David Ng is a Professor of Finance at Cornell. He was previously a Visiting Associate Professor of Finance at the Wharton School of the University of Pennsylvania from 2008 to 2010 and a Research Fellow at Wharton Financial Institutions Center. His research focus is on understanding expected stock returns. In particular, he studies how individual and institutional investors make investment decisions that drive stock price movements, how expected returns are associated with future realized stock returns, how expected returns are formed in a dynamic international setting and how different country characteristics may be associated with expected returns. He received his Ph.D. with distinction from Columbia University.

    Professor Ng has received several awards for his research, including BSI Gamma Foundation Grant Award, Second Place Best Paper Award in China International Conference in Finance, PricewaterhouseCoopers Global Competency Centre Grant Award, Moskowitz Prize for Best Quantitative Study of Socially Responsible Investing, and Third Prize in Chicago Quantitative Alliance Academic Competition. He received the SUNY Chancellor’s Award for Excellence in Teaching and an outstanding educator award in influencing a Merrill Presidential Scholar. His research has been published in Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Journal of Econometrics, Management Science, among other journals. His work has been presented at American Finance Association, Western Finance Association and many other conferences and universities. Professor Ng has held visiting positions at the Hong Kong Monetary Authority, Federal Reserve Bank of Boston, Singapore Management University, International Monetary Fund, Federal Reserve Board, and the World Bank. He is faculty advisor to Hong Kong Christian Fellowship and Asian Business Society. He grew up in Hong Kong, China, and is fluent in Mandarin and Cantonese. He is married and has a daughter and two sons.

Institutional Ownership and Returns Predictability Across Economically Unrelated Stocks with George Gao and Pamela Moulton, 2016. Forthcoming, Journal of Financial Intermediation.
Investor Flows and Fragility in Corporate Bond Funds with Goldstein, Itay and Hao Jiang, 2016. Forthcoming, Journal of Financial Economics. 
How Important is Foreign Ownership in International Stock returns? with Bartram, Sohnke, John Griffin, and Taehoon Lim, 2015. Review of Financial Studies.
Predicting Stock Market Returns Using Aggregate Implied Cost of Capital with Yan Li and Bhaskaran Swaminathan, 2015. Journal of Financial Economics, v. 110, pp. 419-436.
Earnings Management and Listing Regulations in China with Tao Li and Mi Luo, 2014. China Finance Review International.
The Coming Wave with Andrew Karolyi and Eswar Prasad, 2013. Finance and Development, v. 50, pp. 55-70.
Behavioral Biases and Mutual Fund Clienteles with Warren Bailey and Alok Kumar, 2011. Lead article in Journal of Financial Economics, v. 102, pp. 1-27.
A Tale of Two Yield Curves: Modeling the Joint Term Structure of US and Euro Interest Rates with Alexei Egorov and Haitao Li, 2011. Journal of Econometrics, v. 162, pp. 55-70.
Is Unlevered Firm Volatility Asymmetric? with Hazem Daouk, 2011. Journal of Empirical Finance, v. 18, pp. 634-651.
Warranted Muliples and Stock Returns with Jiyoun An and Sanjeev Bhojraj, 2010. Journal of Accounting, Auditing and Finance, v. 25, pp. 143.
Testing International Asset Pricing Using Implied Cost of Capital with Charles Lee and Bhaskaran Swaminathan, 2009. Journal of Financial and Quantitative Analysis, v. 44, pp. 307-335.
Corruption and International Valuation: Does Virtue Pay? with Charles Lee, 2009. Journal of Investment.
Foreign Investments of US Individual Investors: Causes and Consequences with Warren Bailey and Alok Kumar, 2008. Management Science, w. 54, pp. 443-459.
Capital Market Governance: How Do Securities Laws Affect Market Performance? with Hazem Daouk and Charles Lee, 2006. Journal of Corporate Finance, v. 12, pp. 560-593.
The Impact of Corruption on Financial Market, David Ng, 2006. Managerial Finance, v. 32, pp. 822-836.
The Soverign Ceiling and Emerging Market Corporate Bond Spreads with Erik Durbin, 2005. Journal of International Money and Finance, v. 24, pp. 631-649.
The International CAPM When Expected Returns Are Time-Varying, 2004. Journal of International Money and Finance, v. 23, pp. 189-230.
Does Corruption Increase Emerging Market Cond Spreads?, with Francisco Ciocchini and Erik Durbin, 2003. Journal of Economics and Business, v. 55, pp. 503-528.
An International Dynamic Asset Pricing Model, with Robert Hodrick and Paul Sengmueller, 1999. International Tax and Public Finance, v. 6, pp. 597-620.

The Sound of Silence: What Do We Know When Insiders Do Not Trade? with Gao, George and Qing Zhong Ma, 2016. Revise and Resubmit, Management Science.
Predicting Time-varying Value Premium Using the Implied Cost of Capital with Yan Li and Bhaskaran Swaminathan. Presented at American Finance Association annual meeting, Cornell, Cheung Kong, Miami, Baylor, New South Wales, Sydney, University of Technology at Sydney and University of Hong Kong.
The Sensitivity of Corporate Investment to the Implied Cost of Capital with Byoun, Soku and Kai Wu, 2016. Received the Best Paper Award in Corporate Finance in Eastern Finance Association annual conference, 2016
Long Run Risk and Value Premium: The International Evidence with Jiyoun An. Presented at Cornell, Wharton, Chicago CRSP conference.
The Coming Wave: Where do Emerging Market Investors Put Their Money? with Andrew Karolyi and Eswar Prasad. Presented in American Finance Association 2016 annual meeting.
Informativeness of Short Sellers: An Insider's Perspective with George Gao and Qingzhong Ma, 2015. Under Submission.
Cross-country Differences in Firm Multiples with Jiyoun An and Sanjeev Bhojraj. Presented in American Finance Association Annual Meeting.

Implied Cost of Capital graph (Excess ICC as of December 2012) from Li, Ng and Swaminathan, 2013, Predicting Market Returns Using Aggregate Implied Cost of Capital. Published.
Implied Value Premium graph (ICC of high BM portfolio minus ICC of low BM portfolio, as of December 2012) from Li, Ng and Swaminathan, 2013, Predicting Time-varying Value Premium Using the Implied Cost of Capital: Implication of Countercyclical Risk, Mispricing and Style Investing, working paper.

310D Warren Hall, Cornell University
Ithaca, NY 14853-7801
Telephone: (607) 255-0145
Fax: (607) 255-9984
Email: dtn4@cornell.edu