Angel Zhong

Dr Angel Zhong

Associate Professor of Finance

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Profile photo of Dr Angel Zhong standing in front of a white wall, smiling at camera.

Contact details

   COBLEconomics Finance & Marketing


  The Financial Markets and Sustainability Group, RMIT University


  Emailangel.zhong@rmit.edu.au


    Phone: +61 39925 5006


   Campus: Melbourne City


Programs

More information

Contact details

   COBLEconomics Finance & Marketing


  The Financial Markets and Sustainability Group, RMIT University


  Emailangel.zhong@rmit.edu.au


    Phone: +61 39925 5006


   Campus: Melbourne City


Programs

More information

Angel Zhong is a finance academic who specialises in empirical asset pricing, digital finance, global financial markets, investor behaviour and the recent trends in retail investing.

Overview

Associate Professor Angel Zhong is an award-winning RMIT finance researcher who specialises in empirical asset pricing and investor behaviour in financial markets. She is an editorial board member of two prestigious field journals (Finance Research Letters and Journal of International Financial Markets, Institutions and Money). She is the recipient of the RMIT Awards for Research Excellence, Early Career Researcher (Enterprise) in 2021.

She is an aspiring academic with strong ties to the industry. Her research has strong investment applications for investors. She is a successful recipient of grants in the area of measuring mispricing and sentiment in the Australian equity market.

Angel remains engaged with external stakeholders while undertaking her academic responsibilities. Her research has frequently attracted significant mainstream media attention internationally. Her commitment to translating her research to improve the financial literacy and wellbeing of Australians has seen her recognised as the finalist of the Women in Finance Awards 2021 in Australia, in the category of Thought leader of the Year.'

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Industry experience

Dr Zhong works with a wide range of industry partners on knowledge exchange and complex research projects. Some recent highlights include:

  • Working with the Capital Network to analyse recent trends in investment and global financial markets
  • Partnering with Refinitiv to utilise real-time financial data to enhance student experience
  • Collaborating with Page Executive, EIM Executive Interim Management, and Northern Trust Asset Management to explore the current landscape of jobs in finance 
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Research

Dr Zhong's research interest includes asset pricing models, stock market anomalies, investment, empirical asset pricing, investor behaviour, and sustainable investing.

Research keywords

Empirical Asset Pricing, Stock Market Anomalies, Financial Stability, Banking System, Investor Behaviour, Financial Wellbeing, Global Financial Markets

Research output summary

27

Publications

$156,000

Grants

$45,896.20

Research Support

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Supervisor interest areas

  • Empirical Asset Pricing
  • Banking
  • Digital Finance
  • Behavioral Finance

Feature publications

The MAX effect: An exploration of risk and mispricing explanations

Journal of Banking and Finance, 65, 76-90.

Zhong, A, and P. Gray. (2016).

Tuesday Blues and the day-of-the-week effectin stock returns

Journal of Banking and Finance . 133. 106243.

Chiah, M., and A. Zhong. (2021).

Has Idiosyncratic Volatility Increased? Not in Recent Times

Critical Finance Review. Forthcoming.

Chiah, M., P. Gharghori and A. Zhong, (2021) 

