Zhang, Michael Xiaoquan（张晓泉） BA, BE, MSc (Tsinghua); PhD (MIT)



Professor
ContactDepartment of Decision Sciences and Managerial Economics

Room 918, 9/F
Cheng Yu Tung Building
12 Chak Cheung Street
Shatin, N.T., Hong Kong

+852 3943 7647

zhang@cuhk.edu.hk


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Curriculum Vitae

BiographyProf. Michael Zhang is a Professor of Decision Sciences and Managerial Economics at The Chinese University of Hong Kong. He holds 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, FinTech, and LegalTech.
Prof. 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 the use of artificial intelligence in financial markets. His research has appeared in American Economic Review, Management Science, Journal of Marketing, MIS Quarterly, Information Systems Research, Journal of MIS, Decision Support Systems, and Journal of Interactive Marketing. He has also 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.
Prof. Zhang offered advice to the following organisations: Hong Kong Cyberport, Jingdong Finance, Alibaba Group’s Lakeside (Hu Pan) University, Huawei, China Mobile, China Merchants Securities, Douban.com, and Radica Systems. He serves as an independent director for NASDAQ-listed e-commerce company Secoo (symbol: SECO)
Teaching AreasPhD seminar in Economics of IS Research
Entrepreneurial Financing
FinTech
Strategic Value of Information Technology
Research InterestsBusiness Analytics
Digital Finance
Online advertising
Economics of Artificial Intelligence
Publications & Working PapersPublications
E. Brynjolfsson, C. Wang, and X. Zhang, “The Economics of IT and Digitization: Eight Questions for Research,” MIS Quarterly, forthcoming.
T. Hendershott, X. Zhang, L. Zhao, and E. Zheng, “FinTech as a Game Changer: Overview of Research Frontiers,” Information Systems Research, forthcoming.
R. Heifermen, Y. Sivan, X. Zhang (2020), “Digital Quantum Leap: Strategies and Tactics for Organizational Transformation”《数字跃迁：数字化变革的战略和战术》?北京华章出版公司；《数位跃升力：建立敏捷组织与商业创新的数位新战略》台北时报出版社。
M. Kummer, O. Slivkó, and X. Zhang (2020), “Unemployment and Digital Public Goods Contribution,” Information Systems Research, 31(3), 801-819.
M. Sun, X. Zhang, and F. Zhu (2019), “U-Shaped Conformity,” Marketing Science, 38(3), 461-480.
X. Li, J. Feng, and?X. Zhang (2019), “Online Product Reviews-Triggered Dynamic Pricing: Theory and Evidence,” Information Systems Research, 30(4), 1107-1123.
A. Wang, X. Zhang, and I. Hann (2018), “Socially Nudged: A Quasi-Experimental Study of Friends’ Social Influence in Online Product Ratings,” Information Systems Research, 29(3), 641-655.
X. Du, M. Su, X. Zhang, and X. Zheng (2017), “Bidding for Multiple Keywords in Sponsored Search Advertising: Keyword Categories and Match Types,” Information Systems Research, 28(4), 711-722.
X.?Zhang and L.?Zhang (2015), “How Does the Internet Affect the Financial Market? An Equilibrium Model of Internet Facilitated Feedback Trading,” MIS Quarterly, 39(1), 17-38.
X. Xu and X. Zhang (2013), “Impact of Wikipedia on Market Information Environment: Evidence on Management Disclosure and Investor Reaction,” MIS Quarterly, 37(4), 1043-1068.MISQ Paper of the Year Award
E.C. Malthouse, M. Haenlein, B. Skiera, E. Wege, and X. Zhang (2013), “Managing Customer Relationships in the Social Media Era: Introducing the Social CRM House,” Journal of Interactive Marketing, 27(4), 270-280.
X.?Zhang and C.?Wang (2012), “Network Positions and Contributions to Online Public Goods: The Case of Chinese Wikipedia,” Journal of Management Information Systems, 29(2), 11-40.
X.?Zhang and J.?Feng (2011), “Cyclical Bid Adjustments in Search-Engine Advertising,” Management Science, 59(7), 1703-1719.
X.?Zhang and F.?Zhu (2011), “Group Size and Incentives to Contribute: A Natural Experiment at Chinese Wikipedia,” American Economic Review, 101(4), 1601-1615.
F. Zhu and X.?Zhang (2010), “Impact of Online Consumer Reviews on Sales: The Moderating Role of Product and Consumer Characteristics,” Journal of Marketing, 74(2), 133-148.
C. Wang and X.?Zhang (2009), “Sampling of Information Goods,” Decision Support Systems, 48(1), 14-22.
C. Dellarocas, X.?Zhang, and N.?Awad (2007), “Exploring the Value of Online Product Reviews in Forecasting Sales: The Case of Motion Pictures” Journal of Interactive Marketing, 21 (4), 2-20.Journal of Interactive Marketing 2008 Best Paper Award
E.?Brynjolfsson and X.?Zhang (2007), “Innovation Incentives for Information Goods.” In Innovation Policy and the Economy eds. Adam B. Jaffe, Josh Lerner and Scott Stern, NBER, 2007(7), 99-121.
Working Papers
C. Gao, H. Hong, X. Zhang, and Q. Ye, “Seeking Alpha or Seeking Noise? Attention Bias in Online Investment Communities.”
J. Liu, S. Pei, and X. Zhang, “Environmental Regulation and Political Corruption.”
J. Liu,?S. Pei, and X. Zhang, “Online Food Delivery Platforms and Female Labor Force Participation.”
M. Han, H. Shen, J. Wu, and X. Zhang, “AI Intensity and Firm Resilience: Evidence from Firm Performance under Disaster Shocks.”
L. Zhang and X. Zhang, “Mispricing and Algorithm Trading.”
Z. Fu, T. Lu, L. Zhang, and X. Zhang, “Market Uncertainties and Prediction of Rare Events: With an Application to Financial Market Crashes.”
B. Qian, T. Koh, and X. Zhang, “The Effect of Identity Disclosure on Online Community Participation: A Natural Experiment.”
H. Hong, D. Xu, Q. Ye, and X.?Zhang, “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.”
K. Kim, J. Park, Y. Pan, K. Zhang, and X. Zhang, “Risk Disclosure in Crowdfunding.”
H. Chi, S. Piramuthu, W. Zhou, and X.?Zhang,”Self-Cannibalization of Durable Goods with Sharing: A Producer Perspective.”
A. Liu, X. Xu, X. Zhang, and X. Zhao, “Social Media and Financial Information Asymmetry: How Information Aggregation on Wikipedia Reduces Insider Trading Profitability.”
Y. Liu, L. Zhang, and X. Zhang, “Statistical Inference with Ambiguity.”
W. Shen, B. Peng, X. Zhang, H. Liu, R. Qian, Y. Hong, Z. Guo, Z. Ding, P. Lu and P. Tang, “Reinforcement Mechanism Design.”
P. Tang, Z. Wang, and X. Zhang, “Optimal Commitments in Auctions with Incomplete Information.”
L. Zhang, G. Lai, B. Yu, and X. Zhang, “Longevity Risk, Optimal Retirement, Consumption Choice, and Risky Investment Decision.”
D. Hu, X. Li and X. Zhang, “The Impacts of Geographic Dispersion on OSS Project Success: Face to Face vs. Virtual Collaboration.”
X. Zhang, Henry Qian, Alex Wang, and Monic Sun, “Perilous Randomized Experiments in Social Networks.”
N. Jia, S. Xu, and X. Zhang, “How Investors are Influenced by Social Media: A Large-Scale Field Experiment.”
X. Chen, A. Wang, and X. Zhang, “All Online Friends Are Not Created Equal: Discovering Influence Structure in Online Social Networks.”
A. Wang, X. Zhang, and? K. Tam, “Role Identity Salience and User Participation in Online Communities.”
K. Novoselov, C.C. Hsieh, and X. Zhang, “Do Questions Convey Valuable Information? An Empirical Investigation of Conference Calls.”
W. Wu, X. Zhang, and R. Zheng, “An Empirical Study on the Monitoring Role of Wikipedia in the Financial Market.”
W. Wu, W. Shi, X. Zhang, and R. Zheng, “Firm Performance and Information Dissemination: Evidence from Twitter.”
W. Wu, H. Xu, X. Zhang, and R. Zheng, “On the Inefficiency of Sponsored Search Auctions.”
T. Zhang and X. Zhang, “Corporate Campaign Contributions and Political Favoritism.”
E. Brynjolfsson and X. Zhang, “Producer Innovation Incentives and Revenue Distribution of Bundled Products.”

