Xiao-Jun Zhang

University of California, Berkeley

Professor

545 Student Services Building

SPC 1900

Berkeley, CA 94720

United States

China Academy of Financial Research (CAFR)

1954 Huashan Road

Shanghai P.R.China, 200030

China

SCHOLARLY PAPERS

28

DOWNLOADS
Rank 726

SSRN RANKINGS

Top 726

in Total Papers Downloads

39,229

SSRN CITATIONS
Rank 5,278

SSRN RANKINGS

Top 5,278

in Total Papers Citations

143

CROSSREF CITATIONS

113

Scholarly Papers (28)

1.

Accounting Conservatism, the Quality of Earnings, and Stock Returns

Number of pages: 39 Posted: 23 Jan 2000
Stephen H. Penman and Xiao-Jun Zhang
Columbia Business School - Department of Accounting and University of California, Berkeley
Downloads 11,110 (502)
Citation 35

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2.

Modeling Sustainable Earnings and P/E Ratios with Financial Statement Analysis

Forthcoming
Number of pages: 57 Posted: 31 Jul 2002 Last Revised: 17 Aug 2011
Stephen H. Penman and Xiao-Jun Zhang
Columbia Business School - Department of Accounting and University of California, Berkeley
Downloads 9,632 (638)
Citation 34

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sustainable earnings, earnings quality, financial statement analysis, price-earnings ratios

3.

The Eyeballs Have it: Searching for the Value in Internet Stocks

Number of pages: 38 Posted: 15 Feb 2000
Brett Trueman, M.H. Franco Wong and Xiao-Jun Zhang
University of California, Los Angeles (UCLA) - Anderson School of Management, University of Toronto - Rotman School of Management and University of California, Berkeley
Downloads 4,648 (2,303)
Citation 32

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4.

Back to Basics: Forecasting the Revenues of Internet Firms

Number of pages: 37 Posted: 29 May 2000
Brett Trueman, M.H. Franco Wong and Xiao-Jun Zhang
University of California, Los Angeles (UCLA) - Anderson School of Management, University of Toronto - Rotman School of Management and University of California, Berkeley
Downloads 2,232 (7,960)
Citation 27

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Conservative Accounting and Equity Valuation

Number of pages: 34 Posted: 10 Nov 2000
Xiao-Jun Zhang
University of California, Berkeley
Downloads 1,593 (13,459)
Citation 12

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Conservative Accounting and Equity Valuation

Journal of Accounting & Economics, Vol 29, No 2, April 2000
Posted: 10 Nov 2000
Xiao-Jun Zhang
University of California, Berkeley

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Anomalous Stock Returns Around Internet Firms' Earnings Announcements

JAE Boston Conference June 2001
Number of pages: 41 Posted: 28 Apr 2001
Brett Trueman, M.H. Franco Wong and Xiao-Jun Zhang
University of California, Los Angeles (UCLA) - Anderson School of Management, University of Toronto - Rotman School of Management and University of California, Berkeley
Downloads 1,104 (23,560)
Citation 9

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Anomalous Stock Returns Around Internet Firms' Earnings Announcements

Journal of Accounting and Economics, Vol. 34, Nos. 1-3, pp. 249-271, January 2003
Posted: 05 Feb 2003
Brett Trueman, M.H. Franco Wong and Xiao-Jun Zhang
University of California, Los Angeles (UCLA) - Anderson School of Management, University of Toronto - Rotman School of Management and University of California, Berkeley

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capital market, internet, stock returns, earnings announcement, price pressure

7.

Accounting Conservatism, Aggregation, and Information Quality

Number of pages: 19 Posted: 04 Dec 2007 Last Revised: 02 Jul 2015
Qintao Fan and Xiao-Jun Zhang
University of Oregon, Lundquist School of Business and University of California, Berkeley
Downloads 1,018 (27,018)
Citation 3

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Accounting Conservatism, Information Aggregation, Information Quality

8.

Connecting Book Rate of Return to Risk and Return: The Information Conveyed by Conservative Accounting

Columbia Business School Research Paper No. 14-21
Number of pages: 60 Posted: 01 Mar 2014 Last Revised: 20 Jul 2020
Stephen H. Penman and Xiao-Jun Zhang
Columbia Business School - Department of Accounting and University of California, Berkeley
Downloads 937 (30,409)
Citation 13

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book rate of return, conservative accounting, risk and return

9.

