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Xing (Alex) Zhou

Education

  • Ph.D., Cornell University, 2008
  • M.S., Ohio State University, 2001
  • B.A., Peking University, 2000
Current Research Topics
  • Fixed Income Securities, Liquidity
  • Financial Intermediaries, Credit Rating Agencies
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2017 - present
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2016 - 2017
  • Economist

    Board of Governors of the Federal Reserve System

    2015 - 2016
  • Assistant Professor of Finance

    Rutgers University

    2007 - 2015
  • Bao, Jack, Maureen O'Hara, and Xing (Alex) Zhou (forthcoming). "The Volcker Rule and Corporate Bond Market-Making in Times of Stress," Journal of Financial Economics.
  • O'Hara, Maureen, Yihui Wang, and Xing (Alex) Zhou (forthcoming). "The Execution Quality of Corporate Bonds," Journal of Financial Economics.
  • Nanda, Vikram, Wei Wu, and Xing Zhou (2017). "Investment Commonality across Insurance Companies: Fire Sale Risk and Corporate Yield Spreads," Finance and Economics Discussion Series 2017-069. Board of Governors of the Federal Reserve System (U.S.).
  • Bao, Jack, Maureen O'Hara, and Alex Zhou (2016). "The Volcker Rule and Market-Making in Times of Stress," Finance and Economics Discussion Series 2016-102. Board of Governors of the Federal Reserve System (U.S.).
  • Kedia, Simi, Shivaram Rajgopal, and Xing (Alex) Zhou (2017). "Large Shareholders and Credit Ratings," Journal of Financial Economics, vol. 124, no. 3, pp. 632-653.
  • Wei, Jason, and Xing Zhou (2016). "Informed Trading in Corporate Bonds Prior to Earnings Announcements," Financial Management, vol. 45, no. 3, pp. 641-674.
  • Kedia, Simi, Shivaram Rajgopal, and Xing Zhou (2014). "Did Going Public Impair Moody's Credit Ratings?" Journal of Financial Economics, vol. 114, no. 2, pp. 293-315.
  • Han, Song, and Xing Zhou (2014). "Informed Bond Trading, Corporate Yield Spreads, and Corporate Default Prediction," Management Science, vol. 60, no. 3, pp. 675-694.
  • Kedia, Simi, and Xing Zhou (2014). "Informed Trading around Acquisitions: Evidence from Corporate Bonds," Journal of Financial Markets, vol. 18, pp. 182-205.
  • Ronen, Tavy, and Xing Zhou (2013). "Trade and Information in the Corporate Bond Market," Journal of Financial Markets, vol. 16, no. 1, pp. 61-103.
  • Kedia, Simi, and Xing Zhou (2011). "Local Market Makers, Liquidity and Market Quality," Journal of Financial Markets, vol. 14, no. 4, pp. 540-567.
  • Weaver, Daniel G., and Xing Zhou (2010). "The Value of the Floor," Review of Quantitative Finance and Accounting, vol. 35, no. 3, pp. 221-243.
  • Wu, Yangru, and Xing Zhou (2010). "VAR Models: Estimation, Inferences, and Applications," in Lee, Cheng-Few, Alice C. Lee, and John Lee, eds., Handbook of Quantitative Finance and Risk Management. New York and Heidelberg: Springer, vol. 3, pp. 1391-1398.
  • conference

    2017

    Federal Reserve Summer Financial Policy Conference

    he Volcker Rule and Corporate Bond Market-Making in Times of Stress

  • conference

    2017

    Western Finance Association (WFA)

    Investment Commonality across Insurance Companies: Fire Sale Risk and Corporate Yield Spreads

  • seminar

    2017

    Office of Financial Research (OFR)

    The Volcker Rule and Corporate Bond Market-Making in Times of Stress

  • conference

    2017

    International Workshop on Financial System Architecture & Stability

    Investment Commonality across Insurance Companies: Fire Sale Risk and Corporate Yield Spreads

