Mailing Address:
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
- My ultimate goal as an instructor is igniting students’ enthusiasm to learn.
- Group work and learning by doing is the key.
- Students should learn how to learn.
- Incorporating technology and financial tools into teaching is the trend.
- Boredom is the cruel enemy of learning.
- “Interaction, interaction, interaction” is critical, especially for the online course.
- 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
Annual Report Readability and Share Repurchases under a Temporary Tax Holiday, Advances in Taxation - 2020
Collaborators: Ash Deshmukh, Co-Author; Greg Filbeck, Co-Author
Audit Quality and Readability of the Annual Reports, International Journal of Strategic Decision Sciences - 2020
Collaborator: Ash Deshmukh, Co-Author
Financial Literacy: Profiling a Successful High School Outreach Program, Financial Services Review - 2020
Collaborators: Greg Filbeck, Co-Author; Jason Pettner, Co-Author
Supply Chain Disruptions Firm, Competitor, Supplier, and Customer Impact, International Journal of Information Systems and Supply Chain Management (IJISSCM) - 2020
Collaborator: Greg Filbeck, Co-Author
Performance Assessment of Firms Following Sustainalytics Esg Principles, Journal of Investing - 2019
Collaborators: Michael Filbeck, Co-Author; Aaron Filbeck, Co-Author
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
An Analysis of Working Capital Efficiency and Shareholder Return,, Review of Quantitative Finance and Accounting - 2017
Collaborators: Michael Filbeck, Co-Author; R Knoll, Co-Author
An Analysis of Working Capital Efficiency and Shareholder Returns, Review of Quantitative Finance and Accounting - 2017
Collaborators: Michael Filbeck, Co-Author; Ryan Knoll, Co-Author
Dividend-Yield Strategies: A New Breed of Dogs, Journal of Investing - 2017
Collaborators: Michael Filbeck, Co-Author; Hunter Holzhauer, Co-Author
Does Diversity Improve Profits And Shareholder Returns? Evidence From Top Rated Companies For Diversity By DiversityInc, Advances in Accounting - 2017
Collaborators: Michael Filbeck, Co-Author; D Preece, Co-Author; Ben Foster, Co-Author
Evaluating The Performance of The Motley Fool's Stock Advisor, Investment Management and Financial Innovations - 2017
Collaborators: Greg Filbeck, Co-Author; Alexander Lyon, 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 ABA Top Performing Banks in a Time of Financial Crisis: Can They Outperform the Worst?, Banking and Finance Review - 2016
Collaborators: Michael Filbeck, Co-Author; D Preece, 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, The State University of New York at Buffalo
MA, International Trade, Shanghai University of Finance and Economics
BA, English for Science and Technology, Tianjin University