Experience

Associate Professor, Zhongnan University of Economics and law, Aug., 2021~

Lecturer, Zhongnan University of Economics and law, Aug., 2018~Jul., 2021

Visiting Scholar, St. John’s University, U.S., Finance, Jul., 2019 – Sep., 2019

Postdoctoral Research Fellow, National Central University, Taiwan, Finance, Oct., 2017 – Jul., 2018

Visiting Ph.D. Student, George Mason University, U.S., Finance, Jul., 2015 – Mar., 2016

Adjunct Lecturer, Yuan Ze University, Taiwan, Finance, Feb., 2015 – Jul., 2015

EDUCATION

Ph.D., National Central University, Taiwan, Finance, 2016

AREAS OF INTERESTS

Market Microstructure/ Corporate Finance/International Finance/ Behavior Finance

PUBLISHED PAPERS

1.     Albert J. Menkveld et al., 2023. Non-standard Errors. Journal of Finance, Accepted.

2.     Zhen-Xing Wu, Ying-Feng Gau，Yu-loom, Chen*, 2023. Vehicle Currency and Price Discovery. Journal of International Money and Finance 137, 102912.

3.     Guan-Ying Huang, Carl Hsin-Han Shen, Zhen-Xing Wu, 2023. Firm-level Political Risk and Debt Choice. Journal of Corporate Finance 78, 102332.

4.     Zhen-Xing Wu, Ying-Feng Gau*, 2022. Informativeness of Trades around Macroeconomic Announcements in the Foreign Exchange Market. Journal of International Financial Markets, Institutions and Money 78, 101533.

5.     Guan-Ying Huang, Yin-Feng Gau, Zhen-Xing Wu*, 2021. Price Discovery in Fiat Currency and Cryptocurrency Markets. Finance Research Letters, 102615.

6.     Tsung-Yu Chen, Ching-Hsiang Chao, Zhen-Xing Wu*, 2021. Does the Turnover Effect Matter in Emerging Markets? Evidence from China. Pacific-Basin Finance Journal, 67, 101551.

7.     Tsung-Yu Chen, Guan-Ying Huang, Zhen-Xing Wu*, 2021. Overreaction-based Momentum in the REIT Market. International Review of Finance, 1–19.

8.     Zhen-Xing Wu*, Zhen-Wei Hong and Yin-Feng Gau, 2020. The Effect of Algorithmic Trading on Intraday Price Efficiency: Evidence from the Foreign Exchange Market, Journal of Financial Studies, 28, 49-90. 

9.     Zhen-Xing Wu, Tsung-Yu Chen*, 2019. Information Asymmetry, Market State, and Implementation Risk, The North American Journal of Economics and Finance 59, 101007.

10.  Xunzhou Ma, Zhen-Xing Wu*, 2019. Do Sacred Texts Glorifying Allah Facilitate Muslims’ Trust and Trustworthiness? Evidence from Field Experiments in China, Journal of Behavioral and Experimental Economics83, 101466.

11.  Yin-Feng Gau, Zhen-Xing Wu, 2017. Macroeconomic Announcement and Price Discovery in the Foreign Exchange Market.Journal of International Money and Finance79, 232-254.

12.  Yin-Feng Gau, Zhen-Xing Wu*, 2014. Order Choices under Information Asymmetry in Foreign Exchange Markets.Journal of International Financial Markets, Institutions & Money30, 106-118.

UNDER REVIEW

1.     Stock Liquidity and Insider Trading Profitability. Under review, 2023.

2.     Early-Life Experiences, Altruism, and Stock Price Crash Risk. Under review, 2023.

3.     Trading volume, price limits, and the cross section of stock returns. R&R, 2023.

4.     Determinants of Disposition Effect in the Real Estate Market: Evidence from Taiwan. R&R, 2023.

WORKING PAPERS

1.     Zhen-Xing Wu, Ya-Tin Chang,Yin-Feng Gau, 2024. High Frequency Trading and Liquidity in the Foreign Exchange Rate Markets.

2.     Haobo Zhu, Zhen-Xing Wu, 2023.High Frequency Trading and Intraday Momentum.

3.     Zhen-Xing Wu, Tsung-Yu Chen, Yun Zhu, Jimmy Yang, 2023. The Impact of Covid-19 Outbreak on Information Asymmetry.

4.     Zhen-Xing Wu, Yin-Feng Gau, Yun Zhu, 2022. Economic Policy Uncertainty and Price discovery in the Foreign Exchange Market.

5.     Zhen-Xing Wu, Yin-Feng Gau, 2022. High Frequency Trading and Price Discovery in the Foreign Exchange Market.

6.     Zhen-Xing Wu, Yin-Feng Gau, Jin-Huei Yeh, 2021. Macroeconomic Announcements, Jumps and Price Discovery in the Foreign Exchange Market.

7.     Zhen-Xing Wu, George H. K. Wang and Hui Zheng, 2021. Market Decline, High-Frequency Trading and Liquidity Commonality.

