Associate Professor Xianming Zhou

xianming zhou


Research School of Finance, Actuarial Studies & Statistics

Associate Professor
Phone number
+61 2 612 50729
Room 4.20, CBE Bld (26C)
Research areas

Corporate governance; Managerial incentive contracts; Capital markets.


Xianming Zhou is Associate Professor in Finance. Xianming's research interest is in corporate governance, managerial incentive contracts, and capital markets. The modern corporation is characterized by the separation of ownership and control and, not surprisingly, many hotly debated issues in finance literature are rooted in the agency relationship between shareholders and managers in publicly held companies. Xianming’s research involves applications of agency theory to corporate governance issues and related empirical tests using executive compensation and firm performance data. Xianming’s work has been published in esteemed academic journals including Journal of Financial and Quantitative AnalysisJournal of Banking and FinanceJournal of BusinessJournal of Corporate FinanceJournal of Financial Economics, and Journal of Financial and Quantitative Analysis.

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Research publications

Working Papers

“Is There A Diversification Discount? Implication from Randomly Formed “Conglomerates” (with Yunzhi Lu and Kaiguo Zhou).

"Pre-Association with Firm and Managerial Employment Contract”

“Newly Listed Firms as Acquisition Targets: The Débutante Effect,” (with Luyao Pan)

"IPO Gross Spreads and the Link to the Initial Returns: Evidence from a Developing New Issue Market” (with Luyao Pan and Yao Wang). 

Total Citation Counts

Web of Science: 404;   Google Scholar: 1,503

Selected Publications

Pan, Luyao, and Xianming Zhou, 2018, “CEO Compensation in Japan: Why So Different to the U.S.?Journal of Financial and Quantitative Analysis 53 (October), Issue 5, pp.2261-2292.

Zheng, Liu, and Xianming Zhou, 2012, “Executive Stock Options and Manipulated Stock-Price Performance,” International Review of Finance 12 (September), Issue 3, pp. 249-281. (lead article)

Meng, Rujing, Xiangdong Ning, Xianming Zhou, and Hongquan Zhu, 2011, “Do ESOPs Enhance Firm Performance? Evidence from China’s Reform Experiment,” Journal of Banking and Finance 35 (June), No. 6, pp.1541-1551.

Hu, Yifan, and Xianming Zhou, 2008, “The Performance Effect of Managerial Ownership: Evidence from China,” Journal of Banking and Finance 32 (October), No. 10, pp. 2099-2110.

Zhou, Xianming, and Peter L. Swan, 2003, “Performance Thresholds in Managerial Incentive Contracts,” Journal of Business, Vol. 76 (October), No. 4, pp. 665-696.

Zhou, Xianming, 2001, “Understanding the Determinants of Managerial Ownership and the Link between Ownership and Performance: Comment,” Journal of Financial Economics, Vol. 62 (December), No. 3, pp. 559-571.

Zhou, Xianming, 2000, “CEO Pay, Firm Size, and Corporate Performance: Evidence from Canada,” Canadian Journal of Economics, Vol. 33 (February), No. 1, pp. 213-251.

Zhou, Xianming, 1999, “Executive Compensation and Managerial Incentives: A Comparison between Canada and the United States,” Journal of Corporate Finance, Vol. 5 (September), No. 3, pp. 277-301.

Research grants and awards

Selected Grants 

2011-2013:   Hong Kong Research Grants Council General Research Fund, (Xianming Zhou)

2005-2008:   Hong Kong Research Grants Council Competitive Earmarked Research Grant, (Xianming Zhou and Liu Zheng).

2004-2006:   Hong Kong Research Grants Council Competitive Earmarked Research Grant, (Xianming Zhou)

2002-2004:   Hong Kong Research Grants Council Competitive Earmarked Research Grant, (Xianming Zhou)


Received the 2019 Pacific-Basin Finance Journal Best Paper Award from the 31st Asian Finance Association Annual Meeting, Ho Chi Minh City (Vietnam)

Meng, Rujing, and Xianming Zhou, 2008, “Managerial Promotions: The Determinants and Incentive Effects,” presented at the 2008 Asian Finance Association/Nippon Finance Association Conference (July), Yokohama, Japan (received the Research Excellence Award for the field of corporate finance).

Research engagement and outreach

Xianming joined ANU in 2014 after teaching at the University of Sydney (1997-2000), the City University of Hong Kong (2001-2002), and the University of Hong Kong (2002-2014).


FINM7044 Applied Valuation

FINM4015 Advanced Corporate Finance