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Salford Business School

Dr Jia Zhai

Lecturer in Finance and Economics


I completed my MSc in Finance from the University of Essex. My academic experience began in 2010 as completing a PhD in Finance and my dissertation was entitled “Option Market Anomalies”. My current research has focused on option markets, behavioral finance theories, anomalies in the derivative market and the capital market in China. Since the graduation, I have published journal articles and presented the research output in international conferences.

My academic experience began as a Lecturer in Mathematical Finance in the University of Liverpool, China. Then I joint the Ulster University Business School as a Lecturer in Finance. Since January 2016, I work for the University of Salford as Lecturer in Finance and Economics.


International finance; International financial management

Research Interests

Anomalies in options/stocks markets; option pricing; risk management  in capital market; Macro-factor and monetary policy (impact on financial markets); behavioural finance (investor sentiment)

PhD Supervision

I am currently supervising doctoral students on the following topics: organisational learning and strategic change, strategic HRM and leadership I would be interested in supervising future doctoral students in: organisational learning and strategic change, strategic HRM and leadership  


Qualifications and Memberships

HEA Associate Membership



Coakley, J., Dotsis, G., Liu, X. and Zhai, J., Investor sentiment and value and growth stock index options, The European Journal of Finance, 20, 1211-1229, April, 2013

 Zhai, J., Cao, Y., Yao, Y., Ding, X., and Li, Y., Computational intelligent hybrid model for detecting disruptive trading activity, Decision Support Systems, Vol 93, 26–41, January 2017

Zhai, J., Cao, Y., Yao, Y., Ding, X., and Li, Y., Coarse and fine identification of collusive clique in financial market, Expert Systems With Applications, Volume 69, 225–238, March 2017.

Yao, Y., Zhai, J., Cao, Y., Ding, X., Liu, J., and Luo, Y., Data analytics enhanced component volatility model, Expert Systems with Applications, in press, 2017.


A computational intelligent hybrid model for detecting disruptive trading activity”, Decision Support Systems (AJG/ABS 3*), under review, (submitted on 18 Dec 2015)

Investor Sentiments and Risk Neutral Moments: Value and Growth Index”. European Journal of Finance (AJG/ABS 3*), April, 2014, vol.20, pp.1211-1229.

CPPI based Dynamic Adjustment of Indicator MACD”. Management Review, April, 2015, vol.27, pp.37- 45.

 “Static and dynamic models: a framework for price manipulation detection”, accepted in Aug 2015, in press, Expert Systems with Applications (AJG/ABS 3*)



“On Calibration of stochastic volatility model: a comparison study”, presented in Mar 2014, IEEE Computational Intelligence for Financial Engineering and Economics, CIFEr 2014, London.


“Stochastic Volatility Model Calibration: A Computational Study”, presented in World Finance Conference, Venice, July 2014.


“Investor Sentiment and Option Prices: Evidence from Value and Growth Index Options”, presented in 18th Annual conference Multinational Finance Society, June 2011, Rome.


“Overreaction and Under-reaction in U.K. Options Market: FTSE 100 Index”, presented in Money Macro and Finance Research Group (MMF) annual conference, 2008, Bradford.