Jingzhi Huang
Professor of Finance and Mathematics, Faculty Chair in Finance
Professor Huang has been at Penn State since receiving his Ph.D. in finance from New York University in 1997. He has also taught at the Stern School of Business, New York University.
Expertise
Credit risk, Fixed-income markets, Derivatives markets, Mutual funds and Hedge funds, and machine learning
Education
Ph D in Finance, New York University, New York City, NY, 1997-01-01
Courses Taught
B A 574 – Business Research
A project paper, comparable in quality and scope of work to a graduate thesis, on problems of a company.
FIN 406 – Sec Anly &Prt Mgmt
Advanced valuation theory; fundamentals of security analysis; portfolio construction and management.
FIN 406 – Security Analysis and Portfolio Management
Advanced valuation theory; fundamentals of security analysis; portfolio construction and management.
FIN 406H – Security Analysis and Portfolio Management (H)
Advanced valuation theory; fundamentals of security analysis; portfolio construction and management.
FIN 494H – Finance Senior Honors Thesis (H)
Supervised student activities on research projects identified on an individual or small-group basis.
FIN 496 – Independent Studies
Creative projects, including research and design, which are supervised on an individual basis and which fall outside the scope of formal courses.
FIN 590 – Colloquium
FIN 596 – Individual Studies
Creative projects, including nonthesis research, which are supervised on an individual basis and which fall outside the scope of formal courses.
FIN 597 – Special Topics
FIN 597C – Research Methods (C)
The class focuses on the empirical research methods, data, and econometrics used in the asset pricing subfields of financial economics.
FIN 600 – Thesis Research
FIN 601 – Ph D Dis Full-Time
NO DESCRIPTION.
FIN 601 – PH.D. DISSERTATION FULL-TIME
NO DESCRIPTION.
Selected Publications
Huang J., Lewellen S. M., Wang Z. "Creditor Coalitions in Bankruptcy" Journal of Financial Economics, 2025-11-01
Chen F., Huang J., Li Y., Wu W., YU T. "Asset Growth Anomaly of Corporate Bonds: A Decomposition Analysis" Review of Asset Pricing Studies, vol. 16, 2025-09-02
Huang J., Li P., Wang Y., Wang Y., Yao X., Zhang L. "Do Investors Reach for Yield? Evidence from Corporate Bond Mutual Fund Flows" Journal of Empirical Finance, vol. 83, 2025-09-01
Huang J., Li X., Saglam M., Yu T. "Rainy Day Liquidity" Management Science, vol. 72, 2025-08-01
Huang J., Lewellen S. M., Wang Z. "Creditor Coalitions in Bankruptcy" Oxford Business Law Blog, 2025-03-13
Huang J., Lewellen S. M., Wang Z. "Creditor Coalitions in Bankruptcy" Harvard Law School Bankruptcy Roundtable, 2025-02-11
Huang J., Nozawa Y., Shi Z. "The Global Credit Spread Puzzle" Journal of Finance, vol. 80, 2025-02-01
Huang J., Wang Y., Wang Y. "Does Ownership Concentration Affect Corporate Bond Volatility? Evidence from Bond Mutual Funds" Journal of Banking and Finance, vol. 165, 2024-08-01
Fisar M., Greiner B., Huber C., Katok E., Ozkes A., the Management Science Reproducibility Collaboration "Reproducibility in Management Science" Management Science, vol. 70, 2024-03-01
Huang J., Qin N., Wang Y. "Breadth of Ownership and the Cross-section of Corporate Bond Returns" Management Science, vol. 70, 2023-10-01
Huang J., Liu B., Shi Z. "Determinants of Short-Term Corporate Yield Spreads: Evidence from the Commercial Paper Market" Review of Finance, vol. 27, 2023-03-01
Huang J., Ni J., Xu L. "Leverage Effect in Cryptocurrency Markets" Pacific-Basin Finance Journal, vol. 73, 2022-06-01
Huang J., Shi Z. "Machine-Learning-Based Return Predictors and the Spanning Controversy in Macro-Finance" Management Science, vol. 69, 2022-03-01
Huang J., Shi Z. "What Do We Know About Corporate Bond Returns?" Annual Review of Financial Economics, vol. 13, 2021-11-03
Huang J., Huang Z. J., Xu L. "Sequential Learning of Cryptocurrency Volatility Dynamics: Evidence Based on A Stochastic Volatility Model with Jumps in Returns and Volatility" Quarterly Journal of Finance, vol. 11, 2021-06-01
Chen F., Huang J., Sun Z., Yu T. "Why Do Firms Issue Guaranteed Corporate Bonds" Journal of Banking and Finance, vol. 119, 2020-10-01
Chen X., Huang J., Sun Z., Yao T., Yu T. "Liquidity Premium in the Eye of the Beholder: An Analysis of the Clientele Effect in the Corporate Bond Market" Management Science, vol. 66, 2020-02-01
Huang J., Shi Z., Zhou H. "Specification Analysis of Structural Credit Risk Models" Review of Finance, vol. 24, 2020-01-01
Huang J., Huang Z. "Testing Moving Average Trading Strategies on ETFs" Journal of Empirical Finance, vol. 57, 2020-01-01