  • conference

    2017

    The Fourth Annual Conference on Financial Market Regulation

    The Volcker Rule and Corporate Bond Market-Making in Times of Stress

  • discussion

    2017

    Midwest Finance Association Conference

    "Taking a Long View: Investor Trading Horizon and Earnings Management Strategy" by Jang and Lee

  • discussion

    2017

    Chicago Financial Institutions Conference

    "Market Structure and Transahttps://fweb.rsma.frb.gov/add/econwp/html/img/double_green_ction Costs of Index CDSs" by Collin-Dufresne, Junge and Trolle

  • conference

    2016

    The 7th Conference on Current Topics in Financial Regulation

    The Volcker Rule and Market-Making in Times of Stress

  • discussion

    2016

    Financial Innovation Conference

    Marketplace Lending, Information Efficiency, and Liquidity

  • conference

    2016

    China International Conference in Finance

    The Execution Quality of Corporate Bonds

  • seminar

    2016

    Federal Reserve Board

    The Volcker Rule and Market-Making in Times of Stress

  • conference

    2016

    FSB Workshop on Systemic Stress, Investor Behavior and Market Liquidity

    Insuer Investment Commonality: Fire Sale Risk and Corporate Yield Spread

  • conference

    2016

    University of Washington Summer Finance Conference

    The Execution Quality of Corporate Bonds

  • conference

    2016

    MIT Asia Conference in Accounting

    Large Shareholders and Credit Ratings

  • seminar

    2016

    Federal Reserve Board

    The Best Execution of Corporate Bonds

  • discussion

    2016

    Annual Conference on Financial Market Regulation

    Is there Flow-Driven Price Impact in Corporate Bond Markets?

  • conference

    2016

    Kyle Conference at University of Maryland

    The Best Execution of Corporate Bonds

  • conference

    2016

    UBC Winter Finance Conference

    The Best Execution of Corporate Bonds

  • conference

    2015

    American Finance Association (AFA)

    Does it matter who owns Moody's?

  • seminar

    2015

    Fordham University

    Does it matter who owns Moody's?

  • seminar

    2015

    Federal Reserve Board of Governors

    Does it matter who owns Moody's?

  • discussion

    2014

    Western Finance Association (WFA)

    The Effects of Supervision on Bank Performance: Evidence from Discontinuous Examination Frequencies (Rezende and Wu)

  • seminar

    2014

    University of Delaware

    Does it matter who owns Moody's?

  • seminar

    2014

    University of California-Riverside

    Does it matter who owns Moody's?

  • seminar

    2014

    University of California-Irvine

    Does it matter who owns Moody's?

  • discussion

    2014

    Financial Management Association (FMA)

    Informed Options Trading prior to M&A Announcements: Insider Trading? (Augustin, Brenner, Subrahmanyam)

  • seminar

    2013

    Rutgers University

    Did going public impair Moody's credit ratings?

  • conference

    2013

    Society for Financial Studies (SFS) Finance Cavalcade

    Did going public impair Moody's credit ratings?

  • seminar

    2013

    Lehigh University

    Did going public impair Moody's credit ratings?

  • discussion

    2012

    Society for Financial Studies (SFS) Finance Cavalcade

    Financial Market Dislocations (Pasquariello)

  • conference

    2012

    Annual Conference on Pacific Basin Finance, Economics, Accounting, and Management

    Firm Visibility and Corporate Bond Liquidity

  • conference

    2012

    Triple Crown Conference

    Firm Visibility and Corporate Bond Liquidity

  • conference

    2012

    China International Conference in Finance (CICF)

    Informed Trading in Corporate Bonds Prior to Earnings Announcements

  • seminar

    2012

    Federal Reserve Board of Governors

    Informed Trading in Corporate Bonds Prior to Earnings Announcements

  • seminar

    2012

    Seton Hall University

    Did going public impair Moody's credit ratings?

