Dr Sarah Zhang

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Position: Lecturer in Finance
Academic unit: Accounting and Finance


Current Position
Since 2014: Lecturer / Assistant Professor in Finance, Manchester Business School

2013 PhD in Economics, Karlsruhe Institute of Technology (KIT), Dissertation: High-Frequency Trading in Financial Markets
2013 Visiting researcher at ESSEC Business School, HU Berlin
2012 Visiting researcher at University of Toronto
2009 M.Sc. in Industrial Engineering, Georgia Institute of Technology, Atlanta, USA
2007 Undergraduate Studies in Business Engineering and Management, KIT, Karlsruhe, Germany

Conference and Seminar Presentations
2014 London School of Economics, Aarhus University
2013 Uni Mannheim, KU Leuven, WU Wien, HU Berlin, Manchester Business School, Uni St. Gallen
2012 8th Annual Central Bank Workshop on the Microstructure of Financial Markets, Financial Management Association Annual Meeting, Northern Finance Association, Chicago Quantitative Alliance Fall Conference, European Finance Association Doctoral Tutorial, 5th Erasmus Liquidity Conference Doctoral Symposium, International Conference of the French Finance Association, University of Toronto, NASDAQ Brownbag Seminar, University of Maryland
2011 German Finance Association Doctoral Tutorial, European Retail Investment Conference Doctoral Consortium, Universität Zürich

Awards and Grants
2014 Young Economist, 5th Nobel Laureates Meeting in Lindau
2012 EFA Doctoral Tutorial Best Paper Prize and CQA Award
2012 IME Graduate School Best Paper Award (1st prize)
2012 Karlsruhe House of Young Scientists - International fellowship for research visit at University of Toronto
2012 Karl Steinbuch scholarship of MFG Stiftung Baden-Württemberg
2012 Research grant for Experimental HFT Project
2011 Research grant for HFT Project
2010-2013 Doctoral fellowship of German National Science Foundation (Deutsche Forschungsgemeinschaft)
2009 Scholarship of German National Academic Foundation (Studienstiftung des Deutschen Volkes)
2008-2009 Fulbright and VDAC scholarship

Professional Activities
Referee for: Journal of Futures Markets, Quarterly Review of Economics and Finance, Business & Information Systems Engineering, ERIC, FBI, Financecom, Wirtschaftsinformatik
2015 Program committee member, European Retail Investment Conference, Stuttgart, Germany
2011 Organizing team member, 12th Symposium of Finance, Banking and Insurance (FBI), Karlsruhe, Germany

Teaching (current): Financial Market Microstructure (B.Sc.), Financial Decision Making (B.Sc.), Investment Analysis (B.Sc.)

Research Interests

Market Microstructure (Algorithmic and High-Frequency Trading), Empirical Asset Pricing, Retail and Institutional Trading, Behavioral and Experimental Finance

Programme involvement

Specialist fields




Publication summary




Working papers

LCMNTitleYear published
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Showing 6 publication(s)


  • Zhang, S. S., Adam, M. T. P., & Riordan, R. (2015). Human versus Agents: Experimental Evidence on the Impact of High Frequency Trading.. Publication link: 0975ee6e-a9dd-4ec5-8233-51b53400cb74


  • Zhang, S. S., Riordan, R., & Weinhardt, C. (2013). Interactive Data: Technology and Cost of Capital. In Accounting Information Systems for Decision Making: Lecture Notes in Information Systems and Organisation. (Vol. 3, pp. 233-247). Berlin Heidelberg: Springer Verlag. DOI: 10.1007/978-3-642-35761-9_14. Publication link: a66cb561-af15-4adf-8304-60dace3710f6


  • Zhang, S. S., Weinhardt, C., & Adam, M. T. P. (2012). Humans versus agents: Competition in financial markets of the 21st Century. In International Conference on Information Systems, ICIS 2012|Internat. Conf. Inf. Syst. ICIS 2012. (Vol. 4, pp. 3607-3617). Publication link: 441d10a8-1adc-4b22-943f-6b015b34f257


  • Zhang, S. S., & Riordan, R. (2011). Technology and market quality: The case of high frequency trading. In 19th European Conference on Information Systems, ECIS 2011|Eur. Conf. Inf. Syst., ECIS.. Publication link: d2fbda0d-ecd3-4a82-9fd3-8dd3924e2966
  • Zhang, S. S., Wagener, M., Storkenmaier, A., & Weinhardt, C. (2011). The quality of electronic markets. In Proceedings of the Annual Hawaii International Conference on System Sciences|Proc. Annu. Hawaii Int. Conf. Syst. Sci... Publication link: 40547d05-ae5c-4f83-b3f3-5f9ae34e93af