Bio
Dr. Lu Zhang is The John W. Galbreath Chair, Professor of Finance, at Fisher College of Business, The Ohio State University, as well as Research Associate at National Bureau of Economic Research (Asset Pricing program) and Associate Editor for Journal of Financial Economics and Journal of Financial and Quantitative Analysis. He is Founding President of Macro Finance Society, which is an international academic society devoted to advancing and disseminating high-quality research at the intersection of financial economics and macroeconomics. Before joining Ohio State in 2010, he taught at Stephen M. Ross School of Business at University of Michigan and William E. Simon Graduate School of Business Administration at University of Rochester.
Dr. Zhang’s research focuses on asset pricing, in connection with macroeconomics, corporate finance, labor economics, and capital markets research in accounting. His major contribution is ''The investment CAPM,'' which provides a unified conceptual framework for understanding asset pricing anomalies. As its empirical implementation, ''The q-factor model'' is a leading workhorse factor pricing model in both academia and the investment management industry. His recent theoretical work on "Endogenous disasters" shows how labor market frictions give rise endogenously to economic disasters. Dr. Zhang has published extensively at prestigious academic journals. One chapter of his doctoral thesis "The value premium" won the Smith-Breeden Award for Best Paper for 2005 from American Finance Association and Journal of Finance. His academic research has been frequently featured in prominent media outlets such as The Wall Street Journal, Bloomberg, Shanghai Financial News, and The Economist.
Recent publications include: ''Replicating anomalies'' (with Hou and Xue), Review of Financial Studies, forthcoming; ''Which factors?'' (with Hou, Mo, and Xue), Review of Finance, 2019; ''The CAPM strikes back? An equilibrium model with disasters'' (with Bai, Hou, Kung, and Li), Journal of Financial Economics, 2019; ''Endogenous disasters'' (with Petrosky-Nadeau and Kuehn), American Economic Review, 2018; ''The investment CAPM,'' European Financial Management, 2017; “Digesting anomalies: An investment approach” (with Hou and Xue), Review of Financial Studies, 2015; “A neoclassical interpretation of momentum” (with Liu), Journal of Monetary Economics, 2014; “A supply approach to valuation” (with Belo and Xue), Review of Financial Studies, 2013; “The investment manifesto” (with Lin), Journal of Monetary Economics, 2013.
Dr. Zhang has extensive teaching interests and experience at the undergraduate, M.B.A., and Ph.D. levels. He has taught a variety of courses including Investment Management, Derivative Securities, Capital Markets and Investment Strategy, Corporate Finance, Empirical Methodology in Finance, Theory of Finance, and Advanced Asset Pricing. In 2015, he was voted the Outstanding Working Professional MBA Elective Faculty Award recipient at Fisher College of Business, The Ohio State University.
Jiangxi University of Finance and Economics, B.A. in Economics, 1993. The Graduate School of the People’s Bank of China (renamed PBC School of Finance, Tsinghua University), M.S. in Finance, 1996. Washington University in St. Louis, M.A. in Economics, 1997. The Wharton School, University of Pennsylvania, M.A. in Finance, 2000, Ph.D. in Finance, 2002.
