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

39

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299

Scholarly Papers (39)

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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 9,987 (728)
Citation 114

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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 4,918 (2,492)
Citation 89

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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 2,733 (6,730)
Citation 36

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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
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 2,155 (9,820)
Citation 28

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

5.

Accruals, Investment, and the Accrual Anomaly

Downloads 1,684 ( 14,666)

Accruals, Investment, and the Accrual Anomaly

Number of pages: 49 Posted: 27 Jan 2006
Frank Zhang
Yale School of Management
Downloads 1,684 (14,421)
Citation 7

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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

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Accruals, investment, persistence, accrual anomaly, earnings management

6.

Information Uncertainty and Analyst Forecast Behavior

Downloads 1,454 ( 18,309)

Information Uncertainty and Analyst Forecast Behavior

Number of pages: 41 Posted: 19 Jul 2005
Frank Zhang
Yale School of Management
Downloads 1,454 (17,973)
Citation 20

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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

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analyst forecasts error, forecast revision, information uncertainty, underreaction

7.

Information Uncertainty and Stock Returns

Downloads 1,448 ( 18,422)
Citation 226

Information Uncertainty and Stock Returns

Number of pages: 48 Posted: 26 Apr 2004
Frank Zhang
Yale School of Management
Downloads 1,448 (18,080)
Citation 226

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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

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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 1,293 (21,844)
Citation 6

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Fundamental analysis, return, volatility, accounting signals

9.

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 1,158 (25,698)
Citation 4

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Analysts, sophistication, DCF, valuation, errors, judgments

10.

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, Truman State University, Texas A&M University - Department of Accounting and Yale School of Management
Downloads 1,151 (25,929)
Citation 10

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Residual income valuation, DCF, sell-side equity analysts

11.

The power of firm fundamental information in explaining stock returns

Downloads 1,148 ( 26,022)
Citation 3

The power of firm fundamental information in explaining stock returns

Columbia Business School Research Paper No. 18-7
Number of pages: 60 Posted: 21 Dec 2017 Last Revised: 21 Jul 2020
Shuai Shao, Robert C. Stoumbos and Frank Zhang
Zhejiang University, Columbia University - Columbia Business School and Yale School of Management
Downloads 880 (37,419)

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earnings, cash flows, firm fundamentals, stock returns

The Power of Firm Fundamental Information in Explaining Stock Returns

Review of Accounting Studies, Forthcoming
Number of pages: 60 Posted: 12 Nov 2020
Shuai Shao, Robert C. Stoumbos and Frank Zhang
Zhejiang University, Columbia University - Columbia Business School and Yale School of Management
Downloads 268 (157,421)
Citation 3

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Stock returns, earnings, firm fundamentals

12.

The Changing Landscape of Accrual Accounting

Downloads 1,029 ( 30,461)
Citation 24

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 583 (64,595)
Citation 2

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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 446 (89,868)
Citation 18

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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

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

13.

Tax Expense Momentum

Downloads 919 ( 35,752)
Citation 31

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 663 (54,794)
Citation 1

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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 256 (164,926)
Citation 12

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tax expense, momentum, stock returns

14.

Non-Executive Employee Ownership and Corporate Risk

Downloads 846 ( 40,114)
Citation 15

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, City University of New York (CUNY) - Stan Ross Department of Accountancy, Yale School of Management and Yale School of Management
Downloads 475 (83,398)
Citation 4

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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, City University of New York (CUNY) - Stan Ross Department of Accountancy, Yale School of Management and Yale School of Management
Downloads 371 (111,177)
Citation 5

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Employee ownership, employee compensation, executive compensation, risk

15.

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

Downloads 844 ( 40,253)
Citation 7

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
University of Delaware - Accounting & MIS, University of Toronto - Rotman School of Management and Yale School of Management
Downloads 568 (66,816)
Citation 2

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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
University of Delaware - Accounting & MIS, University of Toronto - Rotman School of Management and Yale School of Management
Downloads 276 (152,772)
Citation 2

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

16.

Valuation of Tax Expense

Downloads 779 ( 44,833)
Citation 13

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 431 (93,549)
Citation 10

Abstract:

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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 348 (119,511)
Citation 3

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

17.

Understanding the Accrual Anomaly

Downloads 766 ( 45,818)
Citation 1

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 706 (50,434)
Citation 1

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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: 17 Jun 2022
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 60 (485,183)

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18.

Overreaction to Intra-Industry Information Transfers?

Downloads 728 ( 49,073)

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 728 (48,424)
Citation 12

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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

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information transfer, earnings, returns, overreaction

19.

Buy-Side Analysts and Earnings Conference Calls

Downloads 644 ( 57,597)
Citation 10

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
Michael J. Jung, M.H. Franco Wong and Frank Zhang
University of Delaware - Accounting & MIS, University of Toronto - Rotman School of Management and Yale School of Management
Downloads 529 (73,042)
Citation 1

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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
Michael J. Jung, M.H. Franco Wong and Frank Zhang
University of Delaware - Accounting & MIS, University of Toronto - Rotman School of Management and Yale School of Management
Downloads 115 (327,830)
Citation 4

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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
Michael J. Jung, M.H. Franco Wong and Frank Zhang
University of Delaware - Accounting & MIS, University of Toronto - Rotman School of Management and Yale School of Management

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

20.

