Weina

ZHANG, Weina

Senior Lecturer

FINANCE

(65) 6516 8120
weina@nus.edu.sg
BIZ1 7-47
Curriculum Vitae

Bio

Dr Weina Zhang is the Senior Lecturer of Finance at the National University of Singapore (NUS) Business School. She obtained her Master of Science and Ph.D. in Finance from Kellogg School of Management at the Northwestern University, USA. She has taught various courses such as Investment Analysis....

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Recognition & Awards

  • Annual Teaching Excellence Award, NUS Business School - 2020
  • Finalist for the Pagano-Zechner award for Best Paper Published in the Review of Finance - 2018
  • Academic award, E. Sun Bank, Taiwan - 2016
  • Best Paper Award from Asia-Pacific Association of Derivatives - 2016
  • Best Paper Award (2nd Prize) at Global Chinese Real Estate Congress - 2009
  • Letter of Commendation for good teaching - 2008
  • NUS Overseas Graduate Scholarship, 2001-2006 - 2001
  • Service Star Award, Chase Manhattan - 2000
  • Monetary Authority of Singapore Book Prize, NUS, 1998/9 - 1998
  • Leslie Wong Memorial Medal, NUS - 1998
  • Lee Kuan Yew Gold Medal, NUS - 1998
  • Tan Siak Kew Gold Medal, NUS, 1996/7 - 1996
  • Singapore Institute of Management Book Prize - 1996
  • Undergraduate Study Scholarship, The Ministry of Education of Singapore Scholarship - 1994

Educational Qualifications

  • Ph.D., Finance, Kellogg School of Management, Northwestern University, USA, 2006
  • M.Sc., Finance, Kellogg School of Management, Northwestern University, USA, 2004
  • BBA (with First Class Honors), Finance, National University of Singapore, Singapore, 1999

Academic Experience

  • Senior Lecturer, Dept of Finance, NUS Business School, 2017 - current
  • Research Director, ACSEP, NUS Business School, 2014 - 2017
  • Visiting Senior Fellow, Dept of Finance, NUS Business School, 2014 - 2016
  • Assistant Professor, National University of Singapore, 2007 - 2014
  • Senior Tutor, National University of Singapore, 2000 - 2006

Corporate Experience

  • Consultant, GIC, 2019 - current
  • Research Associate, International Fixed Income, Chase Manhattan, 1999 - 2000
  • Financial Engineer, The Huntington National Bank, OH, USA

Selected Publications

Lam, Swee Sum, Zhang, Weina, Achsah X. Ang and Gabriel H. Jacob (2019), "Reciprocity between Financial and Social Performance in Microfinance Institutions", Public Performance & Management Review , (forthcoming)
Lam, Swee Sum, Tao Li and Zhang, Weina (2019), "Unveil the Economic Impact of Policy Reversals: the China Experience", China Finance Review International, (forthcoming)
Lam, Swee Sum, Zhang Huiping and Zhang, Weina (2019), "Does Policy Instability Matter for International Equity Markets?", International Review of Finance, (forthcoming)
Zhang, Weina, Charoenwong, Ben and Zhuo Yuxin (2020), "Waterequity: Alternative Investment", IVEY Case Publishing
Zhang, Weina and Huiping Zhang (2019), "The Value of Corporate Social Responsibility: Decomposing Positive and Negative Deviations from the Norm", Autumn 2019, Vol 4, No. 1, page 26-31, Nomura Journal of Asian Capital Markets

