Education

1993.09–1996.08, Ph.D. in Mathematics (Probability and Mathematical Statistics), The Hong Kong University of Science and Technology

1992.09–1993.09, Doctoral Candidate, Institute of Mathematics, Chinese Academy of Sciences

1986.09–1989.01, M.Sc. in Mathematics, Harbin Institute of Technology

1978.03–1982.01, B.Sc. in Mathematics, Qiqihar University (formerly Qiqihar Teachers College)

 

Work Experience

2001.06–present, Professor, School of Statistics, Renmin University of China

1998.05–2001.06, Associate Professor, School of Statistics, Renmin University of China

1996.09–1998.05, Postdoctoral Research Fellow, Institute of Mathematics, Chinese Academy of Sciences

1989.02–1992.07, Lecturer, Department of Mathematics, Qiqihar University

1982.02–1986.07, Assistant Lecturer, Department of Mathematics, Qiqihar University

 

Research Interests

Stochastic Analysis in Finance, High-Frequency Financial Data Analysis, Statistical Inference for Stochastic Processes

 

Honors & Awards

Second Prize, Excellent Achievements in Scientific Research (Natural Sciences), Ministry of Education of China (First Contributor), Feb 2016

State Council Special Government Allowance, Dec 2016

“New Century Excellent Talents” Program, Ministry of Education of China, Nov 2005

 

Funding

Backward Stochastic Differential Equations, Nonlinear Mathematical Expectation and Applications, NSFC (10771214), PI, 2008.01–2010.12

Extreme Risk Measurement and Prevention in the Stock Market Based on High-Frequency Data, NSFC (71071155), PI, 2011.01–2013.12

Panel Data Dynamic Factor Models for Financial Asset Allocation, NSFC (71271210), PI, 2013.01–2016.12

Asymmetric Stochastic Volatility Modeling and Its Application in Financial Risk Management, NSFC (71471173), PI, 2015.01–2018.12

Personal Credit Evaluation Based on Unstructured Data, NSFC (71873137), PI, 2019.01–2022.12

Network Structure Data Modeling for Financial Information Services to SMEs, NSFC (72271232), PI, 2023.01–2026.12

Microstructure of China’s Financial Market Based on High-Frequency Data, MOE Major Project (07JJD910244), PI, 2008.01–2010.12

Frontier Issues in Financial Risk Measurement and Management, MOE Major Project (14JJD910002), PI, 2015.01–2017.12

 

Educational Reform Projects

Reforming Basic Theoretical Courses in Statistics Oriented to Frontier Development and Innovative Learning, Second Prize, Excellent Teaching Achievement Award of Renmin University of China (First Contributor), 2012

 

Books & Textbooks

Zhang B. (2010). Stochastic Differential Equations—Models and Applications. Global-Link Publishing, Hong Kong

Zhang B. Yu C. Bi T. (2015). Modeling High-Frequency Financial Data: Theory, Methods, and Applications. Tsinghua University Press

Zhang B. Shang H., Deng, J. (Eds.). (2023). Applied Stochastic Processes (6th Edition). Renmin University Press

Zhang B. Zhang J. Xiao Y. (Eds.). (2019). Applied Stochastic Processes (2nd Edition). Tsinghua University Press

Zhang B. Zhang L. (Eds.). (2017). Real Analysis (2nd Edition). Tsinghua University Press

 

Teaching

Undergraduate: Probability Theory, Stochastic Processes, Real Analysis

Graduate: Advanced Probability, Advanced Statistics, Stochastic Processes, Stochastic Analysis

 

Academic Service

1. 2009-2025, Associate Editor, Communication in Statistics, Theory and Methods. Print ISSN: 0361-0926 Online ISSN: 1532-415X

2. 2009-2025, Associate Editor, Communication in Statistics, Simulation and Computation. Print ISSN: 0361-0918 Online ISSN: 1532-4141

 

Publications

1. Liang W, Fan X*, Wu B, Zhang B*. (2025). Network-Assisted High-Dimensional Factor Model Estimation. Journal of Business & Economic Statistics, 1–30. https://doi.org/10.1080/07350015.2025.2548851   

2. Hu W, Huang D, Zhang B (2025), Pseudo-Likelihood Ratio Screening based on Network Data with Applications, Annals of Applied Statistics，2025, Vol. 19, No. 3, 2517-2538

3. Zhao Y, Fan X*, Zhang B (2025)，Network Assisted Approximate Factor Model Estimation, Statistica Sinica, https//doi:10.5705/ss.202024.0170

4. Liang W, Wu B, Fan X*, Zhang B* (2025). Multi-Network Assisted Clustering Using a Grouped Factor Model. Statistic and computing. 35, 187.

