Professor Xiaoquan (Michael) Zhang

Chinese University of Hong Kong



Professor Michael Zhang is a Chair Professor of Decision Sciences and Managerial Economics at the Chinese University of Hong Kong. He serves as the Associate Dean of Innovation and Impact, Co-Executive Director of Asia Pacific Institute of Business, Co-Director of Hong Kong-Shenzhen Finance Research Centre at the CUHK Business School. Externally, he is also affiliated with MIT Initiative on Digital Economy, Guanghua School of Management of Peking University 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, and cofounded several companies in Social Networking (Unknown Space, 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 is the co-author of a book on digital transformation: Digital Quantum Leap: Strategies and Tactics for Organizational Transformation.
He has been actively involved in professional services, including serving as a Senior Editor for Information Systems Research, an Associate Editor for Management Science, a Guest Associate Editor for MIS Quarterly. He was on the editorial boards of Production and Operations Management and Electronic Commerce Research and Applications. Professor Zhang actively contributes to the society by assuming advising positions for Hong Kong Cyberport Entrepreneurship Center, Alibaba Group’s Lakeside (Hu Pan) University, Huawei, China Mobile, China Merchants Securities,, and Radica Systems. 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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  • 2017

    Chinese University of Hong Kong


    Associate Dean (Innovation and Impact)

    Co-Executive Director of Asia-Pacific Institute of Business

    Co-Director of Hong Kong-Shenzhen Finance Research Centre

    Business implications of Artificial Intelligence (Deep Learning).

  • 2013

    HKUST Business School

    Associate Professor

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

  • 2006

    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

  • 2001



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

  • 1999

    Dayang Image, Co., Ltd.

    International Marketing Manager

    Segmentation, Targeting, Positioning, Pricing...


  • 2000

    MIT Sloan School of Management

    PhD in Management

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

  • 1996

    Tsinghua University

    Master of Science in Management

    Dissertation: An Empirical Study of National Innovation Systems.

  • 1992

    Tsinghua University

    Bachelor of Engneering in Computer Science

  • 1992

    Tsinghua University

    Bachelor of Fine Arts in English



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Kim, K., Park, J., Pan, Y., Zhang, K., Zhang, X., "Risk Disclosure in Crowdfunding," Information Systems Research, forthcoming.
Lu, T., Wang, A., Yuan, X. and Zhang, X., "Histogram Distortion Bias in Consumer Choices," Management Science, forthcoming.
Brynjolfsson, E., Wang, C., and Zhang, X., "The Economics of IT and Digitization: Eight Questions for Research," MIS Quarterly, 45(1), 2021, 473-477.
[Click Here for the Working Paper Version]
Hendershott, T., Zhang, X., Zhao, L., and Zheng, E., "FinTech as a Game Changer: Overview of Research Frontiers," Information Systems Research, 32(1), 2021, 1-17.
[Click Here for the Working Paper Version]
Heifermen, R., Sivan, Y., Zhang, X., Digital Quantum Leap: Strategies and Tactics for Organizational Transformation. August 2020.
Kummer, M., Slivkó, O., and Zhang, X., "Unemployment and Digital Public Goods Contribution," Information Systems Research, 31(3), 2020, 801-819.
[Click Here for the Working Paper Version]
Sun, M., Zhang, X., and Zhu, F. "U-shaped Conformity in Online Social Networks," Marketing Science, 38(3), 2019, 461-480.
[Click Here for the Working Paper Version]
Feng, J., Li, X., and Zhang, X., "Online Product Reviews-Triggered Dynamic Pricing: Theory and Evidence," Information Systems Research, 30(4), 2019, 1107-1123.
[Click Here for the Working Paper Version]
Wang, A., Zhang, X., and Hann, I., "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]
Du, X., Su, M., Zhang, X., and Zheng, X., "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]
Zhang, X., and Zhang, L., "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]
Xu, S. X., and Zhang, X., "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]
Malthouse, E. C., Haenlein, M., Skiera, B., Wege, E., and Zhang, X., "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]
Zhang, X., and Wang, C., "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]
Zhang, X., and Feng, J., "Cyclical Bid Adjustments in Search-Engine Advertising," Management Science, 57, 9, 2011, 1703-1719.
[Click Here for the Working Paper Version]
Zhang, X., and Zhu, F., "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]
Zhu, F., and Zhang, X., "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]
Wang, A., and Zhang, X., "Sampling of Information Goods," Decision Support Systems, 48, 1, December 2009, 14-22.
[Click Here for the Working Paper Version]
Dellarocas, C., Zhang, X., and Awad, N. F., "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]
Brynjolfsson, E, and Zhang, X., "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