Awards and HonoursAwards
Service Award, Information Systems Research, 2016
Paper of the Year,?MIS Quarterly, 2014
Associate Editor of the Year, Information Systems Research, 2015
Finalist, Franklin Prize of Teaching Excellence, HKUST, 2013
First Runner-up, Franklin Prize of Teaching Excellence, HKUST,? 2012
Franklin Prize of Teaching Excellence, HKUST, 2009
Best Paper Nominee, ICIS, 2009
Best Paper Award, Journal of Interactive Marketing, 2009
4th Annual PSU-SAP Doctoral Award, 2004
Keynote Speaker
International Conference on Smart Finance, 2020
Taiwan CIO Value Institute, 2019
Microsoft-Tsinghua AI Summit, 2019
20th ZEW Summer Workshop for Young Economists: Digitized Economy and Novel Research Methods, 2018
UBS Asia Pacific Quant Conference, 2017
Global Artificial Intelligence and Robotics Summit, 2017
The 14th International Symposium on Financial System Engineering and Risk Management, 2016
International Conference on E-Commerce, 2012
Other Honours
NET Institute Summer Research Support, 2012
Weilun Fellow, College of Fellows of HKUST, 2010-2017
NET Institute Summer Research Support, 2007
SAS Fellowship on Consumer Sentiments and Market Value, 2006

