Frank Zhang

Yale School of Management

Professor of Accounting

135 Prospect Street

P.O. Box 208200

New Haven, CT 06520-8200

United States

SCHOLARLY PAPERS

31

DOWNLOADS
Rank 629

SSRN RANKINGS

Top 629

in Total Papers Downloads

33,212

CITATIONS
Rank 1,253

SSRN RANKINGS

Top 1,253

in Total Papers Citations

441

Scholarly Papers (31)

1.

High-Frequency Trading, Stock Volatility, and Price Discovery

Number of pages: 54 Posted: 14 Oct 2010 Last Revised: 27 Dec 2010
Frank Zhang
Yale School of Management
Downloads 8,223 (615)
Citation 16

Abstract:

Loading...

High-frequency trading, trading volume, volatility, return, price discovery

2.

The Characteristics that Provide Independent Information about Average U.S. Monthly Stock Returns

Number of pages: 80 Posted: 09 May 2013 Last Revised: 16 Oct 2016
Jeremiah Green, John R. M. Hand and Frank Zhang
Texas A&M University - Department of Accounting, University of North Carolina Kenan-Flagler Business School and Yale School of Management
Downloads 2,772 (4,067)
Citation 1

Abstract:

Loading...

Firm characteristics; anomalies; cross-section; average U.S. monthly returns

3.

The Supraview of Return Predictive Signals

Review of Accounting Studies, Forthcoming
Number of pages: 49 Posted: 18 May 2012 Last Revised: 17 Jan 2013
Jeremiah Green, John R. M. Hand and Frank Zhang
Texas A&M University - Department of Accounting, University of North Carolina Kenan-Flagler Business School and Yale School of Management
Downloads 2,197 (5,966)
Citation 6

Abstract:

Loading...

Return predictive signals, supraview, efficient markets

4.

Investment Cash Flow Sensitivities Really Reflect Related Investment Decisions

Number of pages: 52 Posted: 11 Nov 2005 Last Revised: 02 Sep 2012
University of North Carolina Kenan-Flagler Business School, University of Chicago - Booth School of Business and Yale School of Management
Downloads 1,994 (7,032)
Citation 17

Abstract:

Loading...

Accruals, Cash flows, growth, investment-cash flow sensitivity

Accruals, Investment, and the Accrual Anomaly

Number of pages: 49 Posted: 27 Jan 2006
Frank Zhang
Yale School of Management
Downloads 1,606 (9,937)
Citation 35

Abstract:

Loading...

Accruals, investment, persistence, accrual anomaly, earnings management

Accruals, Investment, and the Accrual Anomaly

Accounting Review, Vol. 82, No. 5, pp. 1333-1364, October 2007
Posted: 05 Feb 2007 Last Revised: 04 Nov 2007
Frank Zhang
Yale School of Management

Abstract:

Loading...

Accruals, investment, persistence, accrual anomaly, earnings management

Information Uncertainty and Analyst Forecast Behavior

Number of pages: 41 Posted: 19 Jul 2005
Frank Zhang
Yale School of Management
Downloads 1,368 (12,824)
Citation 38

Abstract:

Loading...

Analyst forecasts error, forecast revision, information uncertainty, underreaction

Information Uncertainty and Analyst Forecast Behavior

Contemporary Accounting Research, Vol. 23, No. 2, Summer 2006
Posted: 27 Jan 2006
Frank Zhang
Yale School of Management

Abstract:

Loading...

analyst forecasts error, forecast revision, information uncertainty, underreaction

7.
Downloads 1,240 ( 15,251)
Citation 234

Information Uncertainty and Stock Returns

Number of pages: 48 Posted: 26 Apr 2004
Frank Zhang
Yale School of Management
Downloads 1,240 (14,942)
Citation 234

Abstract:

Loading...

Information uncertainty, analyst forecast revision, momentum, expected returns

Information Uncertainty and Stock Returns

Journal of Finance, Vol. 61, No. 1, February 2006
Posted: 08 Nov 2004
Frank Zhang
Yale School of Management

Abstract:

Loading...

