Xiao-Jun Zhang

University of California, Berkeley

Professor

545 Student Services Building

SPC 1900

Berkeley, CA 94720

United States

China Academy of Financial Research (CAFR)

1954 Huashan Road

Shanghai P.R.China, 200030

China

  • University of California, Berkeley

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    • Tel: (510) 642-4789
    • Fax: (510) 642-4700
SCHOLARLY PAPERS

29

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40,473

SSRN CITATIONS
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144

CROSSREF CITATIONS

114

Scholarly Papers (29)

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1.

Accounting Conservatism, the Quality of Earnings, and Stock Returns

Number of pages: 39 Posted: 23 Jan 2000
Stephen H. Penman and Xiao-Jun Zhang
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and University of California, Berkeley
Downloads 11,281 (588)
Citation 36

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2.

Modeling Sustainable Earnings and P/E Ratios with Financial Statement Analysis

Forthcoming
Number of pages: 57 Posted: 31 Jul 2002 Last Revised: 17 Aug 2011
Stephen H. Penman and Xiao-Jun Zhang
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and University of California, Berkeley
Downloads 9,865 (744)
Citation 36

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sustainable earnings, earnings quality, financial statement analysis, price-earnings ratios

3.

The Eyeballs Have it: Searching for the Value in Internet Stocks

Number of pages: 38 Posted: 15 Feb 2000
Brett Trueman, M.H. Franco Wong and Xiao-Jun Zhang
University of California, Los Angeles (UCLA) - Anderson School of Management, University of Toronto - Rotman School of Management and University of California, Berkeley
Downloads 4,673 (2,727)
Citation 32

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4.

Back to Basics: Forecasting the Revenues of Internet Firms

Number of pages: 37 Posted: 29 May 2000
Brett Trueman, M.H. Franco Wong and Xiao-Jun Zhang
University of California, Los Angeles (UCLA) - Anderson School of Management, University of Toronto - Rotman School of Management and University of California, Berkeley
Downloads 2,247 (9,155)
Citation 28

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5.

Conservative Accounting and Equity Valuation

Downloads 1,615 ( 15,616)

Conservative Accounting and Equity Valuation

Number of pages: 34 Posted: 10 Nov 2000
Xiao-Jun Zhang
University of California, Berkeley
Downloads 1,615 (15,349)
Citation 12

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Conservative Accounting and Equity Valuation

Journal of Accounting & Economics, Vol 29, No 2, April 2000
Posted: 10 Nov 2000
Xiao-Jun Zhang
University of California, Berkeley

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6.

Anomalous Stock Returns Around Internet Firms' Earnings Announcements

Downloads 1,111 ( 27,331)
Citation 9

Anomalous Stock Returns Around Internet Firms' Earnings Announcements

JAE Boston Conference June 2001
Number of pages: 41 Posted: 28 Apr 2001
Brett Trueman, M.H. Franco Wong and Xiao-Jun Zhang
University of California, Los Angeles (UCLA) - Anderson School of Management, University of Toronto - Rotman School of Management and University of California, Berkeley
Downloads 1,111 (26,911)
Citation 9

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Anomalous Stock Returns Around Internet Firms' Earnings Announcements

Journal of Accounting and Economics, Vol. 34, Nos. 1-3, pp. 249-271, January 2003
Posted: 05 Feb 2003
Brett Trueman, M.H. Franco Wong and Xiao-Jun Zhang
University of California, Los Angeles (UCLA) - Anderson School of Management, University of Toronto - Rotman School of Management and University of California, Berkeley

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capital market, internet, stock returns, earnings announcement, price pressure

7.

Accounting Conservatism, Aggregation, and Information Quality

Number of pages: 19 Posted: 04 Dec 2007 Last Revised: 02 Jul 2015
Qintao Fan and Xiao-Jun Zhang
University of Oregon, Lundquist School of Business and University of California, Berkeley
Downloads 1,043 (29,894)
Citation 3

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Accounting Conservatism, Information Aggregation, Information Quality

8.

Connecting Book Rate of Return to Risk and Return: The Information Conveyed by Conservative Accounting

Columbia Business School Research Paper No. 14-21
Number of pages: 60 Posted: 01 Mar 2014 Last Revised: 20 Jul 2020
Stephen H. Penman and Xiao-Jun Zhang
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and University of California, Berkeley
Downloads 988 (32,247)
Citation 13

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book rate of return, conservative accounting, risk and return

9.

Revenue Recognition in a Multiperiod Agency Setting

Number of pages: 44 Posted: 25 Jul 2000
Sunil Dutta and Xiao-Jun Zhang
University of California, Berkeley - Haas School of Business and University of California, Berkeley
Downloads 871 (38,527)

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10.

