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a Century of Excellence

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Prof. Guochang ZHANG



3917 1076
Prof. Guochang ZHANG

Academic and Professional Qualifications

  • BEng, Shanghai Jiaotong University
  • MSc in Accounting, University of British Columbia
  • PhD in Finance, University of British Columbia


Professor Zhang conducts theoretical and empirical research to explore how firms’ financial reporting information and voluntary disclosure affect the decisions of market investors and business managers, and how financial reporting standards should be designed to facilitate economic decision-making and resource allocation. His research interests include accounting-based valuation, economic consequences of corporate disclosure, earnings management, and design of financial reporting standards.


Professor Zhang teaches courses in management accounting, equity valuation, and accounting research.

Professional contributions

Professor Zhang has been an associate editor of European Accounting Review, and has served on the editorial board of Accounting & Finance.

Service to the University/community

Professor Zhang serves on The Financial Reporting Review Panel of Financial Reporting Council of Hong Kong, and The Financial Reporting Standards Committee of Hong Kong Institute of Certified Public Accountants. He is a member of HKICPA’s Financial Reporting Valuations Panel and Conceptual Framework Panel. He is also an independent non-executive director of a listed company.

Selected publications

Professor Zhang has published papers in top journals in accounting and management, and authored a research monograph on equity valuation.


Guochang Zhang. 2014. Accounting Information and Equity Valuation: Theory, Evidence, and Applications. Springer Series in Accounting Scholarship, Vol. 6, New York: Springer. (233 pages)

Journal articles

  • Li, Liuchuang, Baolei Qi, Gaoliang Tian, and Guochang Zhang. 2016. The contagion effect of low-quality audits along individual auditors. The Accounting Review 91 (November). Forthcoming.
  • Hou, Qingchuan, Qinglu Jin, Rong Yang, Hongqi Yuan, and Guochang Zhang. 2015. Performance commitments of controlling shareholders and earnings management. Contemporary Accounting Research 32 (September): 1099-1127.
  • Hui, Kai Wai, Clive Lennox, and Guochang Zhang. 2014. The market’s valuation of fraudulently reported earnings. Journal of Business Finance and Accounting 41 (June/July): 627-651.
  • Zhang, Guochang. 2013. Accounting standards, cost of capital, resource allocation, and welfare in a large economy. The Accounting Review 88 (4): 1459-1488.
  • Huang, Yuan, and Guochang Zhang. 2012. An examination of the incremental usefulness of balance-sheet information beyond earnings in explaining stock returns. Journal of Accounting, Auditing and Finance 27 (2): 267-293.
  • Huang, Yuan, and Guochang Zhang. 2011. The informativeness of analyst forecast revisions and the valuation of R&D-intensive firms. Journal of Accounting and Public Policy 30 (1): 1-21.
  • Hao, Shengquan, Qinglu Jin, and Guochang Zhang. 2011. Relative firm profitability and stock return sensitivity to industry-level news. The Accounting Review 86 (4). 1321-1347.
  • Hao, Shengquan, Qinglu Jin, and Guochang Zhang. 2011. Investment growth and the relation between equity value, earnings, and equity book value. The Accounting Review 86 (2): 605-635.
  • Chen, Peter, and Guochang Zhang. 2007. How do accounting variables explain stock price movements? Theory and evidence. Journal of Accounting and Economics 43 (July): 219-244.
  • Chen, Peter, and Guochang Zhang. 2007. Segment profitability, misvaluation, and corporate divestment. The Accounting Review 82 (1): 1-26.
  • Chen, Peter, and Guochang Zhang. 2003. Heterogeneous investment opportunities in multiple segment firms and the incremental value relevance of segment accounting data. The Accounting Review 78 (2): 397-428.
  • Biddle, Gary, Peter Chen, and Guochang Zhang. 2001. When capital follows profitability: Non-linear residual income dynamics. Review of Accounting Studies 6 (June-September): 229-265.
  • Zhang, Guochang. 2001. Private information production, public disclosure, and the cost of capital: Theory and implications. Contemporary Accounting Research 18 (2): 363-384.
  • Zhang, Guochang. 2000. Accounting information, capital investment decisions, and equity valuation: Theory and empirical implications. Journal of Accounting Research 38 (2): 271-295.
  • Zhang, Guochang. 1998. Ownership concentration, risk aversion and the effect of financial structure on investment decisions. European Economic Review 42 (9): 1751-1778.
  • Zhang, Guochang. 1997. Moral hazard in corporate investment and the disciplinary role of voluntary capital rationing. Management Science 43 (6): 737-750.

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