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Christina ZhuThe Wharton School1320 Steinberg Hall-Dietrich Hall, 3620 Locust WalkPhiladelphia, PA 19104-6365chrzhu@wharton.upenn.edu(215) 898-7783ACADEMIC APPOINTMENTThe Wharton School, University of PennsylvaniaAssistant Professor of AccountingHarold C. Stott Assistant Professor of AccountingAnalytics at Wharton Affiliated FacultyPhiladelphia, PA2018 – present2022 – present2022 – presentINDUSTRY EXPERIENCEPerella Weinberg Partners LPInvestment Banking AnalystSan Francisco, CA2011 – 2013EDUCATIONStanford UniversityPh.D. in Business Administration (Accounting)Stanford, CA2013 – 2018Stanford UniversityB.A. in EconomicsB.S. in MathematicsStanford, CA2007 – 20112007 – 2011RESEARCHInterests: Technological innovation and its role in the market for information, alternative data, theinteraction between information processing costs and firms’ actions, consumer disclosuresRefereed Publications*1. Lee, Charles, and Christina Zhu. “Active Funds and Bundled News,” The Accounting Review,97(1), 315-339, 2022. Select press: ETF.com2. deHaan, Ed, Yang Song, Chloe Xie, and Christina Zhu. “Obfuscation in Mutual Funds,” Journalof Accounting and Economics, 72(2-3), 2021. 2020 Journal of Accounting and Economics Conference presentationSelect press: Advisor Perspectives Newsletter, Board IQ, Harvard Law School Forum,Knowledge@Wharton, Marotta Wealth Management, Regulatory Compliance Watch,Wealth Professional3. Zhu, Christina. “Big Data as a Governance Mechanism,” Review of Financial Studies, 32(5),2021-2061, Special Issue: To FinTech and Beyond, 2019. *Emerging Scholar Award – 2017 Carnegie Mellon Accounting Mini-ConferenceJournal custom is to list author names in alphabetical order.Christina Zhu1
Select press: AllAboutAlpha, AlternativeData.org, Alternative Data Weekly,Knowledge@Wharton4. Blankespoor, Elizabeth, Ed deHaan, John Wertz, and Christina Zhu. “Why do IndividualInvestors Disregard Accounting Information? The Roles of Information Awareness andAcquisition Costs,” Journal of Accounting Research, 57(1), 53-84, 2019. Selected for the “Editors’ Pick” Plenary session – 2018 FARS Midyear MeetingSelect press: Center for Financial Reporting and Auditing (CFRA) Blog, Columbia LawSchool Blue Sky Blog, Foster Research Briefs, Knowledge@Wharton5. Blankespoor, Elizabeth, Ed deHaan, and Christina Zhu. “Capital Market Effects of MediaSynthesis and Dissemination: Evidence from Robo-Journalism,” Review of Accounting Studies,23(1), 1-36, 2018. Best Paper Award – 2021 FARSBest Paper Award – 2017 FARS Midyear MeetingSelect press: Associated Press, Bloomberg, Columbia Tow Center for Digital Journalism,Harvard Nieman Lab, IR Magazine, Stanford GSB InsightsWorking Papers*6. “The Dark Side of Investor Conferences: Evidence of Managerial Opportunism” (with BrianBushee and Dan Taylor) Select press: Bloomberg Money Stuff, Columbia Law School Blue Sky Blog7. “Economic Consequences of Transparency Regulation: Evidence from Bank MortgageLending” (with Allison Nicoletti) Selected for the 2022 FDIC Bank Research Conference8. “Financial Reporting and Consumer Behavior” (with Suzie Noh and Eric So) Selected for the 2021 NBER Big Data and Securities Markets Conference, the 2022Conference on Emerging Technologies in Accounting and Financial Economics (CETAFE),and the 2022 Colorado Summer Accounting Research ConferenceSelect press: Knowledge@Wharton, Morningstar, Stanford GSB Insights9. “Liquidity, Trade, and Investor-Identity Disclosure” (with Ro Verrecchia) Select press: Duke Law FinReg Blog10. “Peer-Group Choice, Chief Executive Officer Compensation, and Firm Performance” (withDavid Larcker and Charles McClure) Select press: Harvard Law School Forum11. “Does Context Matter? Evidence from Internet Research Activity by Sophisticated Investors”(with Alan Kwan)Non-Refereed Publications and Regulatory Comment Letters* *deHaan, Ed, Yang Song, Chloe Xie, and Christina Zhu. Comment on the SEC’s Proposed RuleAuthor names are listed in alphabetical order.Christina Zhu2
