David Ng

David Ng


Founding Co-Director, Initiative on Responsible Finance

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Faculty Area

Faculty Expertise

  • Finance
  • Asset Management
  • Investments


Charles H. Dyson School of Applied Economics and Management
Cornell Directory Entry


David Ng is a Professor of finance. 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 finance. 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. Recently, he has developed a research interest on how climate change affects financial market outcomes. He currently serves on the Board of Advisors of Columbia University Earth Institute Research Program. He also serves as Associate Editor of three journals (Asia Pacific Journal of Financial Studies, Review of Financial Economics, China Finance Review International). He received his Ph.D. with distinction from Columbia University.

Selected Publications

  • Goldstein, Itay; Jiang, Hao; Ng, David. "Investor Flows and Fragility in Corporate Bond Funds" Journal of Financial Economics. 126.3 (2017): 592-613
  • Gao, George; Moulton, Pamela; Ng, David. "Institutional Ownership and Return Predictability Across Economically Unrelated Stocks" Journal of Financial Intermediation. 31 (2017): 45-63
  • Bartram, Söhnke; Griffin, John; Lim, Tae-Hoon; Ng, David. "How Important Are Foreign Ownership Linkages for International Stock Returns?" Review of Financial Studies. 28.11 (2015): 3036–3072
  • Li, Yan; Ng, David; Swaminathan, Bhaskaran. "Predicting Market Returns Using Aggregate Implied Cost of Capital" Journal of Financial Economics. 110.2 (2013): 419-436
  • Bailey, Warren; Kumar, Alok; Ng, David. "Behavioral Biases of Mutual Fund Investors" Journal of Financial Economics. 102.1 (2011): 1-27
  • Egorov, Alexei; Li, Haitao; Ng, David. "A Tale of Two Yield Curves: Modeling the Joint Term Structures of US and Euro Interest Rates" Journal of Econometrics. 162.162 (2011): 55-70
  • Lee, Charles; Ng, David; Swaminathan, Bhaskaran. "Testing International Asset Pricing Using Implied Cost of Capital" Journal of Financial and Quantitative Analysis. 44 (2009): 307-335.
  • Bailey, Warren; Kumar, Alok; Ng, David. "Foreign Investments of U.S. Individual Investors: Causes and Consequences" Management Science. 54 (2008): 443-459
  • Durbin, Erik; Ng, David. "Sovereign Ceiling and Emerging Market Corporate Bonds Spreads" Journal of International Money and Finance. 24 (2005): 631-49
  • Ng, David. "The International CAPM when Expected Returns are Time-Varying" Journal of International Money and Finance. 23 (2004): 189-230

Awards and Honors

  • Engaged Curriculum Grant, “Financial Stewardship Sustainability and Impact Investing” ($80,000) (2017)
  • Outstanding paper in corporate finance award, "Sensitivities of Corporate Investment and Financing to Implied Cost of Capital", $1,000 (2016) Eastern Finance Association
  • Best paper award (2013) Conference on Asia-Pacific Financial Markets
  • Chancellor's Award for Excellence in Teaching, (2008) Chancellor
  • Moskowitz Prize for the Best Quantitative Study of Socially Responsible Investing (2003) Social Investment Forum

Recent Courses

  • AEM 6630 - Asset Pricing and Management
  • AEM 9900 - Doctoral-Level Thesis Research
  • AEM 4590 - Financial Markets And Institutions
  • AEM 7900 - Graduate-Level Thesis Research
  • AEM 4970 - Individual Study in Applied Economics and Management
  • AEM 7000 - Individual Study in Applied Economics and Management
  • AEM 8900 - Master's Level Thesis Research
  • AEM 6990 - M.P.S. Research
  • AEM 4980 - Supervised Teaching Experience
  • AEM 4990 - Undergraduate Research
  • AEM 4940 - Undergraduate Special Topics in Applied Economics and Management
  • AEM 4280 - Valuation of Capital Investment

Academic Degrees

  • Ph D Columbia University, 2000
  • M.Phil Columbia University, 1997
  • AB Columbia University, 1993