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xk星空官网 Zhongfei
Chair Professor
0755-88018611
lzf6@sustech.edu.cn

Research Areas

Technological Finance, Green Finance, Pension Finance, Digital Finance, Financial Technology, Financial Engineering and Risk Management, Financial Markets and Investments, Financial Economics, Insurance and Actuarial Science


Books

  1. Q. Zhou and Z. F. xk星空官网. Industry Risk Contagion and Asset Allocation in Financial Markets (xk星空官网), Beijing: China Social Sciences Press, 2024.

  2. H. X. Yao,Z. F. xk星空官网, and Q. H. Ma, Portfolio Selection Based on Mean and Risk (xk星空官网), Beijing: Science Press, 2017.

  3. Z. F. xk星空官网 et al., Theories and Practices of Building Innovative Cities (xk星空官网), Beijing: Science Press, 2014.

  4. Z. F. xk星空官网 et al., Research on the Independent Innovation Capability of the Pearl River Delta (xk星空官网), Guangzhou: Guangdong People’s Publishing House, 2014.

  5. T.T. Fan and Z. F. xk星空官网, Portfolio Risk Management –Factor Model and its Application (xk星空官网), Sun Yat-sen University Press, 2011

  6. Z. X. xk星空官网,Z. F. xk星空官网, and S. Y. Wang, Funds Regulation Modernization Based on Risk (xk星空官网), Tsinghua University Press, 2002.

  7. Z. F. xk星空官网 and S. Y. Wang, Portfolio Optimization and No-Arbitrage (xk星空官网), Chinese Science Press, 2001.


International Journal Articles:

  1. K. H., *X. Y. xk星空官网, Z. F. xk星空官网, Effect of ESG rating disagreement on stock price informativeness: Empirical evidence from China's capital market, International Review of Financial Analysis, 2024, 96, 103651.

  2. W. J. Tang, *H. Bu, Y. Q. Ji, *Z. F. xk星空官网, Market uncertainty and information content in complex seasonality of prices, Pacific-Basin Finance Journal, 2024, 86.   

  3. S. K. Wang, S. S. Zhu, Y. Huang, *Z. F. xk星空官网, Estimation of expected return integrating real-time asset prices implied information and historical data, Journal of Economic Dynamics and Control, 2024, 167, 1-29.   

  4. M. Chen, *Z. F. xk星空官网, Z. Liu，Substantive response or strategic response? The induced green innovation effects of carbon prices, International Review of Financial Analysis, 2024, 93, 103139.

  5. R. N. xk星空官网, *Z. F. xk星空官网, K. X. Hu, K. Gan, The Spillover Effects of Green Bond Issuance: A Study Based on Chinese firms' Stock Price Synchronicity, Economic Change and Restructuring, 2024, 57(12), 1-41.     

  6. T. Zhou,Z. F. xk星空官网, H. R. Bai, Z. D. Du, J. B. Huang, Z. C. Ding, Does unconventional monetary policy improve credit support for the industry chain? Based on the perspective of trade credit mechanism, International Review of Economics and Finance, 2024, 91, 180-192.    

  7. Y. J. Liu, *Z. F. xk星空官网, Ramzi Nekhili, Jahangir Sultan, Forecasting Cryptocurrency Returns with Machine Learning, Research in International Business and Finance，2023, 64, 1-21.

  8. Z. F. xk星空官网, K. Gan, *S. L. Sun, S. Y. Wang, A New AdaBoost-Ensemble System with Deep Learning Approach for PM2.5 Concentration Forecasting, Journal of Forecasting, 2023, 42, 154-175.    

  9. Z. L. Kang, H. X. Yao, X. Y. xk星空官网, *Z. F. xk星空官网, Robust enhanced index tracking problem with mixture of distributions, Expert Systems with Applications, 2022, 201.  

  10. C. xk星空官网, Y. K. Dai, *Z. F. xk星空官网, Financing Format Selection for Electronic Business Platforms with a Capital-Constrained E-tailer, Transportation Research Part E, 2022, 162.  

  11. X. Y. Yuan, *Z. F. xk星空官网, J. H. Xu, L. X. Shang, ESG disclosure and corporate financial irregularities--evidence from Chinese listed firms, Journal of Cleaner Production, 2022, 332, 1-11.  

  12. Y. xk星空官网, T. S. Liu, Y. Z. Song, Z. F. xk星空官网, X. Guo, Could carbon emission control firms achieve an effective financing in the carbon market? A case study of China’s emission trading scheme, Journal of Cleaner Production, 2021, 314, 1-12.   

  13. Q. W. Guo, *Y. S. Sun, P. Schonfeld, Z. F. xk星空官网, Time-dependent Transit Fare Optimization with Elastic and Spatially Distributed Demand, Transportation Research Part A, 2021, 148, 353-378.  

  14. T. Tian, J. W. Zhang, S. Y. Lin, Y. K. Jiang, J. B. Tan, Z. F. xk星空官网, *X. Q. Wang, Data-driven analysis of the simulations of the spread of COVID-19 under different interventions of China, Journal of Applied Statistics, 2021, online.  

  15. Z. F. xk星空官网, Q. Zhou, M. Chen, *Q. Liu, The Impact of COVID-19 on Industry-Related Characteristics and Risk Contagion, Finance Research Letters, 2021, 39, 101931   

  16. L. H. Bian, *Z. F. xk星空官网, H. X. Yao, Time-consistent strategy for a multi-period mean-variance asset-liability management problem with stochastic interest rate, Journal of Industrial and Management Optimization, 2021, 17 (3), 1383-1410. 

  17. P. Wang , *Z. F. xk星空官网, J. Y. Sun, Robust portfolio choice for a DC pension plan with inflation risk and mean-reverting risk premium under ambiguity, Optimization, 2021, 70 (1), 191-224.    

