X. Frank Zhang

Professor of Accounting

Faculty Directory

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

Errors and dubious judgments in analysts’ DCF valuation models

F. Zhang, J. Green, and J. Hand
Review of Accounting Studies

The Changing Landscape of Accrual Accounting

F. Zhang and A. Lerman
Journal of Accounting Research

Analyst interest as an early indicator of firm fundamental changes and stock returns

F. Zhang, M. Jung, and F. Wong
The Accounting Review

Selected Working Papers

The remarkable multidimensionality in the cross section of expected US stock returns

F. Zhang, J. Green & J. Hand

Fundamental analysis and option returns

F. Zhang, T. Goodman, and M. Neamtiu

The effect of financial misreporting on corporate mergers and acquisitions

F. Zhang, M. Erickson & S. Heitzman