Lu Zheng

University of California, Irvine - Paul Merage School of Business

Paul Merage School of Business

Irvine, CA California 92697-3125

United States

  • University of California, Irvine - Paul Merage School of Business

SCHOLARLY PAPERS

34

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35,202

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Top 676

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916

Scholarly Papers (34)

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1.

Unobserved Actions of Mutual Funds

Downloads 4,631 ( 4,461)
Citation 65

Unobserved Actions of Mutual Funds

Review of Financial Studies, Forthcoming, Sixteenth Annual Utah Winter Finance Conference, EFA 2005 Moscow Meetings Paper, Sauder School of Business Working Paper
Number of pages: 58 Posted: 28 Feb 2005
Marcin T. Kacperczyk, Clemens Sialm and Lu Zheng
Imperial College London - Accounting, Finance, and Macroeconomics, University of Texas at Austin - McCombs School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 4,501 (4,582)
Citation 17

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Mutual Funds, Performance Evaluation, Trading Strategies

Unobserved Actions of Mutual Funds

NBER Working Paper No. w11766
Number of pages: 49 Posted: 08 Feb 2006 Last Revised: 27 Aug 2022
Marcin T. Kacperczyk, Clemens Sialm and Lu Zheng
Imperial College London - Accounting, Finance, and Macroeconomics, University of Texas at Austin - McCombs School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 130 (458,556)
Citation 48

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Unobserved Actions of Mutual Funds

The Review of Financial Studies, Vol. 21, Issue 6, pp. 2379-2416, 2008
Posted: 15 Dec 2008
Marcin T. Kacperczyk, Clemens Sialm and Lu Zheng
Imperial College London - Accounting, Finance, and Macroeconomics, University of Texas at Austin - McCombs School of Business and University of California, Irvine - Paul Merage School of Business

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G11, G23

2.

Are Investors Moonstruck? - Lunar Phases and Stock Returns

Number of pages: 44 Posted: 18 Sep 2001
Lu Zheng, Kathy Yuan and Qiaoqiao Zhu
University of California, Irvine - Paul Merage School of Business, London School of Economics & Political Science (LSE) - Department of Finance and Australian National University (ANU) - College of Business and Economics
Downloads 3,754 (6,298)
Citation 38

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Behavioral Finance, Mood, Lunar Effect, Stock Return, Market Efficiency

3.

Passive Investing and the Rise of Mega-Firms

Downloads 3,225 ( 8,041)

Passive Investing and the Rise of Mega-Firms

Number of pages: 65 Posted: 03 Jun 2024
Hao Jiang, Dimitri Vayanos and Lu Zheng
Michigan State University - Eli Broad College of Business, London School of Economics and University of California, Irvine - Paul Merage School of Business
Downloads 2,047 (16,252)

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Passive investing, fund flows, asset pricing, size distribution of firms

Passive Investing and the Rise of Mega-Firms

Number of pages: 64 Posted: 20 Jan 2021 Last Revised: 05 Oct 2022
Hao Jiang, Dimitri Vayanos and Lu Zheng
Michigan State University - Eli Broad College of Business, London School of Economics and University of California, Irvine - Paul Merage School of Business
Downloads 979 (48,962)

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passive investing, fund flows, asset pricing, size distribution of firms

Passive Investing and the Rise of Mega-Firms

NBER Working Paper No. w28253
Number of pages: 66 Posted: 14 Mar 2021 Last Revised: 13 Mar 2023
Hao Jiang, Dimitri Vayanos and Lu Zheng
Michigan State University - Eli Broad College of Business, London School of Economics and University of California, Irvine - Paul Merage School of Business
Downloads 186 (337,540)

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Tracking Biased Weights: Asset Pricing Implications of Value-Weighted Indexing

CEPR Discussion Paper No. DP15563
Number of pages: 61 Posted: 23 Dec 2020
Hao Jiang, Dimitri Vayanos and Lu Zheng
Michigan State University - Eli Broad College of Business, London School of Economics and University of California, Irvine - Paul Merage School of Business
Downloads 13 (1,230,942)
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4.

