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Jia Hao

  • Associate Professor
  • Zwerling Family Endowed Term Chair
Academic Division: Finance
Professor Jia Hao is the Zwerling Family Endowed Term Chair in Finance at Babson College. Her expertise spans financial strategy, corporate valuation, investment analysis, and trading mechanisms. She has held academic positions at the Chinese University of Hong Kong, the University of Michigan, and Wayne State University. Prof. Hao has taught undergraduate, MBA, Executive Master's, and PhD courses and has been recognized for her commitment to teaching and mentorship with awards, including the Distinguished Teacher Award and the Faculty Teaching Merit Award.

Dr. Hao earned her PhD in Finance from the David Eccles School of Business at the University of Utah. Her research focuses on market microstructure and its intersection with corporate finance and asset pricing. Her research has appeared in leading financial journals, including the Journal of Finance and the Review of Financial Studies, and has been honored twice with the NASDAQ-sponsored Best Competitive Paper Award in Market Microstructure at the Financial Management Association International Meeting.

Professor Hao has contributed her expertise to numerous international finance conferences, serving on program committees and chairing sessions. Her research has also informed regulatory discussions, including presentations to the U.S. Securities and Exchange Commission. She also serves on several public and private company boards, guiding corporate governance, IPO strategy, and financial regulation. Her consulting work spans a range of financial institutions and exchanges, applying academic insights to real-world economic challenges.

Academic Degrees

  • Ph D, University of Utah
  • BS, Shenzhen University

Academic Interest / Expertise

Financial strategy, Corporate valuation, Investment analysis, Risk management, Trading mechanisms

Awards & Honors

  • 2021 — Zwerling Family Endowed Term Chair, Zwerling Family
  • 2018 — FMA Best Competitive Paper Award Semi-finalist , Financial Management Association International Conference, sponsored by NASDAQ
  • 2017 — Faculty Teaching Merit Award, Chinese University of Hong Kong
  • 2016 — FMA Best Competitive Paper Award Semi-finalist , Financial Management Association International Annual conference, sponsored by NASDAQ
  • 2016 — Hong Kong Research Grants Council (General Research Fund), University Grants Committee (UGC) of Hong Kong
  • 2012 — FMA Best Competitive Paper Award , Financial Management Association International Conference, sponsored by NASDAQ
  • 2011 — FMA Best Competitive Paper Award , Financial Management Association International Conference, sponsored by NASDAQ
  • 2010 — Distinguished Teaching Award, Wayne State University
  • 2005 — Morgan Stanley Equity Market Microstructure Research Grant, Morgan Stanley

Publications

Journal Articles

  • Hao, J., Zheng, K. (2021). Effect of the Equity Capital Ratio on the Relationship between Competition and Bank Risk-taking Behavior. The Review of Corporate Finance Studies. Vol: 10, Issue: 4, Page: 813–855.
  • Hao, J., Bessembinder, H., Zheng, K. (2020). Liquidity Provision Contracts and Market Quality: Evidence from the New York Stock Exchange. Review of Financial Studies, The. Vol: 33 , Issue: 1, Page: 44-47. link
  • Hao, J., Gao, P., Kalcheva, I., Ma, T. (2015). Short Sales and the Weekend Effect - Evidence from Hong Kong. Journal of Financial Markets. Vol: 26, Page: 85-102.
  • Hao, J., Bessembinder , H., Zheng, K. (2015). Market Making Contracts, Firm Value, and the IPO Decision. Journal of Finance, The. Vol: 70, Page: 1997-2028. link
  • Hao, J., Cong , Y., Zou, L. (2014). The Impact of the XBRL Mandate on Market Efficiency. Journal of Information Systems. Vol: 28, Page: 181-207.
  • Hao, J., Cardella, L., Kalcheva, I., Ma, Y. (2014). Computerization of the Equity, Foreign Exchange, Derivatives, and Fixed-Income Markets. The Financial Review. Vol: 49, Page: 231-243.
  • Hao, J., Kalay, A., Mayhew, S. (2010). Ex Dividend Arbitrage in Option Markets. Review of Financial Studies, The. Vol: 23, Page: 271-303.

Presentations

  • Market Concentration in the Liquidity Provision Industry and Its Effect on the Cost of Liquidity Hao, J. Zheng, K. Mooradian, . Financial Management Association European Annual Meeting 2022, Lyon, France (2022)
  • Liquidity Provision Contracts and Market Quality: Theory and Evidence Hao, J. Babson Research Day 2019, Boston (2019)
  • Market Concentration in the Liquidity Provision Industry and Its Effect on the Cost of Liquidity Hao, J. Financial Management Association Annual Meeting 2018, San Diego, CA (2018)
  • Liquidity Provision Contracts and Market Quality: Evidence from the New York Stock Exchange Hao, J. Financial Management Association Annual Meeting 2018 (TOP 10 SECTION) Best Competitive Paper Award in Market Microstructure semifinalist, San Diego, CA (2018)
  • Liquidity Provision Contracts and Market Quality: Evidence from the New York Stock Exchange Hao, J. The Asian Bureau of Finance and Economic Research 6th Annual Conference, Singapore (2018)
  • Liquidity Provision Contracts and Market Quality: Evidence from the New York Stock Exchange Hao, J. Chinese International Conference in Finance 2017, Hangzhou, China (2017)
  • Liquidity Provision Contracts and Market Quality: Evidence from the New York Stock Exchange Hao, J. Women in Market Microstructure Conference, Whistler, Canada (2017)
  • Market Making Contracts, Firm Value, and the IPO Decision Hao, J. the U.S. Securities and Exchange Commission, Washington DC (2015)
  • Market Making Contracts, Firm Value, and the IPO Decision Hao, J. SEC Division of Economic and Risk Analysis Seminar, Washington, DC (2014)
  • Market Making Obligations and Firm Value Hao, J. Financial Management Association Conference, US (2013)
  • Market Making Obligations and Firm Value Hao, J. the Asian Bureau of Finance and Economic Research Conference, China (2013)
  • The Impact of XBRL Reporting on Market Efficiency Hao, J. University of Kansas International Conference on XBRL, Lawrence, Kansas (2013)
  • Short sales and the weekend effect—Evidence from a natural experiment Hao, J. 2011 Financial Management Association Annual Meeting, Denver, CO (2011)
  • Ex-dividend Arbitrage in Option Markets Hao, J. The China International Conference in Finance (CICF) , China (2007)
  • Why Designate Market Makers? Affirmative Obligations and Market Quality Hao, J. University of Sydney Microstructure Conference, Sydney (2007)
  • Ex-dividend Arbitrage in Option Markets Hao, J. Western Finance Association Conference, Hawaii (2007)
  • Ex-dividend Arbitrage in Option Markets Hao, J. The European Winter Finance Summit, Switzerland (2007)
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