Revenue Recognition in a Multiperiod Agency Setting

Number of pages: 44 Posted: 25 Jul 2000
Sunil Dutta and Xiao-Jun Zhang
University of California, Berkeley - Haas School of Business and University of California, Berkeley
Downloads 867 (33,799)

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10.

Information Relevance, Reliability, and Disclosure

Review of Accounting Studies (2012) 17:189-226
Number of pages: 53 Posted: 22 May 2009 Last Revised: 01 Mar 2014
Xiao-Jun Zhang
University of California, Berkeley
Downloads 830 (35,904)
Citation 2

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Reliability, Relevance, Disclosure

11.

Financial Reporting Complexity and Investor Underreaction to 10-K Information

Review of Accounting Studies, Vol. 14, No. 4, 2009
Number of pages: 45 Posted: 13 May 2007 Last Revised: 07 Feb 2012
Haifeng You and Xiao-Jun Zhang
Hong Kong University of Science & Technology (HKUST) - Department of Accounting and University of California, Berkeley
Downloads 781 (39,029)
Citation 66

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12.

Are Extended Hours Prices Predictive of Subsequent Stock Returns?

Number of pages: 38 Posted: 15 Jul 2016 Last Revised: 01 Dec 2016
Shai Levi, Joshua Livnat, Li Zhang and Xiao-Jun Zhang
Tel Aviv University, New York University, Rutgers, The State University of New Jersey - Accounting and University of California, Berkeley
Downloads 675 (47,575)

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Extended hours trading, earnings announcements, stock recommendation changes, SEC filings, under-reaction

13.

Book-to-Market Ratio and Skewness of Stock Returns

Accounting Review, Vol. 88, No. 6, 2013
Number of pages: 28 Posted: 05 Jan 2011 Last Revised: 02 Jul 2015
Xiao-Jun Zhang
University of California, Berkeley
Downloads 675 (47,575)
Citation 6

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Accounting conservatism, Value/glamour stocks, Book-to-market ratio, Skewness, Growth, Capital asset pricing

14.

Do Temporary Increases in Information Asymmetry Affect the Cost of Equity?

Management Science, Forthcoming
Number of pages: 38 Posted: 08 May 2008 Last Revised: 22 May 2014
Shai Levi and Xiao-Jun Zhang
Tel Aviv University and University of California, Berkeley
Downloads 669 (48,130)
Citation 4

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Information Asymmetry, Earnings Release, Expected Returns

A Theoretical Analysis Connecting Conservative Accounting to the Cost of Capital

Number of pages: 56 Posted: 26 Nov 2016 Last Revised: 02 Mar 2020
Stephen H. Penman and Xiao-Jun Zhang
Columbia Business School - Department of Accounting and University of California, Berkeley
Downloads 551 (61,012)
Citation 5

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conservative accounting, risk and return, earnings yield, earnings growth, accruals

A Theoretical Analysis Connecting Conservative Accounting to the Cost of Capital

Journal of Accounting & Economics (JAE), Forthcoming, Columbia Business School Research Paper
Number of pages: 56 Posted: 06 Aug 2019
Stephen H. Penman and Xiao-Jun Zhang
Columbia Business School - Department of Accounting and University of California, Berkeley
Downloads 110 (303,394)
Citation 4

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conservative accounting, risk and return, earnings growth, accruals, earnings yield

16.

Selective Trading of Available-for-Sale Securities: Evidence from U.S. Commercial Banks

Accepted for publication in European Accounting Review in March 2017
Number of pages: 51 Posted: 27 Jan 2011 Last Revised: 06 Mar 2017
Minyue Dong and Xiao-Jun Zhang
University of Lausanne - Faculty of Business and Economics (HEC Lausanne) and University of California, Berkeley
Downloads 532 (64,356)
Citation 20

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Selective trading; Available-for-sale securities; Disclosure format; Earnings management; Commercial banks; Fair value accounting

17.

Limited Attention and Stock Price Drift Following Earnings Announcements and 10-K Filings

Number of pages: 52 Posted: 19 Sep 2009
Haifeng You and Xiao-Jun Zhang
Hong Kong University of Science & Technology (HKUST) - Department of Accounting and University of California, Berkeley
Downloads 313 (119,447)
Citation 1

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stock price drift, earnings, 10-K, limited attention

18.