On the Industry Concentration of Actively Managed Equity Mutual Funds

Downloads 3,192 ( 8,170)
Citation 215

On the Industry Concentration of Actively Managed Equity Mutual Funds

AFA 2005 Philadelphia Meetings, Journal of Finance, Forthcoming, Sauder School of Business Working Paper
Number of pages: 50 Posted: 10 Feb 2003
Marcin T. Kacperczyk, Clemens Sialm and Lu Zheng
Imperial College London - Accounting, Finance, and Macroeconomics, University of Texas at Austin - McCombs School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 3,028 (8,724)
Citation 5

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On the Industry Concentration of Actively Managed Equity Mutual Funds

NBER Working Paper No. w10770
Number of pages: 49 Posted: 30 Sep 2004 Last Revised: 07 Dec 2022
Marcin T. Kacperczyk, Clemens Sialm and Lu Zheng
Imperial College London - Accounting, Finance, and Macroeconomics, University of Texas at Austin - McCombs School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 164 (377,884)
Citation 210

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5.

Out of Sight, Out of Mind: The Effects of Expenses on Mutual Fund Flows

Number of pages: 36 Posted: 03 May 2004
Brad M. Barber, Terrance Odean and Lu Zheng
University of California, Davis, University of California, Berkeley - Haas School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 2,157 (15,237)
Citation 233

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mutual funds, investor behavior, operating expenses

6.

Institutional Trading and Stock Returns

EFMA 2001 Lugano Meetings, EFA 2001 Barcelona Meetings
Number of pages: 19 Posted: 15 Jan 2001
Fang Cai and Lu Zheng
Board of Governors of the Federal Reserve System and University of California, Irvine - Paul Merage School of Business
Downloads 1,557 (25,311)
Citation 19

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Institutional Trading, Stock Returns, Stock Price

7.

The Economics of Voluntary Portfolio Disclosure

Number of pages: 51 Posted: 21 Jun 2004 Last Revised: 02 Nov 2023
James J. Li, Weili Ge and Lu Zheng
University of Pennsylvania - The Wharton School, University of Washington - Michael G. Foster School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 1,408 (29,436)
Citation 34

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mutual funds, portfolio disclosure; portfolio holdings

8.

Do Mutual Funds Walk the Talk? Evidence from Fund Risk Disclosure

Number of pages: 99 Posted: 22 Mar 2021 Last Revised: 28 Nov 2024
Jinfei Sheng, Nan Xu and Lu Zheng
University of California, Irvine - Paul Merage School of Business, Nankai University - School of Finance and University of California, Irvine - Paul Merage School of Business
Downloads 1,306 (32,869)

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Mutual funds, risk, disclosure, textual analysis, information, prospectus, performance, flow

9.

The Road Less Traveled: Strategy Distinctiveness and Hedge Fund Performance

AFA 2010 Atlanta Meetings Paper
Number of pages: 68 Posted: 04 Feb 2009 Last Revised: 09 Apr 2011
Zheng Sun, Ashley Wang and Lu Zheng
University of California, Irvine - Paul Merage School of Business, Board of Governors of the Federal Reserve System and University of California, Irvine - Paul Merage School of Business
Downloads 1,264 (34,446)
Citation 47

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Strategy Distinctiveness, Hedge Fund

10.

Who Moves the Market? A Study of Stock Prices and Investment Cashflows

AFA 2003 Washington, DC Meetings
Number of pages: 36 Posted: 21 Nov 2002
Brian H. Boyer and Lu Zheng
Brigham Young University - J. Willard and Alice S. Marriott School of Management and University of California, Irvine - Paul Merage School of Business
Downloads 1,228 (35,916)
Citation 14

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11.

Only Winners in Tough Times Repeat: Hedge Fund Performance Persistence over Different Market Conditions

Downloads 1,041 (45,647)
Citation 1

Only Winners in Tough Times Repeat: Hedge Fund Performance Persistence over Different Market Conditions

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 47 Posted: 13 Apr 2013 Last Revised: 04 Oct 2018
Zheng Sun, Ashley Wang and Lu Zheng
University of California, Irvine - Paul Merage School of Business, Board of Governors of the Federal Reserve System and University of California, Irvine - Paul Merage School of Business
Downloads 833 (61,163)
Citation 1

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Hedge funds, Conditional performance, Performance persistence

Only Winners in Tough Times Repeat: Hedge Fund Performance Persistence Over Different Market Conditions

FEDS Working Paper No. 2016-030
Number of pages: 42 Posted: 20 Apr 2016
Zheng Sun, Ashley Wang and Lu Zheng
University of California, Irvine - Paul Merage School of Business, Board of Governors of the Federal Reserve System and University of California, Irvine - Paul Merage School of Business
Downloads 208 (303,932)

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Conditional performance, Hedge funds, Performance Persistence

12.

