
Senior Lecturer in Finance
Background
Dr. Huacheng Zhang has been an Associate Professor of Finance at the Accounting and Finance Division of the University of Edinburgh Business School since August 2023. Before that, he was an Assistant/Associate Professor of Finance at the Nottingham University Business School (UK) and the Institute of Financial Studies of Southwestern University of Finance and Economics (China). He obtained a Ph.D. degree in Finance from the University of Arizona (USA), a Master's degree in Economics from the Southern Illinois University Edwardsville (USA), and an MBA degree and a bachelor's degree in ME from Chongqing University (China).
His research interests are empirical asset pricing, institutional investment, and international finance. His papers were presented at the annual conferences of the American Finance Association (AFA), European Finance Association (EFA), SFS Cavalcade Asian-Pacific, Miami Behavioral Finance Conference, and China International Conference in Finance (CICF), and published in Management Science, Review of Asset Pricing Studies, Journal of Banking and Finance, and Journal of Empirical Finance. His research findings in paper 'Twin momentum: Fundamental trends matter' are adopted by financial industry practitioners(link).
He teaches Foundations of Econometrics (Fall, Doctorial) and Research in Corporate Finance (Spring, Master). )
Research Interests
Empirical Asset Pricing
Financial Institution
International Finance
Selected Publications
Nominal Price, Retail Investor Participation, and Return Momentum, with Jun Du, Dashan Huang, Jane Liu, Yushui Shi, and Avanidhar Subrahmayam. Management Science, forthcoming
Featured in VoxChina(26 October 2022)
An empirical assessment of characteristics and optimal portfolios, with Christopher Lamoureux. Review of Asset Pricing Studies (14), 2024.
Hedge fund manager skill and style-shifting, with George Jiang and Bing Liang. Management Science (68), 2022.
Stock selection timing, with George Jiang and Gulnara Zaynutdinov. Journal of Banking and Finance (125), 2021.
Seasonality in the cross-section of stock returns: Advanced markets vs emerging markets, with Fengyu Li and Dazhi Zheng. Journal of Empirical Finance (49),2018
Selected Working Papers
That is not my dog: Why doesn't the log dividend-price ratio seem to predict the future log returns or log dividend growths? with Philip Dybvig.
AFA 2019 Conference; SFS Cavalcade Asian-Pacific 2017 Conference
Fundamental extrapolation and stock returns, with Dashan Huang, Guofu Zhou, and Yingzhi Zhu
EFA 2020 Conference; AFA 2021 Conference
Unspanned risk and risk-return tradeoff, with Hong Liu and Guofu Zhou
Sharpening the Sharpe Analysis with Machine Learning-Evidence from Mutual Fund Style-shifting, with George Jiang and Bing Liang