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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289

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 10,753 (851)
Citation 137

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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 6,266 (2,139)
Citation 165

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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 2,949 (7,625)
Citation 58

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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 2,249 (11,693)
Citation 28

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

5.

Accruals, Investment, and the Accrual Anomaly

Downloads 1,720 (17,828)

Accruals, Investment, and the Accrual Anomaly

Number of pages: 49 Posted: 27 Jan 2006
Frank Zhang
Yale School of Management
Downloads 1,720 (17,517)
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 Stock Returns

Downloads 1,634 (19,281)
Citation 337

Information Uncertainty and Stock Returns

Number of pages: 48 Posted: 26 Apr 2004
Frank Zhang
Yale School of Management
Downloads 1,634 (18,947)
Citation 337

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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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7.

Information Uncertainty and Analyst Forecast Behavior

Downloads 1,516 (21,646)

Information Uncertainty and Analyst Forecast Behavior

Number of pages: 41 Posted: 19 Jul 2005
Frank Zhang
Yale School of Management
Downloads 1,516 (21,267)
Citation 38

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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

8.

The power of firm fundamental information in explaining stock returns

Downloads 1,469 (22,694)
Citation 22

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 Stoumbos and Frank Zhang
Zhejiang University, ESSEC Business School and Yale School of Management
Downloads 1,125 (33,038)
Citation 1

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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 Stoumbos and Frank Zhang
Zhejiang University, ESSEC Business School and Yale School of Management
Downloads 344 (150,178)
Citation 21

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Stock returns, earnings, firm fundamentals

9.

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 1,432 (23,573)
Citation 6

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Fundamental analysis, return, volatility, accounting signals

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 1,307 (26,954)
Citation 9

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Analysts, sophistication, DCF, valuation, errors, judgments

11.

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, Texas Tech University - Area of Accounting, Texas A&M University - Department of Accounting and Yale School of Management
Downloads 1,241 (29,116)
Citation 10

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Residual income valuation, DCF, sell-side equity analysts

12.

The Changing Landscape of Accrual Accounting

Downloads 1,119 (33,762)
Citation 42

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 606 (76,323)
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 513 (94,076)
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 1,009 (39,176)
Citation 47

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 730 (60,068)
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 279 (187,596)
Citation 12

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tax expense, momentum, stock returns

14.

Non-Executive Employee Ownership and Corporate Risk

Downloads 927 (44,116)
Citation 23

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 516 (93,396)
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 411 (122,833)
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 898 (46,156)
Citation 11

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 - Alfred Lerner College of Business and Economics, University of Toronto - Rotman School of Management and Yale School of Management
Downloads 602 (77,095)
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 - Alfred Lerner College of Business and Economics, University of Toronto - Rotman School of Management and Yale School of Management
Downloads 296 (176,363)
Citation 2

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

16.

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 837 (50,673)

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Fraud, economic link, revenue, accounting information, customer

17.

Valuation of Tax Expense

Downloads 823 (51,994)
Citation 18

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 447 (110,971)
Citation 10

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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 376 (136,098)
Citation 9

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

18.

Understanding the Accrual Anomaly

Downloads 816 (52,511)
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 729 (60,174)
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 Dec 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 87 (495,702)

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19.

Overreaction to Intra-Industry Information Transfers?

Downloads 777 (56,050)

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 777 (55,236)
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

20.

Buy-Side Analysts and Earnings Conference Calls

Downloads 723 (61,717)
Citation 26

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 - Alfred Lerner College of Business and Economics, University of Toronto - Rotman School of Management and Yale School of Management
Downloads 589 (79,090)
Citation 3

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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 - Alfred Lerner College of Business and Economics, University of Toronto - Rotman School of Management and Yale School of Management
Downloads 134 (363,770)
Citation 18

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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 - Alfred Lerner College of Business and Economics, 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

21.

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 636 (72,847)
Citation 1

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Managerial optimism, analyst forecast, rationality

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 628 (73,967)
Citation 9

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Analysts, Conflicts of Interest, Selection Bias, Coverage Initiations

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 624 (74,535)
Citation 6

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

24.

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 588 (80,228)
Citation 4

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market efficiency, analyst forecast efficiency, accruals, cash flows

25.

Does Mandatory Short Selling Disclosure Lead to Investor Herding Behavior?

Number of pages: 46 Posted: 16 Sep 2021 Last Revised: 15 Aug 2023
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 540 (89,652)

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

26.

Earnings Management via Not-wholly-owned Subsidiaries

Number of pages: 68 Posted: 14 Jun 2019 Last Revised: 29 Aug 2023
Mei Luo, Frank Zhang and Xinyi Zhang
Tsinghua University - School of Economics & Management, Yale School of Management and Sun Yat-sen University (SYSU) - School of Business
Downloads 534 (90,520)

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earnings management, income shifting, tunneling, subsidiary, loss

27.

The Effect of Dispersion on the Informativeness of Analyst Target Prices

Number of pages: 55 Posted: 21 Oct 2019 Last Revised: 14 Sep 2023
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 532 (90,934)
Citation 1

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

28.

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 523 (92,878)

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

29.

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

Downloads 495 (99,562)
Citation 2

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 353 (145,603)

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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 142 (349,543)
Citation 1

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Earnings management, incentives, consequences, fiscal year end

30.

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 487 (101,283)
Citation 9

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core earnings, investment income, operating income, mispricing

31.

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 466 (106,746)
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

32.

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 442 (113,614)
Citation 15

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

33.

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 391 (130,912)
Citation 1

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Merger, acquisition, cost of capital, uncertainty, return

34.

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

Number of pages: 59 Posted: 26 May 2021 Last Revised: 27 Jan 2023
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 300 (174,900)
Citation 1

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

35.

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 235 (222,670)
Citation 8

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

36.

Evading the Torpedo: Why Managers Avoid Stock Splits

Number of pages: 52 Posted: 26 May 2021 Last Revised: 01 Nov 2023
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 230 (227,472)

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Stock Splits, Earnings, Managerial Incentives, Returns, Non-proportional Thinking

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 71 (552,854)

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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