X. Frank Zhang

Professor of Accounting

Professor X. Frank Zhang

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.


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


Selected Articles

Analyst interest as an early indicator of firm fundamental changes and stock returns
F. Zhang, M. Jung, and F. Wong
The Accounting Review
F. Zhang, F. Bova, K. Kolev, and J. Thomas
The Accounting Review
J. Thomas and F. Zhang
Review of Accounting Studies
CEO optimism and analyst forecast bias
F. Zhang and F. Wong
Journal of Accounting, Auditing, and Finance
F. Zhang, M. Erickson, and S. Heitzman
The Accounting Review

Selected Working Papers

The remarkable multidimensionality in the cross section of expected US stock returns
F. Zhang, J. Green & J. Hand
The Changing Landscape of Accrual Accounting
F. Zhang and A. Lerman
Spring-loading when no one is looking? Earnings and cash flow management around acquisition
F. Zhang, S. Chen, and J. Thomas
Fundamental analysis and option returns
F. Zhang, T. Goodman, and M. Neamtiu
Errors and dubious judgments in analysts’ DCF valuation models
F. Zhang, J. Green, and J. Hand