Is Money Smart? - an Investigation of Mutual Fund Investor's Fund Selection Ability

Number of pages: 33 Posted: 05 Nov 1996
Lu Zheng
University of California, Irvine - Paul Merage School of Business
Downloads 982 (49,564)
Citation 86

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Mutual Fund, Flow, Investment Ability, Performance

13.

The Abcs of Mutual Funds: On the Introduction of Multiple Share Classes

Downloads 909 (55,080)
Citation 23

The Abcs of Mutual Funds: On the Introduction of Multiple Share Classes

EFA 2005 Moscow Meetings Paper
Number of pages: 40 Posted: 04 Mar 2005
Z. Jay Wang, Vikram K. Nanda and Lu Zheng
University of Oregon - Charles H. Lundquist School of Business, University of Texas at Dallas - School of Management - Department of Finance & Managerial Economics and University of California, Irvine - Paul Merage School of Business
Downloads 669 (81,499)
Citation 12

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mutual fund, share class, performance, flow, expense

The ABCs of Mutual Funds: On the Introduction of Multiple Share Classes

Journal of Financial Intermediation, Vol. 18, No. 3, July 2009
Number of pages: 67 Posted: 06 Dec 2009
Vikram K. Nanda, Zhi Jay Wang and Lu Zheng
University of Texas at Dallas - School of Management - Department of Finance & Managerial Economics, University of Oregon - Charles H. Lundquist School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 240 (264,557)
Citation 11

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Mutual Funds, Multiple Share Classes, Fund Flows, Investor Clienteles

14.

The Good or the Bad? Which Mutual Fund Managers Join Hedge Funds?

Review for Financial Studies, Forthcoming, AFA 2010 Atlanta Meetings Paper
Number of pages: 22 Posted: 22 Mar 2009 Last Revised: 29 Jun 2011
Prachi Deuskar, Joshua Matthew Pollet, Zhi Jay Wang and Lu Zheng
Indian School of Business, University of Illinois at Urbana-Champaign - Department of Finance, University of Oregon - Charles H. Lundquist School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 892 (56,557)
Citation 14

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Mutual Funds, Hedge Funds, Managerial Turnover

15.

Family Values and the Star Phenomenon

AFA 2003 Washington, DC Meetings
Number of pages: 43 Posted: 26 Dec 2000
Vikram K. Nanda, Z. Jay Wang and Lu Zheng
University of Texas at Dallas - School of Management - Department of Finance & Managerial Economics, University of Oregon - Charles H. Lundquist School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 863 (59,140)
Citation 8

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Mutual Funds, Performance Evaluation, Cash Flow, Fund Complex, Fund Family, Investment

16.

The Abcs of Mutual Funds: A Natural Experiment on Fund Flows and Performance

AFA 2005 Philadelphia Meetings
Number of pages: 41 Posted: 29 Feb 2004
Vikram K. Nanda, Z. Jay Wang and Lu Zheng
University of Texas at Dallas - School of Management - Department of Finance & Managerial Economics, University of Oregon - Charles H. Lundquist School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 853 (60,082)
Citation 8

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17.

Tax-Loss Selling and the January Effect: Evidence from Municipal Bond Closed-End Funds

AFA 2005 Philadelphia Meetings
Number of pages: 40 Posted: 22 Jun 2004
Laura T. Starks, Li Yong and Lu Zheng
University of Texas at Austin - Department of Finance, The University of Texas at Arlington and University of California, Irvine - Paul Merage School of Business
Downloads 702 (77,743)
Citation 11

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January effect, tax-loss-selling

18.

Does Media Coverage of Stocks Affect Mutual Funds’ Trading and Performance?

Forthcoming in Review of Financial Studies
Number of pages: 42 Posted: 18 Mar 2010 Last Revised: 25 Sep 2014
Lily H. Fang, Joel Peress and Lu Zheng
INSEAD - Finance, INSEAD - Finance and University of California, Irvine - Paul Merage School of Business
Downloads 673 (82,155)
Citation 20

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mutual fund, performance, stock, media coverage, limited attention, investor behavior

19.

