Working Papers

· The macroeconomic announcement premium and information uncertainty 2022. Chu Zhang and Shen Zhao. Working paper.

· Do security analysts herd? : macroeconomic uncertainty and earning forecast dispersion 2022. Shen Zhao and Guofu Zhou. Working paper.

· Predictability and Uncertainty 2022. Shen Zhao and Guofu Zhou. Working paper

· The earning announcement premium and information uncertainty 2021, Chu Zhang and Shen Zhao. Working paper

· Uncertainty effects on stock price reaction to Federal Reserve policy. Shen Zhao 2020. Working paper.

Publication

· Time-varying demand for lottery: Speculation ahead of earnings announcements. Bibuo Liu, Huijun Wang, Jianfeng Yu, and Shen Zhao 2020. Journal of Financial Economics 138 789-817.

· Investor Sentiment and economic forces. Junyan Shen, Jianfeng Yu and Shen Zhao 2017 Journal of Monetary Economics 86 1-27.