203.432.7938

Assistant 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 governance. He is interested in both rational and behavioral approaches in studying stock anomalies and cross-sectional variations in stock returns.

Achievements and Awards
Charles Horngren Fellow, University of Chicago, 2004-2005
The University of Chicago Graduate School of Business Fellowship, 2001-2004
AAA Doctoral Consortium Fellow, 2003
Big Ten Doctoral Consortium Fellow, 2002

Selected Articles
"Overreaction to intra-industry information transfer?" (with Jake Thomas), Journal of Accounting Research, forthcoming.

"Accruals, Investment, and the Accrual Anomaly" The Accounting Review, Vol. 82, No. 5, 1333-1363, October 2007

"Information Uncertainty and Analyst Forecast Behavior" Contemporary Accounting Research, Vol. 23, No. 2, 1-28, Summer, 2006

"Information Uncertainty and Stock Returns" Journal of Finance, Vol. 61, no. 1, 105-137, February, 2006

Working Papers
"Investment-Cash Flow Sensitivities are Really Investment-Investment Sensitivities" (with R. Bushman and A. Smith)

"Tax expense surprises and future returns" (with J. Thomas)

"The accrual anomaly: Exploring the optimal investment hypothesis" (with Ginger Wu and Lu Zhang)

"The Long-run Performance of Analyst Coverage Initiations" (with Y. Ertimur and V. Muslu)

"Managerial Optimism and Analysts' Forecast Bias" (with F. Wong)

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