Harold Zhang is a Special-Term Professor of Finance at Shanghai Advanced Institute of Finance (SAIF), and Professor of Finance at Jindal School of Management, 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 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 won the SWFA Outstanding Paper Award for Investment Income Taxes and Going Private Decision (2013-2014) and Outstanding Graduate Teaching Award of Jindal School of Management, University of Texas at Dallas (2010-2011).
Professor Zhang is an associate editor for the Financial Management, Journal of Financial Econometrics and Quarterly Journal of Finance. 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.
Journal Publications
1. Harold H. Zhang, Feng Zhao, Xiaofei Zhao, Forthcoming, Neglected Risks in the Communication of Residential Mortgage-backed Securities Offerings, Journal of Finance.
2. Alex Holcomb and Paul Mason, 2020, Investment Income Taxes and Private Equity Acquisition Activity, Journal of Empirical Finance.
3. Li, Jun, and Harold H. Zhang, 2017, Short-run and Long-run Consumption Risks, Dividend Processes and Asset Returns, Review of Financial Studies.
4. Arentsen, Eric, David C. Mauer, Brian Rosenlund, Harold H. Zhang, and Feng Zhao, 2015, Subprime Mortgage Defaults and Credit Default Swaps, Journal of Finance.
5. Booth, G. Geoffrey, Umit G. Gurun, and Harold H. Zhang, 2014, Financial Networks and Trading in Bond Markets, Journal of Financial Markets.
6. Dai, Zhonglan, Douglas A. Shackelford, and Harold H. Zhang, 2013, Capital Gains Taxes and Stock Return Volatility, Journal of American Taxation Association.
7. Dai, Zhonglan, Douglas A. Shackelford, Harold H. Zhang, and Chongyang Chen, 2013, Does Financial Constraint Affect Shareholder Taxes and the Cost of Equity Capital? , The Accounting Review.
8. Cao, Henry H., Bing Han, David Hirshleifer, and Harold Zhang, 2011, Fear of the Unknown: Familiarity and Economic Decisions, Review of Finance.
9. Pereira, Joao Pedro, and Harold H. Zhang, 2010, Stock Returns and the Volatility of Liquidity, Journal of Financial and Quantitative Analysis.
10. Dai, Zhonglan, Edward Maydew, Douglas A. Shackelford, and Harold H. Zhang, 2008, Capital Gains Taxes and Asset Prices: Capitalization or Lock-in?, Journal of Finance.
11. Yao, Rui, and Harold H. Zhang, 2005, Optimal Consumption and Portfolio Choices with Risky Housing and Borrowing Constraints, The Review of Economic Studies.
12. Dammon, Robert, James Poterba, Chester Spatt, and 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. Tallarini, Jr., Thomas D., and Harold H. Zhang, 2005, External Habit and the Cyclicality of Expected Stock Returns, Journal of Business Research.
14. Cao, H. Henry, Tan Wang, and Harold H. Zhang, 2005, Model Uncertainty, Limited Market Participation and Asset Prices, Review of Financial Studies.
15. Harold H. Zhang, 2004, Comment on Household Portfolio Choices in Taxable and Tax-Deferred Accounts: Another Puzzle?, European Finance Review.
16. Dammon, Robert M., Chester S. Spatt and Harold H. Zhang, 2004, Optimal Asset Location and Allocation with Taxable and Tax-Deferred Investing, Journal of Finance.
17. Dammon, Robert M., Chester S. Spatt, and Harold H. Zhang, 2003, Capital Gains Taxes and Portfolio Rebalancing, Research Dialogue.
18. Sloan, Frank A., Harold H. Zhang, and Jingshu Wang, 2002, Upstream Intergenerational Transfers, Southern Economic Journal.
19. Dammon, Robert M., Chester S. Spatt and Harold H. Zhang, 2001, Optimal Consumption and Investment with Capital Gains Taxes, Review of Financial Studies.
20. Zhang, Harold H., 2000, Explaining Bond Returns in Heterogeneous Agents Models: The Importance of Higher Order Moments, Journal of Economic Dynamics & Control.
21. Yaron, Amir, and Harold H. Zhang, 2000, Fixed Costs and Asset Market Participation, Revista De Analisis Economico.
22. Harrison, Paul, and Harold H. Zhang, 1999, An Investigation of the Risk and Return Relation at Long Horizons, Review of Economics and Statistics.
23. Liu, Ming, and Harold H. Zhang, 1998, Overparameterization in Seminonparametric Density Estimation, Economics Letters.
24. Zhang, Harold H., 1997, Endogenous Borrowing Constraints with Incomplete Markets, Journal of Finance.
25. Zhang, Harold H., 1997, Endogenous Short-Sale Constraint, Stock Prices and Output Cycles, Macroeconomic Dynamics.
26. Tauchen, George, Harold Zhang, and Ming Liu, 1996, Volume, Volatility, and Leverage: A Dynamic Analysis, Journal of Econometrics.
