Journal … All rights reserved. Yale School of Management. This study examines the implication of high-frequency trading for stock price volatility and price discovery. Frank Zhang | New Haven, Connecticut | Professor at Yale University | 82 connections | View Frank's homepage, profile, activity, articles frank.zhang@yale.edu. Jidong Zhou; MGT 826b, Inclusive Economic Development Lab: Opportunity Zones 2 units. X. FRANK ZHANG. The University of North Carolina at Chapel Hill. Journal of Portfolio Management Editorial board, 2015-present. X. Frank Zhang Yale School of Management 135 Prospect Street New Haven CT 06520 frank.zhang@yale.edu. Preliminary and incomplete, comments welcome . Date Written: December 2010. Box 208200 Fax: (203) 432-0342 §We thank Sreedhar Bharath, Long Chen, Paolo Pasquariello, Amiyatosh Purnanandam, Reuven Lehavy, and seminar participants at Emory University for helpful comments. Instantly the sharp point embedded itself in the exact spot. Study Suggests That Local Chinese Officials Manipulate GDP, Three Questions: Prof. X. Frank Zhang on the Drop in Charitable Giving. “Productivity and Organization in Portuguese Firms”. We show that the timing role has dramatically View X. Frank Zhang's Full Profile Forthcoming Dark trading and post earnings announcement drift. GDP management to meet or beat growth targets. X. Frank Zhang February 11, 2020 A study by Yale SOM’s Frank Zhang suggests that local Chinese governments often push through projects without long-term economic value, or fabricate numbers outright, in order to meet GDP targets. But new research by Frank Zhang, a professor of accounting at Yale SOM, and his co-authors has revealed what Zhang calls a “clean answer.” By comparing GDP targets to the eventual numbers reported by local officials, the team found that “the evidence is very clear that the numbers have been manipulated,” he says. Behavioral Economics and Decision Analysis. Search for more papers by this author. His whole family was blessed by the god with the power to shift into any kind of animal, mythical or living from human form. Abstract. Toggle list visibility; Programs. Both theory and evidence are mixed regarding the impact on prices of trading on “dark” venues partially exempt from National Market System requirements. Three Questions: Prof. X. Frank Zhang on the Drop in Charitable Giving Yale School of Management. Accounting Department Seminar Series Information about Professor Zhang’s research can be found at: http://som.yale.edu/x-frank-zhang Kate M. Cooney; MGT 828b, Creativity and Innovation 2 units. ... Publications by X. Frank Zhang . In this paper we consider whether these consensus target prices are informative for predicting future returns. Yale University. X. Frank Zhang Professor of Accounting. Journal of Accounting Research Editorial board, 2012-2016 FARS Steering Board 2015-present. Information content of earnings announcements: A different perspective Sun Yat-Sen University (SYSU) - Business School. All remaining errors are our own. Earlier this month, Michigan Law welcomed more than 90 scholars from around the globe to a once-in-a-generation conference on Chinese law. Box 208200 Fax: (203) 432-0342 Frank Zhang. Monthly Stock Returns X. Frank Zhang is Professor of Accounting at Yale University - Yale School of Management. The middle of the woods was a good place to practice but it was dull. Aurélien Baillon, Erasmus University Björn Bartling, University of Zurich David Bell, Harvard University Gary Bolton, University of Texas at Dallas Peter Bossaerts, University of Melbourne Jeffrey Carpenter, Middlebury College Katherine Coffman, Harvard Business School Yale School of Management. Date Written: August 15, 2020. By James Weir October 31, 2019. The point stuck in the wood and he cursed in Latin. Box 208200, New Haven, CT 06520-8200. F. Zhang, M. Luo and S. Shao Review of Accounting Studies Forthcoming ARTICLE. On June 5, 1994, Frank was born to Mars, the Roman god of war, and mortal military soldier Emily Zhang. Yale Insights is produced by the Yale School of Management. CAPANA Vice President, President-elect, President, 2014-2017 Home; Curriculum Vitae; Publications; Working Papers; Editorships Lorenzo Caliendo Lorenzo Caliendo, Giordano Mion, Luca D. Opromolla, Esteban Rossi-Hansberg. Frank Zhang aimed at the tree and fired. Jin (Ginger) Wu, Lu Zhang and Frank Zhang University of Georgia - Department of Banking and Finance, Ohio State University - Fisher College of Business and Yale … ALINA LERMAN. Tel: (203) 432-7938, and e-mail: frank.zhang@yale.edu. Yale University . Abstract. 