Good News! Student Jiahao Zhou’s Graduation Thesis Included in Shanghai Master of Finance Theses Database | Academics

Release time：2025-08-15    

Good News

In May 2025, Shanghai Municipal Steering Committee for Professional Degree Education in Finance (Postgraduate) initiated the thesis collection work of the 8^th Shanghai Master of Finance Theses Database and has collected a total of 45 participating theses from universities in Shanghai. According to activity rules, through recommendations of training units and anonymous examinations by experts, 20 theses qualified the requirements for the 8^th Shanghai Master of Finance Theses Database.

Among the qualified 20 theses was the thesis entitled Influence of Differential Investor Attention on Price Disparities in Cross-Listed Stocks: evidence from AH premium, written by Jiahao Zhou, a 2024 Master of Finance Graduate, under the guidance of Associate Professor Chang Ma. Congratulations to Student Jiahao Zhou!

This achievement would not have been possible without help from instructor Professor Chang Ma and the great support from Elite Masters of Finance (EMF) and Education Service Center (ESC). Let’s send our sincere gratitude to their diligent efforts! And we anticipate more students of our school learn from Senior Zhou and strive for good results in future selections!

Thesis Introduction

Influence of Differential Investor Attention on Price Disparities in Cross-Listed Stocks: evidence from AH premium

Abstract (excerpts):

The thesis mainly studies and analyzes the influence of differential investor attention on AH premium, clarifies the relation between investor attention and asset prices, and summarizes the reason why investor attention affects stock pricing. The index of abnormal investor attention is introduced here to obtain the differential attention of investments from two regions on one company; and the virtual variable Case is introduced to reflect the numbers of both positive and negative media reports of the listed company within a period of time. And the regression model is constructed based on the aforementioned analysis. In addition, the thesis further discusses whether the differential attention of the investors from the two regions has an influence on disparities in financial forecasts of securities analysts.

Innovative points: investor attention is a new perspective to study AH premium. The thesis conducts research combining positive catalysts, negative catalysts and investor attention, and constructs differential attention of investors from two regions. Moreover, apart from individual investors, it also studies the behaviors of securities analysts.

Author Introduction

Jiahao Zhou

“Shanghai Excellent Graduate”

First prize winner of Excellent Paper at FISF

Undergraduate Institute: Fudan University

Instructor Introduction

Chang Ma

Associate Professor in Finance at FISF and PhD in Economics at the Johns Hopkins University, mainly studying international finance, macroeconomics and macro-prudential policies. His papers have been published on top international academic journals like Review of Financial Studies, Journal of International Economics and Journal of the European Economic Association, and widely reported by The Wall Street Journal, United Nations Industrial Development Organization, VoxEU, VoxChina and other international mainstream media and thinktank research.

Program Introduction

Elite Masters of Finance (EMF)

The Elite Masters of Finance (EMF) of FISF aims to cultivate high-level, application-oriented professionals with good professional ethical qualities, global visions and a good grasp of contemporary international mainstream financial theories and skills, strong capabilities to solve practical financial issues and engage in enterprise investment and financing decisions, risk management and financial analysis.

Education Service Center (ESC)

Based on the school-running missions and goals of FISF, it is committed to building an extraordinary financial education center and providing diversified services during the talent cultivation process. In the stage of thesis guidance, it organizes special activities like thesis progress meetings, financial database training and preliminary reviews in the school apart from regular procedures, to improve students’ writing ability and ensure the quality of their theses.