Information Relevance, Reliability, and Disclosure

Review of Accounting Studies (2012) 17:189-226
Number of pages: 53 Posted: 22 May 2009 Last Revised: 01 Mar 2014
Xiao-Jun Zhang
University of California, Berkeley
Downloads 843 (40,318)
Citation 2

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Reliability, Relevance, Disclosure

11.

Financial Reporting Complexity and Investor Underreaction to 10-K Information

Review of Accounting Studies, Vol. 14, No. 4, 2009
Number of pages: 45 Posted: 13 May 2007 Last Revised: 07 Feb 2012
Haifeng You and Xiao-Jun Zhang
Hong Kong University of Science & Technology (HKUST) - Department of Accounting and University of California, Berkeley
Downloads 833 (40,974)
Citation 66

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12.

Book-to-Market Ratio and Skewness of Stock Returns

Accounting Review, Vol. 88, No. 6, 2013
Number of pages: 28 Posted: 05 Jan 2011 Last Revised: 02 Jul 2015
Xiao-Jun Zhang
University of California, Berkeley
Downloads 707 (51,017)
Citation 6

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Accounting conservatism, Value/glamour stocks, Book-to-market ratio, Skewness, Growth, Capital asset pricing

13.

A Theoretical Analysis Connecting Conservative Accounting to the Cost of Capital

Downloads 695 ( 52,215)
Citation 9

A Theoretical Analysis Connecting Conservative Accounting to the Cost of Capital

Number of pages: 56 Posted: 26 Nov 2016 Last Revised: 02 Mar 2020
Stephen H. Penman and Xiao-Jun Zhang
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and University of California, Berkeley
Downloads 577 (65,461)
Citation 5

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conservative accounting, risk and return, earnings yield, earnings growth, accruals

A Theoretical Analysis Connecting Conservative Accounting to the Cost of Capital

Journal of Accounting & Economics (JAE), Forthcoming, Columbia Business School Research Paper
Number of pages: 56 Posted: 06 Aug 2019
Stephen H. Penman and Xiao-Jun Zhang
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and University of California, Berkeley
Downloads 118 (321,896)
Citation 4

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conservative accounting, risk and return, earnings growth, accruals, earnings yield

14.

Are Extended Hours Prices Predictive of Subsequent Stock Returns?

Number of pages: 38 Posted: 15 Jul 2016 Last Revised: 01 Dec 2016
Shai Levi, Joshua Livnat, Li Zhang and Xiao-Jun Zhang
Tel Aviv University, New York University, Rutgers, The State University of New Jersey - Accounting and University of California, Berkeley
Downloads 695 (52,215)

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Extended hours trading, earnings announcements, stock recommendation changes, SEC filings, under-reaction

15.

Do Temporary Increases in Information Asymmetry Affect the Cost of Equity?

Management Science, Forthcoming
Number of pages: 38 Posted: 08 May 2008 Last Revised: 22 May 2014
Shai Levi and Xiao-Jun Zhang
Tel Aviv University and University of California, Berkeley
Downloads 674 (54,337)
Citation 4

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Information Asymmetry, Earnings Release, Expected Returns

16.

Selective Trading of Available-for-Sale Securities: Evidence from U.S. Commercial Banks

Accepted for publication in European Accounting Review in March 2017
Number of pages: 51 Posted: 27 Jan 2011 Last Revised: 06 Mar 2017
Minyue Dong and Xiao-Jun Zhang
University of Lausanne - Faculty of Business and Economics (HEC Lausanne) and University of California, Berkeley
Downloads 542 (71,634)
Citation 21

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Selective trading; Available-for-sale securities; Disclosure format; Earnings management; Commercial banks; Fair value accounting

17.

Accounting for Asset Pricing Factors

Columbia Business School Research Paper
Number of pages: 72 Posted: 08 Jul 2021 Last Revised: 14 Jun 2022
Stephen H. Penman and Xiao-Jun Zhang
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and University of California, Berkeley
Downloads 385 (107,489)

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18.

Mixing Fair-Value and Historical-Cost Accounting: Predictable Other-Comprehensive-Income and Mispricing of Bank Stocks

Number of pages: 46 Posted: 10 Nov 2016 Last Revised: 17 Aug 2017
Peter D. Easton and Xiao-Jun Zhang
University of Notre Dame - Department of Accountancy and University of California, Berkeley
Downloads 330 (127,492)
Citation 1

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Market mispricing; Bank risk factors; Holding gains and losses; Available-for-sale securities; Commercial banks; Fair value accounting; Other comprehensive income

19.

