Guochang ZHANG Professor Email: acgzhang@ust.hk PhD 1992 University of British Columbia, Finance MSc  1987 University of British Columbia, Accounting BEng 1983 Shanghai Jiaotong University

ACADEMIC AND PROFESSIONAL EXPERIENCE

• Professor of Accounting, Hong Kong University of Science and Technology (HKUST), July 2004
• Associate Professor of Accounting, HKUST, 2001- June 2004
• Assistant Professor of Accounting, Hong Kong University of Science and Technology (HKUST), 1993 -2001
• Assistant Professor of Finance, University of Waterloo, 1991-1993

SELECTED PUBLICATIONS

• "An Examination of the Incremental Usefulness of Balance-Sheet Information Beyond Earnings in Explaining Stock Returns." Journal of Accounting, Auditing & Finance, 2011, Forthcoming, (with Yuan Huang).
• "The Informativeness of Analyst Forecast Revisions and the Valuation of R&D-intensive Firms." Journal of Accounting and Public Policy Volume 30, (1) 2011, pages 1-21. (with Yuan Huang)
• "Relative Firm Profitability and Stock Return Sensitivity to Industry-Level News." The Accounting Review 86 (July 2011). Forthcoming.  (with Hao, Shengquan and Jin, Qinglu).
• "Investment growth and the relation between equity value, earnings, and equity book value." The Accounting Review 86 (March 2011). 605-635.  (with Hao, Shengquan and Jin, Qinglu)
• "How Do Accounting Variables Explain Stock Price Movements? Theory and Evidence." (2007). Journal of Accounting and Economics 43,  219-244. (with Peter Chen)
• "Segment Profitability, Misvaluation, and Corporate Divestment." (2007). The Accounting Review 82, (January 2007), 1-26. (with Peter Chen).
• "SS Steel Group: a Case Study of the Costing System and Managerial Uses of Cost Information in a Chinese State-owned Enterprise."  (2003), Accounting Cases in Hong Kong , 215-234. Hong Kong Institute of Certified Public Accountants and City University of Hong Kong Press,
• "Heterogeneous Investment Opportunities in Multiple-Segment Firms and the Incremental Value Relevance of Segment Accounting Data" (2003). Accounting Review 78, (April 2003), 397-428. (with Peter Chen)
• "Private information production, public disclosure, and the cost of capital: theory and implications", Contemporary Accounting Research Vol. 18 (2001) No.2 pp363-384
• "When capital follows profitability: non-linear residual income dynamics", Review of Accounting Studies, 6,  (2001), 229-265 (with Gary C Biddle and Peter Chen)
• "Accounting information, capital investment decisions, and equity valuation: Theory and empirical implications", Journal of Accounting Research, Autumn 2000, 271-295
• "Regulated managerial insider trading as a mechanism to facilitate shareholder control",  Journal of Business Finance and Accounting 28, (January/March 2001), pp35-62
• "Ownership concentration, risk aversion, and the effect of financial structure in investment decisions", European Economic Review, 42 (1998): 1751-1778
• "Moral hazard in corporate investment and the disciplinary role of voluntary capital rationing", Management Science, Vol. 43, No. 6, (June 1997), 737-750

ACADEMIC HONORS AND AWARDS

• Bronze Award in First Accounting Case Competition organized by Hong Kong Society of Accountants 2001 (case titled "SS Steel Group").
• University of British Columbia Graduate Fellowship 1987-1991.
• C L Wang Memorial Scholarship (University of British Columbia), 1989.
• Best Six Papers Award at the 9th HKSA Annual Conference of Accounting Academics, 1997.
• ANBAR Electronic Intelligence "Citation of Excellence" Award, 1999.

PROFESSIONAL ASSOCIATION MEMBERSHIPS

• American Accounting Association
• American Finance Association