  18. T. Tian, J. W. Zhang, L. Y. Hu, Y. K. Jiang, C. Y. Duan, Z. F. xk星空官网, *X. Q. Wang, *H. P. Zhang, Risk factors associated with mortality of COVID-19 in 3125 counties of the United States, Infectious Diseases of Poverty, 2021, 10 (3), 1-8.  

  19.  Z. L. Kang, X. Y. xk星空官网 and *Z. F. xk星空官网, Mean-cvar portfolio selection model with ambiguity in distribution and attitude, Journal of Industrial and Management Optimization, 2020, 16 (6), 3065-3081.

  20. Y. S. Sun, H. Y. Gong, *Q. W. Guo, P. Schonfeld, Z. F. xk星空官网, Regulating a Public Transit Monopoly under Asymmetric Cost Information, Transportation Research Part B, 2020, 139, 496-522.  

  21. W. Chen, *Z. F. xk星空官网, J. C. Guo, Domain Adaptation Learning based on Structural Similarity Weighted Mean Discrepancy for Credit Risk Classification, IEEE Intelligent Systems, 2020, 35(3), 41-51. 

  22. T. H. Zhi,Z. F. xk星空官网, Z. Q. Jiang, *L. J. Wei, D. Sornette, Is there a housing bubble in China? Emerging Markets Review, 39, 2019, 20-132.   

  23. Z. L. Kang, X. xk星空官网, *Z. F. xk星空官网, S. S. Zhu, Data-Driven Robust Mean-CVaR Portfolio Selection under Distribution Ambiguity, Quantitative Finance, 19 (1), 2019, 105-121.   

  24. Q. W. Guo, S. M. Chen, P. Schonfeld, *Z. F. xk星空官网,, How time-inconsistent preferences affect investment timing for rail transit, Transportation Research Part B, 118, 2018, 172-192.  

  25. L. H. Bian, *Z. F. xk星空官网, H. X. Yao, Pre-commitment and equilibrium investment strategies for the DC pension plan with regime switching and a return of premiums clause, Insurance: Mathematics and Economics, 81, 2018, 78-94.    

  26. P. Wang, *Z. F. xk星空官网, Robust optimal investment strategy for an AAM of DC pension plans with stochastic interest rate and stochastic volatility, Insurance: Mathematics and Economics, 80, 2018, 67-83.     

  27. B. J. Deng, *Z. F. xk星空官网, Y. xk星空官网, Foreign institutional ownership and liquidity commonality around the world, Journal of Corporate Finance, 2018, 51, 20-49.   

  28. Z. L. Kang, *Z. F. xk星空官网, An exact solution to a robust portfolio choice problem with multiple risk measures under ambiguous distribution, Mathematical Methods of Operations Research, 87(2), 2018, 169–195.  

  29. X. Deng, J. Song, J. F. Zhao, Z. F. xk星空官网, The Fuzzy Tri-Objectivemean-Semivariance-Entropy Portfolio Model with Layer-By-Layer Tolerance Evaluation method Paper, Journal of Intelligent & Fuzzy Systems, 2018, 35(2): 2391-2401.

  30. X. Deng, J. F. Zhao, Z. F. xk星空官网, Sensitivity Analysis of the Fuzzy Mean-Entropy Portfolio Model with Transaction Costs Based on Credibility Theory, International Journal of Fuzzy Systems, 20 (1), 2018, 209-218.  

  31. S. M. Chen, *Z. F. xk星空官网, Y. Zeng, Optimal Dividend Strategy for a General Diffusion Process with Time-Inconsistent Preferences and Ruin Penalty, SIAM Journal on Financial Mathematics, 9 (1), 2018, 274-314.   

  32. X. P., Wu, X. xk星空官网, Z. F. xk星空官网, A Mean-Field Formulation for Multi-Period Asset-Liability Mean-Variance Portfolio Selection with Probability Constraints, Journal of Industrial and Management Optimization, 14(1), 2018, 249-265.    

  33. W. W. Zhang, *Z. F. xk星空官网, K. Fu, F. Wang, Effect of the Return Policy in a Continuous-Time Newsvendor Problem, Asia-Pacific Journal of Operational Research, 34 (6), 2017, 1750031-1--1750031-28   

  34. Y. S. Sun, *Q. W. Guo, P. Schonfeld, Z. F. xk星空官网, Evolution of Public Transit Modes in a Commuter Corridor, Transportation Research Part C, 75, 2017, 84-102.  

  35. Q. W. Guo, Y. S. Sun, Z. C. xk星空官网, Z. F. xk星空官网*, An integrated optimization model for road capacity and cordon pricing scheme designs, Research in Transportation Economics, 62, 2017, 68-79.

  36. Z. Chen, *Z. F. xk星空官网, Y. Zeng, J. Y. Sun, Asset allocation under loss aversion and minimum performance constraint in a DC pension plan with inflation risk, Insurance: Mathematics and Economics, 75, 2017, 137-150.     

  37. L. Zhang, *Z. F. xk星空官网, Y. H. Xu, Y. W. xk星空官网, Multi-period mean variance portfolio selection under incomplete information, Applied Stochastic Models in Business and Industry, 32(6), 2016, 753-774.   

  38. Y. S. Sun, *Q. W. Guo, P. Schonfeld, Z. F. xk星空官网, Implications of the cost of public funds in public transit subsidization and regulation, Transportation Research Part A, 91, 2016, 236-250.  

  39. Q. Q. Cui, *C.-H. Chiu, X. Dai, *Z. F. xk星空官网, Store brand introduction in a two-echelon logistics system with a risk-averse retailer, Transportation Research Part E, 90, 2016, 69-89.     

  40. H. X. Yao, *Z. F. xk星空官网, *D. xk星空官网, Multi-period portfolio selection with stochastic interest rate and uncontrollable liability, European Journal of Operational Research, 252 (3), 2016, 837-851.    

  41. H. X. Yao, *Z. F. xk星空官网, X. Y., xk星空官网, The premium of dynamic trading in a discrete-time setting, Quantitative Finance, 16(8), 2016, 1237-1257.

