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

Overview

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.

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Research

  • 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.

  • 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.

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

Teaching

Current Courses

  • ACCT101 - 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.

    ACCT101001 ( Syllabus )

    ACCT101002 ( Syllabus )

    ACCT101003 ( Syllabus )

Past Courses

  • ACCT101 - 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.

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

Activity

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 - 6/28/2017
All News