Research Interests

Financial risk management (financial fraud detection, operational risk modeling, credit scoring), Fintech, Artificial Intelligence, Large language models, Big data analysis, Machine learning

Brief Introduction

Xiaoqian Zhu is an Associate Professor in School of Economics and Management, University of Chinese Academy of Sciences. She is also the Co-Editor of  Journal of International Financial Management & Accounting and the Associate Editor of Journal of Operational Risk.

She has published over 50 papers in international journals, including Risk Analysis, Review of Quantitative Finance and Accounting, International Review of Financial Analysis, Quantitative Finance, Accounting & Finance, and a short article in Nature. She has also earned 7 software copyrights in China, 5 Chinese patents and 6 best paper awards from well-known international conferences.

2010.09-2015.07 Institute of Policy and Management, Chinese Academy of Science, Ph.D in Management

2006.09-2010.07 School of Management, University of Science and Technology of China, Bachelor in Management

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2021.12-present  School of Economics and Management, University of Chinese Academy of Sciences, Associate Professor   

2019.07-2021.11 Institutes of Science and Development, Chinese Academy of Sciences, Associate Professor   

2015.07-2019.07 Institutes of Science and Development, Chinese Academy of Sciences, Assistant Professor   

Financial Technology

Financial Engineering

Financial Regulation and Anti-fraud

Risk management

[1]     Jianping Li, Xiaoqian Zhu*, Dengsheng Wu. China’s publications: fewer but better. Nature, 2021, 592: 507. (SCI, IF 64.8).

[2]     Shunjia Liu, Jianping Li, Dengsheng Wu, Xiaoqian Zhu, Xinlong Xu. Risk communication in multistakeholder engagement: A novel spatial econometric model. Risk Analysis, 2024, 44(1): 87-107. (ABS 4, FMS A, SCI/SSCI, IF 3.8)

[3]     Xiaoqian Zhu, Yinghui Wang, Jianping Li*. What drives reputational risk? Evidence from textual risk disclosures in financial statements. Humanities and Social Sciences Communications, 2022, 9(1): 1-15. (Springer Portfolio SSCI, IF 3.5)

[4]     Xiaoqian Zhu, Xiang Ao, Zidi Qin, Yanpeng Chang, Yang Liu, Qing He*, Jianping Li. Intelligent financial fraud detection practices in post-pandemic era. The Innovation, 2021, 2(4): 100176. (Cell Partner Journal, ESCI, IF 33.1)

[5]     Xiaoqian Zhu, Yinghui Wang, Yanpeng Chang, Rongda Chen, Jianping Li*. Anti-Fraud analysis during the COVID-19 pandemic: A global perspective. International Journal of Information Technology & Decision Making, 2024, 23(01): 37-55. (FMS B, SCI, IF 4.9)

[6]     Jianping Li, Yanpeng Chang, Yinghui Wang, Xiaoqian Zhu*. Tracking down financial statement fraud by analyzing the supplier-customer relationship network. Computers & Industrial Engineering, 2023, 178: 109118. (ABS 2, FMS B, SCI, IF 7.9)

[7]     Xiaoqian Zhu, Yinghui Wang, Mingxi Liu, Jianping Li*. How to choose the dependence types in operational risk measurement? A method considering strength, sensitivity and simplicity. Journal of Operational Risk, 2023, 18(3): 1-29. (ABS 2, FMS C, SSCI, IF 0.5)

[8]     Shigang Wen, Jianping Li, Chuangxia Huang, Xiaoqian Zhu*. Extreme risk spillovers among traditional financial and FinTech institutions: A complex network perspective. The Quarterly Review of Economics and Finance, 2023, 88: 190-202. (SSCI, IF 3.4)

[9]     Jianping Li, Guowen Li, Mingxi Liu, Xiaoqian Zhu*, Lu Wei. A novel text-based framework for forecasting agricultural futures using massive online news headlines. International Journal of Forecasting, 2022, 38(1): 35-50. (ABS 3, FMS B, SSCI, IF 7.9)

[10]  Fang Zhao, Gang Li*, Yanxia Lyu, Hongdong Ma, Xiaoqian Zhu. A cost-sensitive ensemble deep forest approach for extremely imbalanced credit fraud detection. Quantitative Finance, 2023, 23(10): 1397-1409. (ABS 3, FMS B, SCI/SSCI, IF 1.3)

[11]  Mingxi Liu, Guowen Li, Jianping Li, Xiaoqian Zhu*, Yinghong Yao. Forecasting the price of Bitcoin using deep learning. Finance Research Letters, 2021, 40: 101755. (ABS 2, FMS C, SSCI, IF 10.4)

[12]  Xiaoqian Zhu, Lu Wei, Jianping Li*. A two-stage general approach to aggregate multiple bank risks. Finance Research Letters, 2021, 40: 101688. (ABS 2, FMS C, SSCI, IF 10.4)

[13]  Jianping Li*, Guowen Li, Xiaoqian Zhu, Yanzhen Yao. Identifying the influential factors of commodity futures prices through a new text mining approach. Quantitative Finance, 2020, 20(12): 1967-1981. (ABS 3, FMS B, SCI/SSCI, IF 1.3)

[14]  Jianping Li, Jingyu Liu, Xiaoqian Zhu*, Yinhong Yao, Barbara Casu. Risk spillovers between FinTech and traditional financial institutions: Evidence from the U.S. International Review of Financial Analysis, 2020, 71: 101544. (ABS 3, FMS B, SSCI, IF 8.2)