33-10814 on modernizing the disclosure framework for open-end management investmentcompanies, 2020. Larcker, David F., Brian Tayan, and Christina Zhu. “A Meeting of Minds” Ethical Boardroom,Spring 2015 and Rock Center for Corporate Governance Closer Look Series: Topics, Issues andControversies in Corporate Governance No. CGRP-46, 2014.INVITED EXTERNAL PRESENTATIONS (incl. scheduled)2023University of Chicago; Stanford; Singapore Management University2022Northwestern; University of Rochester; University of Washington; University of Utah;University of Minnesota Accounting Empirical Conference; INSEAD; Erasmus;Norwegian School of Economics; CETAFE; Colorado Summer Accounting ResearchConference; University at Buffalo; University of Oklahoma2021UCLA; Rice; WashU; Southern Methodist University; CUHK (Finance); Georgetown;LSE; University of Colorado; Notre Dame; University of Florida; Fordham; Universityof Amsterdam; UIUC Young Scholars Symposium; CUHK Accounting ResearchConference; FARS2020UT Austin; Journal of Accounting and Economics Conference; University ofWashington FBE Brown Bag; FARS2019MIT; AAA Annual Meeting; FARS2018University of Chicago; Columbia; Duke; Harvard; LBS; USC; Northwestern; Universityof Michigan; UNC; University of Pennsylvania; University of Toronto; Yale; BostonCollege; Conference on Financial Economics and Accounting; Review of FinancialStudies FinTech Workshop at Cornell Tech2017Carnegie Mellon Accounting Mini-Conference, Emerging Scholars Session; Review ofFinancial Studies FinTech Workshop at Columbia; FARSINVITED CONFERENCE DISCUSSIONS2022NBER China meeting: “Blockchain without crypto? Linking on-chain data growth tofirm fundamentals and stock returns”2022NBER Summer Institute: “The dark side of the cloud”2022FARS: “Customer loyalty and the persistence of revenues and earnings”2021NFA: “From man vs. machine to man machine: the art and AI of stock analyses”2021ABFER: “Dividend policy in the era of big data”2021FARS: “Investor consultation of field experts”2020NBER Big Data and Securities Markets Conference: “The value of differing points ofview: evidence from financial analysts’ geographic diversity”2020FARS: “Are social media analysts disrupting the information content of sell-sideanalysts’ reports?”2019Review of Accounting Studies Conference: “Social connections between media and firmexecutives and the properties of media coverage”Christina Zhu3
2019FARS: “The impact of news aggregators on investor acquisition of financialinformation”CONFERENCE PARTICIPATION (incl. scheduled)2022FARS; Columbia Junior Accounting Faculty Conference; University of MinnesotaAccounting Empirical Conference; Four School Accounting Conference at NYU;Journal of Accounting Research Conference; CETAFE; Colorado Summer AccountingResearch Conference; NBER Summer Institute; Stanford Accounting Summer Camp;NBER China Meeting2021FARS; Dopuch Accounting Conference; Labor and Accounting Conference; UIUCYoung Scholars Symposium; Journal of Accounting Research Conference; CUHKAccounting Research Conference; ABFER; Stanford Accounting Summer Camp; NFA;Journal of Accounting and Economics Conference; Journal of Accounting ResearchRegistered Reports Conference; NBER Big Data and Securities Markets Conference;Review of Accounting Studies Conference2020FARS; New Faculty Consortium; Columbia Junior Accounting Faculty Conference;Stanford Accounting Summer