Practical Impact on Investment Management
The mystery of the missing Berkshire Hathaway invite, by Richard Teitelbaum, Institutional Investor, May 7, 2019
Deep dive into the value factor, Larry Swedroe, alphaarchitect.com, May 2, 2019
Five questions: An academic look at factors with Lu Zhang, Validea's Guru Investor Blog, April 21, 2019, ETF trends, Fox Business, April 24, 2019
The devil in the details: Craftsmanship of multifactor strategies, in Chinese, 华尔街见闻, wallstreetcn.com, April 11, 2019
Factor investing from the perspectives of academics, managers, and investors, in Chinese, 知乎, April 4, 2019
Five major issues of multifactor strategies, in Chinese, 华尔街见闻, wallstreetcn.com, February 13, 2019
Understanding the investment factor, ETF.com, by Larry Swedroe, February 6, 2019
Which factors? by Amit Goyal, Review of Finance Managing Editor's Blog, February 5, 2019
Factor investing: Strategies overview and return tests, in Chinese, 搜狐, January 19, 2019
Five questions: Multi-factor investing with Liqian Ren, Validea's Guru Investor Blog, January 14, 2019
Powerful challenge to index investing? Insights&Mandate, in Chinese, January 8, 2019
Powerful challenge to index investing 经济日报, in Chinese, January 6, 2019
Voices: An unflattering truth about index funds, by Nir Kaissar, financial-planning.com, December 26, 2018
Professor has some questions about your index funds, Bloomberg, by Nir Kaissar, December 24, 2018 [pdf]
How to best invest in small stocks, Wall Street Journal, by Wesley Gray, December 19, 2018
These tools for picking stocks sometimes even work, Washington Post, by Nir Kaissar and Noah Smith, December 17, 2018
Ignored risks of factor investing, ETF.com, by Vitali Kalesnik and Juhani Linnainmaa, October 15, 2018
Most reported anomalies fail to hold up, my interview with Robeco Quarterly, September 25, 2018 [pdf]
Value investing vs momentum investing: Watch out for the market's mood swings, MoneyWeek.com, by John Stepek, August 6, 2018
Factor investing insights you won't hear from Fama and French, my interview with Wesley Gray, CEO/CIO, Alpha Architect, July 25, 2018
Are the U.S. investment rules applicable to China? in Chinese, Zhijian’s Evidentialist Channel, June 27, 2018
Rediscovering size effect, ETF.com, by Larry Swedroe, June 15, 2018
Stay calm, keep going, 搜狐, PBC School of Finance, Tsinghua University, June 14, 2018
Factor investing customized for you, Barron's, by Jack Hough, April 6, 2018
Stock buybacks are bad? What about the alternative - investment, alphaarchitect.com, by Jack Vogel, March 20, 2018
Replicating anomalies in the Chinese A-share market, in Chinese, 新浪财经, 东北金工研究, March 7, 2018
45-year historical data and 10,000-word essay: How to allocate capital globally, 搜狐, March 7, 2018
Dissecting value investing -- what is it? does it work? why does it work? easymoney.com, 东方财富网, in Chinese, February 26, 2018
Half-century historical tests show you how to allocate capital globally, 金融界, Besides index funds, how to allocate capital, 华尔街见闻, 徐杨, in Chinese, February 25, 2018
Will a falling stock market take the job market along with it on the way down? by Martha C. White, NBCNews.com, February 9, 2018
'Factor investing' gains popularity, The Economist, February 1, 2018 [pdf]
The value effect and macroeconomic risk, alphaarchitect.com, by Larry Swedroe, January 9, 2018
Finding the source of value, ETF.com, by Larry Swedroe, November 29, 2017
Podcast interview: The economics of value investing, in Chinese, by Zhijian Wu, CEO, Woodsford Capital Management, Zhijian’s Evidentialist Channel, November 13, 2017 [transcript]
A reality check on stock-market ‘anomalies’, by Wesley Gray, The Wall Street Journal, November 5, 2017 [pdf]
Asset type matters with factors, ETF.com, by Larry Swedroe, October 30, 2017
Want to learn more about factor investing? Read this, ValueWalk.com, by Alpha Architect, October 26, 2017
Factor investing conversation with Lu Zhang, my interview with Wesley Gray, CEO/CIO, Alpha Architect, LLC, October 26, 2017
Takeaways from a non-phd who powered through a 144-page factor investing paper, alphaarchitect.com, by Ryan Kirlin, October 25, 2017
Bewildering 447 anomalies, dizzy yet?! In Chinese, Yang Xu, 网易, 理财纪, October 19, 2017
Retesting investment anomalies with Dr. Lu Zhang, by Jeremy Schwartz, wisdomtree.com, October 17, 2017
Replicating anomalies, ValueWalk.com, by Alpha Architect, October 15, 2017
Podcast: Behind the Markets on Wharton Business Radio, hosted by Jeremy Schwartz and Wesley Gray, October 13, 2017
Replicating anomalies, alphaarchitect.com, by Wesley Gray, October 13, 2017
