Xin (Jessica) Zhao, Ph.D.

Jessica Zhao, Ph.D.
Samuel A. and Elizabeth B. Breene Professor of Business
Department Chair, Economics and Finance programs
Professor, Finance
Office Phone
Office Location
256 Burke
PENN STATE BEHREND
281 BURKE CENTER
ERIE PA 16563
Biography

Dr. Xin (Jessica) Zhao received her Ph.D. degree in Finance at State University of New York at Buffalo in 2004. Dr. Zhao teaches International Finance and Corporate Finance for both undergraduate students and graduate students as a professor at the Penn State Behrend. Dr. Zhao also teaches online MBA (iMBA) courses for Penn State. Dr. Zhao's research interests include market microstructure, event studies, financial market, and asset pricing. Her research in these areas has been published in both academic and practitioner journals. Dr. Zhao has working experience in Da Hua CPA and China Petro-chemical Corporation prior to joining Penn State Behrend.


Teaching

Awards

  • iMBA Outstanding Faculty Award, Penn State University, University Park, PA. (2014).
  • iMBA Outstanding Faculty Award, Penn State University, University Park, PA. (2008).

Teaching Philosophy

“The mind is not a vessel to be filled, but a fire to be kindled.” – Plutarch

“If you give a man a fish, you feed him for a day. If you teach a man how to fish, you feed him for a lifetime.” - Confucius

  1. My ultimate goal as an instructor is igniting students’ enthusiasm to learn.
  2. Group work and learning by doing is the key.
  3. Students should learn how to learn.
  4. Incorporating technology and financial tools into teaching is the trend.
  5. Boredom is the cruel enemy of learning.
  6. “Interaction, interaction, interaction” is critical, especially for the online course.
  7. Teaching is also a process of learning.

Courses Taught

  • FIN 471: International Financial Management, through Behrend
  • FIN 471: International Financial Management, through World Campus
  • iMBA 522: Financial Management, iMBA program through World Campus
  • FNC 400: Intermediate Financial Management
  • B ADM 532: Advanced Financial Management
  • FNC 300: Corporate Finance
  • iMBA 515: Tools in Finance and Accounting, iMBA program through World Campus

Research

Awards

  • 2015 Scholarship Excellence Award, Black School of Business, Penn State University at Erie. (2015) For outstanding performance in all areas of scholarship: Academic research, contributions to practice and research on effectiveness of pedagogical models
  • Outstanding Article Award for “Analyst Reputation, Dealer Affiliation, and Market Making”, Journal of Financial Research. (2008).
  • James Boness Research Paper Award, SUNY at Buffalo, Buffalo NY. (2003).

Professional Service

Journal Article Reviews

  • Academy of Finance.
  • Asia Pacific Journal of Financial Studies.
  • Asia Pacific Management Review.
  • Financial Analyst Journal.
  • Financial Review.
  • Global Finance Journal.
  • International Journal of Accounting, Auditing and Performance Evaluation.
  • International Journal of Economics and Finance.
  • Journal of Banking and Finance.

Book Chapter Reviews

  • International Financial Management.

Conference Article Reviews

  • Midwest Business Administration Association.
  • Multinational Finance Society
  • Southern Financial Association.

Conference Organizing Committee

  • Southern Financial Association – International track chair (2015).
  • Finance symposium, Penn State Behrend, Organizer and speaker. (2011 - Present).

Service to the University and College

  • Annual Review Committee, Chairperson. (2014)
  • Annual Review Committee, Member, Elected. (2006 - 2014)
  • Disciplinary Leader (INTB), Member. (2014)
  • INTB major advising, rap sheet updates, curriculum
  • Extended Review Committee, Member. (2013)
  • Peer Reviewer of Teaching Committee, Participant. (2012 - 2014)
  • Research Committee, Chairperson. (2012 - 2013).
  • Research Committee, Member, Elected. (2011 - 2013).
  • Undergraduate Studies, Member, Elected. (2009 - 2011).
  • Educational Equity and Campus Environment Committee, Member. (2008 - 2011).
  • Club adviser, International Business Club, Advisor. (2014 - Present).
  • Club adviser, Asian Society Organization (ASO), Advisor. (2008).
Research Interests

