David Ng

Biography

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.

Ng conducts research in empirical finance. In particular, he studies fund flows and examines how they 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. Ng 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. Ng received his PhD with distinction from Columbia University.

Selected Publications

• Addoum, Jawad; Ng, David; Ortiz-Bobea, Ariel. "Temperature Shocks and Industry Earnings News"Journal of Financial Economics. 150.1 (2023): 1-45
• Gao, George; Ma, Qingzhong; Ng, David; Wu, Ying. "The Sound of Silence: What Do We Know When Insiders Do Not Trade?"Management Science. 68.7 (2022): 4835-4857
• Addoum, Jawad; Ng, David; Ortiz-Bobea, Ariel. "Temperature Shocks and Establishment Sales"Review of Financial Studies. 33.3 (2020): 1331-1366
• Karolyi, G. Andrew; Ng, David; Prasad, Eswar. "The Coming Wave: Where Do Emerging Market Investors Put Their Money?"Journal of Financial and Quantitative Analysis. 55.4 (2020): 1369-1414
• Goldstein, Itay; Jiang, Hao; Ng, David. "Investor Flows and Fragility in Corporate Bond Funds"Journal of Financial Economics. 126.3 (2017): 592-613
• 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
• 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. 54.3 (2008): 443-459

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 4681 - Impact Finance
• BANA 5060 - Introduction to Finance Analytics
• AEM 4280/AEM 5280 - Valuation of Capital Investment

Academic Degrees

• PhD Columbia University, 2000
• PhM Columbia University, 1997
• BA Columbia University, 1993