Xinlei Zhao

Deputy Director

Xinlei Zhao

Credit Risk Analysis Division

Dr. Xinlei Zhao is Deputy Director of the Credit Risk Analysis Division within the Economics department 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. She was appointed to this position in 2016. Prior to this position, Dr. Zhao served as the lead modeling expert from 2013 to 2016 and worked as Senior Financial Economist in Credit RAD from 2009 to 2013. Prior to joining the OCC, 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.

  1. 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.
  2. 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.
  3. Qi, Min, Xiaofei Zhang and Xinlei Zhao, 2014, "Unobservable Systematic Risk Factor and Default Prediction," Journal of Banking and Finance, 49, 216-227.
  4. Chen, Long, Da Zhi, and Xinlei Zhao, 2013, "What drives stock price movement?" Review of Financial Studies, 26(4), 841-875.
  5. Pu, Xiaoling and Xinlei Zhao, 2012, "Correlation in Credit Risk Changes," Journal of Banking and Finance, 36, 1093-1106.
  6. Sun, Junjie, Xiaolong Yang, and Xinlei Zhao, 2012, "Understanding commercial real estate indices," Journal of Real Estate Portfolio Management, 18(3), 289-303.
  7. Qi, Min, and Xinlei Zhao, 2011, "A Comparison of Methods to Model Loss Given Default," Journal of Banking and Finance, 35, 2842-2855.
  8. Chen, Long and Xinlei Zhao, 2009, "Return Decomposition," Review of Financial Studies, 22, 5213-5349.
  9. Xinlei Zhao, 2009, "Technological Innovation and Acquisitions," Management Science, 55, 1170-1183.
  10. 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).
  11. Li, Kai and Xinlei Zhao, 2008, "Asymmetric Information and Dividend Policy," Financial Management, 37, 673-694.
  12. Chen, Long and Xinlei Zhao, 2007, "Mechanical Mean Reversion of Leverage Ratios," Economics Letters, 95, 223-229.
  13. 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.
  14. Li, Xianghong and Xinlei Zhao, 2006, "Propensity Score Matching and Abnormal Performance After Seasoned Equity Offering," Journal of Empirical Finance, 13, p351-370.
  15. Chen, Robert and Xinlei Zhao, 2005, "The Information Content of Insider Options Trading," Financial Management, 34, p153-172.
  1. Deming Wu, and Xinlei Zhao (2016) "Determinants of Auto Loan Defaults and Implications on Stress Testing."
  2. Guo, Zhengfeng and Xinlei Zhao (2016), "Late-Stage Defaults Among Auto Loans."
  3. Li, Xianghong and Xinlei Zhao (2016). "Strategic Defaults Induced by Loan Modifications."
  4. Liu, Zilong, Xiaoling Pu , and Xinlei Zhao (2016). "Ownership Concentration Among Entrepreneurial Firms: The Growth Control Trade-Off."
  5. Liu, Zilong and Xinlei Zhao (2016). "Borrowing From Suppliers Versus Borrowing From Banks."
  6. Junjie Sun, Wu, Deming and Xinlei Zhao (2016). "Aggregate Liquidity Shortage, Housing Market Conditions, and Bank Failures.
  7. Li, Phillip, Xiaofei Zhang, and Xinlei Zhao (2016). "Modeling Loss Given Default."
  8. Phillip Li, Min Qi, Xiaofei Zhang, and Xinlei Zhao (2014), "Further Investigation of Parametric Loss Given Default Modeling," OCC Economics Working Paper 2014-2.
  9. Min Qi and Xinlei Zhao (2011), "Debt Structure, Market Value of Firm, and Recovery Rate," OCC Economics Working Paper 2011-2.
  10. Xiaoling Pu and Xinlei Zhao (2009), "Correlation in Credit Risk," OCC Economics Working Paper 2009-5.