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Zhu, Lei

Associate Professor of Accounting,
Shanghai Advanced Institute of Finance


Educational Background

Professor Zhu receives her Ph.D. in Accounting from Columbia Business School, Columbia University, in 2009.


She was an Assistant Professor of Accounting at the School of Management of Boston University (2009- 2013).

Honors / Achievements

Professor Zhu’s research involves theoretical and empirical corporate finance and financial institutions, financial market and its legal and regulatory system.  Her recent paper “Explaining the Disconnection between China’s Economic Growth and Stock Market Performance,” co-authored with Professor Franklin Allen from Wharton and Imperial College of London, Jun Qian and Susan Shan from SAIF, has made an important contribution to China’s economic and market policy.  Her paper “Accounting Anomalies, Risk and Return,” co-authored with Professor Stephen Penman of Columbia Business School, analyses the relationship between stock market efficiency and market anomalies. This paper was well cited and published in a world renowned academic journal the Accounting Review.  She also has a number of other papers, with topics covering a wide range of areas, including the relationship between financial analysts and merger, management buyouts and earnings management, analysis of the merger negotiations between the two sides, as well as the impact of the Sarbanes-Oxley Act on corporate investment. This paper has been selected as teaching material for the doctoral program at Harvard Business School. Her papers are also published in other leading journals such as Management Science. Professor Zhu’s dissertation "a New Measure for Shareholder Value Creation and the Performance of Mergers and Acquisitions," received Deloitte & Touche Foundation Doctoral (Dissertation) Fellowship and Western Finance Association Doctoral Student Grant in 2009.

Short BIO

Professor Zhu Lei has many years of industry experience. She worked as a manager in the Boston based Consulting Group before she started the PhD courses. She had conducted a number of large economic dispute analysis cases including the well-known Enron accounting scandal and the Microsoft antitrust case. Reports on Enron accounting for derivatives written by Professor Zhu have been accepted by experts and Court, and played an important role in the final court judgment against Enron.


  • Tehranian, Hassan, Mengxing Zhao, and Julie Lei Zhu, 2014, Can Analysts Analyze Mergers?, Management Science.
    Penman, Stephen, and Julie Lei zhu , 2014, Accounting Anomalies, Risk and Return, The Accounting Review.

Working Paper

  • Hotchkiss, Edie, Jun Qian, and Julie Lei Zhu, Holdups, Renegotiation, and Deal Protection in Mergers.
    Jun Qian, and Julie Lei Zhu , A New Measure for Shareholder Value Creation and the Performance of Mergers and Acquisitions.
    Xi Li, Jun Qian, and Julie Lei Zhu, Earnings-reducing Activities before Management Buyouts.
    Albuquerque, Ana, and Julie Lei Zhu, The Sarbanes-Oxley Act and Corporate Investment: New Evidence from a Natural Experiment.
    Li, Ke, Lei Lu, Jun Qian, and Julie Lei Zhu, Enforceability and the Effectiveness of Laws and Regulations.
    Penman, Stephen, and Julie Lei Zhu, Estimating Cost of Capital, a New Method.
    Zhang, Zhipeng, Jun Qian and Julie Lei Zhu, Does the High-yield Market Understand Accruals?.
    Allen, Franklin, Jun Qian, Susan Shan, and Julie Lei Zhu, Mind the Gap: Explaining the Underperformance of China’s Stock Market.