A 5 factor evaluation, ETF.com, by Larry Swedroe, September 25, 2017
Value investing: Timeless reading, ValueWalk.com, August 7, 2017
Issuing securities hurts returns, ETF.com, by Larry Swedroe, July 31, 2017
Replicating anomalies, hedge.lu.com, July 3, 2017
Attention aux fake strategies smart beta, Associés en Finance, by Bertrand Jacquillat, in French, June 30, 2017
Replicating anomalies in financial markets with Hou, Xue, and Zhang, The Economics Detective Radio, June 30, 2017
Bursting the big data bubble… with theory, RealClearAgriculture.com, June 23, 2017
Replicating scientific research: Ugly truth, True Economics, June 16, 2017
Hou, Xue, and Zhang: Replication controversies in finance and accounting, The Replication Network, June 14, 2017
Financial anomalies are contingent on being unknown, Statistical Modeling, Causal Inference, and Social Science, by Andrew Gelman, June 10, 2017
Are markets efficient if you are a particle physicist? Prof. Jayanth R. Varma’s Financial Markets Blog, June 7, 2017
Mast investment letter, Mast Investment Advisors LLC, June 2017
My smart beta ETF premised on cats rang up an 849,751% return, Bloomberg, by Dani Burger, June 1, 2017
E’ possibile battere il mercato? Finanzaoperativa.com, May 26, 2017
One by one, the anti-EMH arguments collapse, TheMoneyIllusion.com, May 25, 2017
“What’d You Miss?” (57:29), Bloomberg, May 24, 2017
A practical approach to factor-based investing, The Globe and Mail, by John Reese, May 23, 2017
Most stock anomalies fake news? CXO Advisory, May 23, 2017
All about microcaps, Daily Speculations, May 23, 2017
Investing strategies: Boxes outnumbering eggs in index investing, in Chinese, 财经智识, May 19, 2017
Problems with the factor zoo, by Larry Swedroe, ETF.com, May 19, 2017
P-hacking versus skin in the game: How can understanding incentive structures help us think about market efficiency? Episodeblog.com, Allocationblog.com, May 16, 2017
The indexing fad: Market indexes now outnumber US stocks, complicating matters for would-be passive investors, fisherinvestments.com, by Elisabeth Dellinger, May 15, 2017
Weekly top 5 papers, The SSRN Blog, May 15, 2017
P-hacking in anomaly research, himaginary.hatenablog.com, in Japanese, May 15, 2017
Most supposed market anomalies don’t exist, or are too small to matter, FamilyWealth news, May 15, 2017
Which anomalies are legit? Portfolio123.com, May 14, 2017
Kicking the tires of market anomalies, by James Mackintosh, The Wall Street Journal, Business & Finance B1-B2, May 12, 2017 [pdf]
When researchers and investors walk into a bar, the investors get hammered, by Jason Zweig, The Wall Street Journal, May 12, 2017 [pdf]
Active manager lags despite research, by Larry Swedroe, ETF.com, May 12, 2017
WSJ: Most market anomalies academics have identified don’t exist, Bogleheads.org, May 11, 2017
An algorithm, an ETF and an academic study walk into a bar, by James Mackintosh, The Wall Street Journal, May 11, 2017 [pdf]
Ivory tower wonks help traders make a quick buck, by Noah Smith, Bloomberg, May 11, 2017 [pdf]
Cleaning out the factor zoo, by James Picerno, The Capital Spectator, May 11, 2017, Investing.com, May 11, 2017, Seeking Alpha, May 12, 2017
Half anomalies are fantasy of the discoverers, IEXProfs, in Dutch, May 11, 2017
Financial research, data mining, and star wars, in Chinese, 辍耕录, May 10, 2017
Do you think behavioral anomalies will persist? Bogleheads.org, May 10, 2017
Do trading costs destroy factor investing? ValueWalk.com, by Alpha Architect, May 10, 2017
How to make trouble, Anti-Dismal.com, May 9, 2017
Anomalies, pitches, and promises, by Matt Levine, Bloomberg, May 9, 2017 [pdf]
Research paper says most market anomalies are imaginary, by Eric Weiner, The Globe and Mail, May 9, 2017
Forget factors, paper says most market anomalies are imaginary, by Eric Weiner, Bloomberg, May 9, 2017 [pdf]
A new paper just took a huge shot at some of the world’s hottest investments, by Eric Weiner, Bloomberg, May 8, 2017 [pdf]
Market anomalies fail to replicate, MarginalRevolution.com, May 8, 2017
Replicating anomalies, No Hesitations, by Francis Diebold, May 8, 2017
European Financial Management 2017 Symposium on "Finance and Real Economy" Successfully Organized in Xiamen Economics, in Chinese, The Wang Yanan Institute for Studies in Economics, Xiamen University, April 17, 2017
A new asset pricing benchmark--Prof. Lu Zhang's keynote at the EFM symposium on "Finance and Real Economy", in Chinese, 慢钱头条, Xiamen Finance, April 14, 2017
Prof. Lu Zhang visits Xiamen Economics, discussing latest asset pricing research, The Wang Yanan Institute for Studies in Economics, Xiamen University, April 8, 2017
