Chu ZHANG Associate Professor Email: czhang@ust.hk PhD 1992 University of Chicago, Finance MBA 1988 University of Chicago, Finance M.S. 1984 Fudan University, Quantitative Economics B.S. 1982 East-China Normal University, Mathematics Personal Home Page (http://ihome.ust.hk/~czhang)

• Assistant and Associate Professor of Finance, Hong Kong University of Science and Technology (HKUST), 1997-present
• Assistant and Associate Professor of Finance, University of Alberta, 1991-2000
• Lecturer, School of Management, Fudan University, 1984-1985

PUBLICATIONS

   Articles

• "Why did individual stocks become more volatile?", 2004,  Journal of Business, forthcoming, (with S.X. Wei)

• "Idiosyncratic risk does not matter: A re-examination of the relationship between average returns and average volatilities", 2005, Journal of Banking an Finance, 29, 603-621, (with  S.X Wei)

• "The explanatory power of R&D for the cross-section of stock returns: Japan 1985-2000", 2004, Pacific-Basin Finance Journal, 12, 245-269, (with M Xu)

• "Statistical and economic significance of stock return predictability: A mean-variance analysis", 2003,  Journal of Multinational Financial Management, 13, 443-463, (with S.X. Wei) 

• "Asset pricing specification errors and performance evaluation", 2000, European Finance Review, 3, 205-232, (with J. He and L. Ng) 

• "GMM tests of stochastic discount factor models with useless factors", 1999, Journal of Financial Economics, 54, 103-127, (with R. Kan)

• "Market Reactions to the Financial Post’s “Hot Stock” Column", 1999, Canadian Journal of Administrative Science, 16, 118-131, (with  V. Mehrotra and W.  Yu) 

• "Two-pass tests of asset pricing models with useless factors",  1999, Journal of Finance, 54, 203-235, (with R. Kan)

• "Tests of relations among marketwide factors, firm-specific variables and stock returns using a conditional asset pricing model", 1996, Journal of Finance, 51, 1891-1908, (with  J. He, R. Kan, and L. Ng) 

• "Investment under risk in property rights", 1993, China Economic Review, 4, 49-53,  (with J. Wen) 

HONORS

• Financial Management Association Competitive Paper Award, 1996

PROFESSIONAL ASSOCIATION MEMBERSHIPS

• American Finance Association
• Society for Financial Studies