Rate My Professor Terry Pan

Dr. Zheyao (Terry) Pan is an Associate Professor in the Department of Applied Finance at Macquarie University, a position he has held since December 2017. Prior to joining Macquarie, he served as a Lecturer at the University of Otago. His academic background includes a PhD in Finance from the University of Queensland completed in 2017, a Master of Arts in Economics from Xiamen University in 2013, and a Bachelor of Arts in Economics from Southwestern University of Finance and Economics in 2010. Dr. Pan's research focuses on corporate finance, encompassing capital structure, corporate innovation, and supply chain dynamics; financial intermediation, including credit rating agencies, analysts, and financial advisors; and financial regulations. He has contributed to numerous research projects, such as the Macquarie Minds and Intelligences Initiative Early Career Researcher Funding on folklore-formed culture traits and corporate misconduct (2024), Economical value of innovations: A new estimation approach with Jianlei Han (2018-2019), and DFCRC Seed Grant on sustainable finance research (2024).

Dr. Pan's scholarly work has appeared in prestigious journals including Review of Financial Studies, Research Policy, Journal of Corporate Finance, Financial Management, Journal of Financial Markets, and Journal of Banking and Finance. Key recent publications include 'The shadow cost of collateral' (Review of Financial Studies, 2025), 'Rethinking home ownership: attitudes, intentions, and trade-offs' (Housing Studies, 2025), 'China’s green bond evolution: addressing financial constraints for sustainable development' (Journal of Accounting Literature, 2025), and 'Machine learning in corporate bonds: Evidence from China' (Journal of Banking and Finance, 2026). He has received more than 10 competitive research awards, among them the 2022 AFAANZ Conference Best Paper Award in Corporate Finance, 2022 FMA Asia/Pacific Conference Best Paper Award in Corporate Finance and Financial Institutions, 2021 Australian Journal of Management Outstanding Reviewer Award, and Accounting and Finance High-Quality Reviewer Award (2025). Dr. Pan serves as Associate Editor for Accounting & Finance and Pacific Basin Finance Journal, and as a member of the Editorial Board for Australian Journal of Management. His research has garnered media attention from Harvard Business Review and other outlets.