The investment CAPM, himaginary.hatenablog.com, in Japanese, March 16, 2017
Jim Cramer factor investing: An illustration, valuewalk.com, by Wesley Gray, Alpha Architect, February 3, 2017
Factor investing is more art, and less science, by Wesley Gray, alphaarchitect.com, February 3, 2017
A new four-factor investing model, by Larry Swedroe, BAM Intelligence, June 22, 2016
Applications of quantitative investment models in asset management, in Chinese, 陆想汇, 雪球, June 17, 2016
Lu Zhang: The q-factor model can be used in quantitative investment management, in Chinese, Shanghai Financial News, June 17, 2016
The academic finance papers that changed my mind, by Wesley Gray, alphaarchitect.com, May 5, 2016
The value of value, advisorperspectives.com, Brandon Thomas, March 24, 2016
Smart beta: Strategies and implementation, PNC.com, January 2016
Battle of new factor models, by Larry Swedroe, ETF.com, August 7, 2015
Is outperforming the market alpha or beta? by Larry Swedroe and Andrew Berkin, The AAII Journal, American Association of Individual Investors, June 2015
The lighter side of the profitability factor, ETF.com, by Wesley Gray, June 16, 2015
Using profitability as a factor? Perhaps you should think twice…, by Wesley Gray, alphaarchitect.com, June 10, 2015
Passive investing’s foundations, by Larry Swedroe, ETF.com, December 8, 2014
A new benchmark model for estimating expected stock returns, Oxford University Press, by Kewei Hou, Chen Xue, and Lu Zhang, November 12, 2014
Understanding the value premium, by Larry Swedroe, ETF.com, November 12, 2014
Stock anomaly smorgasbord -- Wow! by Wesley Gray, alphaarchitect.com, November 7, 2014
Improving on Fama-French, by Larry Swedroe, ETF.com, March 21, 2014
Challenge to the Fama French three factor model, Bogleheads.org, October 6, 2012
The countercyclical value premium? cxoadvisory.com, October 6, 2008
Explaining the value premium, ifa.com, Index Fund Advisors, by Larry Swedroe, February 11, 2002
Dr. Lu Zhang is The John W. Galbreath Chair, Professor of Finance, at Fisher College of Business, The Ohio State University, as well as Research Associate at National Bureau of Economic Research (Asset Pricing program) and Associate Editor for Journal of Financial Economics and Journal of Financial and Quantitative Analysis. He is Founding President of Macro Finance Society, which is an international academic society devoted to advancing and disseminating high-quality research at the intersection of financial economics and macroeconomics. Before joining Ohio State in 2010, he taught at Stephen M. Ross School of Business at University of Michigan and William E. Simon Graduate School of Business Administration at University of Rochester.
Dr. Zhang’s research focuses on asset pricing, in connection with macroeconomics, corporate finance, labor economics, and capital markets research in accounting. His major contribution is ''The investment CAPM,'' which provides a unified conceptual framework for understanding asset pricing anomalies. As its empirical implementation, ''The q-factor model'' is a leading workhorse factor pricing model in both academia and the investment management industry. His recent theoretical work on "Endogenous disasters" shows how labor market frictions give rise endogenously to economic disasters. Dr. Zhang has published extensively at prestigious academic journals. One chapter of his doctoral thesis "The value premium" won the Smith-Breeden Award for Best Paper for 2005 from American Finance Association and Journal of Finance. His academic research has been frequently featured in prominent media outlets such as The Wall Street Journal, Bloomberg, Shanghai Financial News, and The Economist.
Recent publications include: ''Replicating anomalies'' (with Hou and Xue), Review of Financial Studies, forthcoming; ''Which factors?'' (with Hou, Mo, and Xue), Review of Finance, 2019; ''The CAPM strikes back? An equilibrium model with disasters'' (with Bai, Hou, Kung, and Li), Journal of Financial Economics, 2019; ''Endogenous disasters'' (with Petrosky-Nadeau and Kuehn), American Economic Review, 2018; ''The investment CAPM,'' European Financial Management, 2017; “Digesting anomalies: An investment approach” (with Hou and Xue), Review of Financial Studies, 2015; “A neoclassical interpretation of momentum” (with Liu), Journal of Monetary Economics, 2014; “A supply approach to valuation” (with Belo and Xue), Review of Financial Studies, 2013; “The investment manifesto” (with Lin), Journal of Monetary Economics, 2013.
