Currency Exposure in China under the New Exchange Rate Regime: National Level Evidence (2015)
Journal Article
Nie, J., Zhang, Z., Zhang, Z., & Zhou, S. (2015). Currency Exposure in China under the New Exchange Rate Regime: National Level Evidence. China & World Economy, 23(3), 97-109. https://doi.org/10.1111/cwe.12116

The present paper studies China's national level currency exposure since 2005 when the country adopted a new exchange rate regime allowing the renminbi (RMB) to move towards greater flexibility. Using generalized autoregressive conditional heterosked... Read More about Currency Exposure in China under the New Exchange Rate Regime: National Level Evidence.

Determinants of Financial Distress in Large Financial Institutions: Evidence from U.S. Bank Holding Companies (2015)
Journal Article
Zhang, Z., Xie, L., Lu, X., & Zhang, Z. (2016). Determinants of Financial Distress in Large Financial Institutions: Evidence from U.S. Bank Holding Companies. Contemporary Economic Policy, 34(2), 250-267. https://doi.org/10.1111/coep.12105

We investigate determinants of financial distress in large financial institutions based on the Distance-to-Default and Z-Scores measures. Using data of U.S. bank holding companies (BHCs), we find that the housing price index is a consistently signifi... Read More about Determinants of Financial Distress in Large Financial Institutions: Evidence from U.S. Bank Holding Companies.

Comments on Monetary Policy and Structural Decline: Lessons from Japan for the European Crisis. (2015)
Journal Article
Zhang, Z. (2015). Comments on Monetary Policy and Structural Decline: Lessons from Japan for the European Crisis. Asian Economic Papers, 14(1), 151-153. https://doi.org/10.1162/asep_a_00328

A Multiple Goal Investment Strategy for Sovereign Wealth Funds: An Application to China (2015)
Journal Article
Xie, L., Woo, W. T., Zhang, Z., & Zhang, Z. (2015). A Multiple Goal Investment Strategy for Sovereign Wealth Funds: An Application to China. Asian Economic Papers, 14(1), 78-97. https://doi.org/10.1162/asep_a_00319

This paper develops a multiple-goal investment strategy for sovereign wealth funds. In our investment strategy, we embed the Black-Litterman (B-L) model into the mean variance mental accounting (MVMA) approach. The B-L method provides a means of mode... Read More about A Multiple Goal Investment Strategy for Sovereign Wealth Funds: An Application to China.