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Zhang, Harold

Professor of Finance
University of Texas at Dallas


Educational Background

Ph.D., Economics, Duke University


Harold Huibing Zhang is Professor of Finance (from 2005) at the School of Management at the University of Texas at Dallas. He is also a Fellow at the TIAA-CREF Institute and currently an Associate Editor for the Journal of Financial Econometrics. Prior to joining the University of Texas at Dallas, he was an Associate Professor at the Kenan-Flagler Business School at the University of North Carolina from 2000 to 2005, and was an Assistant Professor at the Graduate School of Industrial Administration at the Carnegie Mellon University from 1994 to 2000.

Honors / Achievements

Barclay’s Global Investors/Michael Brennan Runner-Up Award for the best paper published in the Review of Financial Studies TIAA-CREF Paul A. Samuelson Award
Smith-Breeden Prize

Short BIO

Professor Zhang’s researches have focused on investment, asset pricing, and taxation. Professor Zhang is a leading scholar in the area of investors’ optimal life-cycle portfolio choices and asset pricing. He has made important contributions on how investors optimally allocate their wealth to financial and housing assets, and utilize taxable and tax-deferred investment opportunities. Professor Zhang has presented his research at numerous conferences and academic institutions. He has published his research in top finance journals such as the Journal of Finance and the Review of Financial Studies. Professor Zhang served as the Associate Editor for the Journal of Business and Economic Statistics and the Journal of Financial Econometrics.


  • H. Henry Cao1, Bing Han, David Hirshleifer3, Harold H. Zhang (2011), Fear of the Unknown: Familiarity and Economic Decisions,Review of Finance.

    Jo?ao Pedro Pereira, Harold H. Zhang (2010), Stock Returns and the Volatility of Liquidity, Journal of Financial and Quantitative Analysis.

    Zhonglan Dai, Edward Maydew, Douglas A. Shackelford, Harold H. Zhang(2008), Capital Gains Taxes and Asset Prices: Capitalization or Lock-in? Journal of Finance.

    H. Henry Cao, Tan Wang, Harold H. Zhang (2005), Model Uncertainty, Limited Market Participation and Asset Prices, Review of Financial Studies.

    Thomas Tallarini, Jr. and Harold H. Zhang (2005), External Habit and the Cyclicality of Expected Stock Returns, Journal of Business.

    Rui Yao and Harold H. Zhang (2005), Optimal Consumption and Portfolio Choices with Risky Housing and Borrowing Constraints,Review of Financial Studies.

    Robert Dammon, James Poterba, Chester Spatt, Harold H. Zhang (2005), Maximizing Long-Term Wealth Accumulation: It’s not just about “What” but also about “Where” to Make Them, Research Dialogue.

    Nill, Harold H. Zhang (2004), Comment on ‘Household Portfolio Choices in Taxable and Tax-Deferred Accounts: Another Puzzle?’ European Finance Review.

    Robert M. Dammon, Chester S. Spatt, Harold H. Zhang (2004), Optimal Asset Location and Allocation with Taxable and Tax-Deferred Investing, Journal of Finance.

    Robert M. Dammon, Chester S. Spatt, Harold H. Zhang (2003), Capital Gains Taxes and Portfolio Rebalancing, Research Dialogue.

    Frank A. Sloan, Harold H. Zhang, Jingshu Wang (2002), Upstream Intergenerational Transfers, Southern Economic Journal.

    Robert M. Dammon, Chester S. Spatt, Harold H. Zhang (2001), Optimal Consumption and Investment with Capital Gains Taxes,Review of Financial Studies.

    Nill, Harold H. Zhang (2000), Explaining Bond Returns in Heterogeneous Agents Models: The Importance of Higher Order Moments,Journal of Economic Dynamics and Control.

    Amir Yaron, Harold H. Zhang (2000), Fixed Costs and Asset Market Participation, Revista De Analisis Economico.

    Paul Harrison, Harold H. Zhang (1999), An Investigation of the Risk and Return Relation at Long Horizons, Review of Economics and Statistics.

    Ming Liu, Harold H. Zhang (1998), Overparameterization in Seminonparametric Density Estimation, Economics Letters.

    Nill, Harold H. Zhang (1997), Endogenous Borrowing Constraints with Incomplete Markets, Journal of Finance.

    Nill, Harold H. Zhang (1997), Endogenous Short Sale Constraint, Stock Prices and Output Cycles, Macroeconomic Dynamics.

    George Tauchen, Harold Zhang, Ming Liu (1996), Volume, Volatility, and Leverage: A Dynamic Analysis, Journal of Econometrics.