Home Bias and Local Contagion: Evidence from Funds of Hedge Funds

Downloads 667 (82,938)
Citation 10

Home Bias and Local Contagion: Evidence from Funds of Hedge Funds

AFA 2013 San Diego Meetings Paper
Number of pages: 60 Posted: 17 Mar 2012 Last Revised: 12 Aug 2019
Clemens Sialm, Zheng Sun and Lu Zheng
University of Texas at Austin - McCombs School of Business, University of California, Irvine - Paul Merage School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 625 (88,966)
Citation 10

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Hedge Funds, Funds of Funds, Home Bias, Informational Advantage, Contagion, Comovement

Home Bias and Local Contagion: Evidence from Funds of Hedge Funds

NBER Working Paper No. w19570
Number of pages: 60 Posted: 25 Oct 2013 Last Revised: 23 Jun 2023
Clemens Sialm, Zheng Sun and Lu Zheng
University of Texas at Austin - McCombs School of Business, University of California, Irvine - Paul Merage School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 42 (891,650)

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20.

Active Fundamental Performance

Review of Financial Studies Forthcoming
Number of pages: 56 Posted: 14 Aug 2013 Last Revised: 04 Oct 2018
Hao Jiang and Lu Zheng
Michigan State University - Eli Broad College of Business and University of California, Irvine - Paul Merage School of Business
Downloads 666 (83,091)
Citation 7

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Mutual Funds, Performance Evaluation, Skill, Earnings Announcement

21.

Limits to Diversification: Passive Investing and Market Risk 

Number of pages: 68 Posted: 18 Sep 2024
Lily H. Fang, Hao Jiang, Zheng Sun, Ximing Yin and Lu Zheng
INSEAD - Finance, Michigan State University - Eli Broad College of Business, University of California, Irvine - Paul Merage School of Business, College of Finance and Statistics, Hunan University and University of California, Irvine - Paul Merage School of Business
Downloads 640 (87,459)

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22.

The Start Matters: Time-Varying Investor Demand, Hedge Fund Inceptions and Performance

Review of Finance, forthcoming
Number of pages: 60 Posted: 24 Aug 2018 Last Revised: 13 Sep 2023
Lin Sun, Zheng Sun and Lu Zheng
George Mason University - Department of Finance, University of California, Irvine - Paul Merage School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 576 (100,027)
Citation 1

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Hedge fund, investor demand, inception, performance, money flow, delegated portfolio management

23.

Aggregate Hedge Fund Flows and Asset Returns

21st Australasian Finance and Banking Conference 2008 Paper
Number of pages: 37 Posted: 20 Aug 2008 Last Revised: 16 Sep 2009
Ashley Wang and Lu Zheng
Board of Governors of the Federal Reserve System and University of California, Irvine - Paul Merage School of Business
Downloads 539 (108,700)
Citation 2

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Hedge Fund Flow, Hedge Fund Performance

24.

Investor Flows and Stock Market Returns

Journal of Empirical Finance, Vol. 16, No. 1, pp. 87-100, 2011
Number of pages: 35 Posted: 13 May 2011
Brian H. Boyer and Lu Zheng
Brigham Young University - J. Willard and Alice S. Marriott School of Management and University of California, Irvine - Paul Merage School of Business
Downloads 326 (194,089)
Citation 9

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stock market, stock price, investor flow, mutual fund, pension fund, foreign investors

25.

Family Values and the Star Phenomenon: Strategies of Mutual Fund Families

Number of pages: 46 Posted: 10 Aug 2011
Vikram K. Nanda, Zhi Jay Wang and Lu Zheng
University of Texas at Dallas - School of Management - Department of Finance & Managerial Economics, University of Oregon - Charles H. Lundquist School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 286 (223,010)
Citation 22

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Mutual Fund Families, Fund Flows, Performance

26.