Market microstructure, portfolio management, interdisciplinary research (e.g., accounting, economics, MIS, supply chain)

Publications

Responses of U.S. Multinational Firms to a Temporary Repatriation Tax Holiday: A Literature Review and Synthesis, Journal of Accounting Literature - 2019
Collaborators: Qi Dong, Co-Author; YiTing Cao, Co-Author; Ash Deshmukh, Co-Author

Beta Momentum Strategy after Extreme Market Movements, Investment Management and Financial Innovations - 2018
Collaborators: Mingsheng Li, Co-Author; Liuling Liu, Co-Author

Do Firms Do What They Say? The Effect of the American Jobs Creation Act of 2004 on R&D Spending, Journal of the American Taxation Association - 2018
Collaborator: Qi Dong, Co-Author

Financial Literacy: The Effectiveness of High School Outreach, Journal of Business and Economic Perspectives - 2018
Collaborators: Michael Filbeck, Co-Author; S. Kumar, Co-Author

Neighborhood effect on stock price comovement, North America Journal of Economics and Finance - 2016
Collaborator: M Li, Co-Author

Supply Chain Finance and Financial Contagion from Disruptions- Evidence from the Automobile Industry, International Journal of Physical Distribution and Logistics Management - 2016
Collaborators: Michael Filbeck, Co-Author; S. Kumar, Co-Author; Jiangxia Liu, Co-Author

The Impact of the Economic Crisis on the Financial Performance of Multinational Corporations, International Review of Economics and Finance - 2015
Collaborators: Xianling Jiang, Secondary Author; Zhaoyang Li, Secondary Author

Competitor share price reaction to supply chain disruptions, Journal of Business and Economic Perspectives - 2014
Collaborators: Michael Filbeck, Co-Author; S. Kumar, Co-Author

Using social responsibility ratings to outperform the market: Evidence from long-only and active-extension investment strategies., Journal of Investing - 2014
Collaborators: Michael Filbeck, Co-Author; Hunter Holzhauer, Co-Author

Impact of leveraged ETF trading on the market quality of component stocks, North American Journal of Economics and Finance - 2014
Collaborator: Mingsheng Li, Co-Author

The impact of the euro crisis on the financial performance of European and North American firms, International Journal of Finance and Economics - 2014
Collaborators: Michael Filbeck, Co-Author; Kenneth Louie, Co-Author

Are the best of the best better than the rest? The effect of multiple rankings on company value., Review of Quantitative Finance and Accounting - 2013
Collaborators: Michael Filbeck, Co-Author; Ray Gorman, Co-Author

Barron's Best CEOs: How did their firms fare?, Global Jounral of Management and Business Research - 2013
Collaborators: Michael Filbeck, Co-Author; Diane Parente, Co-Author

Barron's Most Respected Companies, Accounting and Finance - 2013
Collaborators: G. Filbeck, Co-Author; R. Gorman, Co-Author

CEOs in the media: The impact to shareholders, Journal of Business and Economic Perspectives - 2013
Collaborators: Michael Filbeck, Co-Author; Array Burlingame, Co-Author

Performance of the contrarian strategy after extreme market movements, Journal of Investing - 2013
Collaborators: Michael Filbeck, Co-Author; Mingsheng Li, Co-Author

Shareholder reaction to firm investments in the capability maturity model: An event study, European Journal of Information Systems - 2013
Collaborators: Michael Filbeck, Co-Author; Matthew Swinarski, Co-Author

Top Performing Banks: The Benefits to Investors, Journal of Economics and Finance - 2013
Collaborators: G. Filbeck, Co-Author; D. Preece, Co-Author

Barron's Survey: The World's Best CEOs, Accounting and Finance Research - 2012
Collaborators: G. Filbeck, Co-Author; R. Gorman, Co-Author

Empirical Analysis of ETF Intraday Trading, Financial Services Review - 2012
Collaborators: M. Li, Co-Author; D. Klein, Co-Author