Research Impact

Google Scholar

Web of Science

Scopus

Selected Publications

15

Journals

5

Books

2

Papers

23

Others

Journal Articles

Lam, Swee Sum, Zhang, Weina, Achsah X. Ang and Gabriel H. Jacob (2019), "Reciprocity between Financial and Social Performance in Microfinance Institutions", Public Performance & Management Review , (forthcoming)
Lam, Swee Sum, Tao Li and Zhang, Weina (2019), "Unveil the Economic Impact of Policy Reversals: the China Experience", China Finance Review International, (forthcoming)
Lam, Swee Sum, Zhang Huiping and Zhang, Weina (2019), "Does Policy Instability Matter for International Equity Markets?", International Review of Finance, (forthcoming)
Duong Truong, Huszar, Zsuzsa Reka, Tan, Seow Kuan, Ruth and Zhang, Weina (2017), "The Information Value of Stock Lending Fees: Are Lenders Price Takers? ", Review of Finance, 21, 6, 2353-2377
Gi Hyun Kim, Haitao Li and Zhang, Weina (2017), "The CDS-Bond Basis Arbitrage and the Cross Section of Corporate Bond Returns", Journal of Futures Markets, 37, 8, 836-861
Huszar, Zsuzsa Reka, Tan, Seow Kuan, Ruth and Zhang, Weina (2017), "Do short sellers exploit industry information?", Journal of Empirical Finance , 41, 118-139
Agarwal, Sumit, Vincent Y. S. Chen and Zhang, Weina (2016), "The Information Value of Credit Rating Action Reports: A Textual Analysis", Management Science, 62, 8, 2218-2240
Kim G. H., Li H. and Zhang, Weina (2016), "CDS-Bond Basis and Bond Return Predictability", Journal of Empirical Finance , 38, 307-337.
Chen Long, Zhang Gaiyan and Zhang, Weina (2016), "Return Predictability in Corporate Bond Market along the Supply Chain", Journal of Financial Markets, 29, 1, 66-86
Lam, Swee Sum, Zhang, Weina and Gabriel Jacob (2015), "The Mispricing of Socially Ambiguous Grey Stocks", Finance Research Letters, 13, 81-89
G.Z. Fan, Zsuzsa Huszar and Zhang, Weina (2015), "The Helping Hand of the State in Chinese Real Estate Firms: Anti-corruption and Liberalization", International Real Estate Review, 19, 1, 51-97
Lam, Swee Sum and Zhang, Weina (2015), "The Moderating Effect of Bureaucratic Quality on the Pricing of Policy Instability", China Finance Review International, vol 5(3), 303-334
Gangzhi Fan, Huszar, Zsuzsa Reka and Zhang, Weina (2013), "The Relationships between Real Estate Price and Expected Financial Asset Risk and Return: Theory and Empirical Evidence", Journal of Real Estate Finance and Economics, 46, 4, 568-595
Lam, Swee Sum, Zhang, Weina and Reginald R. C. Lee (2013), "The Norm Theory of Capital Structure: International Evidence", International Review of Finance, 13, 1, 111-135
Joel Goh, Kian Guan Lim, Melvyn Sim and Zhang, Weina (2012), "Portfolio Value-at-Risk Optimization For Asymmetrically Distributed Asset Returns", European Journal of Operational Research, 221, 2, 397-406

Books/Monographs

Lam, Swee Sum, Zhang, Weina and Christopher Chieh (2018), "Corporate Social Responsibility and Institutional Voids", 1, 1-21, Firm Value, InTech (Open Resources)
Ng Kean Kok, Maran Marimuthu , Sandeep Bhattacharya and Zhang, Weina (2016), "Financial Management, Third Edition", Third Edition, Oxford University Press
Huszar, Zsuzsa Reka, Tan, Seow Kuan, Ruth and Zhang, Weina (2015), "Efficiency of Regulated and Unregulated FOREX Markets: An Analysis of Onshore and Offshore Renminbi Forward Markets", The Political Economy of Chinese Finance, Emerald Group Publishing Limited
Ng Kean Kok, Zhang, Weina, Maran Marimuthu and Sandeep Bhattacharya (2013), "Financial Management, second edition", Oxford University Press
Ng Kean Kok, Zhang, Weina, Maran Marimuthu and Sandeep Bhattacharya (2010), "Financial Management", Oxford University Press

Working Papers

Agarwal, Sumit, Vincent Chen, Geoffrey Sim and Zhang, Weina (2019), "Dissecting the Information Value of Sovereign Credit Rating Reports", ABFER 2015, FMA 2015, JIAR 2015,
Massimo Massa, Hong Zhang and Zhang, Weina (2015), "On the Dynamics of Corporate Bond Ownership", Asian Finance Association Annual Meeting

