David Ng

Biography

David Ng is a professor of finance and the Geller Family Faculty Fellow at Cornell University. He served as a visiting associate professor of finance at the Wharton School of the University of Pennsylvania from 2008 to 2010. Ng conducts research in empirical finance, focusing on fund flows and how they affect asset prices domestically and internationally. His recent work examines how climate change influences financial market outcomes.

Ng has received numerous honors, including the Best Paper Award at the Northern Finance Association Conference (2019), Best Paper Award at the Geneva Summit on Sustainable Finance (2018), the Research Award from the International Center for Pension Management (2018), the Best Paper in Corporate Finance Award from the Eastern Finance Association (2016), the Best Paper Award at the Conference on Asian-Pacific Financial Markets (2013), second-place Best Paper Award at the China International Conference in Finance (2004), third-place Award from the Chicago Quantitative Alliance (2003), and the Moskowitz Prize for the best study on socially responsible investing (2002). He has also received the Chancellor’s Award for Excellence in Teaching (2008) and an Outstanding Educator Award for influencing a Merrill Scholar (2005).

He serves as an associate editor for three journals: Review of Financial Economics, Accountability in a Sustainable World, and China Finance Review International. Outside of work, he and his family are active in the community, including attending a local church. Ng received his Ph.D. in economics with distinction from Columbia University, where he also completed his undergraduate studies.

Selected Publications

• Li, Yan; Ng, David; Swaminathan, Bhaskaran. "Is the Value Premium Dead? Forecasting Value Growth Cycles with the Implied Value Premium"Journal of Financial and Quantitative Analysis. (forthcoming).
• Jiang, Wei; Karolyi, G. Andrew; Ng, David. "Country Rotation and International Mutual Fund Performance"Journal of Financial and Quantitative Analysis. 60.8 (2025): 3866-3898
• 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

Awards and Honors

• Best Paper Award (2019) Northern Finance Association Annual Conference
• Best Paper Award (2018) Geneva Summit for Sustainable Finance
• Research Award (2018) International Center for Pension Management, University of Toronto
• Best Paper in Corporate Finance Award (2016) Eastern Finance Association
• Winner of the 2007-2008 State University of New York Chancellor’s Award for Excellence in Teaching (2007 - 2008) State University of New York

Recent Courses

• AEM 4681/AEM 6681 - Impact Finance
• NRE 5280 - PhD Seminar in Empirical Asset Pricing
• AEM 4280/AEM 5280 - Valuation of Capital Investment

Academic Degrees

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