Academic/Professional ServicesManaging Editor
SSRN ISN Journal: eBusiness & eCommerce.
Senior Editor
Information Systems Research (ISR), 2017-Present
Information Systems Research (ISR) Special Issue on FinTech, 2018
Associate/Area Editor
Information Systems Research (ISR), 2011-2016
Management Science, 2016-Present
Electronic Commerce Research and Applications (ECRA), 2011-2014
Production and Operations Management (POM), 2011-2014
Guest AE for Management Information Systems Quarterly (MISQ)
International Conference on Information Systems (ICIS), 2008-2011, 2013
Conference Co-Chair
15th Symposium of Statistical Challenges in E-Commerce Research (SCECR), 2019
China Summer Workshop on Information Management (CSWIM), 2011
Track Co-Chair
Pacific Asia Conference on Information Systems (PACIS), 2010, 2017
International Conference on Information Systems (ICIS), 2012, 2014, 2016
Programme Committee Member
China Summer Workshop on Information Management (CSWIM), 2007-2010, 2012-2016
ACM Conference on Electronic Commerce (ACM EC), 2008
International Conference on E-Commerce (ICEC), 2008-2016
Referee
Management Science, MIS Quarterly, Information Systems Research, Journal of Management Information Systems, Marketing Science, Journal of Marketing, Journal of Marketing Research, Journal of Interactive Marketing, NSF, Operations Research, Production and Operations Management, European Journal of Operational Research, Journal of Institutional Economics, The Economic Journal, Electronic Markets, International Conference on Information Systems,International Conference on E-Commerce, Pacific Asia Conference on Information Systems, Americas Conference on Information Systems, ACM Ecommerce Conference
University Services
CUHK:Associate Dean of Innovation and Impact (2018-Present)
Business School Executive Committee (2018-Present)
Department Executive Committee (2017-Present)
Department Academic Personnel Committee (2017-Present)
HKUST:Search Committee for Design Thinking & Entrepreneurship Cluster Hiring (2016-2017)
Department Head Search Committee (2016-2017)
School Appointment and Substantiation Committee (2015-2017)
Department Merit Salary Review Committee (2014-2017)
Post-Graduate IS Program Coordinator (2010-2015)
Member of IS Post-Graduate Program Committee (2010-Present)
Chair of IS Faculty Search and Appointment Committee (2015-Present)
Member of IS Faculty Search and Appointment Committee (2009-2015)
Coach for APEX Case Competition (2009, 2010, 2011)
Judge for University 1-Million Dollar Competition
Delegate for the Hong Kong PhD Fellowship Scheme Outreach Group
Committee Member of the Joint Minor Program of Entrepreneurship
Data Science Faulty Task Force; Task Force on Entrepreneurship Education
Ad Hoc Committee of HKUST Business School Advisory Council
Public Talk to American Chamber of Commerce on Social Media Marketing
Public Talk to Potential Applicants to HKUST Business School UG Program
Member
Institute for Operations Research and the Management (INFORMS)
Association for Information Systems (AIS)
American Economic Association (AEA)
American Finance Association (AFA)
Association for the Advancement of Artificial Intelligence (AAAI)
INFORMS Society for Marketing Science (ISMS)
Advisor
Hong Kong Cyberport Entrepreneurship Centre
China Merchants Securities Co., Ltd.
Hupan University (Startup Bootcamp of Alibaba Corp)
Huawei
Radica Systems
China Mobile
Judge
Schwarzman Scholars Selection Committee, 2016-Present
Institute for Operations Research and the Management (INFORMS) Technology, Innovation Management and Entrepreneurship Section 2017 Best Paper Award Competition
HKUST 1-Million Dollar Entrepreneurship Competition, 2015-2017
Independent Director
NASDAQ-listed company Secoo Limited, 2017-Present