1 Haoxiang ZhuMIT Sloan School of Management100 Main Street, E62-623 Cambridge, MA 02142 Email: +1 617-253-2478 Academic Appointments2017 Associate Professor of Finance (without tenure), MIT Sloan School of Management2012 17 Assistant Professor of Finance, MIT Sloan School of Management2016 Sarofim Family Career Development Professor, MIT Sloan School of Management2014 Faculty Research Fellow, National Bureau of Economic ResearchResearch InterestsAsset Pricing, Market Structure, Market DesignEducation2007 2012 PhD in Finance, Graduate School of Business, Stanford University2003 2006 Mathematics and Computer Science, University of OxfordFirst Class Honors. Mathematics and Computer Science, 2010 Honors and Awards2017: Amundi Smith Breeden Prize (First Prize), Journal of Finance2016: First Prize, AQR Insight AwardPoets and Quants Best 40 Under 40 Business School ProfessorsSpecial Mention, Federation of European Securities Exchanges Joseph de la Vega PrizeBest Discussant, University of Washington Summer Finance Conference2015: Kepos Capital Award for Best Paper on Investments, Western Finance AssociationTCW Best Paper Award, China International Conference in FinanceBest Paper Award, Finance Down Under conference2013: Review of Financial Studies Young Researcher PrizeYihong Xia Best Paper Award, China International Conference in Finance2012.
2 Michael Brennan Best Paper Award, Review of Asset Pricing Studies2011: First Prize, Morgan Stanley Prize for Excellence in Financial Markets1 Publications and Accepted Papers (in reverse chronological order)13. Quantitative Easing Auctions of Treasury Bonds, with Zhaogang of Financial Economics(2018), 128, 103 Non-Fundamental Speculation Revisited, with Liyan of Finance (Replications and Corrigenda)(2017), 72, 2759 Are CDS Auctions Biased and Inefficient?, with Songzi of Finance(2017), 72, 2589 Benchmarks in Search Markets, with Darrell Duffie and Piotr of Finance(2017), 72, 1983 Smith Breeden First Prize, Journal of Finance, 20179. What is the Optimal Trading Frequency in Financial Markets?, with Songzi of Economic Studies(2017), 84, 1606 paper largely subsumes Welfare and Optimal Trading Frequency in Dynamic DoubleAuctions, with Songzi Du, December Capital Award for Best Paper on Investments, Western Finance Association, 2015 Yihong Xia Best Paper Award, China International Conference in Finance, 20138.
3 Shades of Darkness: A Pecking Order of Trading Venues, with Albert Menkveld and BartZhou of Financial Economics(2017), 124(3), 503 Best Paper Award, China International Conference in Finance, 2015 Best Paper Award, Finance Down Under conference, 20157. Size Discovery, with Darrell of Financial Studies(2017), 30(4), 1095 Prize, AQR Insight Award, 20166. Bilateral Trading in Divisible Double Auctions, with Songzi DuJournal of Economic Theory(2017), 167, 285 Commodities as Collateral, with Ke TangReview of Financial Studies(2016), 29(8): 2110 Do Dark Pools Harm Price Discovery?Review of Financial Studies(2014), 27(3): 747 Prize, Morgan Stanley Prize for Excellence in Financial Markets, 20113. Finding a Good Price in Opaque Over-the-Counter MarketsReview of Financial Studies(2012), 25(4): 1255 of Financial Studies Young Researcher Prize, 20132.
4 Does a Central Clearing Counterparty Reduce Counterparty Risk?with Darrell of Asset Pricing Studies(2011), 1(1): 74 of Asset Pricing Studies Michael Brennan Best Paper Award, 20121. A New Perspective on Gaussian Dynamic Term Structure Models, with Scott Joslin andKen of Financial Studies(2011), 24(3): 926 Papers Swap Trading after Dodd-Frank: Evidence from Index CDS, with Lynn Riggs, Esen Onur,and David Reiffen, January 2018. Revise and Resubmit atJournal of Financial Economics. Mortgage Dollar roll , with Zhaogang Song, January 2018. Revise and Resubmit atReviewof Financial Studies. Back-Running: Seeking and Hiding Fundamental Information in Order Flows, with LiyanYang, July 2017. Revise and Resubmit atReview of Financial StudiesSpecial Mention, Federation of European Securities Exchanges Joseph de la Vega Prize,2016 Optimal Issuance under Information Asymmetry and Accumulation of Cash Flows, withIlya Strebulaev and Pavel Zryumov, July title: Dynamic Information Asymmetry, Financing, and Investment Decisions Risk and Return Trade-off in the Treasury Market, with Eric Ghysels, Anh Le, andSunjin Park, March 2014.