  42. J. Y. Sun, *Z. F. xk星空官网, Y. Zeng, Precommitment and equilibrium investment strategies for defined contribution pension plans under a jump-diffusion model, Insurance: Mathematics and Economics, 67, 2016, 158-172.  

  43. C. X. A, *Z. F. xk星空官网, F. Wang, Optimal investment strategy under time-inconsistent preferences and high-water mark contract, Operations Research Letters, 44, 2016, 212-218.   

  44. Y. W. xk星空官网, *Z. F. xk星空官网, Y. Zeng, Equilibrium dividend strategy with non-exponential discounting in a dual model, Journal of Optimization Theory and Applications, 168(2), 2016, 699-722.   

  45. H. X. Yao, *Z. F. xk星空官网, Y. Z. Lai, Dynamic mean-variance asset allocation with stochastic interest rates and inflation rates, Journal of Industrial & Management Optimization, 12(1), 2016, 187-209.   

  46. Y. Z. Lai, *Z. F. xk星空官网, Y. Zeng, Control variate methods and applications to Asian and basket options pricing under jump-diffusion models, IMA Journal of Management Mathematics, 26, 2015, 11-37.   

  47. C. X. A, *Z. F. xk星空官网, Optimal investment and excess-of-loss reinsurance with delay under the Heston's SV model, Insurance: Mathematics and Economics, 61, 2015, 181-196.   

  48. Y. F. xk星空官网, *Z. F. xk星空官网, Asymmetric procyclicality of Chinese banking and the countercyclical buffer of Basel III, Discrete Dynamics in Nature and Society, 2015, Vol. 2015, 1-9.   

  49. B. Yi, *F. Viens, B. Law, Z. F. xk星空官网, Dynamic portfolio selection with mispricing and model ambiguity, Annals of Finance, 11(1), 2015, 37-75.

  50. B. Yi, F. Viens, *Z. F xk星空官网, Y. Zeng, Robust optimal strategies for an insurer with reinsurance and investment under benchmark and mean-variance criteria, Scandinavian Actuarial Journal, 2015(8), 2015, 725-751.

  51. S. M. Chen, Z. F. xk星空官网, *Y. Zeng, Optimal dividend strategies with time-inconsistent preferences, Journal of Economic Dynamics & Control, 46, 2014,150-172.   

  52. Y. H. Huang, Z. F. xk星空官网, *X. P. Guo, Constrained optimality for finite horizon semi-Markov decision processes in Polish spaces, Operations Research Letters, 42(2), 2014, 123-129. (SCI, EI)

  53. H. X. Yao, *Z. F. xk星空官网 and S. M. Chen, Continuous-time mean-variance portfolio selection with only risky assets, Economic Modelling, 36, 2014, 244-251.   

  54. Y. W. xk星空官网, *Z. F. xk星空官网, Optimal time-consistent investment and reinsurance strategies for mean-variance insurers with state dependent risk aversion, Insurance: Mathematics and Economics, 53, 2013, 86-97.   

  55. H. X. Yao, *Z. F. xk星空官网, Y. Z. Lai, Mean-CVaR portfolio selection: a nonparametric estimation framework, Computers & Operations Research, 40, 2013, 1014-1022. (SCI, SSCI, EI)

  56. Y. Zeng, *Z. F. xk星空官网, Y. Z. Lai, Time-consistent investment and reinsurance strategies for mean-variance insurers with jumps, Insurance: Mathematics and Economics, 52(3), 2013, 498-507.    

  57. Y. H. Huang, X. P. Guo, *Z. F. xk星空官网, Minimum risk probability for finite horizon semi-Markov decision processes, Journal of Mathematical Analysis and Applications, 402, 2013, 378-391.  

  58. Y. Zeng, *Z. F. xk星空官网, H. L. Wu, Optimal portfolio selection in a Le’vy market with uncontrolled cash flow and only risky assets, International Journal of Control, 86(3), 2013, 426-437.

  59. A. L. Gu, X. P. Guo, *Z. F. xk星空官网, Y. Zeng, Optimal control of excess-of-loss reinsurance and investment for insurers under a CEV model, Insurance: Mathematics and Economics, 51, 2012, 674-684.

  60. Z. F. xk星空官网, *Y. Zeng, Y. Z. Lai, Optimal time-consistent investment and reinsurance strategies for insurers under Heston’s SV model, Insurance: Mathematics and Economics, 51, 2012, 191-203.   

  61. Y. Zeng, *Z. F. xk星空官网, Optimal reinsurance-investment strategies for insurers under mean-CaR criteria, Journal of Industrial and Management Optimization, 8(3), 2012, 673-690.

  62. C. J. xk星空官网, *Z. F. xk星空官网, Multi-period portfolio optimization for asset–liability management with bankrupt control, Applied Mathematics and Computation, 218, 2012, 11196–11208.

  63. L. Zhang, *Z. F. xk星空官网, Multi-period mean-variance portfolio selection with uncertain time horizon when returns are serially correlated, Mathematical Problems in Engineering, 2012, Vol. 2012, 1-17. 

  64. H. L. Wu, *Z. F. xk星空官网, Multi-period mean-variance portfolio selection with regime switching and a stochastic cash flow, Insurance: Mathematics and Economics, 50, 2012, 371-384.

  65. Y. Zeng and *Z. F. xk星空官网, Optimal time-consistent investment and reinsurance policies for mean-variance insurers, Insurance: Mathematics and Economics, 49, 2011, 145-154. 

  66. Y. Zeng, *Z. F. xk星空官网, Asset-liability management under benchmark and mean-variance criteria in a jump diffusion market, Journal of Systems Science and Complexity, 24(2), 2011, 317-327.

  67. H. L. Wu, *Z. F. xk星空官网, Multi-period mean-variance portfolio selection with markov regime switching and uncertain time horizon, Journal of Systems Science and Complexity, 24 (1), 2011, 140-155.

