Dr. Lu Zhang
is Professor of Finance and Chair of Finance Department at Stephen M. Ross
School of Business at University of Michigan, Research Associate at the National Bureau of Economic Research, as well as
Associate Editor of Review of Financial Studies, one of the three leading academic
journals in Finance. Before joining Michigan as Associate Professor of
Finance (with tenure) in 2006, he taught for four years at University of
Rochester's William E. Simon Graduate School of Business Administration. Dr. Zhang has broad-ranging research interests in
financial economics, with specialty in asset pricing, in connection with
corporate finance, macroeconomics, and capital markets research in
accounting. Expanding
efficient markets hypothesis and
new classical macroeconomics, his research elaborates a simple
conceptual framework that deepens our understanding of the driving forces
behind the cross-sectional variation of expected stock returns. Dr. Zhang
has published widely at leading academic journals including Journal of Accounting Research, Journal of Finance, Journal of Financial Economics, Journal
of Political Economy, and Review of Financial Studies. One chapter of his
doctoral thesis "The
value premium" won a Smith-Breeden Award (First Prize) for 2005 from
American Finance Association and the Journal of Finance.
Recent
research includes “Investment-based expected stock returns” (with Liu and Whited),
forthcoming, Journal of Political Economy;
"The q-theory approach to understanding
the accrual anomaly”
(with Wu and Zhang), 2009,
forthcoming, Journal of Accounting Research;
“A better
three-factor model that explains more anomalies” (with Chen), forthcoming,
Journal of Finance;
“Financially constrained
stock returns” (with Livdan and Sapriza), Journal of Finance,
2009; “Anomalies” (with Li and Livdan), Review of Financial Studies,
2009; “Momentum profits, factor pricing, and
macroeconomic risk” (with Liu), Review of Financial Studies,
2008; “The new issues puzzle: Testing the investment-based explanation”
(with Lyandres and Sun), Review of Financial Studies, 2008;
“Expected returns, yield spreads, and asset pricing tests” (with Campello and Chen),
Review of Financial Studies, 2008; and “The
expected value premium” (with Chen and Petkova), Journal of
Financial Economics, 2008.
Dr. Zhang
has extensive teaching interests and experience at the undergraduate, MBA,
and PhD levels. He has taught a variety of courses including Derivative
Securities, Capital Markets and Investment Strategy, Corporate Finance, and
Advanced Topics in Capital Markets.
Jiangxi
University of Finance and Economics, BA in Economics, 1993, University High
Honors; The Graduate School of the People’s Bank of China, MS in Finance,
1996; Washington University in St. Louis, MA in Economics, 1997; The Wharton
School, University of Pennsylvania, MA in Finance, 2000, PhD in Finance,
2002 (dissertation: “Essays on the cross-section of returns”).