Others

Zhang, Weina, Charoenwong, Ben and Zhuo Yuxin (2020), "Waterequity: Alternative Investment", IVEY Case Publishing
Zhang, Weina and Huiping Zhang (2019), "The Value of Corporate Social Responsibility: Decomposing Positive and Negative Deviations from the Norm", Autumn 2019, Vol 4, No. 1, page 26-31, Nomura Journal of Asian Capital Markets
Tan, Seow Kuan, Ruth, Zhang, Weina and Huszar, Zsuzsa Reka (2019), "Mary Chia Holdings Limited: Sell or Hold?", No. 9B19N017, IVEY Case Publishing
Zhang, Weina, Tan, Seow Kuan, Ruth, Dingyan Khoo, Gerald Chee Hean Koh, Damien Wai Cheong Lam and Dehn Wei Jie See Toh (2019), "Samsui: Social Return on Investment", No. 9B19M080, "Outstanding Undergraduate Researcher Prize" given by NUS, Nominated by IVEY for EFMD Global Case Competition in Inclusive Business Model Category, November 2019 , IVEY Case Publishing
Zhang, Weina, Tan, Seow Kuan, Ruth, Ye Bin Han, Tian Ning Hoo, Jia Ning Vivien Ng and Chuan Ming Tan (2019), "FoodXervices and Food Bank: A Call for Integration", No. 9B19M067, Nominated by IVEY for EFMD Global Case Competition in Corporate Social Responsibility Category, November 2019 , IVEY Case Publishing
Hameed, Allaudeen, Tan, Seow Kuan, Ruth, Zhang, Weina and Marshall Too (2019), "Xiaomi Corporation: Initial Public Offering", CEIBS Case Centre
Zhang, Weina, Tan, Seow Kuan, Ruth, Jing Min Shirley Lim, Wei Lim, Joan Jia Xin Loke and Su Yuan Liow (2019), "SingTel: Philanthropic or strategic corporate social responsibility? ", No. 9B19M053, Nominated by IVEY for EFMD Global Case Competition in Corporate Social Responsibility Category, November 2019 , IVEY Case Publishing
Tan, Seow Kuan, Ruth, Huszar, Zsuzsa Reka, Zhang, Weina and Shaoyu Hong (2019), "Capitalmalls Asia: A buyout offer from Capitaland.", No. 9B19N012, IVEY Case Publishing
Tan, Seow Kuan, Ruth, Huszar, Zsuzsa Reka, Zhang, Weina and Yue, Ling (2018), "Kimly Limited: Initial Public Offering", No. 9B18N026, IVEY Case Publishing
Zhang, Weina, ZHANG Man, Tan, Seow Kuan, Ruth and Huszar, Zsuzsa Reka (2018), "Strategic Asset Allocation During Global Uncertainty", No. 9B18N020, IVEY Case Publishing
Zhang, Weina, Tan, Seow Kuan, Ruth and Huszar, Zsuzsa Reka (2018), "Standard Chartered Plc: Riding the market during corporate restructuring", No. 9B18N004, IVEY Case Pubishing
Tan, Seow Kuan, Ruth, Huszar, Zsuzsa Reka and Zhang, Weina (2017), "Neptune Orient Lines: Valuation and Capital Structure", Ivey
Tan, Seow Kuan, Ruth, Huszar, Zsuzsa Reka and Zhang, Weina (2017), "Food Empire: Valuation and Investment", Ivey
Tan, Seow Kuan, Ruth, Huszar, Zsuzsa Reka and Zhang, Weina (2017), "Buy or Rent: Living in Singapore?", Ivey
Lam, Swee Sum and Zhang, Weina (2016), "Overview of the Charity Sector in Singapore", Overview of the Charity Sector in Singapore
Tan, Seow Kuan, Ruth, Huszar, Zsuzsa Reka and Zhang, Weina (2016), "Tiger Airways: Buyout Offer from Singapore International Airlines", Ivey
Tan, Seow Kuan, Ruth, Huszar, Zsuzsa Reka and Zhang, Weina (2016), "Jumbo Group: Initial Public Offering", Ivey
Tan, Seow Kuan, Ruth, Huszar, Zsuzsa Reka and Zhang, Weina (2016), "Keppel Corporation: A Buyout Offer for Keppel Land", Ivey
Tan, Seow Kuan, Ruth, Huszar, Zsuzsa Reka and Zhang, Weina (2016), "Lyxor ChinaH Versus Lyxor MSIndia: Portfolio Risk and Return", Ivey
Lam, Swee Sum and Zhang, Weina (2016), "A Pilot Study on Singapore's Social Enterprises: Characteristics and Performance", A Pilot Study on Singapore's Social Enterprises: Characteristics and Performance
Tan, Seow Kuan, Ruth, Huszar, Zsuzsa Reka and Zhang, Weina (2015), "Standard Chartered Bank: Valuation and Capital Structure", Ivey
Tan, Seow Kuan, Ruth, Huszar, Zsuzsa Reka and Zhang, Weina (2015), "Singapore Airlines: In Talks to Invest in Jeju Air", Ivey
Tan, Seow Kuan, Ruth, Huszar, Zsuzsa Reka and Zhang, Weina (2015), "Temasek's Offer to buy Olam International", Ivey

Research / Teaching Areas

Fixed Income Securities: Credit Rating, Credit Risk, Investment, Anomaly

Asset Pricing And Investment: Policy Risk, International Finance, Portfolio

Sustainable Investment: Corporate Social Responsibility, Social Entrepreneurship

Societal Impact

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What is an external shock? The Straits Times

An external shock is an unpredictable event that originates outside an economy but is expected to impact it in a significant and visible way. Examples include a sharp increase in oil prices and the coronavirus outbreak.