Li, T. and Zhang, X. "Blockchain Network Dynamics: the Role of Multi-Role"
Zhang, X., Xu, D., Hong, H. "Investor Attention or Investor Sentiment: How Social Media React to ESG?"
Chen, H., Chen, Y-J, Li, Y., Zhang, X., and Zhou X., "Digital Goods Reselling: Implications on Cannibalization and Price Discrimination"
Feng, Y., Lu, X., and Zhang, X., "Mutual Disclosures and Content Intimacy in Customer Group Engagement: Evidence from Online Chat Groups"
Gao, C., Hong, H., Zhang, X., and Ye, Q., "Seeking Alpha or Seeking Noise? Attention Bias in Online Investment Communities"
Liu, J., Pei, S., and Zhang, X., "Agency Problem in Combating Water Pollution: A Regression Discontinuity Design"
Liu, J., Pei, S., and Zhang, X., "Online Food Delivery Platforms and Female Labor Force Participation"
Han, M., Shen, H., Wu, J., and Zhang, X. "AI Intensity and Firm Resilience: Evidence from Firm Performance under Disaster Shocks"
Wu, W., Xu, H., Zhang, X., and Zheng, R., "Ignorance Is Bliss: The Role of Information in Keyword Auctions"
Sun, S., Xu, K., and Zhang, X., "Do Monetary Incentives Crowd Out UGC Contributions? Evidence from YouTube"
Zhang, L. and Zhang, X., "Mispricing and Algorithm Trading"
Fu, Z., Lu, T., Zhang, L., and Zhang, X. "Market Uncertainties and Prediction of Rare Events: With an Application to Financial Market Crashes"
Qian, B., Koh, T., and Zhang, X., "The Effect of Identity Visibility on Users' Giving 'Likes': A Natural Experiment"
Hong, H., Xu, D., Ye, Q., and Zhang, X., "Is the Grass Always Greener on the Other Side? Tourist Bias in Online Restaurant Ratings"
Xiaoyang Li, Yang Shi, Maggie Hu, and X. Zhang, "Are All Heuristics Created Equal? Evidence from P2P Investments."
Chi, H., Piramuthu, S., Zhou, W. and Zhang, X., "Self-Cannibalization of Durable Goods with Sharing: A Producer Perspective."
Liu, A., Xu, X., Zhang, X., and Zhao, X., "Social Media and Financial Information Asymmetry: How Information Aggregation on Wikipedia Reduces Insider Trading Profitability."
Liu, Y., Zhang, L., and Zhang, X., "Statistical Inference under Ambiguity"
Weiran Shen, Binghui Peng, Xiaoquan Zhang, Hanpeng Liu, Ruohan Qian, Yan Hong, Zhi Guo, Zongyao Ding, Pengjun Lu and Pingzhong Tang, "Reinforcement Mechanism Design"
Zihe Wang, Pingzhong Tang and Xiaoquan Zhang, "Optimal Commitments in Auctions with Incomplete Information"
Lihong Zhang and Xiaoquan Zhang, "Homo Economicus and Market with Imperfections"
Lihong Zhang, Gene Lai, Baimin Yu and Xiaoquan Zhang, "Longevity Risk, Optimal Retirement, Consumption Choice, and Risky Investment Decision"
Daning Hu, Xiao Li and Xiaoquan Zhang, "The Impacts of Geographic Dispersion on OSS Project Success: Face to Face vs. Virtual Collaboration"
Xiaoquan Zhang, Henry Qian, Alex Wang and Monic Sun, "Perilous Randomized Experiments in Social Networks"
Ning Jia, Sean Xu and Michael Zhang, "How Investors are Influenced by Social Media: A Large-Scale Field Experiment"
Chen, X, Wang A., and Zhang, X., "All Online Friends Are Not Created Equal: Discovering Influence Structure in Online Social Networks."
Wang, A., Zhang, X., and Tam, K., "Role Identity Salience and User Participation in Online Communities."
Novoselov, K., Hsieh, C-C., and Zhang, X., "Do Questions Convey Valuable Information? An Empirical Investigation of Conference Calls"
Wu, W., Zhang, X., and Zheng, R., "An Empirical Study on the Monitoring Role of Wikipedia in the Financial Market."
Wu, W., Shi, W., Zhang, X., and Zheng, R., "Firm Performance and Information Dissemination: Evidence from Twitter."
Zhang, T., and Zhang, X., "Corporate Campaign Contributions and Political Favoritism."
Erik Brynjolfsson and Xiaoquan Zhang, "Producer Innovation Incentives and Revenue Distribution of Bundled Products"


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

+852 6081-2330

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