Dr. Zhang has extensive teaching interests and experience at the undergraduate, M.B.A., and Ph.D. levels. He has taught a variety of courses including Investment Management, Derivative Securities, Capital Markets and Investment Strategy, Corporate Finance, Empirical Methodology in Finance, Theory of Finance, and Advanced Asset Pricing. In 2015, he was voted the Outstanding Working Professional MBA Elective Faculty Award recipient at Fisher College of Business, The Ohio State University.
Jiangxi University of Finance and Economics, B.A. in Economics, 1993. The Graduate School of the People’s Bank of China (renamed PBC School of Finance, Tsinghua University), M.S. in Finance, 1996. Washington University in St. Louis, M.A. in Economics, 1997. The Wharton School, University of Pennsylvania, M.A. in Finance, 2000, Ph.D. in Finance, 2002.
Practical Impact on Investment Management
The mystery of the missing Berkshire Hathaway invite, by Richard Teitelbaum, Institutional Investor, May 7, 2019
Deep dive into the value factor, Larry Swedroe, alphaarchitect.com, May 2, 2019
Five questions: An academic look at factors with Lu Zhang, Validea's Guru Investor Blog, April 21, 2019, ETF trends, Fox Business, April 24, 2019
The devil in the details: Craftsmanship of multifactor strategies, in Chinese, 华尔街见闻, wallstreetcn.com, April 11, 2019
Factor investing from the perspectives of academics, managers, and investors, in Chinese, 知乎, April 4, 2019
Five major issues of multifactor strategies, in Chinese, 华尔街见闻, wallstreetcn.com, February 13, 2019
Understanding the investment factor, ETF.com, by Larry Swedroe, February 6, 2019
Which factors? by Amit Goyal, Review of Finance Managing Editor's Blog, February 5, 2019
Factor investing: Strategies overview and return tests, in Chinese, 搜狐, January 19, 2019
Five questions: Multi-factor investing with Liqian Ren, Validea's Guru Investor Blog, January 14, 2019
Powerful challenge to index investing? Insights&Mandate, in Chinese, January 8, 2019
Powerful challenge to index investing 经济日报, in Chinese, January 6, 2019
Voices: An unflattering truth about index funds, by Nir Kaissar, financial-planning.com, December 26, 2018
Professor has some questions about your index funds, Bloomberg, by Nir Kaissar, December 24, 2018 [pdf]
How to best invest in small stocks, Wall Street Journal, by Wesley Gray, December 19, 2018
These tools for picking stocks sometimes even work, Washington Post, by Nir Kaissar and Noah Smith, December 17, 2018
Ignored risks of factor investing, ETF.com, by Vitali Kalesnik and Juhani Linnainmaa, October 15, 2018
Most reported anomalies fail to hold up, my interview with Robeco Quarterly, September 25, 2018 [pdf]
Value investing vs momentum investing: Watch out for the market's mood swings, MoneyWeek.com, by John Stepek, August 6, 2018
Factor investing insights you won't hear from Fama and French, my interview with Wesley Gray, CEO/CIO, Alpha Architect, July 25, 2018
Are the U.S. investment rules applicable to China? in Chinese, Zhijian’s Evidentialist Channel, June 27, 2018
Rediscovering size effect, ETF.com, by Larry Swedroe, June 15, 2018
Stay calm, keep going, 搜狐, PBC School of Finance, Tsinghua University, June 14, 2018
Factor investing customized for you, Barron's, by Jack Hough, April 6, 2018
Stock buybacks are bad? What about the alternative - investment, alphaarchitect.com, by Jack Vogel, March 20, 2018
Replicating anomalies in the Chinese A-share market, in Chinese, 新浪财经, 东北金工研究, March 7, 2018
45-year historical data and 10,000-word essay: How to allocate capital globally, 搜狐, March 7, 2018
Dissecting value investing -- what is it? does it work? why does it work? easymoney.com, 东方财富网, in Chinese, February 26, 2018
Half-century historical tests show you how to allocate capital globally, 金融界, Besides index funds, how to allocate capital, 华尔街见闻, 徐杨, in Chinese, February 25, 2018
Will a falling stock market take the job market along with it on the way down? by Martha C. White, NBCNews.com, February 9, 2018