  68. S. M. Chen, *Z. F. xk星空官网, Optimal investment-reinsurance policy for an insurance company with VaR constraint, Insurance: Mathematics and Economics, 47, 2010, 144-153.

  69. Y. Zeng, *Z. F. xk星空官网 and J. J. Liu, Optimal strategies of benchmark and mean-variance portfolio selection problems for insurers, Journal of Industrial and Management Optimization, 6(3), 2010, 483-496.

  70. Z. F. xk星空官网, *J. Yao, D. xk星空官网, Behavior patterns of investment strategies under Roy's safety-first principle, The Quarterly Review of Economics and Finance, 50(2), 2010, 167-179.

  71. *Z. F. xk星空官网, S. X. Xie, Mean-variance portfolio optimization under stochastic income and uncertain exit time, Dynamics of Continuous, Discrete and Impulsive Systems B: Applications and Algorithms, 17, 2010, 131-147.

  72. Y. H. Xu, *Z. F. xk星空官网, K. S. Tan, Optimal Investment with Noise Trading Risk, Journal of Systems Science and Complexity, 21, 2008, 519-526.

  73. L. Yi, D. xk星空官网, Z. F. xk星空官网, Multi-Period Portfolio Selection for Asset-Liability Management with Uncertain Investment Horizon, Journal of Industrial and Management Optimization, 4(3), 2008, 535-552.

  74. S. X. Xie, *Z. F. xk星空官网, S. Y. Wang, Continuous-Time Portfolio Selection with Liability: Mean-Variance Model and Stochastic LQ Approach, Insurance: Mathematics and Economics, 42, 2008, 943—953.

  75. Z. F. xk星空官网, K. S. Tan, H. L. Yang, Multi-period Optimal Investment-Consumption Strategies with Mortality Risk and Environment Uncertainty, North American Actuarial Journal, 12 (1), 2008, 1-18.

  76. Z. F. xk星空官网, H. L. Yang, X. T. Deng, Optimal Dynamic Portfolio Selection with Earnings-at-Risk, Journal of Optimization Theory and Applications, 132 (1), 2007, 459-473.

  77. M. C. Cai, X. T. Deng, Z. F. xk星空官网, Computation of Arbitrage In Frictional Bond Market, Theoretical Computer Science, 363 (3), 2006, 248-256.  

  78. J. Yao,Z. F. xk星空官网, K. W. Ng, Model Risk in VaR Estimation: An Empirical Study, International Journal of Information Technology and Decision Making, 5(3), 2006, 503-512.

  79. Z. F. xk星空官网, Kai W. Ng, K. S. Tan, H. L. Yang, Best CRP Investment Strategies for Dynamic Portfolio Selection, International Journal of Theoretical and Applied Finance, 9(6), 2006, 951-966.

  80. Z. F. xk星空官网, K. W. Ng, K. S. Tan, H. L. Yang, A Closed Form Solution to a Dynamic Portfolio Optimization Problem, Dynamics of Continuous, Discrete and Impulsive Systems B: Applications and Algorithms, 12 (4), 2005, 517-526.  

  81. Z. F. xk星空官网, K. W. Ng, Looking for Arbitrage or Term Structures in Frictional Markets, Lecture Notes in Computer Science, 3828, 2005, 612-621.

  82. M. C. Cai, X. T. Deng, Z. F. xk星空官网, Computation of Arbitrage in Financial Market with Various Types of Frictions, Lecture Notes in Computer Science, 3521, 2005, 270-280.

  83. X. T. Deng, Z. F. xk星空官网, S. Y. Wang, H. L. Yang, Necessary and Sufficient Conditions for Weak No-Arbitrage in Securities Markets with Frictions, Annals of Operations Research, 133, 2005, 265-276.

  84. X. T. Deng, Z. F. xk星空官网, S. Y. Wang, A Minimax Portfolio Selection Strategy with Equilibrium, European Journal of Operational Research, 166, 2005, 278-292.

  85. X. T. Deng, Z. F. xk星空官网, S. Y Wang. On Computation of Arbitrage for Markets with Friction, Lecture Notes in Computer Science, Vol. 1858, 2000, 309-319.    

  86. Z. F. xk星空官网, Z. X. xk星空官网, S. Y. Wang, X. T. Deng, Optimal Portfolio Selection of Assets with Transaction Costs and No Short Sales, International Journal of Systems Science, 32(5), 2001, 599-607.

  87. Z. F. xk星空官网, S. Y. Wang, X. T. Deng, A Linear Programming Algorithm for Optimal Portfolio Selection with Transaction Costs, International Journal of Systems Science, 31(1), 2000, 107-117.

  88. Z. F. xk星空官网, S. Y. Wang, A Minimax Inequality for Vector-Valued Mapping, Appl. Math. Lett., 12(5), 1999, 31-35.  

  89. S. Y. Wang, Z. F. xk星空官网, B. D. Craven, Global Efficiency in Multi-objective Programming, Optimization, 45, 1999, 369-385.

  90. Z. F. xk星空官网, Benson Proper Efficiency in Vector Optimization of Set-Valued Maps, J. Optim. Theory Appl., 98(3), 1998, 623-649.  

  91. Z. F. xk星空官网, S. Y. Wang, A Type of Minimax Inequality for Vector-Valued Mappings, J. Math. Anal. Appl., 227, 1998, 68-80.  

  92. Z. F. xk星空官网, S. Y. Wang, Connectedness of Supper Efficient Sets in Vector Optimization of Set-Valued Maps, Mathematical Methods of Operations Research, 48, 1998, 207-217.

  93. Z. F. xk星空官网, S. Y. Wang, -Appro ximate Solutions in Multi-objective Optimization, Optimization, 44(2), 1998, 161-174.

