Projects per year
Personal profile
Research interests
Corporate Finance (capital structure, corporate innovation, supply chain), Financial Intermediation (credit rating agencies, analysts, financial advisors), Financial Regulations
Biography
Dr Zheyao (Terry) Pan joined Department of Applied Finance at Macquarie University from December, 2017. Prior to that, he was a Lecturer at the University of Otago. He received a PhD in Finance from the University of Queensland in 2017.
Dr Pan's main research interests are in the areas of Corporate Finance (capital structure, corporate innovation, supply chain), Financial Intermediation (credit rating agencies, analysts, financial advisors), and Financial Regulations. His research work has been published in Review of Financial Studies, Research Policy, Journal of Corporate Finance, Financial Management, Journal of Financial Markets, and Journal of Banking and Finance, etc. Dr Pan has received more than 10 competitive research awards, and he is the Associate Editor of Accounting & Finance and Pacific Basin Finance Journal and on the Editorial Board of Australian Journal of Management. His research has been featured by Harvard Business Review and other media outlets.
Education/Academic qualification
PhD in Finance, The University of Queensland
2014 → 2017
M.A. in Ecnomics, Xiamen University
2010 → 2013
B.A. in Economics, Southwestern University of Finance and Economics
2006 → 2010
Fingerprint
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Collaborations and top research areas from the last five years
Recent external collaboration on country/territory level. Dive into details by clicking on the dots or
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Information asymmetry and credit rating
Huang, R. (Primary Chief Investigator), Pan, T. (Primary Chief Investigator), Shi, J. (Primary Chief Investigator) & Hu, X. (Primary Chief Investigator)
Project: Research
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DFCRC Seed Grant Sustainable finance research brief 1: Impact premiums
Liao, Y. (Primary Chief Investigator), Bu, D. (Primary Chief Investigator) & Pan, T. (Primary Chief Investigator)
1/06/24 → 1/09/24
Project: Research
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Macquarie Minds and Intelligences Initiative Early Career Researcher Funding: Floklore-formed culture traits and corporate misconduct
Pan, T. (Primary Chief Investigator)
1/04/24 → 31/12/24
Project: Research
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A Global Mispricing Factor Model
Han, X. (Primary Chief Investigator) & Pan, T. (Primary Chief Investigator)
1/08/19 → 31/07/20
Project: Research
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Economical value of innovations: A new estimation approach
Pan, T. (Primary Chief Investigator) & Han, J. (Primary Chief Investigator)
4/07/18 → 31/07/19
Project: Research
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Inherited culture and corporate innovation
Han, J., Ji, X. & Pan, Z., Oct 2026, In: International Review of Financial Analysis. 118, p. 1-21 21 p., 105377.Research output: Contribution to journal › Article › peer-review
Open AccessFile -
Local newspaper closures and financial adviser misconduct
Han, J., Pan, Z. & Zhang, H., 21 Sept 2026, (E-pub ahead of print) In: British Accounting Review. 101974.Research output: Contribution to journal › Article › peer-review
Open Access -
Machine learning in corporate bonds: Evidence from China
Fang, Y., Hu, X., Zhong, A., Pan, Z. & Cao, Y., Mar 2026, In: Journal of Banking and Finance. 184, p. 1-28 28 p., 107636.Research output: Contribution to journal › Article › peer-review
Open AccessFile2 Link opens in a new tab Citations (Scopus)6 Downloads (Pure) -
Mind the Cost of “Disturbia”: Firm-level Supply Chain Risk and the Bank Loan Cost
Cheng, D., Gao, L., Liao, Y. & Pan, Z., 2026, (Accepted/In press) In: Production and Operations Management.Research output: Contribution to journal › Article › peer-review
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Rethinking home ownership: attitudes, intentions, and trade-offs
Sheedy, E., Shah, S. W. & Pan, Z., 2026, In: Housing Studies. 41, 8, p. 1825-1850 26 p.Research output: Contribution to journal › Article › peer-review
Open AccessFile4 Downloads (Pure)
Prizes
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2022 AFAANZ Conference Best Paper Award in Corporate Finance
Gao, L. (Recipient), Han, J. (Recipient), Pan, T. (Recipient) & Zhang, H. (Recipient), Jul 2022
Prize
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2022 FMA Asia/Pacific Conference Best Paper Award in Corporate Finance and Financial Institutions
Pan, G. (Recipient), Pan, T. (Recipient) & Xiao, K. (Recipient), Dec 2022
Prize
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2024 New Zealand Finance Meeting Best PhD Student Paper Award
Han, J. (Recipient), Ji, X. (Recipient) & Pan, T. (Recipient), Dec 2024
Prize
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Essays on options
Pan, T. (Examiner)
Mar 2025Activity: Higher degree research activities › Examination
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Are ESG Controversies Fueling Inventors’Job-Hopping?
Pan, T. (Examiner)
Jan 2025Activity: Higher degree research activities › Examination
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Essays in Empirical Finance
Pan, T. (Examiner)
Feb 2024Activity: Higher degree research activities › Examination
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Political Influence, ESG, and Corporate M&As: Evidence in China
Pan, T. (Examiner)
Sept 2024Activity: Higher degree research activities › Examination
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Essays on derivatives markets
Pan, T. (Examiner)
2023Activity: Higher degree research activities › Examination
Press/Media
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When godliness goes up, misconduct goes down
Cowan, A., Gao, L., Han, J. & Pan, Z.
9/08/24
1 item of Media coverage
Press/Media: Research
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BP’s production cuts signal future energy crisis
12/07/24
1 item of Media coverage
Press/Media: Research
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Firms Led by CEOs from Former U.S. Frontier Areas Are Awarded More Patents
Gao, L., Han, J., Pan, T. & Zhang, H.
13/06/24
1 item of Media coverage
Press/Media: Research
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Study suggests disproportionate number of the most innovative CEOs hail from US counties with a frontier history
Gao, L., Han, J., Pan, T. & Zhang, H.
11/06/24
1 item of Media coverage
Press/Media: Research
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Study suggests disproportionate number of the most innovative CEOs hail from US counties with a frontier history
Gao, L., Han, J., Pan, T. & Zhang, H.
10/06/24
1 item of Media coverage
Press/Media: Research