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Professor Zhaoyong Zhang

Professor of Finance and Economics

Contact Information Telephone: +61 8 6304 5266, Email:, Campus: Joondalup, Room: JO2.472
Staff Member Details
Telephone: +61 8 6304 5266
Facsimile: +61 8 6304 5271
Campus: Joondalup  
Room: JO2.472  


Zhaoyong Zhang is a Professor of Finance and Economics in the School of Business and Law. He is also Head of the Asian Business and Organisational Research Group (ABORG).

Current teaching

  • Financial Markets & Institutions
  • Financing of International Trade


Zhaoyong began at Edith Cowan University as a visiting Professor in 2005. Prior to joining the university, he was a Professor of Economics & Finance at NUCB Graduate School of Commerce & Business in Nagoya, Japan, and Associate Professor at National University of Singapore (NUS).

He also held several visiting positions at universities in China, Japan, Korea, Macau, and South Australia. Zhaoyong was (Deputy) Director for the Centre for the Study of Transitional Economics (CSTE) at NUS in 1992-2003, Director of Social Sciences Research Centre for Contemporary China (SSRCCC) at University of Macau in 2002, and Co-Director of FEMARC, School of Accounting, Finance & Economics, Edith Cowan University, 2007-2013.

Professional associations

  • Guest Editor (with Professors D. Lien and K. Sato), The North American Journal of Economics and Finance (Elsevier). 2016-2017
  • Guest Editor (with Professor P. De Grauwe), Scottish Journal of Political Economy (John Wiley & Son). 2015-2016.
  • Guest Editor (with Professor P. De Grauwe), The World Economy (John Wiley & Son), 2010-2012.
  • Guest Editor (with Professor P. De Grauwe), the International Journal of Business Studies, 2010-2011.
  • Guest Editor (with Professor P. De Grauwe), The World Economy (John Wiley & Son), 2005-2006.
  • Guest Editor, Papers in Regional Science (Springer) 2002-2003.
  • Member, Modelling and Simulation Society of Australia and New Zealand (MSSANZ)
  • Member, International Environmental Modelling and Simulation Society (IEMS)
  • Member, Asia-Pacific Economic Association (APEA)
  • Member, East Asian Economic Association (EAEA)
  • Member, Western Economic Association International (WEAI), USA

Awards and recognition

  • 2015 - Deputy Vice Chancellor’s Certificate of Excellence for Achieving the Highest Number of Research Outputs Within a Faculty
  • 2014 - Deputy Vice Chancellor’s Certificate of Excellence for Demonstrating Consistent and Sustained Research Excellence.
  • 2014 - Dean’s Award for Excellence in Research, ECU Faculty of Business & Law.
  • 2008 - Award for Outstanding Lecturing, ECU School of Accounting, Finance and Economics.
  • 2007 - Dean’s Award for Quality Publication, Faculty of Business & Law, ECU.
  • 2007 - Award for Outstanding Research Performance Award, SAFE, ECU.
  • 2006 - Award for Outstanding Tutoring Performance Award, SAFE ECU
  • 2006 - Award for Greatest Improvement in Lecturing Performance , SAFE ECU

Research areas and interests

  • monetary and financial market integration in East Asia
  • real output co-movement
  • exchange rate policy in the Chinese economy
  • international trade and finance
  • financial market integration in East Asia
  • foreign trade-FDI linkages associated with regional monetary integration
  • exchange rate policy in the Chinese economy


  • Doctor in Economics, Belgium, 1991.


Recent Research Grants

  • A defensive model to safeguard stock return from terror shocks deploying weapons of capital structure and corporate social responsibility,  The Higher Education Commission,Government of the Islamic Republic of Pakistan,  HEC Scholarship,  2017 - 2021,  $76,000.
  • Chinese Renminbi (RMB) Internationalisation and Its Impacts on Japanese Financial Markets and Trade,  The Sumitomo Foundation,  Fiscal 2014 Grant,  2015 - 2017,  $7,490.
  • An international comparison of the linkages between commercial property indices and Real Estate Investment Trusts,  Accounting and Finance Association of Australia and New Zealand,  AFAANZ - Grant,  2014 - 2015,  $10,000.
  • How Do Exchange Rates Affect Import and Domestic Prices in China and Japan? A Study of Exchange Rate Pass-Through Across Country at Industry Level,  The Sumitomo Foundation,  Fiscal 2012 Grant,  2013 - 2014,  $6,686.
  • Is the Chinese Currency Overvalued or Undervalued? An Empirical Assessment of the Renminbi Equilibrium Exchange Rate and China's Foreign Exchange Rate Policy,  The Masayoshi Ohira Memorial Foundation,  Pacific Basin Academic Grant,  2009 - 2012,  $14,395.
  • Modelling the Equilibrium Exchange Rates in East Asia and Assessing the East Asian Regional Foreign Exchange Regime,  Japanese Society for the Promotion of Science,  Grant,  2009 - 2011,  $128,998.
  • Revaluation of Renminbi and China's Foreign Exchange Rate Policy,  International Centre for the Study of East Asian Development,  Grant,  2007 - 2008,  $5,699.