  94. Z. F. xk星空官网, G. Y. Chen, Lagrangian Multipliers, Saddle Points, and Duality in Vector Optimization of Set-Valued Maps, J. Math. Anal. Appl., 215, 1997, 297-316.  

  95. L. Coladas, Z. F. xk星空官网, S. Y. Wang, Two Types of Duality in Multi-objective Fractional Programming, Bull. Austral. Math. Soc., 54, 1996, 99-114.

  96. S. Y. Wang, Z. F. xk星空官网, Pareto Equilibria in Multicriteria Metagames, Top, 3(2), 1995, 247-263.

  97. Z. F. xk星空官网, S. Y. Wang, Lagrangian Multipliers and Saddle Points in Multi-objective Programming, J. Optim. Theory Appl., 83(1), 1994, 64-81.  

  98. S. Y. Wang, Z. F. xk星空官网, Scalarization and Lagrange Duality in Multi-objective Optimization, Optimization, 26, 1992, 315-324.


National Journal Articles

  1. D. M. Chen, *Z. F. xk星空官网 and S. M. Chen, The Contract Design for New Product R&D under Information Asymmetry (xk星空官网), Journal of Systems Science and Mathematical Sciences, 2024, 44(6), 1675-1688.

  2. J. B. Huang, Y. L. You and *Z. F. xk星空官网, Generalized Risk Measures Based on Forward-Looking Information and Their Prediction of Returns (xk星空官网), Journal of Management Science in China, 2024, 27(3), 91-111.

  3. Q. Zhou, *Z. F. xk星空官网 and B. J. Deng, Industry Allocation, Clustering Degree and Fund Performance (xk星空官网), Chinese Journal of Management Science, 2024, 32 (2), 152-165.

  4. Y. Z. Song, Y. xk星空官网 and *Z. F. xk星空官网, Carbon Quota Allocation Scheme for China’s Iron and Steel Industry Based on Output Efficiency (xk星空官网), Resources Science, 2023, 45(2): 333-343.

  5. J. Ding, *Z. F. xk星空官网 and J. B. Huang, Can Green Credit Policies Promote Enterprise Green Innovation? A Policy Effect Differentiation Perspective (xk星空官网), Journal of Financial Research, 2022, 12, 55-72.

  6.  H. K. xk星空官网, C. H. Zeng and *Z. F. xk星空官网, Cross-holdings, Competition and Bi-direction Entry-deterrence (xk星空官网), Management Review, 2022, 34 (12), 73-84.

  7. Z. Chen and *Z. F. xk星空官网, The Effectiveness and Optimal Investment Strategy of Target Date Fund to Deal with Pension Management (xk星空官网), System Engineering Theory and Practice, 2022, 42(12): 3231-3246.

  8. Q. Zhou, *Z. F. xk星空官网 and Y. Zeng, Industry Risk Contagion and Bank Credit Allocation from the Perspective of Complex Networks (xk星空官网), Journal of Management Science in China, 2022, 25(02), 24-46.

  9. Z. F. xk星空官网, *Z. T. xk星空官网 and L. J. xk星空官网, Does Market Interest Rate Volatility Affect Banks’ Risk-Taking? (in Chinese), Quarterly Journal of Finance, 2021, 38, 178-200.

  10. Z. F. xk星空官网, Y. B. Liu, Q. Zhou and M. X. xk星空官网, A Comprehensive Multi-Angle Analysis of the Spillover Effects of the Real Estate Industry on the Financial Sector in China (in Chinese), China Journal of Econometrics, 2020, 1(3), 577-594.

  11. A. L. Shi and *Z. F. xk星空官网, Optimal Investment Strategy of DCP Pension Plan with Bequest Motivation and Minimum Performance Constraints. (xk星空官网), Journal of Systems Science and Mathematical Sciences, 2021, 61(5), 1905: 1926.

  12. Z. F. xk星空官网, X. X. Yang and *T. Bao, Elite School Premium in Job Hunting and Career Development: Evidence from Mutual Funds in China (xk星空官网), Journal of Management Science in China, 2021, 24(5), 1-25.

  13. Z. J. Yang and Z. F. xk星空官网, Financing Model Innovation with Blockchain-based Asset Securitization (xk星空官网), Social Science in Shenzhen, 2020, 6.

  14. J. Zheng, *Z. F. xk星空官网 and J. Ding, Optimal Financing Structure with Moral Hazard Constraints: A Review of Dynamic Financial Contracts (xk星空官网), System Engineering Theory and Practice, 2020, 40(8), 159-2175.

  15. H. Zhang, Z. F. xk星空官网 and Y. Y. Huang, Heterogeneous Expectation, Investor Behaviors Difference and Housing Price Fluctuation—Based on the Perspective of Real Estate Behavioral Finance (xk星空官网), Management Review, 2020, 5.

  16. Z. Chen, *Z. F. xk星空官网 and Y. Zeng, Tax Deferral, Terminal Wealth Target, and Double Pension Accounts Investment (xk星空官网), System Engineering Theory and Practice, 2020, 40 (4), 831-851.

  17. Z. F. xk星空官网, S. J. Yu and X. P. Cao, The Impact of Industrial Credit Supply Exogenous Shock on Real Estate Corporate Debt (xk星空官网), China Economic Quarterly, 2019, 18 (4), 1373-1396.

  18. J. B. Huang, *Z. F. xk星空官网, X. Y. Zou, Enhanced Indexation Model with Lower Partial Moment Constraint (xk星空官网), Journal of Management Science in China, 2019, 22(12), 56-69.

  19. H, K. Huang and *Z. F. xk星空官网, Staff Incentive Mechanism Based on the Contest Theory with Asymmetric Information (xk星空官网), System Engineering Theory and Practice, 2019, 39(1): 2535-2548.

  20. H. Ge and *Z. F. xk星空官网, Equilibrium Strategy for Multi-Period Mean-Variance Asset-Liability Management with Regime Switching and a Stochastic Cash Flow (xk星空官网), Journal of Systems Science and Mathematical Sciences, 2019, 39(12), 1998-2024.

