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Harold Zhang
Professor of Finance, University of Texas at Dallas
  • PROFILE
  • RESEARCH
  • TEACHING

Harold Zhang is a Special-Term Professor of Finance at Shanghai Advanced Institute of Finance (SAIF), and Professor of Finance at University of Texas at Dallas. Prior to joining the University of Texas at Dallas, he was an Associate Professor at the Kenan-Flagler Business School at the University of North Carolina (2000-2005), and was an Assistant Professor at the Graduate School of Industrial Administration at the Carnegie Mellon University (1994–2000). Professor Zhang was a visiting faculty at Cheung Kong Graduate School of Business in 2003, 2004, and 2007, and Guanghua School of Management, Beijing University, in 2008.
 
Professor Zhang’s research and teaching have focused on investment, asset pricing, and taxation. Professor Zhang is a leading scholar in the area of investors’ optimal life-cycle portfolio choices and asset pricing. He has published on top finance journals such as the Journal of Finance and the Review of Financial Studies. Professor Zhang and his collaborators are the recipients of the prestigious TIAA-CREF Paul A. Samuelson Award for the outstanding scholarly writing on lifelong financial security for their recent paper titled “Optimal Asset Location and Allocation with Taxable and Tax-deferred Investing” published in the Journal of Finance. He has also won the Barclay’s Global Investors/Michael Brennan Runner-Up Award for the best paper published in the Review of Financial Studies.
 
Professor Zhang is a Fellow at the TIAA-CREF Institute. He is associate editor for the Journal of Financial Econometrics and served as the Associate Editor for the Journal of Business and Economic Statistics. He’s also referee for several top academic journals.
 
Professor Zhang has extensive teaching experience on a variety of courses including Investments, Asset Pricing, Managerial Economics, among others. He offers courses “Principles of Finance” and “Financial Decision Making” at SAIF.
 
Professor Zhang received his Ph.D. in Economics from Duke University in 1994.

 

Research Interests
Investments, Asset Pricing, Taxation.

