Lu Zhang, professor and The John W. Galbreath 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 theJournal of Financial and Quantitative Analysis. 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 ResearchJournal of FinanceJournal of Financial EconomicsJournal of Political Economy and Review of Financial Studies.

Areas of Expertise


  • Asset Pricing


  • 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


Working Papers

View Professor Zhang's SSRN profile

  • Unemployment crises (with Petrosky-Nadeau), 2013.
  • Aggregation, capital heterogeneity, and the investment CAPM (with Goncalves and Xue), 2017

  • Replicating anomalies (with Hou and Xue), 2018

  • q5 (with Hou, Mo, and Xue), 2018


  • BUSFIN 7220 - Investment Theory and Practice

    Advanced skills needed for securities valuation, theories and applications related to the CAPM, APT, and efficient markets. Prereq or concur: MBA 6223, or 810. Not open to students with credit for 822.