  21. H. Zhang, *Z. F. xk星空官网 and B. J. Deng, Community of Interests, Anti-Corruption, and Housing Prices: Evidence from China (xk星空官网), Journal of Management Science in China, 2018, 21(8), 21-33.

  22. Q. W. Guo and *Z. F. xk星空官网, Subsidizing Public Transit riders and Regulating Transit operators for Welfare Maximization (xk星空官网), System Engineering Theory and Practice, 2018, 38(4), 994-1002.

  23. J. Ding, Y. L. xk星空官网, Y. Zeng and *Z. F. xk星空官网, Dual Information Value and Information Transmission of Two-way Traders in P2P Lending (xk星空官网), Nankai Business Review, 2018,2, 4-15.

  24. J. B. Huang, *Z. F. xk星空官网 and J. Ding, Research on Fund Performance Measure with CvaR (xk星空官网), Management Review, 2018, 30(4), 20-32.

  25. J. Y. Sun, *Z. F. xk星空官网 and Y. W. xk星空官网, The Optimal Investment Strategy for DCP Pension Plan with a Dynamic Investment Target (in Chinese), System Engineering Theory and Practice, 2017, 37(9), 2209-2221.

  26. J. B. Huang, *Z. F. xk星空官网 and J. Ding, A Mean-VaR Portfolio Selection Model Based on Nonparametric Kernel Estimation Method (xk星空官网), Chinese Journal of Management Science, 2017, 25 (5), 1-10.

  27. Z. F. xk星空官网 and Z. Chen, Optimal Investment and Consumption Choice with Stochastic Income and Time-Varying Risk Aversion (xk星空官网), System Engineering Theory and Practice, 2017, 37(7), 1665-1678.

  28. J. B. Huang and *Z. F. xk星空官网, Risk Hedging Strategies and Its Utility under Distributional Uncertainty (xk星空官网), Chinese Journal of Management Science, 2017, 25 (1), 1-10.

  29. Z. F. Li, Z. Q. Tang and Q. W. Liu, Cultural Diversity and Stock Market Prosperity: An Empirical Analysis Based on WVS Data (xk星空官网), Studies of International Finance, 2017, 5, 69-84.

  30. Z. L. Kang and *Z. F. xk星空官网, CVaR Robust Mean-CVaR Portfolio Optimization Model and the Solving Methods (xk星空官网), Operations Research Transactions, 2017, 21(1), 1-12.

  31. B. J. Deng, *Z. F. xk星空官网 and Q. X. Liang, Foreign Ownership and Stock Liquidity, (xk星空官网), Operations Research Transactions (xk星空官网), 2016, (11), 142-157.

  32. Y. F. xk星空官网, Z. F. xk星空官网 and C. Zhou, Relationship between Commercial Bank’s Credit Risk and Economy Growth and the Countercyclical Buffer—Based on VAR and cross Spectrum Analysis (xk星空官网), Operations Research and Management Science, 2016, 25(4), 150-156. (CSCD)

  33. J. B. Huang, *Z. F. xk星空官网 and H. X. Yao, Cashflow News, Cashflow Risk, and Pricing of Stock Returns (xk星空官网), Journal of Management Science in China, 2016, 19(5), 114-126.

  34. D. M. Chen and *Z. F. xk星空官网, The Optimal Contract Design for Project Investment under Principal-Agent Framework (xk星空官网), Chinese Journal of Management Science, 24(5), 2016, 92-99.

  35. H. Zhang and Z. F. xk星空官网, Housing Price Expectations, Land Prices and Behavior of Real Estate Enterprises (xk星空官网), Management Review, 2016, 28(4), 52-61.

  36. *J. B. Huang, Z. F. xk星空官网 and H. T. Zhou, Risk Hedging Efficiency in the Perspective of Expected Utility (xk星空官网), Chinese Journal of Management Science, 2016, 24(3), 9-17.

  37. J. B. Huang, Z. F. xk星空官网 and H. X. Yao, Kernel Estimation of Conditional VaR and Conditional CVaR and Their Empirical Analysis (xk星空官网), Journal of Applied Statistics and Management, 2016, 35(2), 232-242.

  38. Z. F. xk星空官网, S. J. Yu and J. Zheng, Real Estate Attributes, Income Gap, and Change Trend of Housing Prices (xk星空官网), Journal of Finance and Economics, 2016, 42(7), 130-141.

  39. Z. F. xk星空官网, J. Zheng and Y. Y. Huang, Bounded Rationality, Heterogeneous Expectation, and Endogenous Evolution Mechanism of Housing Prices (xk星空官网), China Economic Quarterly (xk星空官网), 2015, 14(2), 453-482.

  40. H. Zhang, Z. F. xk星空官网 and B. J. Deng, The Policy Uncertainty, Macro Impact, and Housing Price Fluctuation: Based on the LSTVAR Model (xk星空官网), Journal of Financial Research, 2015, (10), 32-47.

  41. Z. F. xk星空官网 and H. Zhang, Cost-Push or Demand-Pull: What Is Driving the Housing Prices in China? (xk星空官网), Chinese Journal of Management Science, 2015, 122(5), 43-150.

  42. Z. F. L and T. T. Yang, Can Patent Quality Promote Corporate Investment Value? (xk星空官网), Chinese Journal of Management, 2015, 12(8), 1230-1239.

  43. Z. F. xk星空官网, S. M. Chen and Y. Zeng, Optimal Dividend Strategy for a Diffusion Model with Time-Inconsistent Preferences (xk星空官网), System Engineering Theory and Practice, 2015, 35(7), 1633-1645. (EI)

  44. J. B. Huang, *Z. F. xk星空官网 and H. X. Yao, Risk Management Based on the CVaR Kernel Estimators (xk星空官网), Journal of Management Science in China, 2014, 17(3), 49-59.

