford University Graduate School of Business.

Current Research Focus:   Haoxiang Zhu's recent research projects include the optimal trading frequency in financial markets, HFT “back-running” strategies, the welfare benefit of “size discovery” mechanisms, the transparency role of financial benchmarks, the design of credit event auctions, the “dollar roll” trading strategy of agency MBS, the auction implementation of quantitative easing, and the electronic trading of OTC derivatives after Dodd-Frank, among others.


Zhu wins Amundi Smith Breeden Prize


"Mortgage Dollar Roll."

Song, Zhaogang and Haoxiang Zhu. Review of Financial Studies. Forthcoming. SSRN Preprint.

"Quantitative Easing Auctions of Treasury Bonds."

Song, Zhaogang and Haoxiang Zhu. Journal of Financial Economics Vol. 128, No. 1 (2018): 103-124.

"​Are CDS Auctions Biased and Inefficient?"

Zhu, Haoxiang, and Songzi Du. Journal of Finance Vol. 27, No. 6 (2017): 2589-2628. SSRN Preprint. Appendix.

"Non-Fundamental Speculation Revisited."

Yang, Liyan, and Haoxiang Zhu. Journal of Finance Vol. 72, No. 6 (2017): 2759-2772. SSRN Preprint.

"Benchmarks in Search Markets."

Duffie, Darrell, Piotr Dworczak, and Haoxiang Zhu. Journal of Finance Vol. 72, No. 5 (2017): 1983-2044. Appendix. VOX blog.

"What is the Optimal Trading Frequency in Financial Markets?"

Du, Songzi, and Haoxiang Zhu. Review of Economic Studies Vol. 84, No. 4 (2017): 1606-1651. Supplemental Materials.

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