5 Risk Premia in Gold Lease Rates, with Anh Le, October Activities and Service Academic Expert, Bank for International Settlements (since 2017) Academic Expert, the Commodity Futures Trading Commission (since 2016) Member, Federal Reserve Bank of Chicago Working Group on Financial Markets (since2016) Member, Finance Theory Group (since 2013) Journal referee: American Economic Review, American Economic Journal: Microeco-nomics, Econometrica, International Journal of Central Banking, Journal of EconomicTheory, Journal of Finance, Journal of Financial Economics, Journal of Financial Inter-mediation, Journal of Financial Markets, Journal of Financial and Quantitative Analysis,Journal of Monetary Economics, Journal of Political Economy, Journal of Risk and In-surance, Management Science, Quarterly Journal of Economics, Review of Asset PricingStudies, Review of Economic Studies, Review of Financial Studies, and more Conference program committee: Western Finance Association, Society of Financial StudiesCavalcade, European Finance Association, Finance Down Under, Midwest Finance Associ-ation, and more Conference session chair.
6 WFA, AFA, SFS CavalcadeTeaching Finance Theory I: Spring 2013, Spring 2014 Managerial Finance: Spring 2016, Spring 2017, Spring 2018 PhD Supervision Seung Kwak, 2018, dissertation committee, first job: Federal Reserve Board Hyungjung Kang, 2018, dissertation committee, first job: Two Sigma Bart Zhou Yueshen, 2014, dissertation committee, first job: INSEAD3 Seminars and Conference Presentations(Including scheduled; conference presentations by coauthors are denoted by *)2019:Seminars University of British Columbia, University of Washington2018:Seminars Arizona State University, Michigan Ross, HEC Paris, Michigan State University,University of Delaware, Penn State UniversityConferences American Finance Association meeting*, Western Finance Association meet-ing2017.
7 Seminars Federal Reserve Bank of New York, Bank of England, Bank of Canada, Uni-versity of Melbourne, Australian National University, University of Technology Sydney,University of Sydney, Federal Reserve Bank of Chicago, University of Notre Dame, NYUS tern, Boston College, University of Colorado Boulder, Chicago BoothConferences American Finance Association meeting, Midwest Finance Association meet-ing*, Conference on Financial Market Design at Georgia State University, Federal ReserveBank of Richmond Workshop on Market Liquidity, Western Finance Association meeting,13th Annual Central Bank Conference on the Microstructure of Financial Markets*, NBERM arket Design meeting, LAEF OTC Market Conference, Federal Reserve Bank of AtlantaConference on Financial Regulation*2016.
8 Seminars Wilfrid Laurier University, Rice University, Yale School of Management, GeorgiaState University, Securities and Exchange Commission, SUNY at Buffalo, Babson College,Northwestern Kellogg, INSEAD, Imperial College London, University of HoustonConferences American Finance Association meeting (2 papers), American Economic As-sociation meeting*, Econometric Society winter meeting, Third International Conferenceon Sovereign Bond Markets*, Paul Woolley Centre Annual Conference, Western FinanceAssociation meeting*, Northern Finance Association meeting, Joint ECB-IMF Workshop(on Money Markets, Monetary Policy Implementation and Market Infrastructures), NBERM arket Design meeting, Federal Reserve Bank of Atlanta Workshop on the Impact of Ex-traordinary Monetary Policy on the Financial Sector, Market Microstructure ConfrontingMany Viewpoints conference 20162015.
9 Seminars European Central Bank, Wisconsin School of Business, Federal Reserve Board,CFTCC onferences America Economic Association meeting, Finance Down Under*, NBER Chi-nese Economy meeting, Fixed Income Conference*, UPenn Workshop on Multiunit Allo-cation, SEC Annual Conference on Financial Regulation, Finance Theory Group springmeeting, NBER Commodity Markets meeting, SFS Finance Cavalcade, Financial Inter-mediary Research Society meeting* (2 papers), Mitsui Finance Symposium, Paul WoolleyCentre Annual Conference, Barcelona Information Workshop*, Western Finance Associa-tion meeting (2 papers), Bonn Workshop on Information Aggregation, Society for EconomicDynamics meeting* (2 papers), Society for Financial Econometrics meeting*, Erasmus Liq-uidity Conference*, European Financial Management Association meeting*, China Interna-tional Conference in Finance* (2 papers), NBER Summer Institute Asset Pricing meeting,Society for the Advancement of Economic Theory meeting (2 papers), Econometric SocietyWorld Congress* (2 papers), Philadelphia Fed Search and Matching Conference, OU En-ergy Finance Research Conference*, Northern Finance Association meeting*, 11th CentralBank Workshop on Microstructure of Financial Markets (2 papers), Inquire Europe 2015*,Conference on Financial Economics and Accounting*, Conference on Monetary Policy Im-4plementation and Transmission in the Post-Crisis Period, NBER Market Microstructuremeeting2014.
10 Seminars IESE Business School, University of Cincinnati, London School of Economics,London Business SchoolConferences American Finance Association meeting, American Economic Association meet-ing*, Duke-UNC Asset Pricing Conference, Fixed Income Conference, Western FinanceAssociation meeting, Financial Intermediation Research Society meeting, NBER SummerInstitute Asset Pricing meeting, NBER Summer Institute Forecasting and Empirical Meth-ods meeting*, Econometric Society summer meeting*, China International Conference inFinance*, Stanford Institute for Theoretical Economics meeting*, Trading in ElectronicMarkets Conference at Toulouse, Central Bank Workshop on the Microstructure of Finan-cial Markets, FIRN asset pricing meeting, High Frequency Trading Conference at ImperialCollege London*2013.