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 615 (61,076)
Citation 1

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Managerial optimism, analyst forecast, rationality

21.

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 586 (64,921)
Citation 4

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

22.

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 583 (65,348)
Citation 7

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Analysts, Conflicts of Interest, Selection Bias, Coverage Initiations

23.

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 568 (67,584)
Citation 4

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market efficiency, analyst forecast efficiency, accruals, cash flows

24.

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

Downloads 457 ( 88,180)
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 333 (125,506)

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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 124 (310,388)

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Earnings management, incentives, consequences, fiscal year end

25.

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

Review of Accounting Studies, 2018 (23), 1754-1790.
Number of pages: 54 Posted: 27 Aug 2016 Last Revised: 02 Jun 2019
Mei Luo, Shuai Shao and Frank Zhang
Tsinghua University - School of Economics & Management, Zhejiang University and Yale School of Management
Downloads 454 (88,846)
Citation 3

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core earnings, investment income, operating income, mispricing

26.

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 435 (93,302)
Citation 8

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

27.

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 401 (102,517)
Citation 8

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

28.

Earnings Management via Not-wholly-owned Subsidiaries

Number of pages: 59 Posted: 14 Jun 2019 Last Revised: 08 Jul 2021
Mei Luo, Frank Zhang and Xinyi Zhang
Tsinghua University - School of Economics & Management, Yale School of Management and Sun Yat-sen University (SYSU) - Business School
Downloads 395 (104,319)

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earnings management, income shifting, tunneling, subsidiary, loss

29.

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 373 (111,334)
Citation 1

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Merger, acquisition, cost of capital, uncertainty, return

30.

Using Economic Links between Firms to Detect Accounting Fraud

The Accounting Review, forthcoming
Number of pages: 49 Posted: 02 Mar 2021 Last Revised: 09 May 2022
Chenchen Li, Ningzhong Li and Frank Zhang
University of Texas at Dallas, University of Texas at Dallas and Yale School of Management
Downloads 332 (126,638)

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Fraud, economic link, revenue, accounting information, customer

31.

Does Mandatory Short Selling Disclosure Lead to Investor Herding Behavior?

Number of pages: 37 Posted: 16 Sep 2021 Last Revised: 18 Feb 2022
John C. Heater, Ye Liu, Qin Tan and Frank Zhang
Duke University - Fuqua School of Business, Fudan University, City University of Hong Kong (CityU) and Yale School of Management
Downloads 329 (127,896)

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Short sale, herding, disclosure, firm fundamentals, stock returns

32.

The Effect of Dispersion on the Informativeness of Analyst Target Prices

Number of pages: 43 Posted: 21 Oct 2019 Last Revised: 07 Feb 2022
Asa Palley, Thomas D. Steffen and Frank Zhang
Indiana University - Kelley School of Business - Department of Operation & Decision Technologies, Yale University School of Management and Yale School of Management
Downloads 312 (135,075)
Citation 1

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analyst forecast, target price, stock return, dispersion, retail investors

33.

Meet, Beat, and Pollute

Review of Accounting Studies, forthcoming
Number of pages: 62 Posted: 21 Apr 2021 Last Revised: 19 May 2022
Jacob K. Thomas, Wentao Yao, Frank Zhang and Wei Zhu
Yale School of Management, Xiamen University - School of Management, Yale School of Management and University of Illinois at Urbana-Champaign - Department of Accountancy
Downloads 296 (142,826)

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ESG; corporate sustainability; managerial short-termism; meeting earnings benchmarks; real earnings management; externality

34.

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 216 (194,741)
Citation 3

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

35.

Evading the Torpedo: Why Managers Avoid Stock Splits

Number of pages: 57 Posted: 26 May 2021 Last Revised: 14 Jun 2022
John C. Heater, Ye Liu, Qin Tan and Frank Zhang
Duke University - Fuqua School of Business, Fudan University, City University of Hong Kong (CityU) and Yale School of Management
Downloads 129 (300,143)

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Stock Splits, Earnings, Returns, Non-proportional Thinking

36.

Winning Is Not Enough: Changing Landscapes of Earnings Surprises and the Market Reaction

Number of pages: 55 Posted: 26 May 2021 Last Revised: 09 Jun 2022
John C. Heater, Ye Liu, Qin Tan and Frank Zhang
Duke University - Fuqua School of Business, Fudan University, City University of Hong Kong (CityU) and Yale School of Management
Downloads 88 (388,210)

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Analyst forecast, earnings surprises, earnings announcement returns, capital markets, discontinuity

37.

Internet Appendix for “Using Economic Links between Firms to Detect Accounting Fraud”

The Accounting Review, forthcoming
Number of pages: 8 Posted: 11 May 2022
Chenchen Li, Ningzhong Li and Frank Zhang
University of Texas at Dallas, University of Texas at Dallas and Yale School of Management
Downloads 17 (716,378)

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fraud; economic link; revenue; accounting information; customer

38.

Dark trading and post earnings announcement drift

Management Science
Posted: 01 Aug 2018 Last Revised: 17 Sep 2020
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

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Dark trading; Post-earnings-announcement-drift; Arbitrage costs; Price efficiency

39.

Measuring the information content of disclosures: The role of return noise

The Accounting Review https://doi.org/10.2308/TAR-2021-0075
Posted: 29 Jun 2018 Last Revised: 15 Feb 2022
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

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Return noise; return volatility; information content; U-statistic