Email

yzhang@um.edu.mo

Tel

+853 8822-4757

Office

E22-4036
Faculty of Business Administration
University of Macau, E22
Avenida da Universidade,
Taipa, Macau, China

Associate Professor in Business Economics

Academic Qualifications

  • Ph.D. in Economics, Nanyang Technological University, Singapore
  • B.S. in Management, Tianjin University, China.

Awards

  • 2023 FBA Outstanding Research Award (Balanced Track)
  • 2022 The 1st prize (article) , the 6th Outstanding Achievement Awards for Macao Research in Humanities and Social Sciences, co-organized by the Macao Foundation and the Social Sciences in China Press

Teaching

  • Undergraduate Courses
    • Greater China and the Global Economy (GEGA2001)
    • Introduction to Econometrics (BECO4003)
    • China’s Financial System (BECO413)
    • Principle of Macroeconomics (BECO1001)
    • Principle of Microeconomics (BECO100 0)
    • Intermediate Microeconomics (ECIF201)
    • Introduction to Macroeconomics (ECIF100)
    • Introduction to Microeconomics (ECIF101)
    • Chinese Economy (ECIF411)
  • Graduate Courses
    • Managerial Economics (BECO711)
    • Principles of Economics (BECO703 )
    • Economics (BECO702)
    • Economics & Statistics (IMBC002)

Research Projects

  • Inheritance tax policy and entrepreneurship vitality: A global prospect on wealth transfer dynamics, funded by Asian Development Bank, 2025
  • Economic Analysis of Macao’s Implementation of the Dual-Carbon Goals within the Greater Bay Area, funded by Macao Foundation, 2024
  • Responsible Investing in the Gaming Industry – Phase 2, funded by Macao Higher Education Institutions in the Area of Research in Humanity and Social Science, 2020
  • Responsible Investing in the Gaming Industry – Phase I, funded by the Specialized Subsidy Scheme for Macao Higher Education Institutions in the Area of Research in Humanity and Social Science, 2019
  • The Impact of Consumer Credit Regulation on Competition: Evidence from Australian Credit Card Market, funded by the Research Committee of University of Macau (2019-2021), Principal Investigator
  • Behavioral consistency in corporate finance: CEO personal and corporate risk- taking, funded by the Research Committee of University of Macau (2018-2020), Principal Investigator
  • CEO marital status, risk preferences, and corporate tax aggressiveness, funded by the Research Committee of University of Macau (2014), Principal Investigator
  • Modelling the price of petrol in Asia Pacific region, funded by the Research Committee of University of Macau (2014), Principal Investigator
  • The transmission of foreign interest rate shocks to small open economies in East Asia: the role of exchange rate regime and financial integration, funded by the Research Committee of University of Macau (2011), Principal Investigator

Research Interests

  • Innovation
  • Corporate Governance
  • Applied Econometrics
  • Energy Economics
  • Chinese Economy