  45. Z. F. xk星空官网 and H. X. Yao, Dynamic Portfolio Selection of Risky Assets under Uncertain Exit Time and Stochastic Market Environment (xk星空官网), System Engineering Theory and Practice, 2014, 34(11), 2737-2747.

  46. B. J. Deng, Z. F. xk星空官网 and H. Zhang, Is the Purchase Restriction Policy Effective in Regulating Housing Prices? (xk星空官网), Statistical Research, 2014, 31(11), 50-57.

  47. *Y. Zeng, Z. F. xk星空官网, S. S. Zhu and H. L. Wu, Asset-Liability Management Based on CRRA Utility Criterion (xk星空官网), Chinese Journal of Management, 2014, 22(10), 1-8.

  48. *J. B. Huang, Z. F. xk星空官网 and X. B. Zhou, Sensitivity and Convexity of VaR (CVaR) and Their Kernel Estimator (xk星空官网), Chinese Journal of Management, 2014, 22(8), 1-9.

  49. *H. X. Yao and Z. F. xk星空官网, Expected Utility Maximization Optimal Portfolio Selection Based on Nonparametric Estimation Framework (xk星空官网), Chinese Journal of Management, 2014, 22(1), 1-9.

  50. H. Zhang, Z. F. xk星空官网 and B. J. Deng, Educational Resource Allocation Mechanisms and Housing Prices: An Empirical Analysis of Education Capitalization in China (xk星空官网), Chinese Journal of Management, 2014, 5, 193-206.

  51. A. L. Gu, Z. F. xk星空官网 and Y. Zeng, Optimal Investment Strategy under Ornstein-Uhlenbeck Model for a DC Pension Plan (xk星空官网), ACTA MATHEMATICAE APPLICATAE SINICA, 2013, 36(4), 715-726.

  52. L. Zhang and Z. F. xk星空官网, Multiperiod Asset-Liability Management with Serially Correlated Yields (xk星空官网), Journal of Systems Science and Mathematical Sciences, ,2012, 32(3), 297-309.

  53. B. Yi, Z. F. xk星空官网 and Y. Zeng, Optimal Investment Strategy with Stochastic Volatility and Dynamic VaR Constraint (xk星空官网), Operations Research Transactions, 2012, 16(2), 77-90.

  54. Z. F. xk星空官网 and J.Y. Gao, Optimal Investment Strategy with Stochastic Volatility and Dynamic VaR Constraint (xk星空官网), System Engineering Theory and Practice, 31(12), 2011, 2272-2280.

  55. Y. F. xk星空官网 and Z. F. xk星空官网, Exchange Rate Communication, Real Intervention, and RMB Exchange Rate Fluctuations: An Empirical Analysis Based on the Structural Vector Autoregressive Model (xk星空官网), Studies of International Finance, 2011, 4, 30-37.

  56. J. Y. Gao and Z. F. xk星空官网, Robust Portfolio Selection Frontier and CAPM under model uncertainty (xk星空官网), Chinese Journal of Management Science, 2010, 18(12), 1-16.

  57. Z. F. xk星空官网 and Z. J. Yuan, A Dynamic Mean-Variance Model of Portfolio Selection under Parameter Uncertainty (xk星空官网), Journal of Management Science in China, 2010, 13(12), 1-9.

  58. Y. F. xk星空官网 and Z. F. xk星空官网, International Comparison on Communication Strategies and Effectiveness for Central Bank (xk星空官网), Studies of International Finance  2010, 8, 13-20.

  59. Z. J. Yuan and Z. F. xk星空官网, Dynamic Portfolio Selection under Parameter Uncertainty and Utility Maximization (xk星空官网), Chinese Journal of Management Science, 2010, 18(5), 1-6.

  60. S. M. Chen and Z. F. xk星空官网, The Optimal Policy for Insurance Company with Real Investment (xk星空官网), Journal of Systems Science and Mathematical Science, 2010, 30(10), 1293-1303.

  61. J. Yao and Z. F. xk星空官网, An Analysis of Financial Risk Measurement in Managing Risk (xk星空官网), Application of Statistic and Management, 2010, 29(4), 736-742.

  62. Y. Zeng and Z. F. xk星空官网, Optimal Investment Strategy for Insurers under Linear Constraint (xk星空官网), Operations Research Transaction, 2010, 14(2), 106-118.

  63. Yan Zeng and Z. F. xk星空官网, Optimal Propotional Reinsurance Policy Based on Regulations (xk星空官网), Journal of Systems Science and Mathematical Sciences, 2009, 29(11), 1496-1506.

  64. J. Y. Gao and Z. F. xk星空官网, Robust Portfolio Selection and Asset Pricing under Model Uncertainty (xk星空官网), Journal of Systems Engineering, 2009, 24(5),  46-552.

  65. H. Y. Yao and Z. F. xk星空官网, Portfolio Model and Its Explicit expressions of Portfolio Efficient Frontier with Minimum Investment Proportion Constraint(xk星空官网) Or Transactions, 2009, 13(2), 119-128

  66. H. X. Yao and Z. F. xk星空官网, Portfolio selection with different borrowing-lending rates: Utility maximization model based on mean and VAR(xk星空官网), Systems Engineering-Theory & Practice, 2009, 29(1), 22-28.

  67. Z. F. xk星空官网 and J. F. Cong, Necessary Conditions of the Optimal Multi-Period Proportional Reinsurance Strategy (xk星空官网) Journal of Systems Science and Mathematical Sciences, 2008, 28(11), 1354-1362.

  68. Y. H. Xu and Z. F. xk星空官网, Dynamic Portfolio Selection Based on Serially Correlated Return Dynamic Mean–Variance Formulation (xk星空官网), Systems Engineering Theory and Practice, 2008, 28(8), 123-131.

  69. H. X. Yao, J. X. Yi and Z. F. xk星空官网, Research on Strategy proofness for Social Welfare Functions (xk星空官网), Journal of Systems & Management 2008, 17(2), 146-150.