Journal Publications & Working Papers
1. Eric Arentsen, David C. Mauer, Brian Rosenlund, Harold H. Zhang and Feng Zhao, 2015, Subprime Mortgage Defaults and Credit Default Swaps, Journal of Finance.
2. E. Arentsen, D. Mauer, B. Rosenlund, H. Zhang, F. Zhao, 2015, Subprime Mortgage Defaults and Credit Default Swaps, Journal of Finance.
3. G. Geoffrey Booth, Umit G. Gurun, and Harold H. Zhang, 2014, Financial Networks and Trading in Emerging Bond Markets, Journal of Financial Markets.
4. Zhonglan Dai, Douglas A. Shackelford, Harold H. Zhang, 2013, Capital Gains Taxes and Stock Return Volatility, Journal of American Taxation Association.
5. Zhonglan Dai, Douglas A. Shackelford, Harold H. Zhang, Chongyang Chen, 2013, Does Financial Constraint Affect Shareholder Taxes and the Cost of Equity Capital? , The Accounting Review.
6. Bing Han, David Hirshleifer and Harold H. Zhang, H. Henry Cao, 2011, Fear of the Unknown: Familiarity and Economic Decisions, Review of Finance.
7. Joao Pedro Pereira, Harold H. Zhang, 2010, Stock Returns and Volatility of Liquidity, Journal of Financial and Quantitative Analysis.
8. Zhonglan Dai, Edward Maydew, Douglas A. Shackelford, and Harold H. Zhang, 2008, Capitalization or Lock-in?, Journal of Finance.
9. H. Henry Cao, Tan Wang and Harold H. Zhang, 2005, Model Uncertainty, Limited Market Participation and Asset Prices, Review of Financial Studies.
10. Thomas Tallarini, Jr. and Harold H. Zhang, 2005, External Habit and the Cyclicality of Expected Stock Returns,, Journal of Business Research .
11. Rui Yao, Harold H. Zhang, 2005, Optimal Consumption and Portfolio Choices with Risky Housing and Borrowing Constraints, Review of Economic Studies.
12. Robert Dammon, James Poterba, Chester Spatt, Harold H. Zhang, 2005, Maximizing Long-Term Wealth Accumulation: It’s not just about “What” but also about “Where” to Make Them, Research Dialogue.
13. Harold H. Zhang, 2004, Household Portfolio Choices in Taxable and Tax-Deferred Accounts: Another Puzzle?, European Finance Review.
14. Robert M. Dammon, Chester S. Spatt and Harold H. Zhang, 2004, Optimal Asset Location and Allocation with Taxable and Tax-Deferred Investing, Journal of Finance.
15. Robert M. Dammon, Chester S. Spatt and Harold H. Zhang, 2003, Capital Gains Taxes and Portfolio Rebalancing, Research Dialogue.
16. Frank A. Sloan, Harold H. Zhang and Jingshu Wang, 2002, Upstream Intergenerational Transfers, Southern Economic Journal.
17. Robert M. Dammon, Chester S. Spatt and Harold H. Zhang, 2001, Optimal Consumption and Investment with Capital Gains Taxes, Review of Financial Studies.
18. Harold H. Zhang, 2000, Explaining Bond Returns in Heterogeneous Agents Models: The Importance of Higher Order Moments, Journal of Economic Dynamics&Control.
19. Amir Yaron, Harold H. Zhang, 2000, Fixed Costs and Asset Market Participation, Revista De Analisis Economico.
20. Paul Harrison, Harold H. Zhang, 1999, An Investigation of the Risk and Return Relation at Long Horizons, Review of Economics and Statistics.
21. Ming Liu, Harold H. Zhang, 1998, Overparameterization in Seminonparametric Density Estimation, Economics Letters.
22. Harold H. Zhang, 1997, Endogenous Borrowing Constraints with Incomplete Markets, Journal of Finance.
23. Harold H. Zhang, 1997, Endogenous Short Sale Constraint, Stock Prices and Output Cycles, Macroeconomic Dynamics.
24. George Tauchen, Harold Zhang, and Ming Liu, 1996, Volume, Volatility, and Leverage: A Dynamic Analysis, Journal of Econometrics.
25. Geoffrey Booth, Umit Gurun and Harold H. Zhang, Financial Networks and Trading in Emerging Bond Markets.
26. Zhonglan Dai, Doug Shackelford and Harold H. Zhang, Capital Gains Taxes and Stock Return Volatility: Evidence from the Taxpayer Relief Act of 1997.
27. Robert M. Dammon, Chester S. Spatt and Harold H. Zhang, Diversification and Capital Gains Taxes with Multiple Risky Assets.
28. Rui Yao and Harold H. Zhang, Optimal Life-Cycle Asset Allocation with Housing as Collateral.
29. Ming Liu, Harold H. Zhang, and Xingting Fan, Momentum and Contrarian Profits and Macroeconomic Fundamentals.
30. Robert M. Dammon, Chester S. Spatt and Harold H. Zhang, Taxes, Estate Planning and Financial Theory: New Insights and Perspectives.
31. Lantian Liang, Harold H. Zhang, Feng Zhao, Xiaofei Zhao, Disclosure Regulation on Mortgage Securitization and Subprime Loan Performance.
32. Harold H. Zhang, Feng Zhao, Xiaofei Zhao, Hiding behind Writing: Communication in Offering Process of Mortgage-Backed Securities.
33. Jun Li and Harold H. Zhang, Short-run and Long-run Consumption Risks, Dividend Processes and Asset Returns.
34. Paul Mason, Alex Holcomb, Dupinderjeet Kaur, Harold Zhang, Investment Income Taxes and Going Private Decision.
35. Zhonglan Dai, Harold H. Zhang, Feng Zhao, Tug-of-War: Incentive Alignment in Securitization and Loan Performance.
36. Zhonglan Dai, Douglas A. Shackelford, Yue Ying, and Harold H. Zhang, Financial Constraint, Shareholder Taxes, and Firm Investments.
37. Zhonglan Dai, Douglas A. Shackelford, and Harold H. Zhang, Cross-Sectional Variation in Reward-to-Risk Ratio and Capital Gains Taxes.
38. Robert Dammon, Chester Spatt and Harold H. Zhang, Retirement Investing: Analyzing the ‘Roth’ Conversion and Re-characterization Options.
39. Ming Liu, Harold H. Zhang, and Xingting Fang, A Macroeconomic Explanation of Momentum and Contrarian Profits.

Teaching Interests
No current data at this time.

Current Courses
No current courses at this time.

Faculty & Research
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