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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
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, Director of Social Sciences Research Centre for Contemporary China (SSRCCC) at University of Macau, and Co-Director of FEMARC, School of Accounting, Finance & Economics, Edith Cowan University.

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.
  • 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.

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

  • Volatility Spillovers between Stock and Exchange Rate Markets: Evidence from China and Japan,  The Sumitomo Foundation,  Fiscal 2017 Grant for Japan-Related Research Projects,  2018 - 2020,  $12,162.
  • 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_13.
  • 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, DOI: 10.1016/B978-0-12-802205-4.00021-X.

Journal Articles

  • Shen, X., Tsui, A., Zhang, Z., (2020), Volatility Timing in CPF Investment Funds in Singapore: Do They Outperform Non-CPF Funds?. Risks, 7(106), 1-16, Switzerland, DOI: doi:10.3390/risks7040106.
  • Qi, J., Liu, H., Zhang, Z., (2019), Exchange rate uncertainty and the timing of Chinese Outward Direct Investment. International Review of Economics and Finance, TBA(TBA), 1-12, Amsterdam, the Netherlands, DOI:
  • Barratt-Pugh, L., Zhao, F., Zhang, Z., Wang, S., (2019), Exploring current Chinese higher education pedagogic tensions through an activity theory lens. Higher Education, 77(5), 831-852, Springer , DOI: 10.1007/s10734-018-0304-8.
  • An, J., Ho, K., Zhang, Z., (2019), What drives the liquidity premium in the Chinese stock market?. The North American Journal of Economics and Finance, TBA(TBA), 1-17, Amsterdam, the Netherlands, DOI:
  • Vo, DH., Vo, AT., Zhang, Z., (2019), Exchange Rate Volatility and Disaggregated Manufacturing Exports: Evidence from an Emerging Country. Journal of Risk and Financial Management, 12(1), Article no.12, MDPI, DOI:
  • Ho, K., Shi, Y., Zhang, Z., (2018), News and return volatility of Chinese bank stocks. International Review of Economics and Finance, TBA(TBA), 1-11, USA, Elsevier, DOI:
  • Zhang, A., Djajadikerta, H., Zhang, Z., (2018), Does sustainability engagement affect stock return volatility? Evidence from the Chinese financial market. Sustainability, 10(10), 3361-21, DOI: 10.3390/su10103361.
  • Wang, C., Zhang, Z., Fei, X., (2018), Efficiency and Risk in Sustaining China’s Food Production and Security: Evidence from Micro-Level Panel Data Analysis of Japonica Rice Production. Sustainability, 10(4), article no.1282, MDPI , DOI: 10.3390/su10041282.
  • Qin, F., Zhang, J., Zhang, Z., (2018), RMB Exchange Rates and Volatility Spillover across Financial Markets in China and Japan. Risks, 6(4), article no.120, Switzerland, MDPI, DOI: 10.3390/risks6040120.
  • Ho, K., Shi, Y., Zhang, Z., (2018), Public information arrival, price discovery and dynamic correlations in the Chinese renminbi markets. The North American Journal of Economics and Finance, 46(November 2018), 168-186, USA, Elsevier B.V., DOI: 10.1016/j.najef.2018.04.005.
  • Tsui, A., Xu, CY., Zhang, Z., (2018), Macroeconomic forecasting with mixed data sampling frequencies: Evidence from a small open economy. Journal of Forecasting, 37(6), 666-675, John Wiley & Sons Ltd, DOI: 10.1002/for.2528.
  • Tabibian, A., Zhang, Z., (2018), Stock split announcement and return volatility: Evidence from Malaysia. Journal of Economic Research, 23(3), 265-290, the Hanyang Economic Research Institute, Korea, Hanyang University Seoul.
  • Qi, J., Zhang, Z., Liu, H., (2018), Credit constraints and firm market entry decision: Firm-level evidence from internationalizing Chinese multinationals. The North American Journal of Economics and Finance, 46(November 2018), 272-285, USA, Elsevier, DOI: 10.1016/j.najef.2018.04.012.
  • 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 and Finance, 52(November 2017), 302-321, Amsterdam, Netherlands, Elsevier B.V., DOI: 10.1016/j.iref.2017.01.016.
  • Saha, S., Zhang, Z., (2017), Democracy-growth nexus and its interaction effect on human development: A cross-national analysis. Economic Modelling, 63(February 2017), 304–310, Amsterdam, Netherlands, Elsevier B.V., DOI: 10.1016/j.econmod.2017.02.021.
  • 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.
  • 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.
  • 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.

Conference Publications

  • Qi, JH., Zhang, Z., Liu, H., (2017), Modelling MNCs’ Market Entry Order Strategy: Evidence from China. MODSIM2017, 22nd International Congress on Modelling and Simulation, 730-736.
  • Li, M., Qin, F., Zhang, Z., (2017), Modelling RMB Internationalization and Impact on Capital Flow. MODSIM2017, 22nd International Congress on Modelling and Simulation, 723-729, Modelling and Simulation Society of Australia and New Zealand.
  • 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 AVETRA 19th Annual Conference, Ab 24, Australian Vocational Education and Training Research Association.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.

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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