[15]  Jingyu Li, Jianping Li, Xiaoqian Zhu*. Risk dependence between energy corporations: A text-based measurement approach. International Review of Economics & Finance, 2020, 68: 33-46. (ABS 2, FMS C, SSCI, IF 4.5)

[16]  Lu Wei, Guowen Li, Xiaoqian Zhu, Xiaolei Sun, Jianping Li*. Developing a hierarchical system for energy corporate risk factors based on textual risk disclosures. Energy Economics, 2019, 80:452-460. (ABS 3, FMS B, SSCI, IF 12.8)

[17]  Lu Wei, Guowen Li, Jianping Li, Xiaoqian Zhu*. Bank risk aggregation with forward-looking textual risk disclosures. North American Journal of Economics and Finance, 2019, 50: 1-16. (ABS 2, SSCI, IF 3.6)

[18]  Jingyu Li, Yanzhen Yao, Jianping Li, Xiaoqian Zhu*. Network-based estimation of systematic and idiosyncratic contagion: The case of Chinese financial institutions. Emerging Markets Review, 2019, 40: 100624. (ABS 2, FMS C, SSCI, IF 4.8)

[19]  Xiaoqian Zhu, Yinghui Wang, Jianping Li*. Operational risk measurement: A loss distribution approach with segmented dependence. Journal of Operational Risk, 2019, 14(1): 25-44. (ABS 2, FMS C, SSCI, IF 0.5)

[20]  Dengsheng Wu, Xiaoqian Zhu, Jie Wan, Chunbing Bao, and Jianping Li*. A multiobjective optimization approach for selecting risk response strategies of software project: From the perspective of risk correlations. International Journal of Information Technology & Decision Making, 2019, 18(01): 339-364. (FMS B, SCI, IF 4.9)

[21]  Jianping Li, Yinhong Yao, Yuanjie Xu, Jingyu Li, Lu Wei, Xiaoqian Zhu*. Consumer's risk perceptions on the Belt and Road countries: Evidence from the cross-board e-commerce. Electronic Commerce Research, 2019, 19(4): 823-840. (ABS 2, FMS C, SSCI, IF 3.9)

[22]  Lu Wei, Guowen Li, Xiaoqian Zhu, Jianping Li*. Discovering bank risk factors from financial statements based on a new semi-supervised text mining algorithm. Accounting & Finance, 2019, 53(3): 1525-1558. (ABS 2, FMS C, SSCI, IF 2.6)

[23]  Xiaoqian Zhu, Lu Wei, Dengsheng Wu, Jianping Li*. A general framework for constructing bank risk data sets. Journal of Risk, 2018, 21(1): 37-59. (ABS 2, FMS B, SSCI, IF 0.7)

[24]  Jianping Li*, Lu Wei, Cheng Few Lee, Xiaoqian Zhu, Dengsheng Wu. Financial statements based bank risk aggregation. Review of Quantitative Finance and Accounting, 2018, 50(3): 673–694. (ABS 3, FMS B, ESCI, IF 1.7)

[25]  Yanzhen Yao, Jianping Li, Xiaoqian Zhu*, Lu Wei. Expected default based score for identifying systemically important banks. Economic Modelling, 2017, 64: 589-600. (ABS 2, FMS C, SSCI, IF 4.7)

[26]  Xiaoqian Zhu, Yongjia Xie, Jianping Li, Dengsheng Wu*. Change point detection for subprime crisis in American banking: From the perspective of risk dependence. International Review of Economics & Finance, 2015, 38: 18-28. (ABS 2, FMS C, SSCI, IF 4.5)

[27]  Dengsheng Wu, Minglu Li, Xiaoqian Zhu, Hongfang Song, Jianping Li*. Ranking the research productivity of business and management institutions in Asia–Pacific region: Empirical research in leading ABS journals. Scientometrics, 2015, 105(2): 1253-1272. (ABS 2, FMS B, SCI/SSCI, IF 3.9)

[28]  Jianping Li*, Xiaoqian Zhu, Dengsheng Wu, Cheng-Few Lee, Jichuang Feng, Yong Shi. On the aggregation of credit, market and operational risks. Review of Quantitative Finance and Accounting, 2015, 44(1): 161-189. (ABS 3, FMS B, ESCI, IF 1.7)

[29]  Xiaoqian Zhu, Fei Wang, Haiyan Wang, Changzhi Liang, Run Tang, Xiaolei Sun, Jianping Li*. TOPSIS method for quality credit evaluation: A case of air-conditioning market in China. Journal of Computational Science, 2014, 5(2): 99-105. (SCI, IF 3.3)

[30]  Jianping Li*, Xiaoqian Zhu, Yongjia Xie, Jianming Chen, Lijun Gao, Jichuang Feng, Wujiang Shi. The mutual-information-based variance-covariance approach: An application to operational risk aggregation in Chinese banking. Journal of Operational Risk, 2014, 9(3): 3-19. (ABS 2, FMS C, SSCI, IF 0.5)

[31]  Xiaoqian Zhu, Jianping Li*, Dengsheng Wu, Haiyan Wang, Changzhi Liang. Balancing accuracy, complexity and interpretability in consumer credit decision making: A C-TOPSIS classification approach. Knowledge-Based Systems, 2013, 52: 258-267. (FMS C, SCI, IF 8.8)