Market Share Growth and Performance Measures: The Cases of Large vs. Community Banks, The Banking and Finance Review - 2012
Collaborators: G. Filbeck, Co-Author; D. Preece, Co-Author

Security Analysis, Dealer-Analyst Collaboration, and Market Quality: Evidence from the Nasdaq Market in the USA, Journal of Business Finance and Accounting - 2012
Collaborators: K. Chung, Co-Author; M. Li, Co-Author

Does Superior Leadership Lead to Superior Performance?, Journal of Business and Economic Perspectives - 2011
Collaborators: G. Filbeck, Co-Author; Z. Herd, Co-Author

Market Timing Using the VIX for Style Rotation, Financial Services Review - 2011
Collaborators: Brian Boscaljon, Co-Author; G. Filbeck, Co-Author

SOX and the Regulated Firm, Journal of Accounting and Public Policy - 2011
Collaborators: G. Filbeck, Co-Author; R. Gorman, Co-Author

Top Performing Banks: Size Effect and Economic Cycles, Journal of Investing - 2011
Collaborators: G. Filbeck, Co-Author; D. Preece, Co-Author

Why Track Inefficiencies?, The Journal of Index Investing - 2011
Collaborators: Brian Boscaljon, Co-Author; G. Filbeck, Co-Author

Good to Great: Lessons for Managers, Management Research Review - 2010
Collaborators: G. Filbeck, Co-Author; R. Gorman, Co-Author; Diane Parente, Co-Author

Identifying the Best Companies for Leaders: Does it Lead to Higher Returns, Managerial and Decision Economics - 2010
Collaborators: G. Filbeck, Co-Author; R. Gorman, Co-Author

Good to Great: What's So Good About Being Great?, Financial Decisions - January, 2010
Collaborators: G. Filbeck, Co-Author; R. Gorman, Co-Author

Share Price Reactions to Advertising Announcements and Broadcast of Media Events, Managerial and Decision Economics - 2009
Collaborators: G. Filbeck, Co-Author; D. Tompkins, Secondary Author; P. Choong, Secondary Author

The "Best Corporate Citizens": Are They Good for Their Shareholders?, CFA Digest - 2009
Collaborators: G. Filbeck, Co-Author; R. Gorman, Co-Author

The "Best Corporate Citizens": Are They Good for Their Shareholders?, Financial Review - 2009
Collaborators: G. Filbeck, Co-Author; R. Gorman, Co-Author

Size, Book-to-market Effect, and Economic Cycle, Financial Decisions - January, 2009

Analyst Reputation, Dealer Affiliation, and Market Making, Journal of Financial Research - 2008
Collaborator: M. Li, Co-Author

Chinese Currency - 2007

Stock Market Predictions - 2007

Collaboration: Leading and Learning by Example, Merlot Journal of Online Learning and Teaching - 2007
Collaborators: Diane Parente, Co-Author; Janet Duck, Co-Author; L. Fizel, Co-Author

Information Disclosure and Market Quality: The Effect of SEC Rule 605 on Trading Costs, Journal of Financial and Quantitative Analysis - 2007
Collaborator: Kee Chung, Secondary Author

Decimal Pricing and Information-based Trading: Tick Size and Information Efficiency of Asset Price, Journal of Business Finance and Accounting - 2006
Collaborator: Kee Chung, Secondary Author

Order Imbalance and Liquidity Supply: Evidence from the Bubble Burst of Nasdaq Stocks, Journal of Empirical Finance - 2005
Collaborators: M. Li, Co-Author; T. McCormick, Co-Author

Making a Market with Spreads and Depths, Journal of Business Finance and Accounting - 2004
Collaborator: K.H. Chung, Co-Author

Price and Quantity Quotes on NASDAQ: A Study of Dealer Quotation Behavior, Journal of Financial Research - 2004
Collaborator: K.H. Chung, Co-Author

Intraday Variation in the Bid-ask Spread: Evidence after the Market Reform, Journal of Financial Research - 2003
Collaborator: K.H. Chung, Co-Author

Education

Ph D, Finance, State University of New York

MA, International Trade, Shanghai University of Finance and Economics

BA, English for Science and Technology, Tianjin University