8.     Wen-Ju Liao, Yin-Feng Gau, Zhen-Xing Wu, 2019. Herding Behavior of Institutional and Individual Investors: Evidence from the Taiwan Futures Market.

WORK IN PROGRESS

1.     Buhui Qiu, Guan-Ying Huang, Hsin-Han Shen, Zhen-Xing Wu. Does Investor react to firm’s violation on customer-related law.

2.     Yin-Feng Gau, Zhen-Xing Wu, Kendro Vincent. MSCI Index and Price Discovery in the FX market.

3.     Zhen-Xing Wu, Tsung-Yu Chen. Ambiguity and Stock Return.

4.     Zhen-Xing Wu. Currency Premia and Information Risk.

SELECTED CONFERENCE PRESENTATION

1.     High Frequency Trading and Intraday Momentum. The 32th European Financial Management Association Annual Conference, Cardiff University, UK. [Jun. 28-Jul. 1, 2023]

2.     Early-Life Experiences, Altruism, and Stock Price Crash Risk. 2022 American Economic Association Annual Conference, Online [Jan. 7-Jan. 9, 2022]

3.     High Frequency Trading and Price Discovery in the Foreign Exchange Market. 2022 American Economic Association Annual Conference, Online [Jan. 7-Jan. 9, 2022]

4.     The Opposite Disposition Effect in Real Estate Market: New Evidence. 2021 International Conference of Taiwan Finance Association, Chungli, Taiwan [May 21- May 22, 2021] (Best Paper Award)

5.     Information Shocks and Order Aggressiveness in the Foreign Exchange Market. 2020 American Financial Management Association Annual Meeting, New York [Oct. 19-Oct. 23, 2020]

6.     Market Decline, High-Frequency Trading and Liquidity Commonality, The 27th European Financial Management Association Annual Conference, Milan, Italy [Jun. 27-Jun. 30, 2018]

7.     The Effect of Algorithmic Trading on Intraday Price Efficiency: Evidence from the Foreign Exchange Market. 2018 International Conference of Taiwan Finance Association, Taipei, Taiwan [May 25- May 26, 2018] (Best Paper Award)

8.     Price Discovery, Announcements and Jump in the Foreign Exchange Market. 2015 23th Conference on the Theories and Practices of Securities and Financial Markets. 2017 Asian Finance Conference held in Seoul, Korea [Jul. 7-Jul. 9, 2017]

9.     Information Content in Order Flows around Macroeconomic Announcement in Foreign Exchange Markets. 2016 American Financial Management Association Annual Meeting, Las Vegas, U.S.A[Oct. 19- Oct. 22, 2016]

10.  Market Decline, High-Frequency Trading and Liquidity Commonality. 2016 Asian Finance Conference held in Bangkok, Thailand [Jun. 29-Jul. 2, 2016]

11.  Order Aggressiveness and Announcements in the Foreign Exchange Market. 2016 Asian Finance Conference held in Bangkok, Thailand [Jun. 29-Jul. 2, 2016]

12.  Market Decline, High-Frequency Trading and Liquidity Commonality. 2016 International Conference of Taiwan Finance Association, Sanxia, Taiwan [May 27- May 28, 2016]

13.  Price Discovery, Announcements and Jump in the Foreign Exchange Market.201523th Conference on the Theories and Practices of Securities and Financial Markets

14.  Information Content in Order Flows around Macroeconomic Announcement in Foreign Exchange Markets. 2015 Asian Finance Conference, Changsha, Hunan, China [June 29-July 2, 2015]

15.   Macroeconomic Announcement and Price Discovery in the Foreign Exchange Market. 2014 Asian Finance Conference, Bali, Indonesia [June, 2014] Macroeconomic Announcement and Price Discovery in the Foreign Exchange Market. 2014 International Conference of Taiwan Finance Association, Hsinchu, Taiwan [May 27- May 28, 2014] (Best Paper Award)

16.  Order Choices under Information Asymmetry in Foreign Exchange Markets. 2013 Behavioral Finance & International Financial Markets Theory and Empirics, Shih Hsin University, Taiwan [January, 2013].

HONORS

1. 2021, Best Paper Awards for 2021 International Conference of Taiwan Finance Association, Taiwan.

2. 2017, Best Paper Awards for 2017 International Conference of Taiwan Finance Association, Taiwan.

3. 2016, The Phi Tau Phi Scholastic Honor Society.

4. 2016, PhD Travel Award for the 2016 Asian Finance Conference held in Bangkok, Thailand.

5. 2015, Graduate Student Study Abroad Program to the U.S., NSF, Taiwan.

6. 2015, AFA Doctoral Student Travel Grant, American Financial Association, USA.

7. 2014, PhD Travel Award for the 2014 Asian Finance Conference held in Bali, Indonesia.

8. 2014, Best Paper Awards for 2014 International Conference of Taiwan Finance Association, Taiwan.

9. 2010, Enrollment scholarships for PhD student in National Central University.

10. 2010, The Phi Tau Phi Scholastic Honor Society.