Tong Zhou


Tong Zhou

Assistant Professor

Research Area

Financial Economics, Innovation Economics

Personal Website

Contact Information


Dr. Tong Zhou received his Ph.D. in Finance (2017) from the University of Hong Kong, Master in Finance (2012) from Sun Yat-Sen University, and Bachelor in Economics (2010) from Sun Yat-Sen University. His friends call him “Tony” personally.


    Benchmarking U.S. university technology commercialization efforts: A new approach (with David H. Hsu, Po-Hsuan Hsu, & Arvids A. Ziedonis), Research Policy,50(1), 2021.

Selected Working Papers

      1. Patent thickets, growth options, and stock returns (with Po-Hsuan Hsu & Hsiao-Hui Lee)Revise and Resubmit at Management Science, 2nd round.

2    2. Ambiguity, asset illiquidity, and price fragility (solo-authored). Revise and Resubmit at Journal of Economic Behavior and Organization, 1st round

3“   3. “Industrial robots and finance” (with Xin Cheng, Evgeny Lyandres, & Kaiguo Zhou)

      4. “Industry-university patent collaboration and Chinese firms’ innovation” (with Po-Hsuan Hsu & Kaiguo Zhou)

      5. Medical innovation, human capital productivity, and the cross section of stock returns(solo-authored).

      6. Innovation awards, product segmentation, and stock returns (with Po-Hsuan Hsu & Yiming Yang).


Introduction to Finance, Bachelor level, Fall 2020 and Spring 2021