Zhaoxia Xu

Assistant Professor

Finance and Risk Engineering

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