Camp; Journal of Accounting Research Conference;Journal of Accounting and Economics Conference; NBER Big Data and SecuritiesMarket Conference; Review of Accounting Studies Conference2019FARS; Columbia Junior Accounting Faculty Conference; Kapnick Accounting SpringConference; Journal of Accounting Research Conference; Wharton Spring AccountingConference; AAA Annual Meeting; Stanford Accounting Summer Camp; Journal ofLaw, Finance, and Accounting Conference; Journal of Accounting and EconomicsConference; Review of Accounting Studies Conference2018Review of Financial Studies FinTech Workshop at Cornell Tech; Wharton SpringAccounting Conference; Stanford Accounting Summer Camp; Journal of Accountingand Economics Conference; Conference on Financial Economics and Accounting2017FARS; Review of Financial Studies FinTech Workshop at Columbia; Harvard BusinessSchool IMO Conference; AAA Annual Meeting; Carnegie Mellon Accounting MiniConference2016AAA/Deloitte Foundation/J. Michael Cook Doctoral Consortium; Stanford AccountingSummer Camp; Journal of Accounting and Economics Conference2015Stanford Accounting Summer Camp2014Stanford Accounting Summer Camp; Stanford Causality in the Social SciencesConferenceTEACHING University of Pennsylvania, The Wharton School Instructor: Accounting and Financial Reporting Instructor: PhD seminars on Voluntary Disclosure and Information CostsStanford University, Graduate School of Business TA: MBA Managerial Accounting: BaseChristina Zhu2018 – present20202015, 20164
TA: MBA Alphanomics: Informational Arbitrage in Equity MarketsTA: MSx Global Financial Reporting20152014PROFESSIONAL SERVICE Associate Editor, Journal of Accounting and Economics2022 – present Editorial board, The Accounting Review2022 – present Ad hoc reviewer for journals:The Accounting ReviewContemporary Accounting ResearchFinancial Analysts JournalJournal of Accounting and EconomicsJournal of Accounting ResearchJournal of Banking & FinanceJournal of Business Finance & AccountingJournal of Financial and Quantitative AnalysisManagement Science (sections: Accounting, Finance, Information Systems)Review of Accounting StudiesReview of Financial Studies Ad hoc reviewer for conferences:AAA Annual Meeting; CAR Conference; CETAFE; CFEA; FARS Midyear Meeting;Hawaii Accounting Research Conference; JAE Conference; JAR Conference; MidwestFinance Association Annual Meeting; MIT Asia Conference in Accounting; RASTConference Wharton Research Data Services (WRDS) Advisory Board Ph.D. dissertation committee:Bradford (Lynch) Levy, expected 2023 Ph.D. summer paper advisor:Nathan Born, 2021Alexandra Coble, 20212022 – presentAWARDS & HONORS Outstanding Reviewer Award, The Accounting Review (for 2020-2022)FARS Excellence in Reviewing AwardAnalytics at Wharton GrantBest Paper Award, FARSMack Institute Research FellowshipJacobs Levy Center GrantOutstanding Discussant Award, FARS Midyear MeetingWharton Dean’s Research FundEmerging Scholar Award, Carnegie Mellon Accounting Mini-ConferenceBest Paper Award, FARS Midyear MeetingFARS Doctoral ConsortiumEnhancing Diversity in Graduate Education Fellowship (mentor), StanfordAAA/Deloitte Foundation/J. Michael Cook Doctoral Consortium ScholarChristina Zhu20222022202220212021202120202019, 20222017201720172016 – 201820165
Robert K. Jaedicke Merit Award, Stanford2013OTHER Citizenship: U.S.Christina Zhu6
Christina Zhu 3 33-10814 on modernizing the disclosure framework for open-end management investment companies, 2020. Larcker, David F., Brian Tayan, and Christina Zhu. "A Meeting of Minds" Ethical Boardroom, Spring 2015 and Rock Center for Corporate Governance Closer Look Series: Topics, Issues and Controversies in Corporate Governance No. CGRP-46, 2014.