  70. H. X. Yao and Z. F. xk星空官网, A Portfolio Model and its expression of Portfolio Efficient Frontier with Maximum Drawdown Constraint (xk星空官网), Chinese Journal of Management Science, 2008, 16(3), 23-30.

  71. H. X. Yao, J. X. Yi and Z. F. xk星空官网, The Efficient Frontier Feature of Risky Assets with Singular Variance- covariance Matrix (xk星空官网), Application of Statistic and Management, 2008，27(1), 111-117.

  72. S. X. Xie and Z. F. xk星空官网, Continuous-Time Optimal Portfolio Selection with Iiability (xk星空官网) Journal of Systems Science and Mathematical Sciences, 2007, 27(6), 801-810.

  73. Z. F. xk星空官网, An Analysis of the China Aviation Oil (Singapore) Incident based on Risk Management (xk星空官网), Systems Engineering Theory and Practice, 2007, 27(1),23-32. (EI)

  74. X. Q. He and Z. F. xk星空官网, Long-Term Memory in Stock Returns of Shanghai Stock Exchange: Evidence from V/S Statistic (xk星空官网), Systems Engineering Theory and Practice, 2006, 26(12), 47-54.

  75. J. Yao and Z. F. xk星空官网, Asset Allocation and CAPM Based on Relative Value-at-Risk (xk星空官网), Quantitative & Technical Economics, 2005, 22(12) 133-142.

  76. J. Yao and Z. F. xk星空官网, Model Risk in The VaR Estimation—Testing Approach and Empirical Study, Management Review, 2005, 17(10), 3-7.

  77. Z. F. xk星空官网 and G. J. Chen, Some Discussions on Telser’s Safety-First Model for Portfolio Selection (xk星空官网), Systems Engineering Theory and Practice, 2005, 25(3), 8-14.

  78. H. X. Yao, J. X. Yi and Z. F. xk星空官网, The Efficient Frontier Features of Risky Assets with Singular Variance-Covariance Matrix (xk星空官网), Quantitative & Technical Economics, 2005, 22(1), 107-113.

  79. Z. F. xk星空官网 and L. Mei, Comparative Analysis of CRRA LA and DA utility models (xk星空官网), Management Review, 2004, 16(11), 10-15.

  80. H. X. Yao, J. X. Yi and Z. F. xk星空官网, The Equivalent forms on Arrow Impossibility Theorem (xk星空官网), Operations Research and Management Science, 2004, 13(5), 59-61.

  81. Z. F. xk星空官网 and S. Y. Wang, Optimal Consumption-Portfolio Selection in Frictional Markets (xk星空官网), Journal of Systems Science and Mathematical Science, 2004, 24(3), 406-416.

  82. Z. F. xk星空官网 and J. Yao, Optimal Dynamic Portfolio Selection under Safety-First Criterion, Journal of Systems Science and Mathematical Science, 2004, 24(1), 41-45. (EI)

  83. Z. F. xk星空官网 and J. Yao, Integrated Empirical Analysis of Chinese Stock Market, Management Review, 2004, 16(1), 27-30.

  84. J. Yao and Z. F. xk星空官网, The Asset Allocation Model based on VaR (xk星空官网), Chinese Journal of Management Science, 2004, 12(1), 8-14.

  85. Z. X. xk星空官网, Z. F. xk星空官网 and J. Deng, The Cross-Sector Activities and Barriers in the Investment Fund Industry, Studies of International Finance, 2023, 2, 23-25.

  86. Z. F. xk星空官网 and S. Y. Wang, EaR Risk Management and Dynamic Investment Decision (xk星空官网), Quantitative & Technical Economics, 2003(1) 45-51.

  87. Z. F. xk星空官网, S. Y. Wang and X. T Deng, No-Arbitrage Analysis for the Term Structure of Interest Rates in Markets with Frictions (xk星空官网), Journal of Systems Science and Mathematical Science, 2002, 22(3), 285-295.

  88. Z. F. xk星空官网, S. Y. Wang and H. L. Yang, Weak No-Arbitrage in Financial Markets with Frictions (xk星空官网), Journal of Management Science, 2002, 10(3), 1-5.

  89. Z. X. xk星空官网, Z. F. xk星空官网 and S. Y. Wang, On the Innovation of Fund Product Regulation (xk星空官网), Investment and Security, 2001.

  90. Z. X. xk星空官网, Z. F. xk星空官网 and S. Y. Wang, Independent Directors in the Eyes of Americans (xk星空官网), Sino Foreign Management, 2001, 7, 14-15. (Cover Article)

  91. Z. X. xk星空官网, Z. F. xk星空官网, Investor Protection and Securities Insurance: U.S. Practices and Suggestions for Establishing an Insurance Mechanism in China's Securities Industry, Renmin University Copy of Periodicals—Investment and Securities, 2000, 8, 10-13.

  92. Z. F. xk星空官网 and X. F. xk星空官网, Introduction to Financial Mathematics, Journal of Dialectics of Nature, 1999, 21(120), 76-81.

  93. Z. F. xk星空官网, Benson Proper Efficiency in Vector Optimization of Set-Valued Mappings (xk星空官网) Acta Mathematicae Applicatae Sinica, 1998, 21(1), 123-134.

  94. Z. F. xk星空官网 and S. Y. Wang, Global Efficiency in Multiobjective Programming (xk星空官网) Journal of Systems Science and Mathematical Sciences, 15(1) 1995 30-32.

  95. 95. S. Y. Wang, Z. F. xk星空官网 and F. M. Yang, A Scalarization Theorem in Multiobjective Programming (xk星空官网), Chinese Science Bulletin, 1993, 38(1) 5-7.

  96. 96. Z. F. xk星空官网 and S. Y. Wang, The Lagrange Duality and Scalarization Theorem of Multi-Objective Programming, 1993, 13(3), 211-217.


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