8.

Fundamental Analysis and Option Returns

Number of pages: 47 Posted: 21 Dec 2011 Last Revised: 03 Jan 2013
Purdue University - Department of Accounting, City University of New York - Stan Ross Department of Accountancy and Yale School of Management
Downloads 1,120 (17,809)
Citation 1

Abstract:

Loading...

Fundamental analysis, return, volatility, accounting signals

9.

The Use of Residual Income Valuation Methods by U.S. Sell-Side Equity Analysts

Number of pages: 46 Posted: 21 Jan 2015 Last Revised: 25 Aug 2016
University of North Carolina Kenan-Flagler Business School, University of Memphis - School of Accountancy, Texas A&M University - Department of Accounting and Yale School of Management
Downloads 969 (22,113)

Abstract:

Loading...

Residual income valuation, DCF, sell-side equity analysts

10.

Errors and Questionable Judgments in Analysts' DCF Models

Review of Accounting Studies, Forthcoming
Number of pages: 42 Posted: 01 Apr 2014 Last Revised: 31 Jan 2016
Jeremiah Green, John R. M. Hand and Frank Zhang
Texas A&M University - Department of Accounting, University of North Carolina Kenan-Flagler Business School and Yale School of Management
Downloads 904 (24,480)

Abstract:

Loading...

Analysts, sophistication, DCF, valuation, errors, judgments

The Changing Landscape of Accrual Accounting

Number of pages: 55 Posted: 06 Nov 2014 Last Revised: 27 Oct 2015
Robert M. Bushman, Alina Lerman and Frank Zhang
University of North Carolina Kenan-Flagler Business School, University of Connecticut - Department of Accounting and Yale School of Management
Downloads 544 (47,995)

Abstract:

Loading...

accrual accounting, accruals, cash flows, earnings management, accrual quality

The Changing Landscape of Accrual Accounting

Journal of Accounting Research, Forthcoming
Number of pages: 55 Posted: 30 Nov 2015
Robert M. Bushman, Alina Lerman and Frank Zhang
University of North Carolina Kenan-Flagler Business School, University of Connecticut - Department of Accounting and Yale School of Management
Downloads 323 (90,393)

Abstract:

Loading...

accrual accounting, accruals, cash flows, earnings management, accrual quality

The Changing Landscape of Accrual Accounting

Journal of Accounting Research, Vol. 54, No. 1, 2016
Posted: 19 Jun 2016
Robert M. Bushman, Alina Lerman and Frank Zhang
University of North Carolina Kenan-Flagler Business School, University of Connecticut - Department of Accounting and Yale School of Management

Abstract:

Loading...

accrual accounting;accruals;cash flows;earnings management;accrual quality

12.
Downloads 795 ( 29,332)
Citation 2

Tax Expense Momentum

Number of pages: 48 Posted: 12 Dec 2007 Last Revised: 14 Oct 2010
Jacob K. Thomas and Frank Zhang
Yale School of Management and Yale School of Management
Downloads 576 (44,588)
Citation 2

Abstract:

Loading...

tax expense, stock return, anomaly, momentum

Tax Expense Momentum

Journal of Accounting Research, Forthcoming
Number of pages: 46 Posted: 13 Dec 2010
Jacob K. Thomas and Frank Zhang
Yale School of Management and Yale School of Management
Downloads 219 (135,938)
Citation 2

Abstract:

Loading...

tax expense, momentum, stock returns

Analyst Interest as an Early Indicator of Firm Fundamental Changes and Stock Returns

The Accounting Review: May 2015, Vol. 90, No. 3, pp. 1049-1078.
Number of pages: 49 Posted: 05 May 2012 Last Revised: 25 Jul 2017
University of Michigan, Stephen M. Ross School of Business, University of Toronto - Rotman School of Management and Yale School of Management
Downloads 509 (52,286)

Abstract:

Loading...

analyst interest, firm fundamentals, analyst coverage, institutional ownership, trading volume, stock returns

