Kewei Hou

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


  • 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)



  • E-mail

    (614) 292-0552

    (614) 292-7062

    Department of Finance
    Fisher College of Business
    The Ohio State University
    820 Fisher Hall
    2100 Neil Avenue
    Columbus, OH 43210