Harold H. Zhang

 

 

 

Professor of Finance

 

 

Jindal School of Management

 

 

University of Texas at Dallas

 

 

Richardson, TX 75083

 

 

Phone (972) 883 4777

 

 

Email: harold.zhang@utdallas.edu

 

 

 

Education

 

 

 

Ph.D.          Economics,  Duke University,  1994

 

 

 

B.S.E.         Ocean Engineering,  Shanghai Jiao Tong University,  1984

 

 

 

Former Positions and Present Position

 

 

 

Assistant Professor of Economics,  Graduate School of Industrial Administration, Carnegie Mellon University,    1994-2000

 

 

 

Associate Professor of Finance,  Kenan-Flagler Business School, University of North Carolina at Chapel Hill,    2000-2005

 

 

                                    Professor of Finance, School of Management, University of Texas

                                    at Dallas, 2005-present

 

 

Awards, Prizes, and Honors

 

 

 

  • Outstanding Graduate Teaching Award, University of Texas at Dallas, 2010-2011
  • Fellow, TIAA-CREF Institute
  • TIAA-CREF Paul A. Samuelson Award for outstanding scholarly writing on lifelong financial security for the paper “Optimal Asset Location and Allocation with Taxable and Tax-Deferred Investing” published on the Journal of Finance, 2004 (joint with Robert Dammon and Chester Spatt).
  • Barclays Global Investors/Michael Brennan Runner-Up Award for the best paper published in volume 14 of the Review of Financial Studies for “Optimal Consumption and Investment with Capital Gains Taxes,” 2002 (joint with Robert Dammon and Chester Spatt).
  • Undergraduate Economics Teaching Award, Graduate School of Industrial Administration, Carnegie Mellon University, 1998.
  • BP America Research Chair, Graduate School of Industrial Administration, Carnegie Mellon University, 1995-1996.

 

 

 

Publications

 

 

 

  1. Credit Default Swaps and Subprime Mortgage Defaults, (Eric Arentsen, David Mauer, Brian Rosenlund, Harold Zhang, and Feng Zhao), Journal of Finance, forthcoming.
  2. Does Financial Constraint Affect Shareholder Taxes and the Cost of Equity Capital? (Zhonglan Dai, Douglas Shackelford, Harold H. Zhang, and Chongyang Chen), The Accounting Review, 2013.
  1. Capital Gains Taxes and Stock Return Volatility, (Zhonglan Dai, Doug Shackelford and Harold H. Zhang), Journal of American Taxation Association, 2013.
  2. Financial Networks and Trading in Emerging Bond Markets, (Geoffrey Booth, Umit Gurun and Harold H. Zhang), Journal of Financial Markets, 2013.
  3. Fear of the Unknown: Familiarity and Economic Decisions,” (H. Henry Cao, Bing Han, David Hirshleifer and Harold H. Zhang), Review of Finance, 15, 173-206, 2011.
  4. Stock Returns and Volatility of Liquidity,” (Joao Pedro Pereira and Harold H. Zhang), Journal of Financial and Quantitative Analysis, 45, 1077-1110, 2010.
  5. Capital Gains Taxes and Asset Prices: Capitalization or Lock-in? (Zhonglan Dai, Edward Maydew, Douglas A. Shackelford, and Harold H. Zhang), Journal of Finance, 63, 709-742, 2008.
  6. Model Uncertainty, Limited Market Participation and Asset Prices,” (H. Henry Cao, Tan Wang and Harold H. Zhang), Review of Financial Studies, 18, 1219-1251, 2005.
  7. External Habit and the Cyclicality of Expected Stock Returns,” (Thomas Tallarini, Jr. and Harold H. Zhang), Journal of Business, 78, 1023-1048, 2005.
  1. Optimal Consumption and Portfolio Choices with Risky Housing and Borrowing Constraints,” (Rui Yao and Harold H. Zhang), Review of Financial Studies, 18, 197-239, 2005.
  2. Maximizing Long-Term Wealth Accumulation: It’s not just about “What” but also about “Where” to Make Them, (Robert Dammon, James Poterba, Chester Spatt, Harold H. Zhang), Research Dialogue 85, 2005.
  1. Comment on ‘Household Portfolio Choices in Taxable and Tax-Deferred Accounts: Another Puzzle?’ (Harold H. Zhang), European Finance Review 7, 583-586, 2004.
  1. Optimal Asset Location and Allocation with Taxable and Tax-Deferred Investing,” (Robert M. Dammon, Chester S. Spatt and Harold H. Zhang), Journal of Finance 59, 2004. This paper is nominated for the 2004 Smith Breeden prize.
  1. Capital Gains Taxes and Portfolio Rebalancing,” (Robert M. Dammon, Chester S. Spatt and Harold H. Zhang), Research Dialogue, 75, 2003.
  1. Upstream Intergenerational Transfers,” (Frank A. Sloan, Harold H. Zhang and Jingshu Wang), Southern Economic Journal, 69, 363-380, 2002.
  1. Optimal Consumption and Investment with Capital Gains Taxes,” (Robert M. Dammon, Chester S. Spatt and Harold H. Zhang), Review of Financial Studies, 14, 583-616, 2001 (lead article).
  1. Explaining Bond Returns in Heterogeneous Agents Models: The Importance of Higher Order Moments,” (Harold H. Zhang), Journal of Economic Dynamics and Control, 24, 1381-1404, 2000 (lead article).
  1. “Fixed Costs and Asset Market Participation,” (Amir Yaron and Harold H. Zhang), Revista De Analisis Economico, 15, 89-109, 2000.
  1. An Investigation of the Risk and Return Relation at Long Horizons,” (Paul Harrison and Harold H. Zhang), Review of Economics and Statistics, 81, 399-408, 1999.
  1. Overparameterization in Seminonparametric Density Estimation,” (Ming Liu and Harold H. Zhang), Economics Letters, 60, 11-18, 1998.
  2. Endogenous Borrowing Constraints with Incomplete Markets, (Harold H. Zhang), Journal of Finance, 52, 2187-2209, 1997.
  1. Endogenous Short Sale Constraint, Stock Prices and Output Cycles,” (Harold H. Zhang), Macroeconomic Dynamics, 1, 228-254, 1997 (inaugural issue).
  1. Volume, Volatility, and Leverage: A Dynamic Analysis,” (George Tauchen, Harold Zhang, and Ming Liu), Journal of Econometrics, 74, 177-208, 1996.

Working Papers

  1. Short-Run and Long-Run Consumption Risks, Dividend Processes and Asset Returns, (Jun Li and Harold H. Zhang).
  2. Tug-of-War: Affiliation in Securitization and Loan Performance, (Zhonglan Dai, Harold H. Zhang, and Feng Zhao).
  3. Diversification and Capital Gains Taxes with Multiple Risky Assets,” (Robert M. Dammon, Chester S. Spatt and Harold H. Zhang), Revise and resubmit for the Journal of Financial Economics.
  4. Optimal Life-Cycle Asset Allocation with Housing as Collateral,” (Rui Yao and Harold H. Zhang), Revise and resubmit for the Journal of Financial and Quantitative Analysis.
  5. Momentum and Contrarian Profits and Macroeconomic Fundamentals,” (Ming Liu, Harold H. Zhang, and Xingting Fan).
  6. “Taxes, Estate Planning and Financial Theory: New Insights and Perspectives,” (Robert M. Dammon, Chester S. Spatt and Harold H. Zhang)

Editorial Roles on Publications

Grants and Contracts