Haoxiang Zhu


Haoxiang Zhu


Haoxiang Zhu is the Gordon Y Billard Professor of Management and Finance and an Associate Professor of Finance at the MIT Sloan School of Management, and a Faculty Research Fellow at the National Bureau of Economic Research. He currently serves as a finance department editor of Management Science and an associate editor of the Journal of Finance.

His main research interests are broadly in asset pricing, especially market structure and market design. He has published research papers in the Journal of Finance, the Journal of Financial Economics, the Review of Economic Studies, and the Review of Financial Studies, among others. Zhu's research has won several awards, including the 2017 Amundi Pioneer Prize (First Prize) from the Journal of Finance, the 2016 AQR Insight Award (First Prize), the 2015 Kepos Capital Award for Best Paper on Investments from the Western Finance Association, 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.

Haoxiang Zhu actively participates in policy issues on financial markets and financial regulation. He has previously served as an academic expert for the US Commodity Futures Trading Commission (CFTC) and the Bank for International Settlements (BIS), and is currently a member of the Federal Reserve Bank of Chicago's Working Group on Financial Markets.

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

Current Research Focus: Zhu is continuing research into how market liquidity is reshaped by post-crisis regulatory reforms. His research also analyzes the design of default management auctions of central counterparties, the failure of which would lead to systemic risk. Applying theory to practice, Zhu proposes the use of clock auctions to move trillions of dollars of financial contracts from LIBOR, the benchmark interest rate tainted by manipulation scandals, to new benchmark interest rates endorsed by regulators. More recently, Zhu has studied how FinTech and BigTech competition to banks affects the functioning of credit markets, as well as the unintended impact of data protection regulations.


Zhu wins Amundi Smith Breeden Prize


"Back-Running: Seeking and Hiding Fundamental Information in Order Flows."

Yang, Liyan, and Haoxiang Zhu. Review of Financial Studies. Forthcoming. MarketWatch Blog.

"Swap Trading after Dodd-Frank: Evidence from Index CDS."

Riggs, Lynn, Esen Onur, David Reiffen, and Haoxiang Zhu. Journal of Financial Economics. Forthcoming.

"Mortgage Dollar Roll."

Song, Zhaogang and Haoxiang Zhu. Review of Financial Studies Vol. 32, No. 8 (2019): 2955-2996. SSRN Preprint.

"Quantitative Easing Auctions of Treasury Bonds."

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

"​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.

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