Analyst Interest as an Early Indicator of Firm Fundamental Changes and Stock Returns

The Accounting Review: May 2015, Vol. 90, No. 3, pp. 1049-1078.
Number of pages: 49 Posted: 14 Aug 2014 Last Revised: 25 Jul 2017
University of Michigan, Stephen M. Ross School of Business, University of Toronto - Rotman School of Management and Yale School of Management
Downloads 257 (115,664)

Abstract:

Loading...

analyst interest, firm fundamentals, analyst coverage, institutional ownership, trading volume, stock returns

14.
Downloads 740 ( 32,364)
Citation 27

Understanding the Accrual Anomaly

Ross School of Business Paper No. 1100
Number of pages: 49 Posted: 25 Mar 2008 Last Revised: 16 Sep 2009
University of Georgia - Department of Banking and Finance, Ohio State University - Fisher College of Business and Yale School of Management
Downloads 688 (35,196)
Citation 27

Abstract:

Loading...

The accruals anomaly, total accruals, discretionary accruals, net operating assets, investment-based asset pricing, capital investment, time-varying expected returns

Understanding the Accrual Anomaly

NBER Working Paper No. w13525
Number of pages: 49 Posted: 24 Oct 2007 Last Revised: 19 Feb 2008
University of Georgia - Department of Banking and Finance, Ohio State University - Fisher College of Business and Yale School of Management
Downloads 52 (379,384)
Citation 27

Abstract:

Loading...

15.
Downloads 717 ( 33,820)
Citation 7

Valuation of Tax Expense

Number of pages: 48 Posted: 30 Aug 2009 Last Revised: 27 Jun 2012
Jacob K. Thomas and Frank Zhang
Yale School of Management and Yale School of Management
Downloads 421 (66,243)
Citation 7

Abstract:

Loading...

Valuation, stock returns, tax expense

Valuation of Tax Expense

Review of Accounting Studies, Forthcoming
Number of pages: 48 Posted: 28 Aug 2013
Jacob K. Thomas and Frank Zhang
Yale School of Management and Yale School of Management
Downloads 296 (99,479)
Citation 7

Abstract:

Loading...

Tax expense, stock returns, profitability, value relevance, valuation

16.
Downloads 680 ( 36,291)
Citation 18

Overreaction to Intra-Industry Information Transfers?

Number of pages: 50 Posted: 07 Dec 2006 Last Revised: 12 Nov 2007
Jacob K. Thomas and Frank Zhang
Yale School of Management and Yale School of Management
Downloads 680 (35,731)
Citation 18

Abstract:

Loading...

Intra-industry information transfer, market efficiency, stock returns, earnings surprises

Overreaction to Intra-Industry Information Transfers?

Journal of Accounting Research, Forthcoming
Posted: 21 Nov 2007
Jacob K. Thomas and Frank Zhang
Yale School of Management and Yale School of Management

Abstract:

Loading...

information transfer, earnings, returns, overreaction

Non-Executive Employee Ownership and Corporate Risk

Rotman School of Management Working Paper No. 2297996
Number of pages: 52 Posted: 25 Jul 2013 Last Revised: 11 Jun 2014
University of Toronto - Rotman School of Management, City University of New York - Stan Ross Department of Accountancy, Yale School of Management and Yale School of Management
Downloads 400 (70,434)

Abstract:

Loading...

Employee ownership, employee compensation, executive compensation, risk

Non-Executive Employee Ownership and Corporate Risk

Accounting Review, Forthcoming
Number of pages: 52 Posted: 13 Jun 2014 Last Revised: 04 Aug 2014
University of Toronto - Rotman School of Management, City University of New York - Stan Ross Department of Accountancy, Yale School of Management and Yale School of Management
Downloads 274 (108,147)

Abstract:

Loading...

Employee ownership, employee compensation, executive compensation, risk

18.