5. Ding Y, Zhu X, Pan R*, Zhang B* (2025). Network Vector Autoregression with Time-Varying Nodal Influence, Computational Economics, 2025,1-27.

6. Ding Y, Deng J and Zhang B (2025). An improved Spectral Clustering Method for Large-Scale Sparse Networks. Statistics and Its Interface，18（18），57-66.

7. Liang W, Wu B* and Zhang B* (2024) Modeling volatility for high-frequency data with rounding error: a nonparametric Bayesian approach. Statistics and Computing, 34, 23 (2024). https://doi.org/10.1007/s11222-023-10341-0.

8. Gao W, Wu B* and Zhang B* (2024). High-frequency volatility estimation and prediction with a novel Bayesian LGI model, Electronic Journal of Statistics, 18(2): 3497-3534 .

9. Deng J, Huang D, Zhang B (2024), Distributed Pseudo-Likelihood Method for Community Detection in Large-Scale Networks. Transactions on Knowledge Discovery from Data, 18(7). https://dl.acm.org/doi/10.1145/3657300.

10. Deng J, Ding Y, Zhu Y, Huang D*, Jing B, Zhang B* (2024).Subsampling Spectral Clustering for Stochastic Block Models in Large-Scale Networks，Computational Statistics and Data Analysis.189(1), 107835.

11. Deng J, Huang D, Chang X, Zhang B(2024) Subsampling-based modified Bayesian information criterion for large-scale stochastic block models, Electronic Journal of Statistics,18(2), 4724-4766.

12. Zhu Y, Huang D*, Zhang B* (2025), A Wasserstein distance-based spectral clustering method for transaction data analysis, Expert Systems with Applications, 260, 125418.

13. Liang W, Wu B, Fan X, Jing B, Zhang B*(2023) High-dimensional volatility matrix  estimation with the cross-sectional dependent and heavy-tailed microstructural noises，Journal of Systems Science & Complexity, 36(5), 2125–2154.

14. Ding Y, Pan R*, Zhang Y, Zhang B* (2023), A Matrix Completion Bootstrap Method for Estimating Scale-Free Network Degree Distribution, Knowledge-Based Systems. 277, 110803

15. Huang D, Hu W*, Jing B, Zhang B* (2023), Grouped Spatial Autoregressive Model, Computational Statistics and Data Analysis. 178(2),107601.

16. Zhu Y, Deng Q, Huang D*, Jing B, Zhang B* (2021). Clustering based on Kolmogorov–Smirnov statistic with application to bank card transaction data. Journal of the Royal Statistical Society: Series C, 70（3）June: 558-578.

17. Hu W, Huang D*, Jing B, Zhang B* (2021). Crawling Subsampling for Multivariate Spatial Autoregressive Model in Large-Scale Networks. Electronic Journal of Statistics, 15( 2), 3678-3707.

18. Zhu Y, Huang D*, Xu W, Zhang B. (2020). Link prediction combining network structure and topic distribution in large-scale directed network. Journal of Organizational Computing and Electronic Commerce, 30(2), 169-185.

19. Fang G, Zhang B* and Chen K (2020). Estimation of Dynamic Mixed Double Factors Model in High Dimensional Panel Data，Soft Computing, 24(4), 2527-2541.

20. Qian Y, Ralescu D A, Zhang B* (2019). The analysis of factors affecting global gold price. Resources Policy, 64, 101478.

21. Zhou S, Zhou J, Zhang B* (2019). High-dimensional generalized linear models incorporating graphical structure among predictors. Electronic Journal of Statistics, 13(2), 3161-3194.

22. Zhou S, Zhou J, Zhang B (2019). Overlapping group lasso for high-dimensional generalized linear models，Communications in Statistics - Theory and Methods.   48(19),  4903-4917

23. Wu H., Jiang Y., Ma Y., & Zhang B. (2018). Credit spread index of fixed income securities in China. Soft Computing, 22(17), 5625-5630.

24. Yu C, Zhao X & Zhang B (2017). Nonparametric Estimation of Jump Characteristics under Market Microstructure Noise, Communications in Statistics ---Simulation and Computation 46(5), 3575-3587.

25. Zhang B, Bi T (2016)l Intraday Serial Correlation, Volatility and Jump: Evidence From China's Stock Market, Communication in Statistics-Simulation and Computation, 45 (4)1226–1239.

26. Yu C, Fang Y, Li Z, Zhang B, Zhao X (2014). Non-Parametric Estimation Of High-Frequency Spot Volatility for Brownian Semimartingale with Jumps, Journal of Time Series Analysis, 35(6),  572–591.

