Zhaoxia Xu

Assistant Professor

University of Toronto


Journal Articles

"Market Sentiment and Innovation Activities", with T. V. Dang, Journal of Financial and Quantitative Analysis, Conditionally Accepted

"Financial Dependence and Innovation: The Case of Public versus Private Firms", with V. Acharya, Journal of Financial Economics, Accepted http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2361830

Featured in Harvard Law School Forum http://blogs.law.harvard.edu/corpgov/2014/07/02/financial-dependence-and-innovation

Covered in The American Interest, “Finance and Innovation”


"Product Market Competition and Financial Decisions During a Financial Crisis", with S. Byoun, Financial Management, Accepted


"Contracts, Governance, and Country Risk in Project Finance: Theory and Evidence", with S. Byoun, Journal of Corporate Finance, 26 (2014), 124-144


"Complex Ownership and Capital Structure", with T. Paligorova, Journal of Corporate Finance, 18 (2012), 701–716 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1362249

"Why Do Some Firms Go Debt-Free?", with S. Byoun, Asia-Pacific Journal of Financial Studies, 42 (2013), 1-38 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=891346

"Scaling, Self-similarity and Multifractality in FX Markets", with Ramazan Gencay, Physica A, 323 (2003), 578-590 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2050566

Research Interests

Corporate Finance, Entrepreneurial Finance, Corporate Innovation

General/Collaborative Research

"Unconventional Monetary Policy"



NBER Innovation Policy Grant, Sole PI, 2014-2015

Asia-Pacific Journal of Financial Studies Best Paper Award

Financial Management Association International Annual Meeting 2015 Best Paper Award Semi-Finalist

Financial Management Association International Annual Asian Meeting 2015 Best Paper Award Semi-Finalist

Financial Management Association International Annual Meeting 2011 Best Paper Award Semi-Finalist