Side-by-Side Management of Hedge Funds and Mutual Funds

Downloads 134 (241,930)
Citation 27

Side-by-Side Management of Hedge Funds and Mutual Funds

Number of pages: 58 Posted: 04 Dec 2009 Last Revised: 08 Dec 2009
Tom Nohel, Zhi Jay Wang and Lu Zheng
Loyola University of Chicago, University of Oregon - Charles H. Lundquist School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 134 (447,230)
Citation 27

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Hedge Funds, Mutual Funds, Conflicts of Interest

Side-by-Side Management of Hedge Funds and Mutual Funds

The Review of Financial Studies, Vol. 23, Issue 6, pp. 2342-2373, 2010
Posted: 17 May 2010
Tom Nohel, Z. Jay Wang and Lu Zheng
Loyola University of Chicago, University of Oregon and University of California, Irvine - Paul Merage School of Business

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G1, G2, G3, G23, G34

27.

Religious Belief and Socially Responsible Investing

Number of pages: 55 Posted: 02 Oct 2019
Jongwan John Bae, Zheng Sun and Lu Zheng
Kyungpook National University - School of Business Administration, University of California, Irvine - Paul Merage School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 236 (270,426)
Citation 1

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Religiosity, Corporate Social Responsibility, Fund CSR Preference

28.

Time-Varying Loss Aversion of Mutual Fund Managers as a Response to Incentives

Number of pages: 59 Posted: 23 Sep 2022
Liyuan Liu, Athanasios A. Pantelous, Yuxin Xie and Lu Zheng
Tsinghua University, PBC School of Finance, Students, Monash University - Department of Econometrics & Business Statistics, Southwestern University of Finance and Economics, School of Finance and University of California, Irvine - Paul Merage School of Business
Downloads 142 (425,995)

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Time varying risk attitude; Loss aversion; Mutual fund; Portfolio management

29.

Friend or foe: On a common shareholder relationship between mutual funds and public companies

Journal of Financial Markets, Forthcoming
Number of pages: 59 Posted: 01 Feb 2017 Last Revised: 30 Sep 2021
Shu Lin, Grace Tian and Lu Zheng
Nanjing University - School of Business, Department of Accounting, Asian Development Bank and University of California, Irvine - Paul Merage School of Business
Downloads 129 (459,777)

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: mutual funds, information advantage, stock returns, portfolio decisions, price support

30.

Information Transfer in the Common Shareholder Relationship: Does Shared Ownership Affect Fund Investments?

Number of pages: 37 Posted: 05 Apr 2014
Shu Lin, Shu Tian and Lu Zheng
Nanjing University - School of Business, Department of Accounting, Asian Development Bank and University of California, Irvine - Paul Merage School of Business
Downloads 108 (526,004)

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mutual funds, information advantage, stock returns, portfolio decisions

31.

Fragile Attraction: Bond Fund Yield and Investor Flows

Donald G. Costello College of Business at George Mason University Research Paper
Number of pages: 48 Posted: 08 Nov 2024 Last Revised: 03 Feb 2025
Hao Jiang, Lily Y. Li, Lin Sun and Lu Zheng
Michigan State University - Eli Broad College of Business, Villanova University, George Mason University - Department of Finance and University of California, Irvine - Paul Merage School of Business
Downloads 68 (696,174)
Citation 1

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Bond Funds; SEC Yield; Flows; Runs; Financial Fragility.

32.

Finance Gets Personal: Lasting Effects of Individuals' Crisis Experiences on Investment Choices

Number of pages: 77 Posted: 23 Aug 2024
Hamid Boustanifar, Hao Jiang, Dan Zhang and Lu Zheng
EDHEC Business School, Michigan State University - Eli Broad College of Business, Oslo Business School and University of California, Irvine - Paul Merage School of Business
Downloads 48 (822,012)

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Portfolio allocation, individual investors, crisis experience, household finance, financial crisis

33.

Industry Concentration and Mutual Fund Performance

Journal of Investment Management, Vol. 5, No. 1, First Quarter 2007
Posted: 28 Mar 2007
Marcin T. Kacperczyk, Clemens Sialm and Lu Zheng
Imperial College London - Accounting, Finance, and Macroeconomics, University of Texas at Austin - McCombs School of Business and University of California, Irvine - Paul Merage School of Business

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Industry concentration, mutual fund performance, active portfolio management

34.

Who Moves the Market? - a Study of Stock Prices and Investment Cashflows

Posted: 16 Jul 1999
Lu Zheng
University of California, Irvine - Paul Merage School of Business

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