Guochang Zhang

University of Hong Kong

Professor

KK Leung Building

Faculty of Business and Economics

Hong Kong

  • University of Hong Kong

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    • Tel: +852 3917 1076
SCHOLARLY PAPERS

22

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55

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120

Scholarly Papers (22)

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1.

Accounting Information, Capital Investment Decisions, and Equity Valuation: Theory and Empirical Implications

Downloads 4,723 ( 2,972)

Accounting Information, Capital Investment Decisions, and Equity Valuation: Theory and Empirical Implications

Number of pages: 39 Posted: 19 Mar 2001
Guochang Zhang
University of Hong Kong
Downloads 4,723 (2,930)
Citation 10

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Earnings, book value, equity valuation, real options, accounting conservatism

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2.

How Do Accounting Variables Explain Stock Price Movements? Theory and Evidence

Downloads 3,265 ( 5,587)
Citation 34

How Do Accounting Variables Explain Stock Price Movements? Theory and Evidence

Number of pages: 46 Posted: 10 Jul 2006
Peter F. Chen and Guochang Zhang
Hong Kong University of Science & Technology (HKUST) - Department of Accounting and University of Hong Kong
Downloads 1,768 (14,624)
Citation 1

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Stock return, Accounting variables, Earnings yield, Profitability (ROE), Capital investment, Growth opportunity

How Do Accounting Variables Explain Stock Price Movements? Theory and Evidence

Journal of Accounting and Economics, 2007, HKUST Business School Research Paper No. 07-02
Number of pages: 48 Posted: 03 Apr 2007
Peter F. Chen and Guochang Zhang
Hong Kong University of Science & Technology (HKUST) - Department of Accounting and University of Hong Kong
Downloads 1,497 (18,848)
Citation 3

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Stock return, Accounting variables, Earnings yield, Profitability (ROE), Capital investment, Growth opportunity

3.

The Roles of Earnings and Book Value in Equity Valuation: A Real Options Based Analysis

Number of pages: 45 Posted: 30 May 2002
Peter F. Chen and Guochang Zhang
Hong Kong University of Science & Technology (HKUST) - Department of Accounting and University of Hong Kong
Downloads 1,767 (14,910)
Citation 6

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equity valuation, earnings, book value, real options, profitability, growth opportunity

4.

When Capital Follows Profitability: Non-Linear Residual Income Dynamics

Review of Accounting Studies, June/September 2001
Number of pages: 75 Posted: 27 Dec 2000
Gary C. Biddle, Peter F. Chen and Guochang Zhang
University of Melbourne - Faculty of Business and Economics, Hong Kong University of Science & Technology (HKUST) - Department of Accounting and University of Hong Kong
Downloads 1,445 (20,221)
Citation 20

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Residual Income, Valuation, Linear Information Dynamics, Investment Dynamics, Non-linear Residual Income Dynamics

5.

Profitability, Earnings and Book Value in Equity Valuation: A Geometric View and Empirical Evidence

Hong Kong University of Science and Technology Working Paper
Number of pages: 61 Posted: 30 Sep 2003
Peter F. Chen and Guochang Zhang
Hong Kong University of Science & Technology (HKUST) - Department of Accounting and University of Hong Kong
Downloads 1,069 (31,586)
Citation 7

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geometry of equity valuation, equity value, profitability, book value, earnings, growth opportunity

6.

Heterogeneous Investment Opportunities in Multiple-Segment Firms and the Incremental Value Relevance of Segment Accounting Data

Number of pages: 51 Posted: 16 Feb 2001
Peter F. Chen and Guochang Zhang
Hong Kong University of Science & Technology (HKUST) - Department of Accounting and University of Hong Kong
Downloads 795 (47,594)
Citation 5

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Segment data; Incremental value relevance; Real options; Convexity of valuation function; Divergence of segment profitability

7.

The Contagion Effect of Low-Quality Audits along Individual Auditors

Number of pages: 55 Posted: 13 Aug 2014 Last Revised: 14 Jul 2015
Liuchuang Li, Baolei Qi, Gaoliang Tian and Guochang Zhang
Xi'an Jiaotong University (XJTU), Xi'an Jiaotong University (XJTU) - School of Management, Xi'an Jiaotong University (XJTU) and University of Hong Kong
Downloads 774 (49,389)
Citation 16

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contagion effect; individual auditors; audit failures; audit quality; auditor characteristics

8.

Segment Profitability, Misvaluation, and Corporate Divestment

Downloads 753 (51,222)
Citation 10

Segment Profitability, Misvaluation, and Corporate Divestment

Number of pages: 64 Posted: 09 Aug 2006
Peter F. Chen and Guochang Zhang
Hong Kong University of Science & Technology (HKUST) - Department of Accounting and University of Hong Kong
Downloads 433 (101,620)

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Segment profitability, segment earnings manipulation, segment reporting, misvaluation, corporate divestment

Segment Profitability, Misvaluation, and Corporate Divestment

Accounting Review, Vol. 82, No. 1, pp. 1-26, 2007, HKUST Business School Research Paper No. 07-07
Number of pages: 39 Posted: 03 Apr 2007
Peter F. Chen and Guochang Zhang
Hong Kong University of Science & Technology (HKUST) - Department of Accounting and University of Hong Kong
Downloads 320 (142,940)
Citation 1

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Segment Profitability, Segment Earnings Manipulation, Misvaluation, Corporate divestment

9.