Recent Publications (within the last five years)

Book Chapters

  • Qin, F., Xu, T., Zhang, Z., (2016), Economic Cooperation and Interdependence Between China and ASEAN: Two to Tango?. Chinese Global Production Networks in ASEAN, 255-288, London, Springer, DOI: 10.1007/978-3-319-24232-3.
  • Ho, K., Shi, Y., Zhang, Z., (2015), High-Frequency News Flow and States of Asset Volatility. The Handbook of High Frequency Trading, 359-383, London, UK, Academic Press.
  • Ho, K., Zhang, Z., (2014), Sovereign wealth funds in East Asia: An update of their recent developments. Handbook of Asian Finance, Financial Markets and Sovereign Wealth Funds, 1(20), 355-371, USA, Elsevier.
  • Ho, K., Shi, Y., Zhang, Z., (2014), What drives the time-varying performance of Japanese mutual funds?. Handbook of Asian Finance REITs, Trading, and Fund Performance, 2(24), 393-421, USA, Elsevier.
  • Ho, K., Shi, Y., Zhang, Z., (2014), News Sentiment and High-Frequency Volatility Dynamics in the Japanese Stock Exchange. Handbook of Asian Finance REITs, Trading, and Fund Performance, 2(24), 285-308, USA, Elsevier.
  • Ho, K., Shi, Y., Zhang, Z., (2014), A Regime-Switching Analysis of Asian Bank Stocks. Handbook of Asian Finance Financial Markets and Sovereign Wealth Funds, 1(20), 105-129, USA, Elsevier.

