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: Voluntary disclosure; Financial reporting; Investor information processing

Links: CV


Frank (Shuang) Zhou’s research concentrates on the determinants and consequences of firms’ disclosures.  His current research examines (i) investor information processing and its consequences for disclosure decisions and (ii) the economic consequences of financial reporting.  His other projects include 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.

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  • Christopher Armstrong, Allison Nicoletti, Frank Zhou (2021), Executive stock options and systemic risk, Journal of Financial Economics.

  • Catherine M. Schrand, Frank Zhou, Stella Park, Disclosure and Competition for Limited Investor Resources.

    Abstract: This paper examines disclosure decisions of _rms facing greater competition for limited investor resources. Theory posits that firms use disclosure to compete with other firms for informed investors when investor resources are limited (Fishman and Hagerty, 1989). Consistent with this investor-competition role for disclosure, we find that when firms compete more for investors, they issue more guidance, especially capital expenditure forecasts. The guidance increases liquidity and price efficiency, but the effects decrease as guidance serves more of an investor-competition role, consistent with disclosures of one firm imposing a negative externality on other firms that compete for the same investor resources.

  • Frank Zhou and Yuqing Zhou (2016), The dog that didn’t bark: Limited price efficiency and strategic nondisclosure, Journal of Accounting Research.


All Courses

  • ACCT1010 - Acct & Financial Report

    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.

  • ACCT9400 - Research in Acct I

    This is Part I of a theoretical and empirical literature survey course covering topics that include corporate disclosure, cost of capital, incentives, compensation, governance, financial intermediation, financial reporting, tax, agency theory, cost accounting, capital structure, international financial reporting, analysts, and market efficiency.

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

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Latest Research

Christopher Armstrong, Allison Nicoletti, Frank Zhou (2021), Executive stock options and systemic risk, Journal of Financial Economics.
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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.Read More

Knowledge at Wharton - 6/28/2017
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