Selected Journal Papers

  1. Machine learning and financial inclusion: Evidence from credit risk assessment of small-business loans in China, accepted, Singapore Economic Review.
  2. Qian, Y., & Zhang, Y. (2025). Long-term forecasting in asset pricing: Machine learning models’ sensitivity to macroeconomic shifts and firm-specific factors. The North American Journal of Economics and Finance (ABS2), 78, 102423.
  3. Qiu, Z., Kwan, F., Tian, S., & Zhang, Y. (2025). Spatial spillover effects of climate policy: evidence from the carbon inclusion scheme in the Greater Bay Area in China. China Economic Journal, 1-25.
  4. Zhang, Y., & Zheng, H. (2025). Spillover effects of global fund flows. Journal of International Financial Markets, Institutions and Money (ABS3), 104, 102209.
  5. Qiu, Z., Zhang, X., & Zhang, Y. (2025). Empowering energy security: The impact of geopolitical risks on green total factor energy efficiency. Energy Economics (ABS3), 108924.
  6. Fu, X., Liu, Z., Xie, H., & Zhang, Y. (2025). Overseas institutional uncertainty and corporate innovation–evidence from an emerging economy. R&D Management (ABS3), 55(2), 341-364.
  7. Xu, R., Lai, K., & Zhang, Y. (2025). Monetary policy and wealth inequality: Evidence from China. The Singapore Economic Review, 70(01), 181-209.
  8. Lai K., Kwan, F. & Zhang Y., (2024). Revised Gaming Legislation and Its Implications for Economic Diversification in Macao—An Early Assessment. China: An International Journal (SSCI, Q2), 22(4), 181-198.
  9. Liu, M. H., S. Tian, & Zhang, Y (2023), CEO Marital Status and Corporate Tax Planning Behavior, Review of Quantitative Finance and Accounting, 61, 1207–1242 (2023). (ABS3)
  10. Liu, M. H., Margaritis, D., & Zhang, Y. (2023). The impact of regulation on credit card market competition: evidence from Australia. Journal of Economics and Finance, 47, 669–689 (2023).
  11. Huang, B., Yang, E. and Zhang, Y. (2023), Board surname sharing and investment efficiency: Evidence from Chinese state-owned enterprises, Corporate Governance: An International Review, 31:597–624 (ABS3)
  12. Zhang, Y., Zheng, H., Lam, D., Fu, X., and Li, M. (2022), CEOs’ Marital Status and Corporate Innovation, Journal of Product Innovation Management, 39:686–716 (ABS4)
  13. Kiki Choi, Ming-Hua Liu and Yang Zhang (2021), The Relationship between Refined Retail Oil Prices and Crude Oil Prices: A Tale of Three Cities in the Greater Bay Area of China, The Chinese Economy, 54.3, 157-175
  14. Ming-Hua Liu, Tianyun Liu, Keshab Shrestha and Yang Zhang, (2021), The impact of financial regulation on the stickiness of credit card lending rates: Evidence from the USA., Review of Quantitative Finance and Accounting , vol. 57, issue 4, No 2, 1195-1213 (ABS3)
  15. X. Fu, Y. Lin, Yang Zhang (2020), Responsible investing in the gaming industry, Journal of Corporate Finance, 64, 101657 (ABS4)
  16. Zhang, Yang, Qingyong Zhang, and Huanhuan Zheng. (2020), Housing policies in Greater China and Singapore, Economic and Political Studies , 8.1: 41-64.
  17. Lai, R. N., & Zhang, Y. (2020), Intraday Herding on Cross-Listed Stocks ─ Spillover and Abnormal Return, The Chinese Economy, 53.1: 25-61.
  18. H.Y. Sng, Y. Zhang, H.H. Zheng, (2019), Margin Trade, Short Sales and Financial Stability , Journal of Economic Interaction and Coordination, 1-30. (ABS1)
  19. Gu, X.H., Tam, P.S., Zhang, Y., Lei, C.K., (2019), Inequality, leverage and crises, theory and evidence revisited, World economy, 42(8), 2280-2299 (ABS2)
  20. Ming-Hua Liu, Dimitris Margaritis and Yang Zhang (2019), The global financial crisis and the export-led economic growth in China, The Chinese Economy, 52 (3), pp. 232 – 248
  21. Liu, M. H., Zhang, Y., and Kaimeng Zheng, (2019), The impact of deposit insurance on the risks and returns of commercial banks: Evidence from China , Journal of Financial Studies, Vol. 27, pp. 1 – 29.
  22. Zhang, Y. S. Tong, (2018), Strong Domestic Consumption Key to Hong Kong’s Robust Economic Growth in 2017 , East Asian Policy, 10(01), 78-91
  23. Kwan, F., Y. Zhang and S. Zhuo, (2018), Labour Reallocation, Productivity Growth and Dualism: The Case of China , International Review of Economics and Finance, Vol. 57, Pages 198-210 (ABS2)
  24. Huang, W., and Y. Zhang. (2018), Technological gap and heterogeneous oligopoly, The Quarterly Review of Economics and Finance, 67, 1-7. (ABS2)
  25. Gu, X., Zhang, Y & X. Chang, (2017), The role of financial systems for cross-country differences in the link between income and consumption inequality, Applied Economics, 49(24), pp.2365-2378. (ABS2)
  26. M Li, H Zheng, TTL Chong, Y Zhang, (2016), The stock–bond comovements and cross-market trading, Journal of Economic Dynamics and Control , 73, 417-438 (ABS3)
  27. Zhang, Y. S. Tong, (2016), Hong Kong’s Modest Economic Growth: Sustained by Domestic Consumption, East Asian Policy, 8(1),104-117
  28. Gu, X. H., Zhang, Y., Qian, X. L., Guo, H. (2016), The suspension of borrowing: an implicit penalty for loan default under imperfect information , Applied Economics, (5). pp. 1-15. (ABS2)
  29. Liu, M. H., Margaritis, D., & Zhang, Y. (2016), Competition and petrol pricing in the smartphone era: Evidence from Singapore , Economic Modelling, 53: 144-155. (ABS2)
  30. Liu, M. H., Margaritis, D., & Zhang, Y., (2015), Inflation Transmission in Greater China, China and the World Economy, 23(6):79-99.
  31. Gu, X., Huang, B., Tam, P. S., & Zhang, Y. (2015), Inequality and saving: further evidence from integrated economies, Review of Development Economics, 19 (1): 15-30. (ABS2)
  32. Zhang, Y., Li, M. L., & Chia, W. M. (2014), Foreign interest rate shocks and exchange rate regimes in East Asia, Applied Economics, 46:21: 2488-2501. (ABS2)
  33. Liu, M. H., Margaritis, D., & Zhang, Y. (2013), Market-driven coal prices and state-administered electricity prices in China, Energy Economics, 40: 167-175. (ABS3)
  34. Lai, R. N., & Zhang, Y. (2012), The myth or the fact of housing for young people in Macao, Journal of Youth Studies, 15, No. 1: 158-173.
  35. Kwan, F., Zhang, Y., & Zhuo, S. (2011), Rural labour reallocation and productivity growth in China, International Journal of Business Studies, 19, No. 1: 109-124.
  36. Zhang, Y., & Huang, W. (2011), Instantaneous information always stabilizes?, Singapore Economic Review, 56, No. 2: 239–253.
  37. Lye, L. F., & Zhang, Y. (2010), China in the BRICs: pursuing closer cooperation, not hegemony, East Asian Policy, 2, No.4: 58-70.
  38. Zhang, Y., & Kwan, F. (2009), Macao’s gaming-led prosperity and prospects for economic diversification, China: an International Journal (SSCI, Q2, 7, No. 2: 288-319.
  39. Zhang, Y. (2009), “Hong Kong’s economy in the financial crisis, East Asian Policy, 1, No. 2: 40-53.
  40. Huang, W., & Zhang, Y. (2007), Distributional dynamics of cautious economic adjustment processes, Journal of Economic Behavior and Organization, 62: 389-407. (ABS3)
  41. Zheng, Y., & Zhang, Y. (2006), Globalization and social conflict in China, Issues & Studies, 42, No. 2: 85-129.
  42. Wong, J., & Zhang, Y. (2006), Hong Kong’s CEPA with China—Round Two, China: an International Journal (SSCI, Q2), 4, No.1: 114-134.