27. Ma Y，Zhang B and Jiang Y (2014). Measure Systemic Risk Of Chinese Listed Banks Based On Mes Multifactor Model. In Proceedings of the 6th International Conference on Financial Risk and Corporate Finance Management 294-302，Qingdao，2014.

28. Jiang H，Zhang B*(2013). Dynamical Memory Control Based on Projection Technique for Online Regression, Soft Computing, 17(4), 587-596. 

29. Jing B, Kong X, Liu Z and Zhang B (2013). Evaluating The Hedging Error in Price Processes with Jumps Present，Statistics and its Interface, 6(4), 413–425.

30. Zou X, Wei Q, and Zhang B* (2012). Empirical Research on M&A and Performance of Private Enterprises in China, Quality and Quantity 46(2), 639-651.

31. Xu J, Shang H and Zhang B*(2011). A Girsanov Type Theorem Under G-Framework, Stochastic Analysis and Applications, 29(3), 386-406.

32. Bi T, Zhang B* and Xu R (2011). Dynamics of intraday serial correlation in China’s stock market, Communication in Statistics – Simulation and Computation, 40(10),1637-1650.

33. Zhang B, Xu J and Kannan D (2010). Extension and Application of Ito’s Formula under G-Framework,  Stochastic Analysis and Applications，28(2), 322-349.  

34. Xu J and Zhang B* (2010). Martingale property and capacity under G-framework, Electronic Journal of Probability, 15, 2041-2068.

35. Zhang B and Bi T (2010). Intraday serial correlation, realized volatility and trading volume in China's stock market returns. In Proceedings of the First International Conference on Uncertainty Theory, Urumuchi & Kashi, China, August 12-19, 2010.

36. Li B and Zhang B* (2009). On A Class of Quadratic Growth RBSDE with Jumps and Its Application, Stochastic Models 25(3). 483 – 507.

37. Ding Y and Zhang B* (2009). Optimal Portfolio of Safety-First Models，Journal of Statistical Planning and Inference，139(9),2952-2962.

38. Xu J and Zhang B* (2009). Martingale Characterization of G-Brownian Motion, Stochastic Processes and their Applications, 119(1), 232-248.

39. Ding Y and Zhang B* (2009). Risky Asset Pricing Based on Safety First Funds Management, Quantitative Finance, 9(3), 353-361.

40. Jing B, Kong X, Liu Z, Zhang B. (2009). Stochastic regression and its application to hedging in finance. Science in China Series A: Mathematics, 52(6), 1365-1372.

41. Xu M, Zhang B (2009). Explicit Martingale Representations for Brownian Polynomials and Their Paths Fitting. In Recent Advance in Statistics Application and Related Areas, Conference Proceedings for 2009 international Institute of Applied Statistics Studies, Qingdao China.

42. Zhang B, Tian J and Zhong Y (2008). Realized Volatility and Forecasting: Based on High Frequency Data of Equity Market of China. In Proceeding Of The Seventh International Conference On Information And Management Sciences Volume: 7, 304-312.

43. Zhang B, Xu J. and Kannan D (2007). A Backward Stochastic Differential Equation Model in  Life Insurance，Dynamic Systems and Applications 16(2)，327-336. 

44. Zhao X，Zhang B*,Mao Z (2007). Optimal Dividend Payment Strategy under Stochastic Interest Force, Quality and Quantity 41(6), 927-936.

45. Xu J, Kannan D, and Zhang B (2007). Optimal Dynamic Control for Defined Benefit Pension Plans with Stochastic Benefit Outgo,  Stochastic Analysis and Applications，25(1),201-236

46. Zhang B, Zhang J, Kannan D (2005), Nonlinear Stochastic Difference Equations Driven by Martingales, Stochastic Analysis and Applications, 23(6), 1277 – 1304.

47. Zhang B, Xue F(2004), Stability of Stochastic Evolution Equations in Hilbert Spaces, Dynamics of Continuous, Discrete and Impulsive systems, Series: A, Mathematical Analysis, 11(1). 31-40.

48. Zhang J, Zhang B (2004). Asymptotic Flatness of Stochastic Flow on Manifolds, Journal of Mathematical Research with Applications, 24(2)，191~197.

49. Zhang B and Kannan D (2002). Discrete-time Martingales with Spatial Parameters, Stochastic Analysis and Applications 20(5), 1101 – 1131.

50. Kannan D, Zhang B (2002). A Discrete-Time Ito’s Formula, Stochastic Analysis and Applications, 20(5), 1133 – 1140.

51. Zhang B, Zhang J (2002). Stability of Stochastic Volterra Equations with Anticipating Kernel, Journal of Mathematical Research with Applications, 22(2),167-176.