'Factor investing' gains popularity, The Economist, February 1, 2018 [pdf]
The value effect and macroeconomic risk, alphaarchitect.com, by Larry Swedroe, January 9, 2018
Finding the source of value, ETF.com, by Larry Swedroe, November 29, 2017
Podcast interview: The economics of value investing, in Chinese, by Zhijian Wu, CEO, Woodsford Capital Management, Zhijian’s Evidentialist Channel, November 13, 2017 [transcript]
A reality check on stock-market ‘anomalies’, by Wesley Gray, The Wall Street Journal, November 5, 2017 [pdf]
Asset type matters with factors, ETF.com, by Larry Swedroe, October 30, 2017
Want to learn more about factor investing? Read this, ValueWalk.com, by Alpha Architect, October 26, 2017
Factor investing conversation with Lu Zhang, my interview with Wesley Gray, CEO/CIO, Alpha Architect, LLC, October 26, 2017
Takeaways from a non-phd who powered through a 144-page factor investing paper, alphaarchitect.com, by Ryan Kirlin, October 25, 2017
Bewildering 447 anomalies, dizzy yet?! In Chinese, Yang Xu, 网易, 理财纪, October 19, 2017
Retesting investment anomalies with Dr. Lu Zhang, by Jeremy Schwartz, wisdomtree.com, October 17, 2017
Replicating anomalies, ValueWalk.com, by Alpha Architect, October 15, 2017
Podcast: Behind the Markets on Wharton Business Radio, hosted by Jeremy Schwartz and Wesley Gray, October 13, 2017
Replicating anomalies, alphaarchitect.com, by Wesley Gray, October 13, 2017
A 5 factor evaluation, ETF.com, by Larry Swedroe, September 25, 2017
Value investing: Timeless reading, ValueWalk.com, August 7, 2017
Issuing securities hurts returns, ETF.com, by Larry Swedroe, July 31, 2017
Replicating anomalies, hedge.lu.com, July 3, 2017
Attention aux fake strategies smart beta, Associés en Finance, by Bertrand Jacquillat, in French, June 30, 2017
Replicating anomalies in financial markets with Hou, Xue, and Zhang, The Economics Detective Radio, June 30, 2017
Bursting the big data bubble… with theory, RealClearAgriculture.com, June 23, 2017
Replicating scientific research: Ugly truth, True Economics, June 16, 2017
Hou, Xue, and Zhang: Replication controversies in finance and accounting, The Replication Network, June 14, 2017
Financial anomalies are contingent on being unknown, Statistical Modeling, Causal Inference, and Social Science, by Andrew Gelman, June 10, 2017
Are markets efficient if you are a particle physicist? Prof. Jayanth R. Varma’s Financial Markets Blog, June 7, 2017
Mast investment letter, Mast Investment Advisors LLC, June 2017
My smart beta ETF premised on cats rang up an 849,751% return, Bloomberg, by Dani Burger, June 1, 2017
E’ possibile battere il mercato? Finanzaoperativa.com, May 26, 2017
One by one, the anti-EMH arguments collapse, TheMoneyIllusion.com, May 25, 2017
“What’d You Miss?” (57:29), Bloomberg, May 24, 2017
A practical approach to factor-based investing, The Globe and Mail, by John Reese, May 23, 2017
Most stock anomalies fake news? CXO Advisory, May 23, 2017
All about microcaps, Daily Speculations, May 23, 2017
Investing strategies: Boxes outnumbering eggs in index investing, in Chinese, 财经智识, May 19, 2017
Problems with the factor zoo, by Larry Swedroe, ETF.com, May 19, 2017
P-hacking versus skin in the game: How can understanding incentive structures help us think about market efficiency? Episodeblog.com, Allocationblog.com, May 16, 2017
The indexing fad: Market indexes now outnumber US stocks, complicating matters for would-be passive investors, fisherinvestments.com, by Elisabeth Dellinger, May 15, 2017
Weekly top 5 papers, The SSRN Blog, May 15, 2017
P-hacking in anomaly research, himaginary.hatenablog.com, in Japanese, May 15, 2017
Most supposed market anomalies don’t exist, or are too small to matter, FamilyWealth news, May 15, 2017
Which anomalies are legit? Portfolio123.com, May 14, 2017
Kicking the tires of market anomalies, by James Mackintosh, The Wall Street Journal, Business & Finance B1-B2, May 12, 2017 [pdf]
When researchers and investors walk into a bar, the investors get hammered, by Jason Zweig, The Wall Street Journal, May 12, 2017 [pdf]
