hero image
Jianxin (Donny) Zhao - Emory University, Goizueta Business School. Atlanta, GA, US

Jianxin (Donny) Zhao

Assistant Professor of Accounting | Emory University, Goizueta Business School



Jianxin (Donny) Zhao completed his PhD in business administration at the University of North Carolina at Chapel Hill in 2017. Before coming to Emory, Zhao held positions at the University of North Carolina. His primary research interests include debt markets, financial accounting, social networks, and corporate governance.

Education (4)

University of North Carolina at Chapel Hill: PhD, Business Administration 2017

University of Melbourne: B, Commerce 2009

Curtin University of Technology: B, Commerce 2008

Dongbei University of Finance & Economics: B, Management 2008

Areas of Expertise (4)

Corporate Financial Reporting

Debt Markets

Social Networks

Corporate Governance

In the News (1)

The Rise of U.S. - Listed VIEs from China: Balancing State Control and Access to Foreign Capital

CLS Blue Sky Blog  


We investigate Chinese firms’ use of variable interest entities (VIEs) to evade Chinese regulation on foreign ownership and list in the U.S. We find that the use of VIEs for such ends is widespread, growing, and associated with valuation discounts of as much as 30 percent relative to Chinese non-VIE firms listed in the U.S. The discount varies predictably with events that change the risk of government intervention and managerial malfeasance, and is tempered by better oversight and lower regulatory risk. To protect shareholders, VIE firms are more likely to have these characteristics as well as to curry government favor by contributing to disaster relief and hiring excess employees.

view more