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Xinlei Zhao

Deputy Director

Xinlei Zhao

Commercial Credit Risk Analysis Division

Dr. Xinlei Zhao is Deputy Director of the Commercial Credit Risk Analysis Division within Supervision Risk and Analysis of the Office of the Comptroller of the Currency (OCC).

Dr. Zhao helps to manage division financial economists who advise bankers, policy makers, and OCC senior management on quantitative modeling and analysis issues in consumer and commercial credit risk modeling. Prior to joining the OCC in 2009, she was an assistant professor and then associate professor of finance (with tenure) at Kent State University. Dr. Zhao's current research includes credit risk modeling, asset pricing, and corporate finance. She holds a doctorate in finance from the University of Toronto and an undergraduate degree from the Zhejiang University in China.

Dr. Zhao’s research papers can be found here.

  1. Sun, Junjie, Deming Wu, and Xinlei Zhao, 2018, “Systematic risk factors and bank failure,” Journal of Economics and Business 98, 1-18.
  2. Li, Phillip, Qi, Min, Xiaofei Zhang and Xinlei Zhao, 2016, "Further Investigation of Parametric Loss Given Default Modeling," Journal of Credit Risk, 12(4), 17–47.
  3. Liu, Zilong, Xiaoling Pu , and Xinlei Zhao, 2015, "What Moves the Correlation between Equity and CDS Markets?" Journal of Fixed Income, 25(2), 72-87.
  4. Qi, Min, Xiaofei Zhang and Xinlei Zhao, 2014, "Unobservable Systematic Risk Factor and Default Prediction," Journal of Banking and Finance, 49, 216-227.
  5. Chen, Long, Da Zhi, and Xinlei Zhao, 2013, "What drives stock price movement?" Review of Financial Studies, 26(4), 841-875.
  6. Pu, Xiaoling and Xinlei Zhao, 2012, "Correlation in Credit Risk Changes," Journal of Banking and Finance, 36, 1093-1106.
  7. Sun, Junjie, Xiaolong Yang, and Xinlei Zhao, 2012, "Understanding commercial real estate indices," Journal of Real Estate Portfolio Management, 18(3), 289-303.
  8. Qi, Min, and Xinlei Zhao, 2011, "A Comparison of Methods to Model Loss Given Default," Journal of Banking and Finance, 35, 2842-2855.
  9. Chen, Long and Xinlei Zhao, 2009, "Return Decomposition," Review of Financial Studies, 22, 5213-5349.
  10. Xinlei Zhao, 2009, "Technological Innovation and Acquisitions," Management Science, 55, 1170-1183.
  11. Li, Kai, Hernan Ortiz-Molina and Xinlei Zhao, 2008, "Do Institutional Investors Care About Voting Rights? Evidence From Institutional Investment in Dual-Class Firms," Financial Management, 37, 713-745 (Winner of the Best Paper Award at the 2007 Northern Finance Association Meetings).
  12. Li, Kai and Xinlei Zhao, 2008, "Asymmetric Information and Dividend Policy," Financial Management, 37, 673-694.
  13. Chen, Long and Xinlei Zhao, 2007, "Mechanical Mean Reversion of Leverage Ratios," Economics Letters, 95, 223-229.
  14. Chen, Long and Xinlei Zhao, 2006, "On the relation between the market-to-book ratio, growth opportunity, and leverage ratio," Financial Research Letters, 3, 253-266.
  15. Li, Xianghong and Xinlei Zhao, 2006, "Propensity Score Matching and Abnormal Performance After Seasoned Equity Offering," Journal of Empirical Finance, 13, p351-370.
  16. Chen, Robert and Xinlei Zhao, 2005, "The Information Content of Insider Options Trading," Financial Management, 34, p153-172.

  1. Phillip Li, Xiaofei Zhang, and Xinlei Zhao (2020), "Modeling Loss Given Default Regressions," OCC Working Papers - New Frontiers in Bank Risk Management.
  2. Chen, Shunqin, Zhengfeng Guo, and Xinlei Zhao (2020). "Predicting Mortgage Early Delinquency with Machine Learning Methods"
  3. Li, Phillip, Xiaofei Zhang, and Xinlei Zhao (2019). "Modeling Loss Given Default."
  4. Guo, Zhengfeng, Yan Zhang, and Xinlei Zhao (2019) "Risk of long-term auto loans"
  5. Ding, Adam, Shaonan Tian, Yan Yu, and Xinlei Zhao (2019). "Does Judicial Foreclosure Procedure Help Delinquent Subprime Mortgage Borrowers?"
  6. Phillip Li, Min Qi, Xiaofei Zhang, and Xinlei Zhao (2014), "Further Investigation of Parametric Loss Given Default Modeling," OCC Economics Working Paper 2014-2.
  7. Min Qi and Xinlei Zhao (2011), "Debt Structure, Market Value of Firm, and Recovery Rate," OCC Economics Working Paper 2011-2.
  8. Xiaoling Pu and Xinlei Zhao (2009), "Correlation in Credit Risk," OCC Economics Working Paper 2009-5.