CEO Optimism, Analyst Rationality, and Earnings Forecast Bias

Number of pages: 43 Posted: 30 Sep 2005 Last Revised: 10 Dec 2009
M.H. Franco Wong and Frank Zhang
University of Toronto - Rotman School of Management and Yale School of Management
Downloads 581 (44,734)

Abstract:

Loading...

Managerial optimism, analyst forecast, rationality

19.

Further Evidence on Analyst and Investor Mis-Weighting of Prior Period Cash Flows and Accruals

Number of pages: 46 Posted: 23 Jun 2003
Anwer S. Ahmed, Frank Zhang and Khalid Nainar
Texas A&M University - Mays Business School, Yale School of Management and McMaster University - Michael G. DeGroote School of Business
Downloads 560 (46,887)
Citation 2

Abstract:

Loading...

market efficiency, analyst forecast efficiency, accruals, cash flows

20.

Spring-Loading Future Performance When No One is Looking? Earnings and Cash Flow Management Around Acquisitions

Review of Accounting Studies, Forthcoming
Number of pages: 49 Posted: 27 Jul 2011 Last Revised: 29 Nov 2015
Shuping Chen, Jacob K. Thomas and Frank Zhang
University of Texas at Austin - Red McCombs School of Business, Yale School of Management and Yale School of Management
Downloads 530 (50,274)
Citation 1

Abstract:

Loading...

Earnings management, cash flow management, merger and acquisition, accruals

21.

Why are Recommendations Optimistic? Evidence from Analysts’ Coverage Initiations

Review of Accounting Studies 16, 2011
Number of pages: 51 Posted: 18 Jun 2007 Last Revised: 16 Oct 2013
Yonca Ertimur, Frank Zhang and Volkan Muslu
University of Colorado at Boulder - Department of Accounting, Yale School of Management and C.T. Bauer College of Business University of Houston
Downloads 526 (50,782)
Citation 8

Abstract:

Loading...

Analysts, Conflicts of Interest, Selection Bias, Coverage Initiations

22.

The power of accounting information in explaining stock returns

Columbia Business School Research Paper No. 18-7
Number of pages: 57 Posted: 21 Dec 2017 Last Revised: 13 Jul 2018
Shuai Shao, Robert C. Stoumbos and Frank Zhang
Zhejiang University, Columbia University - Columbia Business School and Yale School of Management
Downloads 509 (52,906)

Abstract:

Loading...

earnings, cash flows, firm fundamentals, stock returns

Buy-Side Analysts and Earnings Conference Calls

Journal of Accounting Research, June 2018, Vol. 56, Issue 3, pp. 913-952.
Number of pages: 55 Posted: 24 Feb 2016 Last Revised: 26 May 2018
University of Michigan, Stephen M. Ross School of Business, University of Toronto - Rotman School of Management and Yale School of Management
Downloads 390 (72,528)

Abstract:

Loading...

Buy-side analysts, institutional investors, sell-side analysts, earnings conference calls

Buy-Side Analysts and Earnings Conference Calls

Journal of Accounting Research, June 2018, Vol. 56, Issue 3, pp. 913-952.
Number of pages: 55 Posted: 27 Jul 2017 Last Revised: 26 May 2018
University of Michigan, Stephen M. Ross School of Business, University of Toronto - Rotman School of Management and Yale School of Management
Downloads 99 (263,037)

Abstract:

Loading...

Buy-side analysts, institutional investors, sell-side analysts, earnings conference calls

Buy‐Side Analysts and Earnings Conference Calls

Journal of Accounting Research, Vol. 56, No. 3, 2018
Posted: 15 Aug 2018
University of Michigan, Stephen M. Ross School of Business, University of Toronto - Rotman School of Management and Yale School of Management

Abstract:

Loading...

Buy-Side Analysts, Institutional Investors, Sell-Side Analysts, Earnings Conference Calls

Orphans Deserve Attention: Financial Reporting in the Missing Months When Corporations Change Fiscal Year

Number of pages: 53 Posted: 31 May 2010 Last Revised: 06 Sep 2011
Kai Du and Frank Zhang
Pennsylvania State University - Department of Accounting and Yale School of Management
Downloads 315 (92,926)
Citation 1

Abstract:

Loading...

