Professor Xiaoquan (Michael) Zhang

Chinese University of Hong Kong



Professor Michael Zhang is a professor at 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:
  • Navigating the Factor Zoo: The Science of Quantitative Investing, Routledge, 2025. (ISBN 9781032768410)
  • Digital Quantum Leap: Strategies and Tactics for Organizational Transformation, 2021. (ISBN: 9787111659600)
According to Google Scholar, his works have been cited for 10081 times, as of 2024-06-12.
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.

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  • 2017

    Chinese University of Hong Kong


    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

  • 2019

    Super Quantum Fund


    Developing machine learning and financial mathematics models for asset management.

  • 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 Engineering in Computer Science

  • 1992

    Tsinghua University

    Bachelor of Fine Arts in English



Programming languages
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Miles flown
in the last 10 years


Students taught


Bottles of wine
opened last year


Bingjie Qian, Tat-Koon Koh, and Xiaoquan Zhang, "Effect of Virtual Identity Disclosure on Users' Giving 'Likes' in Community-Based Platforms: A Natural Experiment." Information Systems Research, forthcoming.
Jialu Liu, Siqi Pei, and Xiaoquan Zhang, "Indirect Value of Public Infrastructure Technology," Management Science, forthcoming.
Michael Zhang, Tao Lu, and Chuan Shi. Navigating the Factor Zoo: The Science of Quantitative Investing, Routledge, ISBN 9781032768410, 2025.
[Click Here to go to the book's publisher page]
[Click Here to go to Amazon's book page]
Yue Feng, Xianghua Lu, and Xiaoquan Zhang, "Mutual Disclosures and Content Intimacy in User Engagement: Evidence from an Online Chat Group," MIS Quarterly, forthcoming.
Tim Li and Xiaoquan Zhang, "Development Trajectory of Blockchain Platforms: the Role of Multi-Role," Information Systems Research, forthcoming.
[Click Here for the Working Paper Version]
Hongchuan Shen, Ivy Dang, and Xiaoquan Zhang, "Mr. Right or Mr. Best: The Role of Information under Preference Mismatch in Online Dating," Information Systems Research, forthcoming.
Lihong Zhang and Xiaoquan Zhang, "Mispricing and Algorithm Trading," Information Systems Research, forthcoming.
[Click Here for the Working Paper Version]
Jialu Liu, Siqi Pei, Xiaoquan Zhang, "Online Food Delivery Platforms and Female Labor Force Participation," Information Systems Research, forthcoming.
[Click Here for the Working Paper Version]
Dapeng Xu, Xiaoquan Zhang, Hong Hong, Qiang Ye, "Why Is the Grass Always Greener on the Other Side? Tourist Bias in Online Restaurant Ratings," Information Systems Research, forthcoming.
Xiaoyang Li, Yang Shi, Maggie Hu, and X. Zhang, "Numerological Heuristics and Credit Risk in P2P Lending," Information Systems Research, 34(4), 2023, 1744-1760.
[Click Here for the Working Paper Version]
Zhou, J., Zhang, Q., Zhou, S., Li, X., Zhang, X., "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]
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]
Kim, K., Park, J., Pan, Y., Zhang, K., Zhang, X., "Risk Disclosure in Crowdfunding," Information Systems Research, 33(3), 2022, 1023-1041.
[Click Here for the Working Paper Version]
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

Ning Jia, Sean Xu, Zhitao Yin, and Michael Zhang, "Investor Misreaction to Secondhand Information on Social Media: Evidence from a Wikipedia Experiment"
Ding Ma, Yingjie He, Yinghao Chu, Michael Saunders, and Xiaoquan (Michael) Zhang, "An Integrated Deep Learning Framework for Real-Time Air Pollution Control"
Tongda Zhang, Ding Ma, Michael Saunders, Xiaoquan (Michael) Zhang, "Probing the Irrationality of AI: Experiments with ChatGPT"
Ding Ma, Tongda Zhang, Michael Saunders, Xiaoquan (Michael) Zhang, "Innovating with Intelligence: Establishing An Institutional Protocol for AI-Driven Product Development"
Ding Ma, Tongda Zhang, Michael Saunders, Xiaoquan (Michael) Zhang, "Transforming E-Commerce Analysis: An Inclusive Infrastructure and a Fast Search Algorithm"
Daniel Blaseg, Ehsan Bolandifar, Xiaoquan (Michael) Zhang, "The Paradox of Budget Transparency: Budget Disclosures and Performance in Crowdfunding Ventures"
Sijia Ma, Chong (Alex) Wang, Xiaoquan (Michael) Zhang, Tao Lu, "Facade of Trust: The Impact of AI-Enhanced Profile Pictures in Online Interactions"
Xingjin Chen, Yilin Li, Xiaoyu Xia, Sean Xin Xu, Xiaoquan Zhang, "Nonlinear Impact of Structural Diversity on User Engagement in Social Networks: Evidence from a Large-scale Field Experiment"
Li, T., Tang, Z., Lu, T., Zhang, X., "Propose and Review: Interactive Bias Mitigation for Machine Classifiers"
Han, M., Shen, H., Zhai, S., Zhang, X., "An Empirical Study of Algorithm-Induced Online Information Misallocation"
Pei, S., Zhang, Y., Feng, J., Zhang, X., "How Much Personalized Information is Necessary? Re-examining Personalized Recommendations in Consumer Purchases"
Sun, L., Chen, Y., Zheng, X., Su, M., Zhang, X., "Short-Term Cannibalization and Long-Term Loyalty Effects of Recommender Systems: Evidence from a Field Experiment"
Lu, T., Zhang, L., Zhang, X., Zhao, Z. "A Measure of Ambiguity with Application to Financial Market Uncertainty"
Kawamata, Y., Zhang, X., Akiyama, E. "Impulsive Equilibrium in Search-Engine Advertising"
Cheng, B., Zhang, L. and Zhang, X. "Uncertainty and Failure of Diversification"
Hu, M., Han, X., and Zhang, X. "Intensified Online Opinion Clashes with Salient Group Identity"
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"
Gao, C., Hong, H., Zhang, X., and Ye, Q., "Seeking Alpha or Seeking Noise? Attention Bias in Online Investment Communities"
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"
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, Gene Lai, Baimin Yu and Xiaoquan Zhang, "Longevity Risk, Optimal Retirement, Consumption Choice, and Risky Investment Decision"
Xiaoquan Zhang, Henry Qian, Alex Wang and Monic Sun, "Perilous Randomized Experiments in Social Networks"
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 3943-7647

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