Alan L. Zhang

Alan L. Zhang

Assistant Professor of Finance

Florida International University


I am an Assistant Professor of Finance at Florida International University. My research broadly focuses on AI in Finance, Investment and Corporate finance, with particular interests in the impact of FinTech on financial markets, corporations, and financial intermediaries.

My research has been published in Review of Financial Studies and Journal of Accounting Research, and has been presented at conferences, such as the AFA, NBER Economics of AI Conference, NBER Big Data and Securities Markets Conference, FIRS, RCFS Winter Conference, Adam Smith Workshop and Cambridge Alternative Finance Conference. It has also been featured on Bloomberg, CNBC, Financial Times, The Guardian, and NBER Digest.


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Download Alan’s Curriculum Vitae.

Google Scholar    SSRN Author Page    Email: alan.zhang@fiu.edu

Publications

Working Papers

  • Generative AI and Asset Management (with Jinfei Sheng, Zheng Sun, and Baozhong Yang), Revise & Resubmit, Review of Financial Studies.

    • We propose a novel measure of the reliance on generative AI of investment companies. Hedge fund companies adopting generative AI produce higher returns than nonadopters. Such skills are concentrated in large, more active funds, and are absent for non-hedge-fund companies, suggesting potential disparity in the benefits of AI.
    • Presentations: SFS Cavalcade Asia-Pacific, ABFER-JFDS Conference on AI and FinTech
       
  • Managerial Risk Assessment and Fund Performance: Evidence from Textual Disclosure (with Sean Cao and Baozhong Yang), Revise & Resubmit, Management Science.

    • We use natural language processing (NLP) tools to extract mutual fund managers' risk assessment from their narrative discussions, which predicts their future risk-taking and fund performance.
    • Featured on Columbia Law School Blue Sky Blog
    • Presentations: MIT Asia Conference in Accounting, CICF, Global AI Finance Research Conference, MFA

  • Beyond the Lines: Uncovering Private Information from Fund Managers' Narratives (with Sean Cao and Baozhong Yang), Revise & Resubmit, The Accounting Review.

    • Mutual fund managers disclose material narrative information to fund shareholders, which can be captured by large language model (LLM) and helps identify skilled fund managers.
    • Presentations: Conference on Financial Innovation at Stevens Business School, Winter Conference on Machine Learning and Business at University of Miami, Latest Advances in NLP at TUM, MFA
       
  • Predicting Forecasting Biases and Aggregate Outcomes using Neural Networks (with Vidhi Chhaochharia, Alok Kumar, and Ville Rantala), invited for resubmission, Management Science.

    • We develop a machine learning-based framework to predict the forecast biases of individual analysts. Analysts with unpredictable errors have more informative forecasts, are more accurate, and incorporate business cycle news more effectively.
    • Presentations: 12th Miami Behavioral Finance Conference, Machine Learning in Finance Conference at University of Florida, FIRS, CICF, Global AI Finance Research Conference
       
  • Riding on the FinTech Wave: Disruption and Value Creation in Corporate Takeovers (with Xiaoyu Wang).

    • FinTech firms become increasingly attractive targets in corporate takeover markets. FinTech deals improve value creation to combine firms and generate spillover effects to peer firms.
    • Featured on Columbia Law School Blue Sky Blog
    • Presentations: Australasian Finance and Banking Conference, China Fintech Research Conference
       
  • The Economics of Greenwashing Funds (with Sean Cao, Yong Chen, and Han Xiao).

    • We identify greenwashing funds by analyzing their green disclosures using large language models (LLMs) alongside their actual green investments. These funds charge higher expenses, attract greater flows, and experience lower investor sensitivity to poor performance. However, they face regulatory costs imposed by the SEC, which ultimately result in net fund outflows  

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