Journal Articles

  • Ho, K., Shi, Y., Zhang, Z., (2017), Does news matter in China's foreign exchange market? Chinese RMB volatility and public information arrivals. International Review of Economics & Finance, Forthcomming(forthcoming), 1-20, USA, Elsevier B.V., DOI:
  • Saha, S., Zhang, Z., (2017), Democracy-growth nexus and its interaction effect on human development: A cross-national analysis. Economic Modelling, 63(3), 304?310, UK, Elsevier B.V., DOI: /
  • Ho, K., Shi, Y., Zhang, Z., (2016), It takes two to tango: a regime-switching analysis of the correlation dynamics between the mainland Chinese and Hong Kong stock markets. Scottish Journal of Political Economy, 63(1), 41-65, UK, John Wiley & Sons, Inc., DOI: 10.1111/sjpe.12110.
  • De Grauwe, P., Zhang, Z., (2016), The rise of China and regional integration in East Asia. Scottish Journal of Political Economy, 63(1), 1-6, UK, John Wiley & Sons, Inc., DOI: 10.1111/sjpe.12107.
  • Saha, S., Zhang, Z., (2016), Exchange rate pass-through and inflation in Australia, China and India: A comparative study with disaggregated data. Journal of Economic Research, 21(1), 1-33, Seoul, The Hanyang Economic Research Institute.
  • Long, A., Zhang, Z., (2014), The Chinese IPO examination mechanism affected by administrative factors: New evidence from rejected IPO firms. Journal of Economic Research, 19(2), 171-195, South Korea, Hanyang Economics Research Institute.
  • Long, A., Zhang, Z., (2014), High dividend rates can not contribute to long investment horizons: The Chinese evidence. Academy of Taiwan Business Management Review, 10(1), 66-73, Taiwan, Taiwan Institute of Business Administration.
  • Jayasinghe, P., Tsui, AK., Zhang, Z., (2014), New Estimates of Time-Varying Currency Betas: a trivariate BEKK approach. Economic Modelling, 42(3), 128-139, Elsevier, DOI: 10.1016/j.econmod.2014.06.003.
  • Long, L., Tsui, A., Zhang, Z., (2014), Conditional Heteroscedasticity with Leverage Effect in Stock Returns: Evidence from the Chinese Stock Market. Economic Modelling, 37(February), 89?102, Elsevier, DOI: 10.1016/j.econmod.2013.11.002.
  • Jayasinghe, P., Tsui, AK., Zhang, Z., (2014), Exchange Rate Exposure of Sectoral Returns and Volatilities: Further evidence from Japanese industrial sectors. Pacific Economic Review, 19(2), 216-236, USA, John Wiley & Sons, Inc, DOI: 10.1111/1468-0106.12061.
  • Long, A., Zhang, Z., (2014), Examining IPO Success in the Emerging Growth Enterprise Market of China. Global Economics and Finance Journal, 7(2), 71-92, Australia, The Zia World Press.
  • Ho, K., Shi, Y., Zhang, Z., (2014), Volatility and Correlation Dynamics of the Mainland Chinese and Hong Kong Stock Markets: Evidence from the A-, B-, H- and Red Chip Markets. The Journal of Wealth Management, 17(2), 55-67, New York, USA, IIJ Group.
  • Long, L., Tsui, AK., Zhang, Z., (2014), Estimating Time-Varying Currency Betas with Contagion: New Evidence from Developed and Emerging Financial Markets. Japan and the World Economy , 30(1), 10-24, Elsevier, DOI: 10.1016/j.japwor.2014.02.001.
  • Long, A., Zhang, Z., (2014), Listing Requirements Lose IPO-Screening Functions: Evidence from the Emerging Growth Enterprise Market of China. International Journal of Economics and Finance, 6(3), 29-36, Canada, Canadian Center of Science and Education, DOI: 10.5539/ijef.v6n3p29.
  • Ho, K., Tsui, AK., Zhang, Z., (2013), Conditional Volatility Asymmetry of Business Cycles: Evidence From Four OECD Countries. The Journal of Economic Development , 38(3), 33-56, Seoul, South Korea, The Economic Research Institute of Chung-Ang University.
  • Vu Thanh , H., Albert K. , T., Zhang, Z., (2013), Measuring asymmetry and persistence in conditional volatility in real output: evidence from three East Asian tigers using a multivariate GARCH approach. Applied Economics, 45(20), 2909-2914, UK, Routledge, DOI: 10.1080/00036846.2012.687098.
  • Saha, S., Zhang, Z., (2013), Do exchange rates affect consumer prices? A comparative analysis for Australia, China and India. Mathematics and Computers in Simulation, 93 (1), 128?138, Netherlands, Elsevier BV, DOI: 10.1016/j.matcom.2012.11.002.
  • Kin-Yip, H., Yanlin, S., Zhang, Z., (2013), How does news sentiment impact asset volatility? Evidence from long memory and regime-switching approaches. The North American Journal of Economics and Finance, 26(December 2013), 436?456, USA, Elsevier, DOI: 10.1016/j.najef.2013.02.015.
  • Sato, K., Shimizu, J., Shrestha, N., Zhang, Z., (2012), New Estimates of the Equilibrium Exchange Rate: The Case for the Chinese Renminbi. The World Economy, 35 (4), 419-443, UK, Blackwell Publishing, DOI: 10.1111/j.1467-9701.2012.01442.x.
  • De Grauwe, P., Zhang, Z., (2012), Monetary Integration and Exchange Rate Issues in East Asia. The World Economy, 35(4), 397-404, UK, Blackwell Publishing, DOI: 10.1111/j.1467-9701.2012.01442.x.
  • Ho, K., Zhang, Z., (2012), Dynamic Linkages among Financial Markets in the Greater China Region: A Multivariate Asymmetric Approach. The World Economy, 35(4), 500-523, UK, Blackwell Publishing, DOI: 10.1111/j.1467-9701.2012.01448.x.
  • Zhang, Z., Sato, K., (2012), Should Chinese Renminbi Be Blamed for Its Trade Surplus: A structural VAR Approach. The World Economy, 35(5), 632-650, UK, Blackwell Publishing, DOI: 10.1111/j.1467-9701.2012.01438.x.
  • Ho, K., Zheng, L., Zhang, Z., (2012), Volume, Volatility and Information Linkages in the Stock and Option Markets. Review of Financial Economics , 21(4), 168-174, USA, Elsevier, DOI: 10.1016/j.rfe.2012.06.001.
  • Sohn, C., Tsui, A., Zhang, F., Zhang, Z., (2012), An Empirical Assessment of A-Share IPO Under-Pricing in China. Seoul Journal of Business, 18(1), 25-57.