Selected Books and Book Chapters

  1. Zhang, Y. “CEPA and Mainland-Hong Kong’s economic relations”, (2020), in “China and East Asian Economic Integration”, edited by Sarah Tong and Kong Tuan Yuen, World Scientific,

Selected Conference Papers

  1. Liu, M. H., Margaritis, D., & Zhang, Y. “Retail Petrol Pricing in Australian’s Capital Cities”, Singapore Economic Review Conference, Singapore. (2015).
  2. Gu, X., Huang, B., & Zhang, Y. “Inequality, leverage, and crises: theory and evidence revisited”, The 5th International Finance and Banking Society IFABS Conference, Nottingham, UK. (2013).
  3. Liu, M. H., Margaritis, D., & Zhang, Y. “Coal price and state-administered electricity prices in China”, Conference on Economic and Financial System Development in the Pacific-Rim Region, Honolulu, US. (2012).
  4. Zhang, Y., Chia, W. M., & Li, M. L. “On foreign interest rate shock and exchange rate regime: evidence from East Asian economies”, Western Economic Association International 9th Biennial Pacific Rim Conference, Brisbane, Australia. (2011).
  5. Zhang, Y., Li, G. Q., & Chia, W. M. “Real interest rates shock, economic growth and exchange rate regime—evidence from Singapore and Hong Kong”, the 85th Annual Conference of Western Economic Association International, Portland, US. (2010).
  6. Huang Weihong, Zhang Yang, 2004, Estimating Structural Change in Linear Simultaneous Equations, proceedings of 2004 Australasian Meeting of the Econometric Society, Melbourne, Australia

Postgraduate Student Supervision

PhD Students

  • Bai Yang (2025-present)
  • Bingjie Zhang (2024-present)
  • Ziang Qiu (2023-present)
  • Yixin Cai (2022-present)
  • Yihe Qian (2022-2025), Placement: Hong Kong Polytechnic University
  • Baibing Huang (2018-2023), Placement: Macao University of Science and Technology

Editorialship/Society Membership

  • Associate Editor, Singapore Economic Review (SSCI), 2024-present
  • Member of Editorial Review Board, Corporate Governance: An International Review (ABS3), 2025-present
  • American Economic Association
  • Econometrics Society
  • Western Economic Association International
  • Economic Society of Singapore