• photo of professor Steven Zheng taken on the third floor of Drake Centre. One hand in his jean pocket, he leans on the balcony. He wears a light purple shirt.
  • Department Head
    BMO Professorship in Finance

    Accounting & Finance Department
    Room 432 Drake Centre
    181 Freedman Crescent
    University of Manitoba (Fort Garry Campus)
    Winnipeg, Manitoba R3T 5V4

    T: 204-474-7933


Dr. Zheng received his Ph.D. in Finance from the State University of New York. His research focuses on corporate finance, especially equity offerings such as initial public offering (IPO), seasoned equity offering, and private placements. Dr. Zheng discovered some interesting patterns in his research. For example, he has shown that the more cash firms raise in IPOs, the worse their stocks will perform in the long run, suggesting that IPO firms tend to waste the cash they raise. In another study, Dr. Zheng and his co-authors found that many public firms in China use private placement of equity to steal from outside investors. Dr. Zheng’s work has been published in many academic journals such as Financial Management; Journal of Empirical Finance; International Review of Financial Analysis; Journal of International Financial Markets, Institutions, & Money; Financial Review; Review of Quantitative Finance and Accounting; International Review of Economics and Finance; and Finance Research Letters. He received the Associates Award for Excellent in Research in 2006 and 2019. Currently, Dr. Zheng holds the Bank of Montreal Professorship in Finance.

Research Interests

  • Corporate Finance
  • Corporate Governance
  • Financial Markets

Teaching Interests

  • Corporate Finance
  • Investments


Chen, C., Shi, S., Song, X., & Zheng, S.X. (2021). Financial constraints and cross-listing. Journal of International Financial Markets, Institutions, & Money, 71.

Lin, J., Zheng, S.X., & Zhou, M. (2020). Wealth transfer through private placements? Evidence from China. The Financial Review 55, 199-219.

Chen, C., Li, T., Shao, R., & Zheng, S.X. (2019). Dynamics of Deterioration in Internal Control Reported under SOX 404. International Review of Economics & Finance 61, 228-240.

Li, S., Li, T., Mittoo, U., Song, X., & Zheng, S.X. (2019). ADR Valuation and Listing of Foreign Firms in U.S. Equity Markets. Journal of International Financial Markets, Institutions, & Money 58, 284-298.

Huo, W., Fu, C., Huang, Y., & Zheng, S.X. (2018). The Valuation of ADR IPOs. Journal of International Financial Markets, Institutions, & Money 53, 215-226.

Jacoby, G., Li, Y., Li, T., & Zheng, S.X. (2018). Internal control weakness, investment and firm valuation. Finance Research Letters 25, 165-171.

Chen, C., Li, T., Li, Y., & Zheng, S.X. (2018). Insider Selling and IPO Price Premium. Emerging Markets Finance and Trade 54, 3500-3518.

Chen, C., Jin, C, Li, T., & Zheng, S.X. (2018). IPO valuation and offering size. Risk Management 20, 95-120.

Zheng, S.X., & Zhong, K. (2017). Does shareholder activism improve operating performance of target companies: A reexamination of CalPERS’ Focus List program. International Journal of Corporate Governance 8(2), 156-173.

Jin, C., Li, T., Zheng, S.X., & Zhong, K. (2017). The new capital raised in IPOs. Managerial Finance, 43 (9), 966-981.

Li, Y., Yu, J., Zhang, Z., & Zheng, S.X. (2016). The effect of internal control weakness on firm valuation: Evidence from SOX Section 404 disclosures. Finance Research Letters 17, 17-24.

Jin, C., Li, T., & Zheng, S.X. (2016). IPO Offering Size and Analyst Forecasts. Review of Pacific Basin Financial Markets and Policies 19(3).

Pai, J., & Zheng, S.X. (2014). Misleading Results in Regression Tests about Signaling and the Valuation of IPO. Quality Technology & Quantitative Management 11(2), 223-228.

Jacoby, G., & Zheng, S.X. (2010). Ownership Dispersion and Market Liquidity. International Review of Financial Analysis 19(2), 81-88.

Zheng, S. X., & Li, M. (2008). Underpricing, Ownership Dispersion, and Aftermarket Liquidity of IPO Stocks. Journal of Empirical Finance 15(3), 436-454.

Zheng, S. X., & Stangeland, D. A. (2007). IPO Underpricing, Firm Quality, and Analyst Forecasts. Financial Management 36(2), 45-64.

Zheng, S. X. (2007). Are IPOs Really Overpriced? Journal of Empirical Finance 14(3), 287-309.

Zheng, S. X. (2007). Market Underreaction to Free Cash Flows from IPOs. The Financial Review 42, 75-97.

Zhong, K., Gribbin, D. W., & Zheng, X. (2007). The Effect of Monitoring by Outside Blockholders on Earnings Management. Quarterly Journal of Business and Economics 46(1), 37-60.

Zheng, S. X. (2006). Signaling and the valuation of IPOs: Regression tests. In Greg N. Gregoriou (Eds.), Initial Public Offerings: An International Perspective (297 – 309), Elsevier.

Zheng, S. X., Ogden, J. P., & Jen, F. C. (2005). Pursuing Value Through Liquidity in IPOs: Underpricing, Share Retention, Lockup, and Trading Volume Relationships. Review of Quantitative Finance and Accounting 25, 293-312.

Li, M., Zheng, S. X., & Melancon M. V. (2005). Underpricing, Share Retention, and the IPO Aftermarket Liquidity. International Journal of Managerial Finance 1, 76-94.