Media (TV, newspapers, magazines)

February 23rd, 2020

What is solvency ratio? The Straits Times

Solvency ratio is an important metric to assess a firm's ability to pay off its debt in the long run. There are two types: debt-solvency ratios and coverage-solvency ratios.

Media (TV, newspapers, magazines)

February 16th, 2020

Lunar New Year Special Investment, Money Mind, CNA

This video discussed about what are the investment lessons we can learn from animals' behavior. It also covered some economic outlooks for 2020.

Media (TV, newspapers, magazines)

January 30th, 2020

What are marketable securities? The Straits Times

Marketable securities refer to financial instruments that are like cash held by firms on their balance sheets. They are usually very liquid and accompanied by low risk.

Media (TV, newspapers, magazines)

December 1st, 2019

Green Finance. Channel 8

What is green finance? What are the green related financial products for investment? Who can invest in them? What is the role to be played by Singapore in the development of green finance going forward?

Media (TV, newspapers, magazines)

November 25th, 2019

What is foreign exchange risk hedging? The Straits Times

Foreign exchange (forex) risk hedging refers to what a company does to reduce its business exposure to forex rate fluctuations.

Media (TV, newspapers, magazines)

November 3rd, 2019

What is sustainability reporting? The Straits Times

Sustainability reporting refers to the public disclosure of a company's practices in environmental, social and governance (ESG) areas.

Media (TV, newspapers, magazines)

September 22nd, 2019

What is an inverted yield curve? The Straits Times

An inverted yield curve refers to a yield curve that has lower interest rates in the long end of the curve than in the short end.

Media (TV, newspapers, magazines)

September 8th, 2019

What is social return on investment? The Straits Times

Social return on investment (SROI) is a framework that takes into account economic, social and environmental value created or destroyed by an activity.

Media (TV, newspapers, magazines)

July 7th, 2019

Commentary: Hyflux after the perfect storm, Channel News Asia

The historical leverage ratio of Hyflux was compared with some of its prominent regional peers from 2013 to 2018. The distress risk had been worrisome since February 2016.

Media (TV, newspapers, magazines)

April 19th, 2019

What is coupon rate? The Straits Times

The selection of bonds with different coupon rates can affect investors’ returns due to interest rate fluctuations and uncertainty in reinvestment of the coupons received.

Media (TV, newspapers, magazines)

March 10th, 2019

What is credit risk in bonds? The Straits Times

This article explains the key ingredients of credit risk in bonds.

Media (TV, newspapers, magazines)

February 10th, 2019

What are bonds? The Straits Times

This article explains the basic features, examples and the typical risk profile of bonds.

Media (TV, newspapers, magazines)

January 20th, 2019

Can firms do well by doing good? The Business Times

This article contains the principles, benefits and practices of companies that are active in doing good.

Media (TV, newspapers, magazines)

December 13th, 2018

Social Enterprises looking to become more business savvy

Businesses need to be aware that they have social responsibilities and that they need to take care of their stakeholders.

Media (TV, newspapers, magazines)

September 30th, 2018

What are green bonds? The Sunday Times

A green bond is a sustainable investment vehicle that provides investors with financial returns and an opportunity to be environmentally responsible.

Media (TV, newspapers, magazines)

August 5th, 2018

What is yield curve? The Sunday Times

Yield curve is a very useful signal for assessing investors’ expectation about future interest rates as revealed in its shape.

Media (TV, newspapers, magazines)

July 15th, 2018

What are infrastructure bonds? The Sunday Times

Infrastructure bonds refer to bonds issued to fund infrastructure projects. They can be made more accessible to retail investors if offered in smaller denominations.

Media (TV, newspapers, magazines)

June 3rd, 2018

What is impact investing? The Sunday Times

Impact investing is an alternative but important consideration for investors who care about environmental and social impact of their capital investment.

Media (TV, newspapers, magazines)

May 20th, 2018

Commentary: Borrowing plan for infrastructure projects expands Govt’s fiscal envelope, Channel News Asia

The Singapore Government's plan to provide guarantees for long-term borrowings for some infrastructure projects will also lower the cost of borrowing and infuse projects with private sector due diligence.

Media (TV, newspapers, magazines)

March 2nd, 2018

Uncovering The Information Value Of Credit Rating Reports, Forbes,

Sovereign credit rating reports contain valuable information that detail the rationale behind the changes, citing assessments on the country’s risk profile such as monetary, fiscal, regulatory and policy environment.

