David Ng is a Professor of Finance at Cornell. He served as 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. He conducts research in empirical asset pricing. In particular, he studies fund flows and examines how fund flows affect asset prices domestically and internationally. He also conducts research on implied cost of capital and its applications in finance. He received his Ph.D. with distinction from Columbia University.
Professor Ng has received several awards for his research, including the Best paper award at Conference on Asia-Pacific Financial Markets, 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, Journal of Empirical Finance, Journal of Corporate Finance, and Journal of International Money and Finance. He serves on the editorial board of Review of Financial Economics and China Finance Review International. His work has been presented at American Finance Association, Western Finance Association, Chicago CRSP Forum, Wharton, Chinese International Conference in Finance, European Financial Management Association, Latin American Econometric Society, Barclay's Global Investors, 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 married with a daughter and two sons.
Financial Markets and Institutions 4590
International Finance 4290
Empirical Asset Pricing 6940
Awards and Honors
- Outstanding paper in corporate finance award, "Sensitivities of Corporate Investment and Financing to Implied Cost of Capital", 2016 (2016) Eastern Finance Association
- Winner of Emerging Market Institute Summer Research Grant Competition (2014) Emerging Markets Institute
- Best paper award at Conference on Asia-Pacific Financial Markets, 2013 (2013) Conference on Asia-Pacific Financial Markets
- Lehman Fund for Scholarly Exchange with China, 2012 (2013) Cornell University
- Fellow, Wharton Financial Institutions Center, 2009-2010 (2010) The Wharton School
- Ng, D. T., Gao, P., & moulton, p. (2016). Institutional Ownership and Return Predictability Across Economically Unrelated Stocks. Journal of Financial Intermediation.
- Ng, D. T., Goldstein, I., & Jiang, H. (2016). Investment Flows and Fragility in Corporate Bond Funds. Journal of Financial Economics.
- Ng, D. T., Bartram, S., Griffin, J., & Lim, T. (2015). How Important Are Foreign Ownership Linkages for International Stock Returns? Review of Financial Studies. 74:102-116.
- Li, Y., Ng, D. T., & Swaminathan, B. (2013). Predicting Stock Market Returns Using the Aggregate Implied Cost of Capital. Journal of Financial Economics. 110:419-436.
- Ng, D. T., Bailey, W., & Kumar, A. (2011). Behavioral Biases of Mutual Fund Investors. Journal of Financial Economics. 1-27.
- Ng, D. T., & Daouk, H. (2011). Is Unlevered Firm Volatility Asymmetric? Journal of Empirical Finance. 18:634-651.
- Egorov, A., Li, H., & Ng, D. T. (2011). A Tale of Two Yield Curves: Modeling the Joint Term Structures of US and Euro Interest Rates. Journal of Econometrics. 162:55-70.
- Lee, C., Ng, D. T., & Swaminathan, B. (2009). Testing International Asset Pricing Using Implied Cost of Capital. Journal of Financial and Quantitative Analysis. 44:307-335. .
- Bailey, W., Kumar, A., & Ng, D. T. (2008). Foreign Investments of U.S. Individual Investors: Causes and Consequences. Management Science. 54:443-459.
- Daouk, H., Lee, C., & Ng, D. T. (2006). Capital Market Governance: How Do Security Laws Affect Market Performance? Journal of Corporate Finance. 12:560-93.
Presentations and Activities
- Investor Flows and Fragility in Corporate Bond FUnds. Western Finance Association Annual Meeting 2016. June 2016. Western Finance Association . Park City, Utah.
- Predicting Time-varying Value Premium Using the Implied Cost of Capital. American Finance Association Annual meeting 2015. 2015. American Finance Association Annual meeting.
- Investor Flows and Fragility in Corporate Bond Funds. NBER Summer Institute. June 2015. NBER Summer Institute. Cambridge.
- How Important is Foreign Ownership in International Stock returns? American Finance Association. January 2015. American Finance Association. Boston.
- How Important is Foreign Ownership in International Stock Returns? American Economic Association Annual meeting 2013. 2013. American Economic Associatiojn. San Diego.
- Predicting Stock Market Returns Using the Aggregate Implied Cost of Capital. American Economic Association Annual meeting 2013. 2013. American Economic Associatiojn. San Diego.
- Predicting Stock Market Returns Using the Aggregate Implied Cost of Capital. Wharton Finance Macro Lunch. 2012. Wharton School. Philadelphia.
- Predicting Stock Market Returns Using the Aggregate Implied Cost of Capital. Federal Reserve Board finance seminar. 2011. Federal Reserve Board . Washington DC.
- How Important is Foreign Ownership in International Stock Returns? Wharton Finance Micro Seminar. 2011. Wharton School. Philadelphia.