Working papers   Publications   Data   Teaching    CV



Dan (Danielle) Zhang 


Assistant Professor

Department of Finance

Phone +47 4641 0927


Dan joined BI after completion of her Ph.D. at Erasmus University Rotterdam in 2012. She was a visiting Ph.D. scholar at the Stern School of Business at New York University in spring 2011. Her research interests cover the areas of empirical corporate finance, executive compensation, and corporate governance.






Working papers

·        The Ruse of a One-Dollar CEO Salary”, with Gilberto Loureiro and Anil Makhija.

·        Director Influence”, with Sjoerd van Bekkum and Patrick Verwijmeren.

·        CEOs' Personal Portfolio and Corporate Policies”, with Hamid Boustanifar

·        Note on the Calibration of Executive Compensation Models”, with Ingolf Dittmann, Ernst Maug, and Oliver Spalt.





Cover image Journal of Empirical Finance

CEO Dividend Protection

 Journal of Empirical Finance 45, 194-211, January 2018



How Important are Risk-Taking Incentives in Executive Compensation? (with Ingolf Dittmann and Ko-Chia Yu)

Review of Finance 21(5), 1805-1846, August 2017 (lead article)

Coverage: Harvard Corporate Governance Forum, Review of Finance Editor’s Blog


Restricting CEO Pay (with Ingolf Dittmann and Ernst Maug)

Journal of Corporate Finance 17(4), 1200-1220, September 2011

Highly Commended Paper Award, International Conference on Corporate Governance, UK 2010





Risk avoidance (Download: SAS, Excel)

In Dittmann, Yu, and Zhang (2017), we propose a new way of measuring the CEO’s incentives to take “good” risk. We argue that the more the CEO’s wealth is tied to the stock price, the more risk-averse he will be. Therefore, risk-taking incentives should not be measured by only vega – the change in his wealth for a change in stock return volatility, but vega scaled by delta - the change in his wealth for a change in stock price. The measure is based on ExecuComp data (release from January 2014) for γ = 0.5, 1, 2, 3, 4, and 6.





·        Raising Capital (Spring 2018; BI-Tsinghua joint program)

·        Advanced Corporate Finance (Spring 2013–2018, BI)

·        Seminar Advanced Corporate Governance (Fall 2010–2011; Erasmus University Rotterdam)





·        Conferences and workshops

European Finance Association, 2010, 2014

Financial Management Association, 2011

Corporate Finance Conference, 2013

Eastern Finance Association, 2013

Nordic Finance Network Workshop, 2012, 2016

Behavioral Finance Conference, 2016

The 14th Corporate Finance Day, 2016

Doctoral Student Consortium, Financial Management Association, Denver, 2011 

Accounting Research Workshop, 2011

International Conference on Corporate Governance, 2010

Workshop on Corporate Governance and Executive Compensation, 2009

·        Seminars

Humboldt University of Berlin, 2016

University of Minho, 2013

University of Bristol, 2012

University of Amsterdam, 2012

University of Kansas, 2012

Universidad Carlos III de Madrid, 2012

Stern PhD Students Seminar, 2011

Erasmus University Rotterdam, 2011, 2011

BI Norwegian Business School, 2012, 2013

KLP, 2012

Forum for eierstyring og selskapsledelse, 2013





·        Organize BI Corporate Finance Brownbag Seminar, with Salvatore Miglietta, 2013-2014

·        Ph.D. thesis committee (chair) of Di Cui, BI, 2013-2015

·        Recruitment team, BI, 2012-2013





·        CCGR Research Grant (Project no. R51), “Executive Compensation in Marketing”, with Stefan Worm

·        BI basic research project, “Linking Corporate Governance and Marketing”, with Stefan Worm, Raj Srivastava, and Sundar Bharadwaj

·        CCGR Research Grant (Project no. R42), “The Impact of Managerial Biases on Firm Performance and Policies”, with Hamid Boustanifar and Samuli Knüpfer

·        Finansmarkedfonds research grant (250251/O99), “CEOs’ Personal Risk Attitudes and Corporate Policies”, with Hamid Boustanifar and David Yermack.

·        CCGR Research Grant (Project no. R32), “CEOs’ Personal Risk Attitudes and Firm Policies”, with Hamid Boustanifar




Dan (Danielle) Zhang | BI Norwegian Business School | | +47 4641 0927