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X. Frank Zhang

X. Frank Zhang

James L. Frank ’32 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.


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


GDP management to meet or beat growth targets

F. Zhang, C. Lyu, K. Wang, and X. Zhang
Journal of Accounting and Economics

Does financial reporting above or below the operating income matter to firms and investors? The case of investment income in China

F. Zhang, M. Luo and S. Shao
Review of Accounting Studies

Working Papers

Understanding analysts’ use of macroeconomic news

F. Zhang, D. Dai and H. Ding
Yale University

Consensus analyst target prices: Information content and implications for investors

A. Palley, T. Steffen, and X. F. Zhang
Indiana University and Yale University

The death of stock splits: an increase in the costs to split

Q. Tan, J. Heater, and X. F. Zhang
Duke University, City University of Hong Kong, and Yale University

Earnings management via not-wholly-owned subsidiaries

M. Luo, X. Zhang, and X. F. Zhang
Tsinghua University and Yale University

Measuring the information content of accounting disclosures

J. Thomas, W. Zhu, and X. F. Zhang
Yale University and UIUC