Sara Ding

Xiaoya (Sara) Ding

Associate Professor

Full-Time Faculty

(415) 422-4558 Malloy Hall, Room 325


Xiaoya (Sara) Ding is an associate professor of finance in the School of Management. Her research interests are primarily in international finance, empirical corporate finance, and asset pricing. Her work has been published in highly ranked peer-reviewed journals such as the Journal of Banking and Finance and presented at numerous finance conferences and seminars in North America, Europe, and Asia. She is the recipient of best-paper awards at the Asian Finance Association Conference and China Goes Global Conference.

Some of her recent research explores questions such as how housing prices influence firms' costs of equity capital and payout policy in the U.S. and how free float affects stock liquidity in international markets. With a particular interest in the Chinese market, she examined the role of state ownership in shaping the relative informational advantage of local and foreign investors in Chinese stock markets and the spillover effect of cross-border mergers and acquisitions on earnings quality of Chinese firms.

Ding primarily teaches foreign currency risk management and financial decision making in multinational firms. She believes this discussion is especially relevant to students studying in a city like San Francisco, given the West Coast’s ever-increasing interaction and investment in businesses based on the Pacific Rim, and vice versa. She aims to provide her students with a balance of theoretical knowledge and practical skills and keep them up-to-date with current issues in international finance. Ding is a firm believer of the Jesuit principles of educating the whole person with the aim to develop business leaders with high ethical standards.

Ph.D., Finance, School of Business, Queen’s University, Canada
M.A., Economics, College of Business and Economics, University of Guelph, Canada
M.A., Finance, School of Economics, Nankai University, China
B.A., Finance, School of Economics, Nankai University, China
International finance, empirical corporate finance, and empirical asset pricing
Selected Publications

"The Impact on Stock Returns of Crowding by Mutual Funds. " Zhong, L., Ding, X., and Tay, N., Journal of Portfolio Management, 43(4), pp.87–99, 2017.

"Free Float and Market Liquidity around the World." Ding, X., Ni, Y. and Zhong, L.,  Journal of Empirical Finance, 38(A), pp 236-257, 2016.

"The Effect of Cross-Border Mergers and Acquisitions on Earnings Quality: Evidence from China." Ding, X., Mo, J. and Zhong, L., Thunderbird International Business Review, 2016.

"The Effect of Access to Public Debt Market on Chinese Firms Leverage." Ding, X., Wu, M. and Zhong, L., The Chinese Economy, 49(5), pp.327-342. 2016.

"Some Challenges to Economic Growth and Stability in China." Ding, X., and Tay, N.,  The Chinese Economy, 49(5), pp.301-306. 2016.

"Housing Price Growth and the Cost of Equity Capital." Ding, X., Ni, Y., Rahman, A. and Saadi, S., Journal of Banking & Finance, 61, pp.283-300. 2015. 

Awards & Distinctions

Outstanding Research Award, University of San Francisco  School of Management, 2017

Best Paper Award Finalist at the 2nd CBSI International Conference, Langfang, China, 2017

Special Issue Co-Editor, Chinese Economy, 2014-2015

Best Paper Award at the 5th China Goes Global Annual Conference, Cambridge, MA, 2011

Best Paper Award at the Asian Finance Association International Conference, Hong Kong, 2010