Accounting Standards, Cost of Capital, Resource Allocation, and Welfare in a Large Economy

Forthcoming in The Accounting Review (2013)
Number of pages: 55 Posted: 10 Dec 2012
Guochang Zhang
University of Hong Kong
Downloads 490 (88,603)
Citation 3

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accounting standards, resource allocation, investment hurdle rates, cost of capital, welfare

10.

The Importance of Social Networks to Individual Auditors

Number of pages: 67 Posted: 22 Apr 2019 Last Revised: 13 Feb 2021
Jeffrey Pittman, Baolei Qi, Guochang Zhang and Yuping Zhao
Memorial University, Xi'an Jiaotong University (XJTU) - School of Management, University of Hong Kong and University of Houston
Downloads 418 (106,892)

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individual auditors; social networks; alumni networks; school ties; audit quality; client acquisition; career pamni network, audit quality, client acquisition, career path

11.

Fundamental (versus Market) Risk and Capital Budgeting Decisions: Distinguishing between the Investment Hurdle Rate and the Cost of Capital

Number of pages: 37 Posted: 17 Aug 2017
Guochang Zhang
University of Hong Kong
Downloads 399 (112,817)
Citation 1

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Earnings Beta, Market Beta, Capital Budgeting, Investment Hurdle Rate, Cost of Capital, Capital Asset Pricing Model (CAPM)

12.

Enforceability of Non-Compete Covenants, Discretionary Investments, and Financial Reporting Practices: Evidence from a Natural Experiment

Journal of Accounting & Economics (JAE), Forthcoming
Number of pages: 50 Posted: 20 Jul 2017
Tai-Yuan CHEN, Guochang Zhang and Yi Zhou
Department of Accounting, HKUST Business School, Hong Kong University of Science & Technology, University of Hong Kong and Fudan University
Downloads 285 (162,345)
Citation 2

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Contract enforceability; Non-compete covenants; Discretionary investment; Financial reporting

13.

Accruals Quality and Cost of Capital: Evidence from Chinese Stock Market

Number of pages: 45 Posted: 23 Dec 2015 Last Revised: 05 Apr 2019
Philip Keejae Hong, Tao Ma and Guochang Zhang
Central Michigan University, Rawls College of Business, Texas Tech University and University of Hong Kong
Downloads 260 (178,235)
Citation 1

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Accruals Quality, Cost of Equity, Investor Informedness, Domestic and Foreign Investors, Chinese Stock Market

14.

The Scale and Scope of the Client Portfolio and Audit Pricing at the Individual Auditor Level: Evidence from China

Number of pages: 57 Posted: 29 Jun 2017
Juan Mao, Baolei Qi and Guochang Zhang
University of Texas at San Antonio - Department of Accounting, Xi'an Jiaotong University (XJTU) - School of Management and University of Hong Kong
Downloads 172 (261,297)

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audit pricing, individual auditor, client portfolio, scale, industry scope

15.

Analysts’ Book Value Forecasts: Initial Evidence from a Perspective of Real-Options-Based Valuation

Contemporary Accounting Research, Forthcoming
Number of pages: 51 Posted: 04 Apr 2022
Kai Wai Hui, Alfred Z. Liu, Jr Richard Schneible and Guochang Zhang
University of Hong Kong, McMaster University, Grand Valley State University and University of Hong Kong
Downloads 134 (320,281)

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Analyst forecasts; Book value; Equity Valuation

16.

The Market's Valuation of Fraudulently Reported Earnings

Journal of Business Finance & Accounting, Vol. 41, Issue 5-6, pp. 627-651, 2014
Number of pages: 25 Posted: 26 Jul 2014
Kai Wai Hui, Clive S. Lennox and Guochang Zhang
University of Hong Kong, University of Southern California and University of Hong Kong
Downloads 4 (921,824)

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accounting fraud, market valuation, earnings coefficient

17.

Analysts’ Book Value Forecasts: Initial Evidence from the Perspective of Real-Options-Based Valuation

Contemporary Accounting Research, Forthcoming
Posted: 05 May 2022
Kai Wai Hui, Alfred Z. Liu, Jr Richard Schneible and Guochang Zhang
University of Hong Kong, McMaster University, Grand Valley State University and University of Hong Kong

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analyst forecasts, book value, equity valuation, real options

18.

Investment Growth and the Relation Between Equity Value, Earnings, and Equity Book Value

Accounting Review, Vol. 86, No. 2, 2011
Posted: 20 Mar 2011 Last Revised: 08 Dec 2012
Shengquan Hao, Qinglu Jin and Guochang Zhang
Shanghai Jiao Tong University (SJTU), Shanghai University of Finance and Economics and University of Hong Kong

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investment growth, equity valuation, earnings, equity book value, profitability, conservatism

19.

Relative Firm Profitability and Stock Return Sensitivity to Industry-Level News

Accounting Review, Vol. 86, No. 4, 2011
Posted: 20 Mar 2011
Shengquan Hao, Qinglu Jin and Guochang Zhang
Shanghai Jiao Tong University (SJTU), Shanghai University of Finance and Economics and University of Hong Kong

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relative profitability, industry-level news, return sensitivity, industry beta

20.

Heterogeneous Investment Opportunities in Multiple-Segment Firms and the Incremental Value Relevance of Segment Accounting Data

Posted: 21 Jan 2003
Peter F. Chen and Guochang Zhang
Hong Kong University of Science & Technology (HKUST) - Department of Accounting and University of Hong Kong

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segment accounting data, incremental value relevance, real options, divergence of profitability, segment growth opportunity

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private information production, public disclosure, cost of capital

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