Xiaohui Gao Bakshi

Xiaohui Gao Bakshi

  • Fox School of Business and Management

    • Finance

      • Research Associate Professor


Xiaohui Bakshi’s research explores empirical corporate finance; theoretical and empirical asset pricing; behavioral finance; entrepreneurship; and international finance. She has published in the Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, and Management Science.

She won the 2013 Journal of Financial and Quantitative Analysis William F. Sharpe Award, and first prize of the 2010 Journal of Financial Economics Jensen Prizes for Corporate Finance and Organizations.

Bakshi earned her Ph.D. in Finance from the University of Florida, where she also attained a Master of Science in Mathematics. She received a Bachelor of Science in Mathematics from Fudan University.

Xiaohui Bakshi also serves as the Assistant Director of the FOX-Tsinghua Doctoral of Science in Global Finance program.

Research Interests

  • Empirical Corporate Finance
  • Theoretical and Empirical Asset Pricing
  • Behavioral Finance
  • Entrepreneurship
  • International Finance

Courses Taught




BA 9883

Directed Reading/Study


FIN 9001

Corp Finance Theory


FIN 9002

Empirical Research in Corporate Finance


FIN 9014

Best Practices in Valuation


FIN 9015

Corporate Governance


FIN 9017

Dissertation Methodologies


Selected Publications


  • Bakshi, G., Gao, X., & Panayotov, G. (2021). A theory of dissimilarity between stochastic discount factors. Management Science, 67(7), 4602-4622. doi: 10.1287/mnsc.2020.3690.

  • Bakshi, G., Gao, X., & Rossi, A. (2019). Understanding the sources of risk underlying the cross section of commodity returns. Management Science, 65(2), 619-641. doi: 10.1287/mnsc.2017.2840.

  • Bakshi, G., Fousseni, C., & Gao, X. (2018). A recovery that we can trust? Deducing and testing the restrictions of the recovery theorem. Review of Financial Studies, 31(2), 532-555. doi: 10.1093/rfs/hhx108.