Conference Publications

  • Barratt-Pugh, L., Zhao, F., Zhang, Z., Wang, S., (2016), The impact of an Australian study tour on the innovative practice of Chinese lecturers. Putting VET Research to Work: Proceedings of AVERTA 19th Annual Conference, Ab 24.
  • Ko, SZ., Zhang, Z., Horwitz, P., Djajadikerta, H., (2016), Charting directions for economic development in Myanmar: A computable general equilibrium (CGE) approach on high quality education in labour-growth strategy. 2016 Conference Papers 19th Annual Conference on Global Economic Analysis, 1-24, Washington, USA, Global Trade Analysis Project.
  • Shaikh, A., Zhang, Z., Yong, J., Shah, UL., (2016), Impact of Microfinance on Poverty Alleviation in SAARC Countries. Proceedings of the ECU Business Doctoral and Emerging Scholars Colloquium, 31 - 37, Perth, Australia, Edith Cowan University.
  • Ho, K., Shi, Y., Zhang, Z., (2015), Public News Flows and Chinese Renminbi: A Volatility Regime-Switching Analysis. A New Paradigm for International Business. Proceedings of the Conference on Free Trade Agreements and Regional Integration in East Asia, 113-127, Singapore, Springer, DOI: 10.1007/978-981-287-499-3_6.
  • Ho, K., Shi, Y., Zhang, Z., (2015), Price Discovery and Dynamic Correlations: The Case of the Chinese Renminbi Markets. A New Paradigm for International Business. Proceedings of the Conference on Free Trade Agreements and Regional Integration in East Asia, 97-111, Singapore, Springer, DOI: 10.1007/978-981-287-499-3_5.
  • Ling, J., Tsui, A., Zhang, Z., (2015), Forecast foreign exchange with both linear and non-linear models coupled with trading rules for selected currencies. MODSIM2015, 21st International Congress on Modelling and Simulation , 1112-1118, Australia, Modelling and Simulation Society of Australia and New Zealand.
  • Qi, J., Zhao, Y., Zhang, Z., (2015), An Empirical Study of the Impacts of Geographic and Cultural Distance on Chinese ODI. MODSIM2015, 21st International Congress on Modelling and Simulation, 1119-1125, Australia, Modelling and Simulation Society of Australia and New Zealand.
  • Zhang, J., Djajadikerta, H., Zhang, Z., (2015), The Perceptions and Challenges of Corporate Sustainability Reporting in China. A New Paradigm for International Business: Proceedings of the Conference on Free Trade Agreements and Regional Integration in East Asia, 129-150, Singapore, Springer, DOI: 10.1007/978-981-287-499-3_7.
  • Tsui, A., Wu, J., Zhang, Z., (2013), Modelling the term structure of Japanese bond yields with the Nelson-Siegel model. MODSIM2013, 20th International Congress on Modelling and Simulation, 1392-1398, Online, Modelling and Simulation Society of Australia and New Zealand.
  • Tsui, A., Xu, C., Zhang, Z., (2013), Forecasting Singapore economic growth with mixed-frequency data. MODSIM2013, 20th International Congress on Modelling and Simulation, 1399-1405, Online, Modelling and Simulation Society of Australia and New Zealand.
  • Shen, X., Tsui, AK., Zhang, Z., (2013), Modelling the volatility-timing of funds under CPF investment theme. MODSIM2013, 20th International Congress on Modelling and Simulation, 1371-1377, Online, Modelling and Simulation Society of Australia and New Zealand.
  • Saha, S., Zhang, Z., (2012), The Impact of the Interaction between Economic Growth and Democracy on Human Development: Cross-National Analysis., 12, Boston, USA, Human Development and Capability Association.

Research Student Supervision

Principal Supervisor

  • Doctor of Philosophy,  Narrowing Income Disparities As Policy Priority For Inclusive Economic Growth: An Applied Computable General Equilibrium (cge) Approach On Urban And Non-urban Industries In Myanmar
  • Doctor of Philosophy,  How To Exit Successfully Via Ipos: An Insight Into The Listing Requirements Of The Emerging Growth Enterprise Market Of China.
  • An Assessment Of China's Export Growth In Association With Economic Reform
  • Trade Policy On Automobiles In Vietnam: Options And Analyses
  • Financial Market Development In China And East Asia
  • Overlapping Generations Model With Capital Accumulation And Division Of Labor
  • China?s Energy Industry Reform And Fdi
  • The Prospects For Monetary Integration In East Asia
  • Empirical Study Of China?s Economic Growth And Convergence Across Regions

Co-principal Supervisor

  • Doctor of Philosophy,  Users' Perceptions Of The Drivers Of Corporate Sustainability Disclosures Made By Chinese Listed Companies.

Associate Supervisor

  • Singapore-india Economic Relations In The Context Of Their Globalization Strategies
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