Key publications by year

  • Chiah, M., X, Tian, and A. Zhong. 'Lockdown and retail trading in the equity market'. Journal of Behavioral & Experimental Finance. 2022. 33.100598.
  • Bissoondoyal-Bheenick, Do, H., X Hu, and A Zhong. 'Sentiment and stock market connectedness: Evidence from the US–China trade war'. International Review of Financial Analysis. 2022. 80.102031.
  • Chiah, M., Phan, D. H. B., Tran, V.T., and A Zhong. 'Energy price uncertainty and the value premium'. International Review of Financial Analysis. 2022. 81.102062.
  • Gray, P. and A. Zhong, 'Assessing the usefulness of daily and monthly asset-pricing factors for Australian equities', Accounting and Finance. 2022. 62. 181-211.
  • Zhong, A. 'Institutional trading in stock market anomalies in Australia', Accounting and Finance.  2022. 62. 893-930.
  • Chai, D., Chiah, M., Zhong, A., and B. Li.  ‘Another look at sources of momentum profits ’, International Review of Economics & Finance. 2022. 79. 310-323.
  • Akhtaruzzaman, M., M., Chiah, P. Docherty and A. Zhong. Betting against bank profitability. Journal of Economic Behavior and Organization. 2021. 192. 303-323.
  • Chiah, M., and A. Zhong, 'Tuesday Blues and the day-of-the-week effect in stock returns', Journal of Banking and Finance. 2021. 133. 106243.
  • Ang, T. C., A. S. M., S. Azad, T, A. T., Pham and A. Zhong. 'Firm efficiency and stock returns: Australian evidence'. International Review of Financial Analysis. 2021, 78, 101935.
  • Chiah, M., X., Hu and A. Zhong, 'Photo sentiment and stock returns around the World', Finance Research Letters. 2021. 102417.
  • Cheema, M., M. Chiah and A. Zhong, 'Resurrecting the size effect in Japan: Firm size, profitability shocks, and expected stock returns'. Pacific-Basin Finance Journal. 2021. 69. 101641.
  • Bissoondoyal-Bheenick, B., H., Do, X., Hu and A. Zhong, 'Learning from SARS: Return and Volatility Connectedness in COVID-19  ', Finance Research Letters. 2021. 41. 101796.
  • Chan, K. F., Gray, P., Gray, S., and A. Zhong, ‘Political Uncertainty, Market Anomalies and Presidential Honeymoons’, Journal of Banking and Finance. 2020, 113, 105749.
  • Akhtaruzzaman, A., Boubaker, S., Chiah, M. and A. Zhong, 'COVID-19 and oil risk exposure ', Finance Research Letters. 42. 101882.
  • Chai, D., Chiah, M., and A. Zhong, ‘Decomposing value: Changes in size or changes in book-to-market? ’, Pacific-Basin Finance Journal ABDC: A. 2020. 64. 101467.
  • Chiah, M., and A. Zhong, 'Trading from Home: the Impact of COVID-19 on Trading Volume around the World', Finance Research Letters. 2020. 37. 101784.
  • Chiah, M., P. Gharghori and A. Zhong, ‘Comovement in Anomalies between the Australian and US Equity Markets’, International Review of Finance. 2020. 20. 1005-1017 .
  • Chai, D., Chiah, M., and A. Zhong, ‘Choosing Factors: Australian Evidence’,Pacific-Basin Finance Journal. 2019, 59, 1-9.
  • Chiah, M., and A. Zhong, ‘Day-of-the-week effect in anomaly returns: International Evidence ’, Economics Letters. 2019, 182, 90-92.
  • Cao, V. N., P. Gray and A. Zhong, 'Investment-related anomalies in Australia: Evidence and explanations', International Review of Financial Analysis. 2019, 61, 97-109.
  • Zhong A., ‘Idiosyncratic volatility in the Australian equity market’, Pacific-Basin Finance Journal. 2018, 50, 105-125.
  • Zhong, A., D. Chai, M. Chiah and B. Li, ‘Volume shocks and stock returns: An alternative test’. Pacific-Basin Finance Journal. 2018, 48, 1-16.
  • Zhong, A., and P. Gray, ‘The MAX effect: an exploration of risk and mispricing explanations’. Journal of Banking and Finance. 2016, 65, 76 − 90.
  • Chiah, M., D. Chai, A. Zhong and S. Li, ‘A Better Model? An Empirical Investigation of the Fama-French Five-factor Model in Australia’, International Review of Finance. 2016,16, 595-638.
  • Zhong, A., M. Limkriangkrai, and P. Gray, ‘Anomalies, risk adjustment and seasonality: Australian evidence’. International Review of Financial Analysis. 2014, 35, 207 − 218.
  • Zhong, A., M. Limkriangkrai, and P. Gray, ‘Seasonality in Momentum Profitability’ JASSA. 2014, 2, 6 − 10.
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Feature projects

Cybersecurity risks and stock market connectedness

Recent trends in retail investing in global share markets

Australian stock market valuation 

Key projects

  • Green bonds and climate finance 
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Awards

RMIT Awards for Research Excellence, Early Career Researcher (Enterprise)

Award date: 2021

Recipients: Angel Zhong

Finalist, Women in Finance 2021 Australia, category: Thought Leader of the Year

Award date: 2021

Recipients: Angel Zhong

Media Star, College of Business and Law, RMIT University

Award date: 2020

Recipients: Angel Zhong 

Key awards by year

  • SIRCA’s 2021 Philip Brown Prize for best paper citing SIRCA data published in 2021
  • RMIT University Rising Media Star 2021
  • Peoples Choice Award for the Best Research Poster, RMIT Women Researchers Network, 2021
  • 2020 Team Award for achieving the highest student evaluation score, RMIT University
  • 2019 Best Early Career Researcher of the Year in the School of Economics, Finance and Marketing, RMIT University
  • 2018 Team Award for achieving the highest student evaluation score, RMIT University
  • 2017 Finalist, Mollie Holman Medal, Monash University
  • 2016 Postgraduate Publications Award, Monash University
  • 2016 Best Paper Award at the 7th Conference on Financial Markets and Corporate Governance (FMCG)
  • 2015 Best Paper Award, PhD Symposium, the 6th Conference on FMCG
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Grants

  • Australian Investor Sentiment Index and Institutional Demand Shocks. Funded by: AFAANZ Research Grants 2018 onwards from (2020 to 2021)
  • Measuring Mispricing in the Australian Equity Market. Funded by: AFAANZ Research Grants 2018 onwards from (2018 to 2019)
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Public and media engagements

Dr Angel Zhong has been a regular commentator in local and international media, providing expert commentary and analysis in the financial markets. Notable outlets include ABC, SBS, Yahoo Finance, the Australian Financial Review, Bloomberg, The Age, and Sydney Morning Herald. I have over 200 media coverage over the period 2020-2021. A few examples are as follows:

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Acknowledgement of Country

RMIT University acknowledges the people of the Woi wurrung and Boon wurrung language groups of the eastern Kulin Nation on whose unceded lands we conduct the business of the University. RMIT University respectfully acknowledges their Ancestors and Elders, past and present. RMIT also acknowledges the Traditional Custodians and their Ancestors of the lands and waters across Australia where we conduct our business - Artwork 'Luwaytini' by Mark Cleaver, Palawa.

aboriginal flag
torres strait flag

Acknowledgement of Country

RMIT University acknowledges the people of the Woi wurrung and Boon wurrung language groups of the eastern Kulin Nation on whose unceded lands we conduct the business of the University. RMIT University respectfully acknowledges their Ancestors and Elders, past and present. RMIT also acknowledges the Traditional Custodians and their Ancestors of the lands and waters across Australia where we conduct our business.