Dr. Le Zhao is an Assistant Professor of Finance in the Department of Finance, Real
Estate and Business Law at California State University, Fresno. She earned her doctoral
degree in Business Administration (Finance) as well as master’s degrees in Finance
and Hospitality Management from Florida International University. Dr. Zhao holds the
Chartered Financial Analyst (CFA®) designation and was selected to participate in
the competitive doctoral workshop on market microstructure at Stockholm Business School.
Her research interests lie in the areas of market microstructure and investments,
with a focus on retail trading and venue competition. Her work has been presented
at various national and international conferences, including the Financial Management
Association, Academy of International Business, World Finance Conference and the Eastern
Finance Association. In 2025, Dr. Zhao received the Craig School of Business Faculty
Award for Research in recognition of her scholarly contributions.
Personal Website: https://www.lezhao.page
LinkedIn: https://www.linkedin.com/in/le-zhao-ph-d-007358255/
Market microstructure, retail trading, investment.
Jain, P. K., Mishra, S., O'Donoghue, S., & Zhao, L. (2024). Trading volume shares
and market quality: Pre- and post-zero commissions. Journal of Empirical Finance, 79, 101564. https://doi.org/10.1016/j.jempfin.2024.101564
Zhao, L., Nguyen, V. H., & Li, C. (2024). The volatility-liquidity dynamics of single-stock
ETFs. Finance Research Letters, 106163. https://doi.org/10.1016/j.frl.2024.106163
Nguyen, V. H., Zhao, L., & Mishra, S. (2024). Innovations in exchange-traded funds:
A comprehensive analytical overview. American Journal of Finance and Accounting, 8(1), 57–80. https://doi.org/10.1504/AJFA.2024.139132
Zhao, L., Vafai, N., Velazquez, M., & Amin, A. (2024). Follow the leader: How culture
gives rise to a behavioral bias that leads to higher greenhouse gas emissions. Journal of Risk and Financial Management, 17(6), 245. https://doi.org/10.3390/jrfm17060245
Zhao, L., & Parhizgari, A. M. (2024). Climate change, technological innovation, and
firm performance. International Review of Economics & Finance. https://doi.org/10.1016/j.iref.2024.04.025
Diala, L. U., Zhao, L., Parra, F., & Davis, L. (2023). Does the HyFlex learning environment
affect student likelihood to whistle-blow on academic dishonesty? Journal of Leadership, Accountability and Ethics, 20(2023). https://doi.org/10.33423/jlae.v2023i20.6519
Talukdar, B., Bhuyan, R., Hamid, S. S., & Zhao, L. (2022). Intraday transactions,
volume and volatility in pre- and post-decimalization regimes. Quarterly Journal of Finance and Accounting, 60(3–4), 101–146. https://www.jstor.org/stable/27224941
