Xiaoyu (Ross) Zhu is an Associate Professor of Finance at Lingnan College, Sun Yat-sen University. His research interests include ESG, empirical corporate finance, and banking, with a particular focus on how regulation, technological change, and institutional arrangements shape corporate social responsibility behavior and economic outcomes. His work has appeared in leading academic journals, including Review of Accounting Studies, Journal of Economic Behavior & Organization, Economic Analysis and Policy, and Pacific-Basin Finance Journal,, as well as 金融研究 (Journal of Financial Research). He was a recipient of the inaugural 2023 AAA-AACSB-RRBM Award for Research Impacting Societal Challenges.  He holds a Ph.D. in Finance from the Baruch College, City University of New York, an M.S. from University of Texas at Austin, and a B.A. from Lake Forest College.

Research Interests

ESG, Empirical Corporate Finance, Banking

eDUCATION BACKGROUND

• 2015-2020：PhD in Finance, Baruch College, City University of New York
• 2012-2014：M.S. in Economics, The University of Texas at Austin
• 2008-2012：Bachelor in Economics and Mathematics, Lake Foreset College

ADEMIC aWARDS

• The inaugural 2023 AAA-AACSB-RRBM Award for Research Impacting Societal Challenges
• Oscar Lasdon Memorial Award for the best doctoral dissertation in the field of finance or investment, Baruch College, City University of New York

Published Papers (* represents the corresponding author)

• Bi, Q., Lin, J., Sha, W. and Zhu, X., 2026. Mobile video viewing and mental health: Nonlinear evidence from a large-scale chinese household survey. Economic Analysis and Policy.

• Zhu, Y., Zhu, X.* and Luo, Y., 2026. When regulations recede: Corporate governance and the divergent performance of firms. Pacific-Basin Finance Journal, p.103209.

• Xu, X., Bi, Q., Wu, M. and Zhu, X.*, 2025. Speaking differently: How dialect affects E-government adoption. Journal of Economic Behavior & Organization, 235, p.107052.

• 柳建华,陈果,朱效禹 & 廖天龙.(2025).新《环保法》实施与重污染企业的资本结构调整.金融研究,(11),77-95.

• Hao, J., Sun, R., Gong, X. and Zhu, X.*, 2025. ESG and stock price crash risk revisited: Evidence from mandatory ESG disclosure policy in China. Pacific-Basin Finance Journal, 91, p.102729.

• Zhu, X., Sha, W., and Mishra, A., 2025. The Fallacy of Sustainability: Evidence from Yangtze River Fishing Ban. AgriBusiness. 

• Zhu, X., Zhou, C., and Zeng, Han., 2025. Can Inclusive Finance Curb Sustainability Regulatory Risk for Corporations? Research in International Business and Finance, p102901.

• Xu, L., Zhong, H., Huang, X. and Zhu, X.*, 2023. Innovation target responsibility system, capital allocation and regional innovation capacity: evidence from China. Finance Research Letters, 58, p.104662. 

• Basu, S., Vitanza, J., Wang, W. and Zhu, X., 2022. Walking the walk? Bank ESG disclosures and home mortgage lending. Review of Accounting Studies, 27(3), pp.779-821. 

Working Papers

• Basu, S., Wang, W. and Zhu, X., Public and Private Interventions in ESG: Evidence from Global Syndicated Lending Guideline Reform.
• Khurana, I.K., Raman, K.K., Wang, W., and Zhu, X., Do Banks Price Undisclosed SEC Investigations?