Mixing Fair-Value and Historical-Cost Accounting: Predictable Other-Comprehensive-Income and Mispricing of Bank Stocks

Number of pages: 46 Posted: 10 Nov 2016 Last Revised: 17 Aug 2017
Peter D. Easton and Xiao-Jun Zhang
University of Notre Dame - Department of Accountancy and University of California, Berkeley
Downloads 309 (121,104)
Citation 1

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Market mispricing; Bank risk factors; Holding gains and losses; Available-for-sale securities; Commercial banks; Fair value accounting; Other comprehensive income

19.

Strategic Trading at the Preopening after Earnings Announcements

Journal of Financial Reporting, Forthcoming
Number of pages: 37 Posted: 13 Oct 2016 Last Revised: 15 Jun 2020
Shai Levi and Xiao-Jun Zhang
Tel Aviv University and University of California, Berkeley
Downloads 153 (234,974)

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earnings announcements, price discovery, preopening, informed trading, liquidity, price impact

20.

Leader versus Lagger: How the Timing of Financial Reports Affects Information Quality and Investment Efficiency

Number of pages: 52 Posted: 13 May 2020 Last Revised: 17 Jun 2021
Nanqin Liu and Xiao-Jun Zhang
Xiamen University and University of California, Berkeley
Downloads 127 (272,128)

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Financial Reporting Timing, Financial Externalities, Audit Quality, Investment Efficiency, Audit Regulation

21.

Off-Balance-Sheet Assets, Financial Leverage, and Expected Stock Returns

Number of pages: 42 Posted: 05 Jan 2018 Last Revised: 22 Jun 2020
Jasmine Zhang and Xiao-Jun Zhang
University of California, Berkeley and University of California, Berkeley
Downloads 119 (285,603)

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Leverage, Conservative Accounting, Off-Balance-Sheet Asset, Financial Asset, Expected Stock Returns.

22.

Accounting for Asset Pricing Factors

Number of pages: 80 Posted: 08 Jul 2021
Stephen H. Penman and Xiao-Jun Zhang
Columbia Business School - Department of Accounting and University of California, Berkeley
Downloads 102 (383,419)

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23.

Big N Audit Quality Effect: New Evidence on Audit Hours and Audit Adjustments

Number of pages: 49 Posted: 30 Sep 2020
Jasmine Zhang, Xiao-Jun Zhang and Wei Zhou
University of California, Berkeley, University of California, Berkeley and Southwestern University of Finance and Economics (SWUFE)
Downloads 86 (353,812)

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Audit Quality, Audit Adjustment, Audit Hour, Big N Audit Firms, Signaling Equilibrium, Disciplinary Role of Audit

24.

Loss-Aversion Discount on Earnings News

Number of pages: 39 Posted: 10 Nov 2016
Shai Levi and Xiao-Jun Zhang
Tel Aviv University and University of California, Berkeley
Downloads 56 (445,590)

Abstract:

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25.

Separating Accounting and Economic Components of the Market-to-book Premium: Implication for Future Investment Growth and Stock Returns

Posted: 29 Dec 2020
Jasmine Zhang and Xiao-Jun Zhang
University of California, Berkeley and University of California, Berkeley

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market-to-book ratio, conservative accounting, growth, investment, expected stock return

26.

IFRS Adoption and Within-Jurisdiction Comparability: Evidence from Chinese Dual-Class Firms

Posted: 16 Jul 2019
Monash University, Renmin University of China - School of Business, Beijing Jiaotong University and University of California, Berkeley

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IFRS Adoption; Within-Jurisdiction Comparability; Capital Market Performance

27.

On Modified DuPont Method: Analysis of Firms with Negative Net-Financial-Obligations

Posted: 12 Dec 2016 Last Revised: 07 Jan 2018
Xiao-Jun Zhang
University of California, Berkeley

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Modified DuPont Analysis, Negative Net-Financial-Obligations, Tax Deferral, Internal Financing

28.

Asymmetric Decrease in Liquidity Trading before Earnings Announcements and the Announcement Return Premium

Journal of Financial Economics (JFE), Forthcoming
Posted: 03 Feb 2013 Last Revised: 20 Aug 2015
Shai Levi and Xiao-Jun Zhang
Tel Aviv University and University of California, Berkeley

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Earnings announcement premium; liquidity