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Frank Zhang

Yale School of Management

Professor of Accounting

135 Prospect Street

P.O. Box 208200

New Haven, CT 06520-8200

United States

  • Yale School of Management

SCHOLARLY PAPERS

28

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28,007

CITATIONS
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441

Scholarly Papers (28)

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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 5,440 (612)
Citation 15

Abstract:

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

2.

Investment Cash Flow Sensitivities Really Reflect Related Investment Decisions

Number of pages: 52 Posted: 11 Nov 2005 Last Revised: 02 Sep 2012
Robert M. Bushman, Abbie J. Smith and Frank Zhang
University of North Carolina Kenan-Flagler Business School, University of Chicago - Booth School of Business and Yale School of Management
Downloads 1,623 (6,406)
Citation 15

Abstract:

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

3.

Accruals, Investment, and the Accrual Anomaly

Downloads 1,562 ( 8,678)
Citation 34

Accruals, Investment, and the Accrual Anomaly

Number of pages: 49 Posted: 27 Jan 2006
Frank Zhang
Yale School of Management
Downloads 1,562 (8,518)
Citation 34

Abstract:

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:

Accruals, investment, persistence, accrual anomaly, earnings management

4.

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
Pennsylvania State University, University of North Carolina Kenan-Flagler Business School and Yale School of Management
Downloads 1,391 (7,443)
Citation 6

Abstract:

Return predictive signals, supraview, efficient markets

5.

Information Uncertainty and Analyst Forecast Behavior

Downloads 1,316 ( 11,450)
Citation 38

Information Uncertainty and Analyst Forecast Behavior

Number of pages: 41 Posted: 19 Jul 2005
Frank Zhang
Yale School of Management
Downloads 1,316 (11,212)
Citation 38

Abstract:

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:

analyst forecasts error, forecast revision, information uncertainty, underreaction

6.

Information Uncertainty and Stock Returns

Downloads 1,129 ( 14,608)
Citation 237

Information Uncertainty and Stock Returns

Number of pages: 48 Posted: 26 Apr 2004
Frank Zhang
Yale School of Management
Downloads 1,129 (14,315)
Citation 237

Abstract:

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:

7.

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
Pennsylvania State University, University of North Carolina Kenan-Flagler Business School and Yale School of Management
Downloads 904 (6,503)
Citation 1

Abstract:

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

8.

Fundamental Analysis and Option Returns

Number of pages: 47 Posted: 21 Dec 2011 Last Revised: 03 Jan 2013
Theodore H. Goodman, Monica Neamtiu and Frank Zhang
Purdue University - Department of Accounting, City University of New York (CUNY) - Stan Ross Department of Accountancy and Yale School of Management
Downloads 839 (16,896)
Citation 1

Abstract:

Fundamental analysis, return, volatility, accounting signals

9.

The Changing Landscape of Accrual Accounting

Downloads 809 ( 24,097)

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, Yale School of Management and Yale School of Management
Downloads 527 (42,432)

Abstract:

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, Yale School of Management and Yale School of Management
Downloads 282 (90,316)

Abstract:

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, Yale School of Management and Yale School of Management

Abstract:

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

10.

Tax Expense Momentum

Downloads 764 ( 26,114)
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 559 (39,302)
Citation 2

Abstract:

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 205 (125,060)
Citation 2

Abstract:

tax expense, momentum, stock returns

11.

Understanding the Accrual Anomaly

Downloads 723 ( 28,299)
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
Jin (Ginger) Wu, Lu Zhang and Frank Zhang
University of Georgia - Department of Banking and Finance, Ohio State University - Fisher College of Business and Yale School of Management
Downloads 673 (30,678)
Citation 27

Abstract:

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
Jin (Ginger) Wu, Lu Zhang and Frank Zhang
University of Georgia - Department of Banking and Finance, Ohio State University - Fisher College of Business and Yale School of Management
Downloads 50 (338,759)
Citation 27

Abstract:

12.

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

Downloads 698 ( 29,614)

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
Michael J. Jung, M.H. Franco Wong and Frank Zhang
New York University - Leonard N. Stern School of Business, University of Toronto - Rotman School of Management and Yale School of Management
Downloads 482 (47,527)

Abstract:

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
Michael J. Jung, M.H. Franco Wong and Frank Zhang
New York University - Leonard N. Stern School of Business, University of Toronto - Rotman School of Management and Yale School of Management
Downloads 216 (118,809)

Abstract:

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

13.

