Jingyu Zhang

Working Papers

The Information Content of Tone Dispersion: Evidence from Earnings Conference Call Q&As (with Trent Fu, Alan Huang, Russ Wermers, and James Zhang).

• Presented at AFA 2025, CICF 2025, 17^th Annual Conference on Advances in the Analysis of Hedge Fund Strategies (UBS London), Telfer Workshop on Corporate Finance and Banking 2025, MRS International Risk Conference 2025, UBC Summer Finance Conference 2024, FMA 2024, SFA 2024, CAAA Conference 2024, China Finance Review International Annual Conference 2023, 2^nd FinTech International Academic Forum (Renmin University of China), China Europe International Business School (Shanghai), HKUST (Guangzhou), and Queen’s University.
• Prepared for submission to Review of Financial Studies. (FT50; UTD24)

The Fish Rots from the Head Down: CEO and Non-CEO Opportunistic Insider Trading (with Thomas Chemmanur, Cheng Jiang, and Lukai Yang)

• Featured in Columbia Law School’s Blog. Accepted for presentation at CICF 2025, FMA 2025.
• Prepared for submission to The Accounting Review. (FT50; UTD24)

Dynamic Endorsement by Domestic and International Investors in Equity Crowdfunding (with Douglas Cumming, Trent Fu and Britney Wang).

• Presented at AIB 2025 (Louisville), 2025 China Tech-Fin Research Conference (Shenzhen).
• Under review with Journal of International Business Studies. (FT50; UTD24)

Trading on Privacy? Insider Sales under China’s Personal Information Protection Law (with Conggang Li, Wei Wang, and Yize Xu)

• Prepared for submission to Journal of Accounting and Economics. (FT50; UTD24)

Hedge Fund Shadow Trading: Evidence from Corporate Bankruptcies (with Wei Wang and Yan Yang).

• Featured in Harvard Law School Bankruptcy Roundtable. Featured in Columbia Law School’s Blog. Featured in Oxford Business Law Blog.
• Prepared for submission to Management Science. (FT50; UTD24)
• Funded by SSHRC IDG 2022. Presented at Lapland Investment Fund Summit 2025, MFA 2025, CAAA Conference 2024, Eastern Finance Association 2024, AFA PhD student Poster 2024, NFA 2023, MIT Asia Conference in Accounting 2023, ABFER 2023, FMA 2023, FIFI 2023, CFRI 2023, Conference on Empirical Legal Studies – Chicago Law School 2023, FMCG 2023, Villanova University, HEC Montreal, Queen’s University, University of Texas – Dallas, Texas A&M, University of Houston, University of Texas – San Antonio.

Common Ownership, Competition, and Carbon Emissions (with Kose John, Liying Wang and Jingshu Wen)

• Under revision with Journal of Banking and Finance (ABDC A*)

Do Inattentive Transient Institutional Investors Improve or Impede Innovation? Evidence from Shareholders’ Distraction (with Cheng Jiang, Kose John, and Jun Wang)

• Featured in Columbia Law School’s Blog. Under review with Journal of Empirical Finance (ABDC A)

Corporate Social Responsibility and Pension Liabilities (with Frank Li, Yang Liu, and Jun Wang)

• Funded by SSHRC IDG 2023. Under revision with Human Resource Management Journal (ABDC A)

Publications

CEOs’ Narcissism and Opportunistic Insider Trading (with Cheng Jiang, Kose John, and John Kim). Journal of Corporate Finance (2025). (ABDC A*)

• Featured in Financial Times

Work in Progress

Trading Under the Microscope: Firm-Level Regulation Intensity and Opportunistic Insider Trading Informativeness (with Cheng Jiang and Dan Luo)

• Work in progress. First draft coming out.

Capital Gain Taxes and CEO Insider Trades (with Feiyu Liu)

• Work in progress. First draft submitted to conferences for presentation.

The Power of Voice: Evidence from Earnings Conference Calls (with Alan Huang and Russ Wermers)

• Work in progress.

Do Actively Managed ETFs Trade upon CEOs’ Voice Features? (with Alan Huang, Russ Wermers, and Ziwei Zhao)

• Work in progress.

Do Mutual Funds Time Climate Risks? (with Jing Ding, and Lei Jiang)

• Work in progress. First draft coming out.

Supply Chain Sustainability, Crash Risk, and Social Media Scrutiny (with Yu Hou and Shu Zhang)

• Work in progress. First draft submitted to conferences for presentation.

Corporate Insider Trading and Fund Flows: Evidence from Corporate Decarbonization Commitment (with Fabio Moneta, and Xiaoyu Sun)

• Work in progress. Funded by SSHRC-NFRF-Exploration 2025.

Local Biodiversity Conditions and Fund Flows: Evidence from Domestic and Foreign Equity Funds (with Fabio Moneta, and Xiaoyu Sun)

• Work in progress.

