Frank Zhou

Frank Zhou
  • Assistant Professor of Accounting

Contact Information

  • office Address:

    1310 Steinberg Hall - Dietrich Hall
    3620 Locust Walk
    Philadelphia, PA 19104-6365

Research Interests: auditing, bayesian learning, dynamic modeling, municipal securities, political economy, voluntary disclosure

Links: CV


Shuang (Frank) Zhou’s research concentrates on the interactions between firms’ disclosure decisions and the way investors interpret the disclosures.  His current research concerns how investors’ accumulation of knowledge (investor learning) affects management annual earnings forecast decisions.  His other projects include understanding the audit industry and the political economy of municipal financing.

Professor Zhou teaches Introduction to Financial Accounting.  He holds a PhD in accounting and MBA from the University of Chicago, an MSc in finance from Tilburg University, the Netherlands, and a BS in finance from Nankai University, China.

Continue Reading


  • Frank Zhou (Working), Disclosure Dynamics and Investor Learning.

  • Regina Wittenberg-Moerman and Frank Zhou (Work In Progress), Governance quality and maturity management: Evidence from the municipal bond market.

  • Frank Zhou and Yuqing Zhou (Work In Progress), Silent dog bites: Do stock prices fully reflect information that is strategically withheld?.

  • Joseph Gerakos, P. Richard Hahn, Andrei Kovrijnykh, Frank Zhou (Working), The effect of going concern opinions: Prediction versus inducement.


Past Courses


    This course is an introduction to the basic concepts and standards underlying financial accounting systems. Several important concepts will be studied in detail, including: revenue recognition, inventory, long-lived assets, present value, and long term liabilities. The course emphasizes the construction of the basic financial accounting statements - the income statement, balance sheet, and cash flow statement - as well as their interpretation.

Awards and Honors

  • Arnold Zellner Doctoral Prize, 2015
  • Jennifer Jones PhD Fellowship, 2015
  • Chicago Booth PhD Student Fellowship, 2011-2015
  • ErnieWish Fellowship, 2011
  • CentER Graduate Student Scholarship, Tilburg University, 2009-2011
  • Nankai University Scholarship, 2005-2009

In the News

Knowledge @ Wharton


Latest Research

Frank Zhou (Working), Disclosure Dynamics and Investor Learning.
All Research

In the News

How Investor Learning Affects Firm Behavior

Recent Wharton research illustrates the need for managers to understand where investor beliefs are when disclosing information.

Knowledge @ Wharton - 2017/06/28
All News

Awards and Honors

Arnold Zellner Doctoral Prize 2015
All Awards