203.432.7938

Professor of Accounting

Professor Zhang's research focuses on empirical capital market researches, including stock anomalies, fundamental analysis, investor and analyst behavior, management incentives, and corporate financial reporting. He is interested in both rational and behavioral approaches in studying stock anomalies and cross-sectional variations in stock returns.

Selected Publications
“The Surpraview of Return Predictive Signals” (with Jeremiah Green and John Hand), Review of Accounting Studies, forthcoming

"Orphans Deserve Attentions: Financial Reporting in the Missing Months when Corporations Change Fiscal Year” (with K. Du), The Accounting Review, forthcoming (May 2013)

"The Change in Information Uncertainty and Acquirer Wealth Losses" with M. Erickson and S. Wang, Review of Accounting Studies, Vol. 17, No. 4, 2012

"Tax Expense Momentum" with J. Thomas, Journal of Accounting Research, Vol.  49, No. 3, 2011

"Why Are Recommendations Optimistic Evidence from Analysts’ Coverage Initiations" with Y. Ertimur and V. Muslu, Review of Accounting Studies, Vol. 16, 2011

"The q-theory Approach to Understanding the Accrual Anomaly" with G. Wu and L. Zhang, Journal of Accounting Research, Vol. 48, No. 1, 2010

"Understanding Two Remarkable Findings about Stock Yields and Growth" with J. Thomas, Journal of Portfolio Management, Vol. 35, No. 4, 2009

"Overreaction to Intra-Industry Information Transfer" with J. Thomas, Journal of Accounting Research, Vol. 46, No. 4, 2008

"Accruals, Investment, and the Accrual Anomaly," The Accounting Review, Vol. 82, No. 5, 2007

"Information Uncertainty and Stock Returns," Journal of Finance, Vol. 61, No. 1, 2006

"Information Uncertainty and Analyst Forecast Behavior,"  Contemporary Accounting Research, Vol. 23, No. 2, 2006

Selected Working Papers
"Investment-cash Flow Sensitivities Are Really Investment-Investment Sensitivities" with R. Bushman and A. Smith

"Spring-Loading when No One Is Looking Earnings Management by Acquisition" with S. Chen and J. Thomas

"Fundamental Analysis and Option Returns" with T. Goodman and M. Neamtiu

"Valuation of Tax Expense" with J. Thomas

"Analyst Interest, Market Visibility, and Stock Returns" with M. Jung and F. Wong

Education
PhD University of Chicago, 2006
MBA University of Chicago, 2005
BS Nankai University, 1993