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Kewei Hou

BiographyCoursesPublicationsWorking Papers

Professor Kewei Hou’s primary research interest is in the area of empirical asset pricing with a specialization in the predictability of stock returns. He has published in the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Accounting and Economics, and Management Science.

He is a an Associate Editor of the Journal of Empirical Finance, and is the recipient of research grants from the Institute for Quantitative Research in Finance (Q-Group), INQUIRE-Europe, INQUIRE-UK, BSI GAMMA Foundation, Chicago Quantitative Alliance, and Research Grants Council (RGC) of Hong Kong. Professor Hou joined the Ohio State University Fisher College of Business in 2001. He received his B.S. in Electrical Engineering from the University of Science and Technology of China (USTC) and his Ph.D. in Finance from the University of Chicago Booth School of Business.

Areas of Expertise

  • Investments
  • Corporate Finance
  • Derivative Securities

Education

  • PhD, University of Chicago, Booth School of Business
  • BS, Electrical Engineering
Finance 4230- Options & Futures I
Finance 7230 - Derivatives I
Finance 8220 - Seminar:  Empirical Asset Pricing
Student Investment Management (SIM)
Publications in Refereed Journals
  • What Factors Drive Global Stock Returns?
    forthcoming Review of Financial Studies
    • Winner of BSI Gamma Foundation Research Grant Award, INQUIRE-UK Research Grant Award, and Best Paper Award First International Conference on Asia-Pacific Financial Markets (with Andrew Karolyi and Bong-Chan Kho)
  • "The Accrual Anomaly: Risk or Mispricing?"
    forthcoming Management Science
    • (with David Hirshleifer and Siew Hong Teoh)
  • "Accruals, Cash Flows, and Aggregate Stock Returns", 2009, Journal of Financial Economics 91, 389-406.
    • (with David Hirshleifer and Siew Hong Teoh)
  • "Industry Information Diffusion and the Lead-Lag Effect in Stock Returns", 2007, Review of Financial Studies 20, 1113-1138.
  • "Accruals, Cash Flows, and Aggregate Stock Returns",  2006, Journal of Finance 61, 1927-1956.
    • (with David Robinson)
  • "Market Frictions, Price Delay, and the Cross-Section of Expected Returns", 2005,  Review of Financial Studies 18, 981-1020.
    • Winner of Q-Group Research Grant Award
    • (with Tobias Moskowitz)
  • "Do Investors Overvalue Firms with Bloated Balance Sheets?" 2004, Journal of Accounting and Economics 38, 297-331.
    • (with David Hirshleifer, Siew Hong Teoh and Yinglei Zhang)
  • "The Implied Cost of Capital: A New Approach"
    • Winner of INQUIRE-UK Research Grant and Research Grants Council (RGC) of Hong Kong
    • CERG (Competitive Earmarked Research Grant) Award
    • (with Mathijs A. van Dijk and Yinglei Zhang)

     

  • “Digesting Anomalies: An Investment Approach,”
    • (with Chen Xue and Lu Zhang)
  • “Comovement of Corporate Bonds and Equities,”
    • (with Jack Bao)
  • “Commodity-based Consumption Tracking Portfolio and the Cross-section of Average Stock Returns,”
    • (with Marta Szymanowska)
  • “Information Leaders,”
    • (with Anna Scherbina, Yi Tang and Stefan Wilhelm)
  • “Microstructure Bias, Illiquidity, and the Cross-Section of Expected Stock Returns,”
    • (with Ingrid Werner and Peter Wong)
  • “Have We Solved the Idiosyncratic Volatility Puzzle?”
    • (with Roger Loh)
  • "Private Firms and the Importance of Industry Concentration for Financial Market Behavior"
    • (with David Robinson)
  • "On Estimation of Risk Premia in Linear Factor Models"
    • (with Robert Kimmel)
  • “Resurrecting the Size Effect: Firm Size, Profitability Shocks, and Expected Stock Returns,”
    • Winner of INQUIRE-Europe Research Grant Award
    • (with Mathijs A. van Dijk)
  • "Understanding the Variation in the Value Relevance of Earnings: A Return Decomposition Analysis"
    • (with Yinglei Zhang and Zili Zhuang)
  • "Dissecting the Aggregate Earnings-Return Relation"
    • (with Roger Loh)
  • "Profitability, Distress, and the Accrual Anomaly"
    • Winner of Research Grants Council (RGC) of Hong Kong CERG (Competitive Earmarked Research Grant) Award
    • (with Yinglei Zhang)
  • "A Tale of Two Anomalies: The Implication of Investor Attention for Price and Earnings Momentum"
    • Winner of Q-Group Research Grant Award
    • (with Lin Peng and Wei Xiong)
  • "R2 and Price Inefficiency"
    • (with Lin Peng and Wei Xiong)
  • "Towards a Property Rights View of Government Ownership"
    • (with David Robinson)
  • "Do Takeovers Increase Stockholder Value?"
    • (with Per Olsson and David Robinson)