Financial reporting, earnings management, accruals, return, fiscal year-end

Orphans Deserve Attention: Financial Reporting in the Missing Months When Corporations Change Fiscal Year

Accounting Review, May 2013
Number of pages: 50 Posted: 04 Dec 2012
Kai Du and Frank Zhang
Pennsylvania State University - Department of Accounting and Yale School of Management
Downloads 108 (247,484)
Citation 1

Abstract:

Loading...

Earnings management, incentives, consequences, fiscal year end

25.

The Q-Theory Approach to Understanding the Accrual Anomaly

Journal of Accounting Research, Forthcoming
Number of pages: 52 Posted: 31 Aug 2009
University of Georgia - Department of Banking and Finance, Ohio State University - Fisher College of Business and Yale School of Management
Downloads 421 (66,874)
Citation 27

Abstract:

Loading...

The accruals anomaly, total accruals, discretionary accruals, net operating assets, investment-based asset pricing, capital investment, time-varying expected returns

26.

Information Uncertainty and Acquirer Wealth Losses

Number of pages: 48 Posted: 21 Nov 2007 Last Revised: 24 Feb 2011
Merle Erickson, Shiing-wu Wang and Frank Zhang
University of Chicago - Booth School of Business, University of Southern California - Leventhal School of Accounting and Yale School of Management
Downloads 362 (79,914)

Abstract:

Loading...

Merger, acquisition, cost of capital, uncertainty, return

27.

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

Number of pages: 54 Posted: 27 Aug 2016 Last Revised: 13 May 2018
Mei Luo, Shuai Shao and Frank Zhang
Tsinghua University - School of Economics & Management, Zhejiang University and Yale School of Management
Downloads 352 (82,807)

Abstract:

Loading...

core earnings, investment income, operating income, mispricing

28.

GDP Management to Meet or Beat Growth Targets

Journal of Accounting & Economics (JAE), Forthcoming
Number of pages: 53 Posted: 18 Mar 2015 Last Revised: 21 Jul 2018
Lyu Changjiang, Kemin Wang, Frank Zhang and Zhang Xin
Fudan University - School of Management, Fudan University - School of Management, Yale School of Management and Fudan University - School of Management
Downloads 281 (105,760)

Abstract:

Loading...

GDP growth, earnings management, political economy, discontinuity, forecast error

29.

Measuring the Information Content of Accounting Disclosures

Number of pages: 63 Posted: 29 Jun 2018 Last Revised: 18 Nov 2018
Jacob K. Thomas, Frank Zhang and Wei Zhu
Yale School of Management, Yale School of Management and University of Illinois at Urbana-Champaign - Department of Accountancy
Downloads 251 (119,089)

Abstract:

Loading...

U-statistic, earnings announcements, information content, return volatility

30.

The Change in Information Uncertainty and Acquirer Wealth Losses

Review of Accounting Studies, Forthcoming
Number of pages: 48 Posted: 01 Jun 2011
Merle Erickson, Shiing-wu Wang and Frank Zhang
University of Chicago - Booth School of Business, University of Southern California - Leventhal School of Accounting and Yale School of Management
Downloads 206 (144,461)

Abstract:

Loading...

information uncertainty, return, merger, acquisition, cost of capital

31.

Off-Exchange Trading and Post Earnings Announcement Drift

29th Annual Conference on Financial Economics & Accounting 2018
Number of pages: 55 Posted: 01 Aug 2018 Last Revised: 16 Mar 2019
Jacob K. Thomas, Frank Zhang and Wei Zhu
Yale School of Management, Yale School of Management and University of Illinois at Urbana-Champaign - Department of Accountancy
Downloads 89 (279,711)

Abstract:

Loading...

Off-exchange trading; Post-earnings-announcement-drift; Limits to arbitrage; Liquidity; Price discovery; Price efficiency