Prof. Ziwei Zhao

Ziwei Zhao is Assistant Professor of Finance at the University of Lausanne. In 2020 and 2021, Professor Zhao received the HEC Research Fund from the University.

Professor Zhao investigates the intersection of financial ownership and market dynamics, focusing on how ownership structures impact financial markets. Her recent work delves into the effects of Exchange-Traded Fund (ETF) ownership on market efficiency. She examines whether the growing prominence of ETFs contributes to inefficiencies and how active mutual fund managers might capitalize on these effects to enhance their returns. Using U.S. market data, her research highlights the ways in which skilled mutual fund managers leverage information inefficiencies introduced by passive ETFs to generate higher alpha-based performance.

Additionally, Professor Zhao explores the implications of institutional ownership levels for corporate governance and decision-making. Her studies reveal that low institutional ownership can pose challenges for firm managers, as increased trading noise hinders their ability to glean valuable insights from market signals. Her work bridges the gap between ownership structures and market efficiency, offering nuanced perspectives on the evolving financial landscape.

• Financial Markets
  • Information and Market Efficiency
• Portfolio Management and Asset Classes
  • Asset Pricing
  • Behavioral Finance and Neurofinance
  • Equities
  • Personal Finance and Household Choices
  • Portfolio Management
• Financial Institutions
  • Institutional Investors and Funds