  • seminar

    2012

    Rutgers University

    Informed Trading in Corporate Bonds Prior to Earnings Announcements

  • seminar

    2011

    CUNY- Baruch College

    Informed Trading in Corporate Bonds Prior to Earnings Announcements

  • discussion

    2011

    Mid-Atlantic Research Conference (MARC) in Finance

    Did CDS Trading Improve the Market for Corporate Bonds? (Sanjiv Das, Kalimipalli, Nayak)

  • seminar

    2010

    Federal Reserve Board of Governors

    Informed Trading around Acquisitions: Evidence from Corporate Bonds

  • conference

    2009

    Western Finance Association (WFA)

    Informed Trading around Acquisitions: Evidence from Corporate Bonds

  • conference

    2009

    Annual Conference on Financial Economics and Accounting (CFEA)

    Informed Trading around Acquisitions: Evidence from Corporate Bonds

  • conference

    2009

    Swiss National Bank annual workshop on the microstructure of financial markets

    Informed Trading around Acquisitions: Evidence from Corporate Bonds

  • conference

    2009

    Financial Management Association (FMA)

    Informed Trading around Acquisitions: Evidence from Corporate Bonds

  • conference

    2008

    China International Conference in Finance (CICF)

    Trade and Information in the Corporate Bond Market

  • discussion

    2008

    China International Conference in Finance (CICF)

    Divergence of Opinion, Arbitrage Costs and Stock Returns (Wu)

  • conference

    2007

    Financial Management Association (FMA)

    Trade and Information in the Corporate Bond Market

  • conference

    2007

    American Economic Association (AEA)

    Informed Bond Trading, Corporate Yield Spreads, and Corporate Default Prediction

  • seminar

    2007

    University of Toronto

    Informed Bond Trading, Corporate Yield Spreads, and Corporate Default Prediction

  • seminar

    2007

    Rutgers University

    Informed Bond Trading, Corporate Yield Spreads, and Corporate Default Prediction

  • seminar

    2007

    Bank of Canada

    Informed Bond Trading, Corporate Yield Spreads, and Corporate Default Prediction

  • seminar

    2007

    California State University - San Francisco

    Informed Bond Trading, Corporate Yield Spreads, and Corporate Default Prediction

  • seminar

    2007

    Cornerstone Research

    Informed Bond Trading, Corporate Yield Spreads, and Corporate Default Prediction

  • seminar

    2006

    University of South Carolina

    Informed Bond Trading, Corporate Yield Spreads, and Corporate Default Prediction

  • seminar

    2006

    Cornell University

    Informed Bond Trading, Corporate Yield Spreads, and Corporate Default Prediction

Awards
  • 2013

    Rutgers University

    Rutger Business School Junior Faculty Teaching Award

  • 2005

    Morgan Stanley

    Morgan Stanley Market Microstructure Research Award

  • 2004

    Cornell University

    Cornell Outstanding Teaching Award

  • 2004

    Cornell University

    George F. Warren Award

Conference Organization
  • 2017-2018

    Fedearl Reserve/Maryland Short-term Funding Markets Conference

    Program Reviewer

  • 2012-2014

    Annual Risk Management Conference

    Program Reviewer

  • 2014

    MIT Asia Conference in Accounting

    Program Reviewer

  • 2015

    Annual Conference on Financial Economics and Accounting (CFEA)

    Program Reviewer

  • 2014

    Financial Management Association

    Session Chair

Editor
  • Journal of Risk and Financial Management (guest editor of a special issue on Corporate Debt Market Structure)
Referee
  • Emerging Markets Finance and Trade
  • International Review of Finance
  • Journal of Banking and Finance
  • Journal of Econometrics
  • Journal of Financial and Quantitative Analysis
  • Journal of Financial Markets
  • Management Science
  • North American Journal of Economics and Finance
  • Pacific-Basin Finance Journal
  • Review of Quantitative Finance and Accounting
  • Review of Pacific Basin Financial Markets and Policies
  • The Financial Review
  • The Research Grant Council (RGC) of Hong Kong
Professional Affiliation
  • American Finance Association
  • Western Finance Association
  • Society for Financial Studies
  • Financial Management Association
Last update: November 20, 2017