Limited Attention and Stock Price Drift Following Earnings Announcements and 10-K Filings

Number of pages: 52 Posted: 19 Sep 2009
Haifeng You and Xiao-Jun Zhang
Hong Kong University of Science & Technology (HKUST) - Department of Accounting and University of California, Berkeley
Downloads 324 (129,983)
Citation 1

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stock price drift, earnings, 10-K, limited attention

20.

Leader versus Lagger: How the Timing of Financial Reports Affects Information Quality and Investment Efficiency

Number of pages: 52 Posted: 13 May 2020 Last Revised: 17 Jun 2021
Nanqin Liu and Xiao-Jun Zhang
Southern University of Science and Technology and University of California, Berkeley
Downloads 168 (243,039)

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Financial Reporting Timing, Financial Externalities, Audit Quality, Investment Efficiency, Audit Regulation

21.

Strategic Trading at the Preopening after Earnings Announcements

Journal of Financial Reporting, Forthcoming
Number of pages: 37 Posted: 13 Oct 2016 Last Revised: 03 Nov 2021
Shai Levi and Xiao-Jun Zhang
Tel Aviv University and University of California, Berkeley
Downloads 166 (245,528)

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earnings announcements, price discovery, preopening, informed trading, liquidity, price impact

22.

Off-Balance-Sheet Assets, Financial Leverage, and Stock Returns

Number of pages: 59 Posted: 05 Jan 2018 Last Revised: 28 Sep 2021
Jasmine Zhang and Xiao-Jun Zhang
University of California, Berkeley and University of California, Berkeley
Downloads 138 (285,055)

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Leverage, Conservative Accounting, Off-Balance-Sheet Asset, Financial Asset, Expected Stock Returns.

23.

Big N Audit Quality Effect: New Evidence on Audit Hours and Audit Adjustments

Number of pages: 52 Posted: 30 Sep 2020 Last Revised: 22 Mar 2022
Liansheng Wu, Dan Yang, Jasmine Zhang, Xiao-Jun Zhang and Wei Zhou
Southern University of Science and Technology, Beijing Foreign Studies University, University of California, Berkeley, University of California, Berkeley and Southwestern University of Finance and Economics (SWUFE)
Downloads 128 (301,966)

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Audit Quality, Audit Adjustment, Audit Hour, Big N Audit Firms, Signaling Equilibrium, Disciplinary Role of Audit

24.

Product Market Power and Technological Innovation

Number of pages: 52 Posted: 16 Mar 2022
Alexander Barinov, Hyun A. Hong, Ji Woo Ryou and Xiao-Jun Zhang
University of California Riverside, University of California, Riverside (UCR) - A. Gary Anderson Graduate School of Management, West Virginia University and University of California, Berkeley
Downloads 91 (380,347)

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Product market leader, learning, technological innovation, market valuation, accounting quality

25.

Loss-Aversion Discount on Earnings News

Number of pages: 39 Posted: 10 Nov 2016
Shai Levi and Xiao-Jun Zhang
Tel Aviv University and University of California, Berkeley
Downloads 60 (478,064)

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26.

Dissecting the Market-to-Book Premium: Implications for Future Investments and Stock Returns

Posted: 29 Dec 2020 Last Revised: 27 Jan 2022
Jasmine Zhang and Xiao-Jun Zhang
University of California, Berkeley and University of California, Berkeley

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market-to-book ratio, conservative accounting, growth, investment, expected stock return

27.

IFRS Adoption and Within-Jurisdiction Comparability: Evidence from Chinese Dual-Class Firms

Posted: 16 Jul 2019
Jenny Xinjiao Guan, Kangtao Ye, Shanshan Zhang and Xiao-Jun Zhang
Monash University, Renmin University of China - School of Business, Beijing Jiaotong University and University of California, Berkeley

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IFRS Adoption; Within-Jurisdiction Comparability; Capital Market Performance

28.

On Modified DuPont Method: Analysis of Firms with Negative Net-Financial-Obligations

Posted: 12 Dec 2016 Last Revised: 07 Jan 2018
Xiao-Jun Zhang
University of California, Berkeley

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Modified DuPont Analysis, Negative Net-Financial-Obligations, Tax Deferral, Internal Financing

29.

Asymmetric Decrease in Liquidity Trading before Earnings Announcements and the Announcement Return Premium

Journal of Financial Economics (JFE), Forthcoming
Posted: 03 Feb 2013 Last Revised: 20 Aug 2015
Shai Levi and Xiao-Jun Zhang
Tel Aviv University and University of California, Berkeley

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Earnings announcement premium; liquidity