Media (TV, newspapers, magazines)

January 30th, 2018

What is portfolio rebalancing? The Sunday Times

Portfolio rebalancing refers to the buying and selling of financial securities (such as bonds, stocks and derivatives) so the composition of the financial asset classes stays the same in one's investment portfolio.

Media (TV, newspapers, magazines)

August 13th, 2017

What are Singapore Savings Bonds, The Sunday Times

Singapore Savings Bonds can offer higher interest rates over a longer holding horizon, but are flexible enough to let the bond holders exit any time if better investment opportunities arise

Media (TV, newspapers, magazines)

June 25th, 2017

Channel 5 Talking Points

In this episode, the topic on volunteerism of Singaporeans is discussed. Some misperception is corrected and there are many significant and positive movements in the society to encourage more volunteerism by individuals and corporates.

Media (TV, newspapers, magazines)

June 15th, 2017

What is an exchange-traded fund? The Sunday Times

An exchange-traded fund (ETF) is a tradable financial product that passively tracks the price movement of a portfolio of asset classes, including stocks, bonds, commodities and money markets.

Media (TV, newspapers, magazines)

May 14th, 2017

6 Financial Planning Tips for Women, Straits Times

Useful tips for women to manage their financial health better.

Media (TV, newspapers, magazines)

March 12th, 2017

More giving to community, arts, heritage, health causes: NUS study, Business Times

The charity sector has been growing steadily in numbers and total receipts from 2007 to 2013.

Media (TV, newspapers, magazines)

December 17th, 2016

Consumers of social enterprises are more demanding, Lianhe Zaobao

The social enterprises need to work harder on improving the intrinsic value offered in their products and services to attract more customers.

Media (TV, newspapers, magazines)

October 26th, 2016

Survey on social enterprise shows stubborn group of non-buyers, Today

The public perception survey 2016 shows that the public awareness and understanding of social enterprises are at rise. There is also more buying from social enterprises in 2016 compared to six years ago.

Media (TV, newspapers, magazines)

October 26th, 2016

Stock lending: A Relatively Untapped Market in Asia, Business Times

Introduction to securities lending for Asian investors

Media (TV, newspapers, magazines)

October 17th, 2014

Gold Prices are Likely to Stay High for Now, Straits Times

Comments about three critical price determinants of gold for retail investors.

Media (TV, newspapers, magazines)

March 19th, 2011

A Golden Investment But Not Without Risks, Straits Times

Comments about gold as an investment option for retail investors.

Media (TV, newspapers, magazines)

June 24th, 2010

Courses

  • FIN3101/FIN3701, Corporate Finance
  • FIN3102/FIN3702, Investment Analysis and Portfolio Management
  • FIN3115, International Financial Management
  • FIN4111, Research Methods in Finance
  • L^3 course, Social and Sustainable Investing
  • Finance, Big data and Analytics Summer Programme
  • Workshop on Social Return on Investment
  • YMCA – NUS Business School Volunteer Service Management Programme (VSMP)
  • Public Lecture (English), Risk and Return for Different Asset Classes
  • Public Lecture (Chinese), Risk and Return for Different Asset Classes

Membership & Professional Activities

  • Member, American Finance Association, European Finance Association, Western Finance Association, American Economic Association
  • Ad-Hoc referee, Journal of Money, Credit and Banking, Finance Research letters, International Review of Finance, Review of Finance, Management Science, Journal of Banking and Finance etc.
  • Discussants, CICF (2009-2014), SICF (2009), RMI Risk Management Conference (2009-2017), SMU Finance Summer Camp 2016, Sovereign Debt Market Conference 2017
  • Public Lecture, Risk and Return for Different Asset Classes (December 2008 organized by NUS RMI)
  • Conference Reviewer, NUS RMI Annual Risk Management Conference 2009 - 2017; FMA 2010-2018; SFS Cavalcade 2012; WFA 2012-2018; EFA 2013-2016; MFA 2015-2017; WFC 2016-2018. Financial Institutions, Regulation & Corporate Governance Conference 2017; Singapore International Conference on Finance 2009-11.
  • Conference Program Committee, WFA 2012-2018, EFA 2013-2016. MEFA 2015-2017. WFC 2016-2018. Financial Institutions, Regulation & Corporate Governance Conference 2017. FMA 2018
  • External Reviewer, Research Grants Council, Hong Kong China
  • Affliated Researcher, NUS Business School ACSEP, NUS Risk Management Institute, NUS Institute of Real Estate Studies
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