Shandong University, B.S.
Chinese Academy of Sciences, M.S.
Virginia Tech, M.A.
Georgia State University, Ph.D.

Research Interests

Institutional Investors
Empirical asset pricing
Corporate Governance

Professor Zhao’s research focuses primarily on institutional investors such as hedge funds and mutual funds. Specifically, he examines the issues such as performance evaluation, liquidity management, and the role of corporate governance. 


  • Hedge Funds: The Good, the Bad, and the Lucky, with Yong Chen and Mike Cliff, Journal of Financial and Quantitative Analysis, forthcoming.

Working Papers

  • Interfund Lending in Mutual Fund Families: Role of Internal Capital Markets, with Vikas Agarwal.
  • What are the Actual Effects of Liquidity Buffers? Evidence from the Mutual Fund Industry, with Vikas Agarwal.
  • Do Corruption  Perceptions Matter for Investors? Evidence from Hedge Funds, with George Aragon and Vikram Nanda.
  • Does Job Security Concern Acquiring Managers? with Di Li.


Personal Website