Valuation of Tax Expense

Downloads 667 ( 31,522)
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 410 (58,176)
Citation 7

Abstract:

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 257 (99,387)
Citation 7

Abstract:

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

14.

Overreaction to Intra-Industry Information Transfers?

Downloads 665 ( 31,633)
Citation 19

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 665 (31,133)
Citation 19

Abstract:

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:

information transfer, earnings, returns, overreaction

15.

Non-Executive Employee Ownership and Corporate Risk

Downloads 583 ( 37,702)

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
Francesco Bova, Kalin S. Kolev, Jacob K. Thomas and Frank Zhang
University of Toronto - Rotman School of Management, CUNY Baruch College, Yale School of Management and Yale School of Management
Downloads 360 (67,946)

Abstract:

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
Francesco Bova, Kalin S. Kolev, Jacob K. Thomas and Frank Zhang
University of Toronto - Rotman School of Management, CUNY Baruch College, Yale School of Management and Yale School of Management
Downloads 223 (114,984)

Abstract:

Employee ownership, employee compensation, executive compensation, risk

16.

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 539 (40,407)
Citation 2

Abstract:

market efficiency, analyst forecast efficiency, accruals, cash flows

17.

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 504 (40,320)

Abstract:

Managerial optimism, analyst forecast, rationality

18.

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 451 (45,222)
Citation 8

Abstract:

Analysts, Conflicts of Interest, Selection Bias, Coverage Initiations

19.

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

Downloads 404 ( 59,812)
Citation 1

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 and Yale School of Management
Downloads 305 (82,287)
Citation 1

Abstract:

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 and Yale School of Management
Downloads 99 (229,121)
Citation 1

Abstract:

Earnings management, incentives, consequences, fiscal year end

20.

The Q-Theory Approach to Understanding the Accrual Anomaly

Journal of Accounting Research, Forthcoming
Number of pages: 52 Posted: 31 Aug 2009
Jin (Ginger) Wu, Lu Zhang and Frank Zhang
University of Georgia - Department of Banking and Finance, Ohio State University - Fisher College of Business and Yale School of Management
Downloads 359 (62,404)
Citation 27

Abstract:

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

21.

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 336 (69,659)

Abstract:

Merger, acquisition, cost of capital, uncertainty, return

22.

Buy-Side Analysts and Earnings Conference Calls

Downloads 314 ( 80,996)

Buy-Side Analysts and Earnings Conference Calls

Journal of Accounting Research, Forthcoming
Number of pages: 55 Posted: 24 Feb 2016 Last Revised: 14 Jul 2017
Michael J. Jung, M.H. Franco Wong and Frank Zhang
New York University - Leonard N. Stern School of Business, University of Toronto - Rotman School of Management and Yale School of Management
Downloads 262 (97,763)

Abstract:

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

Buy-Side Analysts and Earnings Conference Calls

Journal of Accounting Research, Forthcoming, Rotman School of Management Working Paper No. 3008459
Number of pages: 55 Posted: 27 Jul 2017
Michael J. Jung, M.H. Franco Wong and Frank Zhang
New York University - Leonard N. Stern School of Business, University of Toronto - Rotman School of Management and Yale School of Management
Downloads 52 (338,759)

Abstract:

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

23.

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 263 (53,443)
Citation 1

Abstract:

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

24.

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
Pennsylvania State University, University of North Carolina Kenan-Flagler Business School and Yale School of Management
Downloads 247 (31,097)

Abstract:

Analysts, sophistication, DCF, valuation, errors, judgments

25.

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
John R. M. Hand, Joshua G. Coyne, Jeremiah Green and Frank Zhang
University of North Carolina Kenan-Flagler Business School, University of Memphis - School of Accountancy, Pennsylvania State University and Yale School of Management
Downloads 240 (25,843)

Abstract:

Residual income valuation, DCF, sell-side equity analysts

26.

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 178 (131,368)

Abstract:

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

27.

GDP Management to Meet or Beat Growth Targets

Number of pages: 48 Posted: 18 Mar 2015 Last Revised: 02 Jun 2017
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 36 (206,094)

Abstract:

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

28.

Does Financial Reporting Above or Below the Operating Income Matter to Firms and Investors? The Case of Investment Income in China

Number of pages: 53 Posted: 27 Aug 2016 Last Revised: 16 Sep 2017
Mei Luo, Shuai Shao and Frank Zhang
Tsinghua University - School of Economics & Management, Zhejiang University and Yale School of Management
Downloads 0 (144,343)

Abstract:

core earnings, investment income, operating income, mispricing

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