2018 Buy-side analysts and earnings conference calls. Kerwin Charles Kerwin Charles, D. Mark Anderson, Ryan Brown, Daniel I. Rees. F. Zhang, C. Lyu, K. Wang, and X. Zhang Journal of Accounting and Economics Forthcoming ARTICLE. J. Thomas, X. F. Zhang, and W. Zhu. X. Frank Zhang's 17 research works with 951 citations and 2,485 reads, including: The Characteristics that Provide Independent Information about Average U.S. Journal of Political Economy, (2020) 128(11). X. Frank Zhang (Updated – July 2018) Yale School of Management Email: frank.zhang@yale.edu 165 Whitney Ave Tel: (203) 432-7938 P.O. This study examines the of accrual accounting, a smoothing of timing role timing temporary fluctuations in operating cash flows via accruals. X. Frank Zhang; MGT 822b, Game Theory and Market Design 2 units. Is the Timing Role of Accrual Accounting Disappearing? From his mother, he is a descendant of Periclymenus, who was a grandson of Poseidon and a member of the Argonauts, hence making him a legacy of Poseidon. Search for more papers by this author. Three Questions: Prof. X. Frank Zhang on ... - Yale Insights Yale University . F. Zhang, F. Bova, K. Kolev, and J. Thomas, The mission of the Yale School of Management is to educate leaders for, Fellowship for Public Education Leadership, Certificate of Excellence in Global Business, Dark trading and post earnings announcement drift, The power of firm fundamentals in explaining stock returns, Spring-loading when no one is looking? X. Frank Zhang. ROBERT M. BUSHMAN. The mission of the Yale School of Management is to educate leaders for business and society. 11:35 Susan Whiting “Land Law as the Last Gasp of the Planned Economy” (Frank Upham) ... Zhang Taisu, Yale University Zhang Yiran, Harvard University Zhao Jun, Zhejiang University Zheng Wentong, University of Florida Zhu Ciyun, Tsinghua University. F. Zhang, D. Dai and H. Ding. Evidence from analysts' coverage initiations. Date Written: May 30, 2019. Yale University. Wei Zhu. Frank Zhang (Updated – August 2020) Yale School of Management Email: frank.zhang@yale.edu 165 Whitney Ave Tel: (203) 432-7938 P.O. High-frequency trading has become a dominant force in the U.S. capital market, accounting for over 70% of dollar trading volume. Management Science Associate Editor, 2017-present. Overreaction to Intra-industry Information Transfers? MBA. Abstract. Accruals, investment, and the accrual anomaly, Information Uncertainty and Analyst Forecast Behavior, Information uncertainty and stock returns. A study by Yale SOM’s Frank Zhang suggests that local Chinese governments often push through projects without long-term economic value, or fabricate numbers outright, in order to meet GDP targets. Yale School of Management. © 2007-2021 Yale School of Management. Abstract. ABSTRACT: Consensus analyst target prices are widely available online at no cost to investors. In the absence of his immortal father, Frank'… View X. Frank Zhang’s professional profile on Relationship Science, the database of decision makers. Michigan Law Hosts Once-in-a-generation Conference on Chinese Law. Sighing, he retrieved it, pulling the wood from the tip. © Copyright 2000-2021 Yale School of Management. Frank Zhang, Yale University. See all articles by Frank Zhang Frank Zhang. Xinyi Zhang. Getting to Ann Arbor X. Frank Zhang; MGT 812b, Financial Statement Analysis 2 units. Adjusted for inflation, charitable giving in the United States fell by 1.7% in 2018, We asked Prof. X. Frank Zhang what explains the decline and how policymakers can encourage more giving. Yale University. frank.zhang@yale.edu . 1 Introduction In a path-breaking contribution, Sloan (1996) documents that firms with high accruals earn abnor-mally lower returns on average than firms with low accruals, and interprets the evidence as investors University of Illinois at Urbana-Champaign - Department of Accountancy. Prior literature shows that earnings have come to explain less stock price movement over time, suggesting that firm fundamental information has become less important. ‡Yale School of Management, 135 Prospect Street, P. O. September 2019 . Yale School of Management Faculty. “Occupational Licensing and Maternal Health: Evidence from Early Midwifery Laws and Maternal Mortality”. Search for more papers by this author. Date Written: July 2020. Frank Zhang. Management Science. thomas.steffen@yale.edu . ABSTRACT . We explore a new mechanism of earnings management whereby a parent company shifts income from not-wholly-owned subsidiaries to itself to avoid losses. Frank Zhang. Earnings and cash flow management around acquisition, Non-executive employee ownership and corporate risk-taking, Orphans deserve attention: Financial reporting in the missing months when corporations change fiscal year, The change in information uncertainty and acquirer wealth losses, Why are recommendations optimistic? 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