Huang J., Huang W., Ni J. "Predicting bitcoin returns using high-dimensional technical indicators" Journal of Finance and Data Science, vol. 5, 2019-09-01
Acharya V., Huang J., Subrahmanyam M., Sundaram R. "Costly Financing, Optimal Payout Policies and the Valuation of Corporate Debt" World Scientific Reference on Contingent Claims Analysis in Corporate Finance (Volume 3): Empirical Testing and Applications of CCA, vol. 3, 2019-03-01
Huang J., Liechty J. C., Rossi M. "Return Smoothing and its Implications for Performance Analysis of Hedge Funds" Journal of Finance and Data Science, vol. 4, 2018-12-01
Helwege J., Huang J., Wang Y. "Debt Covenants and Cross-Sectional Equity Returns" Management Science, vol. 63, 2017-01-01
Zang X., Ni J., Huang J., Wu L. "Double-jump diffusion models for VIX: evidence from VVIX" Quantitative Finance, vol. 17, 2017-01-01
Huang J., Rossi M., Wang Y. "Sentiment and Corporate Bond Valuations Before and after the Onset of the Credit Crisis" Journal of Fixed Income, vol. 25, 2015-07-01
Helwege J., Wang Y., Huang J. "Separating credit risk and liquidity" Creditflux Magazine, 2015-03-01
Huang J., Xu L. "Stochastic Volatility Models for Asset Returns with Leverage, Skewness and Heavy-Tails via Scale Mixture" Quarterly Journal of Finance, vol. 4, 2014-12-01
Hong H., Huang J., Wu D. "The Information Content of Basel III Liquidity Risk Measures" Journal of Financial Stability, vol. 15, 2014-12-01
Helwege J., Huang J., Wang Y. "Liquidity Effects in Corporate Bond Spreads" Journal of Banking and Finance, vol. 45, 2014-08-01
Huang J., Shi Z., Zhong W. "Model Selection for High-Dimensional Problems" Handbook of Financial Econometrics and Statistics, 2014-08-01
Huang J., Wang Y. "Timing Ability of Government Bond Fund Managers: Evidence from Portfolio Holdings" Management Science, vol. 60, 2014-08-01
Huang J., Huang Z. J. "Real-Time Profitability of Published Anomalies: An Out-of-Sample Test" Quarterly Journal of Finance, vol. 3, 2013-12-01
Huang J., Wang Y. "Should Investors Invest in Hedge Fund-like Mutual Funds? Evidence from the 2007 Financial" Journal of Financial Intermediation, vol. 22, 2013-07-01
Huang J., Wang Y. "Hedge Funds and the Financial Crisis" Alternative Investments, vol. The Kolb Series in Finance, 2013-04-01
Grishchenko O., Huang J. "Inflation Risk Premium: Evidence from the TIPS Market" Journal of Fixed Income, vol. 22, 2013-04-01
Grishchenko O., Huang J. "Finance and Economics Discussion Series: Inflation Risk Premium: Evidence from the TIPS Market" 2013-02-01
Huang J., Zhong Z. "Time-Variation in Diversification Benefits of Commodity, REIT's, and TIPS" Journal of Real Estate Finance and Economics, vol. 46, 2013-01-01
Huang J., Huang M. "How Much of the Corporate-Treasury Yield Spread is Due to Credit Risk?" Review of Asset Pricing Studies, vol. 2, 2012-10-01
Grishchenko O., Huang J. "Term Structure of Interest Rates and Expected Inflation" Inflation Sensitive Assets: Instruments and Strategies, 2012-07-01
Huang J. "The Structural Approach to Modeling Credit Risk" Handbook of Quantitative Finance and Risk Management, vol. 2, 2010-09-01
Huang J., Zhang X. "The Slope of Credit Spread Curves" Journal of Fixed Income, vol. 18, 2008-07-01
Cao C., Huang J. "Determinants of the S&P 500 Index Option Returns" Review of Derivatives Research, vol. 10, 2007-01-01
Acharya V., Huang J., Subrahmanyam M., Sundaram R. "When Does Strategic Debt-Service Matter?" Economic Theory, vol. 29, 2006-10-01
Chen R., Huang J. "Credit Derivatives" Encyclopedia of Finance, 2006-01-01
Huang J., Wu L. "Specification Analysis of Option Pricing Models Based on Time-Changed Levy Processes" Journal of Finance, vol. 59, 2004-01-01
Eom Y., Helwege J., Huang J. "Structural Models of Corporate Bond Pricing: An Empirical Analysis" Review of Financial Studies, vol. 17, 2004-01-01
Huang J., Kong W. "Explaining Credit Spread Changes: New Evidence from Option-Adjusted Bond Indexes" Journal of Derivatives, vol. 11, 2003-10-01
Huang J., Chen R. "A Note on Forward Price and Forward Measure" Review of Quantitative Finance and Accounting, vol. 19, 2002-01-01
Gao B., Huang J., Subrahmanyam M. "The Valuation of American Barrier Options using the Decomposition Technique" Journal of Economic Dynamics and Control, vol. 24, 2000-10-01
Huang J., Subrahmanyam M., Yu G. "Pricing and Hedging American Options: A Recursive Integration Method" Review of Financial Studies, vol. 9, 1996-01-01
Huang J., Tsang K., Hanson J. "Dimension of Strange Attractors in Four-dimensional Maps" Physics Letters A, vol. 147, 1990-01-01