Active manager lags despite research, by Larry Swedroe, ETF.com, May 12, 2017
WSJ: Most market anomalies academics have identified don’t exist, Bogleheads.org, May 11, 2017
An algorithm, an ETF and an academic study walk into a bar, by James Mackintosh, The Wall Street Journal, May 11, 2017 [pdf]
Ivory tower wonks help traders make a quick buck, by Noah Smith, Bloomberg, May 11, 2017 [pdf]
Cleaning out the factor zoo, by James Picerno, The Capital Spectator, May 11, 2017, Investing.com, May 11, 2017, Seeking Alpha, May 12, 2017
Half anomalies are fantasy of the discoverers, IEXProfs, in Dutch, May 11, 2017
Financial research, data mining, and star wars, in Chinese, 辍耕录, May 10, 2017
Do you think behavioral anomalies will persist? Bogleheads.org, May 10, 2017
Do trading costs destroy factor investing? ValueWalk.com, by Alpha Architect, May 10, 2017
How to make trouble, Anti-Dismal.com, May 9, 2017
Anomalies, pitches, and promises, by Matt Levine, Bloomberg, May 9, 2017 [pdf]
Research paper says most market anomalies are imaginary, by Eric Weiner, The Globe and Mail, May 9, 2017
Forget factors, paper says most market anomalies are imaginary, by Eric Weiner, Bloomberg, May 9, 2017 [pdf]
A new paper just took a huge shot at some of the world’s hottest investments, by Eric Weiner, Bloomberg, May 8, 2017 [pdf]
Market anomalies fail to replicate, MarginalRevolution.com, May 8, 2017
Replicating anomalies, No Hesitations, by Francis Diebold, May 8, 2017
European Financial Management 2017 Symposium on "Finance and Real Economy" Successfully Organized in Xiamen Economics, in Chinese, The Wang Yanan Institute for Studies in Economics, Xiamen University, April 17, 2017
A new asset pricing benchmark--Prof. Lu Zhang's keynote at the EFM symposium on "Finance and Real Economy", in Chinese, 慢钱头条, Xiamen Finance, April 14, 2017
Prof. Lu Zhang visits Xiamen Economics, discussing latest asset pricing research, The Wang Yanan Institute for Studies in Economics, Xiamen University, April 8, 2017
The investment CAPM, himaginary.hatenablog.com, in Japanese, March 16, 2017
Jim Cramer factor investing: An illustration, valuewalk.com, by Wesley Gray, Alpha Architect, February 3, 2017
Factor investing is more art, and less science, by Wesley Gray, alphaarchitect.com, February 3, 2017
A new four-factor investing model, by Larry Swedroe, BAM Intelligence, June 22, 2016
Applications of quantitative investment models in asset management, in Chinese, 陆想汇, 雪球, June 17, 2016
Lu Zhang: The q-factor model can be used in quantitative investment management, in Chinese, Shanghai Financial News, June 17, 2016
The academic finance papers that changed my mind, by Wesley Gray, alphaarchitect.com, May 5, 2016
The value of value, advisorperspectives.com, Brandon Thomas, March 24, 2016
Smart beta: Strategies and implementation, PNC.com, January 2016
Battle of new factor models, by Larry Swedroe, ETF.com, August 7, 2015
Is outperforming the market alpha or beta? by Larry Swedroe and Andrew Berkin, The AAII Journal, American Association of Individual Investors, June 2015
The lighter side of the profitability factor, ETF.com, by Wesley Gray, June 16, 2015
Using profitability as a factor? Perhaps you should think twice…, by Wesley Gray, alphaarchitect.com, June 10, 2015
Passive investing’s foundations, by Larry Swedroe, ETF.com, December 8, 2014
A new benchmark model for estimating expected stock returns, Oxford University Press, by Kewei Hou, Chen Xue, and Lu Zhang, November 12, 2014
Understanding the value premium, by Larry Swedroe, ETF.com, November 12, 2014
Stock anomaly smorgasbord -- Wow! by Wesley Gray, alphaarchitect.com, November 7, 2014
Improving on Fama-French, by Larry Swedroe, ETF.com, March 21, 2014
Challenge to the Fama French three factor model, Bogleheads.org, October 6, 2012
The countercyclical value premium? cxoadvisory.com, October 6, 2008
Explaining the value premium, ifa.com, Index Fund Advisors, by Larry Swedroe, February 11, 2002