Lu Zhang, professor and Dean’s Distinguished Chair in Finance, is a research associate at the National Bureau of Economic Research (Asset Pricing Program) and associate editor of the Journal of Financial Economics and the Review of Financial Studies. He previously taught at the Stephen M. Ross School of Business at University of Michigan and William E. Simon Graduate School of Business Administration at University of Rochester.
Zhang has published widely in leading academic journals including Journal of Accounting Research, Journal of Finance, Journal of Financial Economics, Journal of Political Economy and Review of Financial Studies.
Area of Expertise
- PhD and MA in Finance from the Wharton School at the University of Pennsylvania
- MA in Economics from Washington University (St. Louis)
- BA in Economics from Jiangxi University of Finance and Economics
FIN 7220 - Investment Management I
This course examines the theory, evidence, and practice relevant to equity investment management.
FIN 8210 - Seminar: Asset Pricing Theory
This course aims to build a solid theoretical foundation in Asset Pricing for doctoral students in finance.
FIN 8250 - Seminar Advanced Asset Pricing
This course aims to provide a broad introduction to contemporary asset pricing research.
Publications in Refereed Journals
- Digesting Anomalies: An Investment Approach
(with Hou and Xue), forthcoming, Review of Financial Studies
- A Neoclassical Interpretation of Momentum
(with Liu), forthcoming, Journal of Monetary Economics
- Do anomalies exist ex ante?
(with Tang and Wu), Review of Finance (2014), Vol. 18 (Issue 3), 843-875
- A supply approach to valuation
(with Belo and Xue), Reveiw of Financial Studies (2013), Vol. 26 (Issue 12), 3029-3067.
- The investment manifesto
(with Lin), Journal of Monetary Economics (2013), Vol. 60 (Issue 3), 351-366 .
- Value versus Growth: Time-Varying Expected Stock Returns
(with Gulen and Xing), Financial Management (2011), Vol. 40 (Issue 2), 381-407.
- Do time-varying risk premiums explain labor market performance?
(with Chen), Journal of Financial Economics (2011), Vol. 99 (Issue 2), 385-399.
- Does q-theory with investment frictions explain anomalies in the cross-section of returns?
(with Li), Journal of Financial Economics (2010), Vol. 98 (Issue 2), 297-314.
- The q-theory approach to understanding the accrual anomaly
(with Wu and Zhang), Journal of Accounting Research (2010), Vol. 48 (Issue 1), 177-223.
- Investment-based expected stock returns
(with Liu and Whited), Journal of Political Economy (2009), Vol. 117 (Issue 6), 1105-1139.
(with Li and Livdan), Review of Financial Studies (2009), Vol. 22 (Issue 11), 4301-4334.
- Financially constrained stock returns
(with Livdan and Sapriza), Journal of Finance (2009), Vol. 64 (Issue 4), 1827-1862.
- Momentum profits, factor pricing, and macroeconomic risk
(with Liu), Review of Financial Studies (2008), Vol. 21 (Issue 6), 2417-2448.
- The New Issues Puzzle: Testing the Investment-Based Explanation
(with Lyandres and Sun), Review of Financial Studies (2008), Vol. 21 (Issue 6), 2825-2855.
- Is the value spread a useful predictor of returns?
(with Liu), Journal of Financial Markets (2008), Vol. 11 (Issue 3), 199-227.
- Expected Returns, Yield Spreads, and Asset Pricing Tests
(with Campello and Chen), Review of Financial Studies (2008), Vol. 21 (Issue 3), 1297-1338.
- The expected value premium
(with Chen and Petkova), 2008, Journal of Financial Economics (2008), Vol. 87 (Issue 2), 269-280.
- Asset pricing implications of firms’ financing constraints
(with Gomes and Yaron), Review of Financial Studies (2006), Vol. 19 (Issue 4), 1321-1356.
- Is value riskier than growth?
(with Petkova), Journal of Financial Economics (2005), Vol. 78 (Issue 1), 187-202.
- The value premium
Journal of Finance (2005), Vol. 60 (Issue 1), 67-103.
- Equilibrium stock return dynamics under alternative rules of learning about hidden states
(with Brandt and Zeng), Journal of Economic Dynamics and Control (2004), Vol. 28 (Issue 10), 1925-1954.
- Asset prices and business cycles with costly external finance
(with Gomes and Yaron), Review of Economic Dynamics (2003), Vol. 6 (Issue 4), 767-788.
- Equilibrium cross section of returns
(with Gomes and Kogan), Journal of Political Economy (2003), Vol. 111 (Issue 4), 693-732.