Student Supervision

Yan Yang, Finance PhD Candidate at Smith School of Business, Queen's University (Committee Member)

Interests

Primary: Information Economics, Institutional Investors, Corporate Insider Trading

Secondary: Hedge Funds, Equity Crowdfunding, Textual Analysis, Biodiversity Finance

Presentations

2025

• AFA 2025 Annual Meeting (San Francisco)
• Telfer Conference on Corporate Finance and Banking (invited speaker, University of Ottawa)
• 17^th Annual Conference on Advances in the Analysis of Hedge Fund Strategies (UBS London, CEPR, and Imperial College London)
• Midwest Finance Association 2025 Annual Meeting (Chicago)
• FMA 2025 Annual Meeting (Vancouver)

2024

• 20^th UBC Summer Finance Conference (Vancouver)
• Financial Management Association 2024 Annual Meeting (Grapevine)
• Southern Finance Association 2024 Annual Meeting (Palm Beach Gardens)
• CAAA Annual Conference 2024 (Halifax)
• Eastern Finance Association Annual Meeting 2024 (St. Petersburg)

2023

• 2023 Fixed Income and Financial Institutions Conference (University of South Carolina)
• 2023 Northern Finance Association Annual Conference (Toronto)
• 2023 MIT Asia Conference in Accounting (Singapore)
• 4^th Annual Canadian Sustainable Finance Network Conference (Halifax)
• 5^th International Conference on European Studies (Swiss Economic Institute, ETH Zurich)
• BS4CL Climate Leadership Research Conference (INSEAD &IESE Business School, Barcelona)
• 2023 China Finance Review International Annual Conference (Shanghai)

2020

• Baruch College (CUNY), Ivey Business School (Western), Smith School of Business (Queen’s)

2019

• The 2^nd Toronto FinTech Conference, Scotiabank and Ivey Business School
• Developments in Alternative Finance, Birmingham Business School and J. Corp. Fin.
• Royal Economic Society Annual Conference, University of Warwick
• Tsinghua PBCSF Summer Camp on Corporate Finance and Financial Markets (Beijing)
• PhD Student Internal Seminar, Imperial College Business School
• FMA Annual Meeting (New Orleans)

2018

• London Business School Trans-Atlantic Doctoral Conference (LBS-TADC, London)
• China International Conference in Finance (CICF, Tianjin)
• Royal Economic Society Annual Conference (London)
• Canadian Economics Association Annual Conference, McGill University
• China Finance Review International Conference (CFRIC, Shanghai)
• CIREQ PhD Student Conference, HEC Montreal

2017

• Royal Economic Society PhD Meeting
• Doctoral Student Consortium, FMA Annual Meeting
• Erasmus Economics and Accounting Workshop, Erasmus School of Economics

Discussions

NFA 2024, EasternFA 2024, SFA 2024, Toronto-Rotman Junior Finance Faculty Conference 2023, CFRI 2023, NFA 2022, Toronto FinTech Conference 2019, Developments in Alternative Finance 2019, Tsinghua PBCSF Summer Camp 2019, LBS-TADC 2018, CFRIC 2018, FMA Annual Meeting 2017

Other Conferences Attended

AEA/AFA Meetings (2015, 2016, 2018, 2020, 2021, 2022, 2024, 2025)

Conference Program Committee (Reviewing Papers)

NFA 2024, NFA 2025, AIB 2025, SFA 2025, AES 2025

Conferences Organized

1^st New Finance Conference (Smith Toronto 2023)

Ad-hoc Referee

Management Science, Journal of Corporate Finance, British Accounting Review

Research Grant Reviewer

SSHRC IG 2025

Grants & Funding

“Do hedge funds exploit material non-public information?”
Principal Investigator, SSHRC IDG 2022
Ranked in the first sextile, awarded $67,203 for a two-year period

“Exchange-traded funds and institutional fund managers’ risk shifting and attention re-allocation”
Co-applicant, SSHRC IDG 2022
Awarded $31,240 for a two-year period

“Textual analysis of crowdfunding campaign descriptions”
Principal Investigator, SSHRC SIG 2023 – Queen’s University
Awarded $5,000 for a one-year period

“Corporate Pension Liabilities and Corporate Social Responsibility”
Co-applicant, SSHRC IDG 2023
Awarded $46,460 for a three-year period

“Institutional Crossholdings and Corporate Carbon Emissions”
Principal Investigator, The Monieson Research Grant 2024 (Spring)
Awarded $6,000 for a one-year period

“The Information Content of Tone Dispersion: Evidence from Earnings Conference Call Q&As”
Principal Investigator, The Monieson Research Grant 2024 (Fall)
Awarded $3,446 for a one-year period

“Hedge Fund Shadow Trading: Evidence from Corporate Bankruptcies”
Principal Investigator, The Monieson Research Grant 2025 (Spring)
Awarded $2,990 for a one-year period

“Can nature-based solutions enable responsible investment in the minerals sector for climate transition risk mitigation?”
Co-applicant, SSHRC New Frontiers in Research Fund (NFRF) – Exploration 2025
Awarded $199,838 for a two-year period

“Do actively managed exchange-traded funds trade upon human voice features? Evidence from voice analyses of conference call question and answer session”
Principal Investigator, SSHRC Partnership Engage Grant 2025
Awarded $24,998 for a one-year period

Awards & Scholarships

Best Doctoral Student Conference Paper, The 2^nd Toronto FinTech Conference

Best Conference Paper, China Finance Review International Conference

Imperial College London President’s PhD Scholarship

Bonus of High Teaching Evaluation, MSc Finance, Imperial College Business School

UBC International Student Tuition Scholarship