52. Tsoi A , Zhang B (2000). Retarded Jump-Diffusion Equations and Stability, Communications in Applied Analysis, 4(4), 495-510.

53. Zhang B， Kannan D (2000. A Numerical Analysis of Stochastic Neural Network, Neural Parallel, and Scientific Computations, 8, 209-242.

54. Tsoi A H, Zhang B (1997). Practical stability of Ito type nonlinear stochastic differential systems and related control problems, Dynamical Systems and Applications, 6(1), 107-124.

55. Tsoi A H, Zhang B (1997). Weak exponential stability of stochastic differential equations, Stochastic Analysis and Applications, 15(4), 643-649.

56. He Y, Wu B, Zhang B* (2025). Macroeconomic Policy-Incorporated Jump Dynamics in High-Frequency Stock Index Markets, Chinese Journal of Econometrics, 5(5)(in Chinese).

57. Zhu Y. Zhen C, Zhang B*(2025). Adaptive Bayesian Online Change point Detection for Financial Time Series，Statistical Research 42(1),145-160. (in Chinese).

58. Zhu Y Huang D, Zhang B.(2024). Clustering with Distributional Factors Based on Gaussian Mixture Model , Statistical Research 41(6). 147-160. (in Chinese).

59. Gao W, Wu B, Zhang B*(2023). Nonstationary Time Series Prediction and Structural Break Points Diagnosis for Inflation: A Case Study of China, USA and Other Countries，Chinese Journal of Econometrics,3(1): 108-127. (in Chinese)

60. Gao W Q, Wu B, Zhang B. (2022). High-dimensional volatility matrix estimation with high-frequency financial data: The GARCH-Ito grouped factor model. SCIENTIA SINICA Mathematica 52: 1333–1360. (in Chinese)

61. Zhu Y, Zhang B*(2021). Time series anomaly detection of Shanghai composite index based on realized volatility，Systems Engineering — Theory & Practice，41(3): 625-635. (in Chinese)

62. Zhang B，Fan C.(2020). Partially Linear Models with Kernelized Function and Their Application Statistical Research，37(1)，110-128. (in Chinese)

63. Wu B. Zhang B*，Zhao L(2019). Modeling volatility of irregularly spaced time series: Union of high-frequency and low-frequency data, Systems Engineering — Theory & Practice 39(1): 36-48. (in Chinese)

64. Zhang B, Liu X. (2019). Sparse Principal Component Analysis with Fused Penalty, Statistical Research, 36(4): 119-128. (in Chinese)

65. Wang R. Zhang B. Deng J* (2018). Volatility Transmission, Market Sector Differences, and Stock Liquidity: A New Perspective Based on the Integration of High-Frequency Trading Volume and Price, International Financial Research (4)10, 76-85. (in Chinese)

66. Wu B. Zhang B. (2017). Trading Data，Jump Detection and Estimation of Integrated Volatility. Statistical Research 34(8), 109-119. (in Chinese)

67. Xu M. Zhang B (2017). A new estimator of skewness parameter in stable distribution ，SCIENTIA SINICA Mathematica 43(4),423-434. (in Chinese) .

68. Zhang B, Jiang Y (2017). Stochastic VolatiIity Modeling Based on High-Frequency Chinese

Stock-market Transaction Data and Applications, Statistical Research 34（3），107-117. (in Chinese)

69. Zhao L Zhang B* (2018). Portfolios Robust VaR Procedure based on Independent Component Analysis, Journal of Applied Statistics and Management 36(1),38-50. (in Chinese)

70. Wu B. Zhang B (2015). Branching ratio estimation for the Hawkes process---An Improved Nonparametric Methods，Statistical Research 32(3): 92-99. (in Chinese)

71. Fang G. Zhang B*(2014)，Research on Factor Panel Data Stochastic Volatility Models in the Allocation of Financial Assets. Statistical Research 31(3): 90-98. (in Chinese)

72. Xu J，Zhang B (2006)，Dynamic Optimal Control of Defined Benefit Pension Plans, Progress in Natural Sciences 16(09):1174-1180. (in Chinese)

73. Zhang B, Zhang J (2003). Performance Analysis of Discrete Stochastic Systems with Markov Switching, Progress in Natural Sciences 13(11):1141-1146. (in Chinese)

74. Zhang B (2000). Practical Stability of Compensated Levy Flow, Acta Mathematica Sinica (Chinese Series)43(6),1127-1134.

75. Ye Y. Zhang B (1994). The ball-filling problem in Lorentz sequence space, Acta Mathematica Sinica (Chinese Series) 37(5) 611-620.