David Tat-Chee Ng Associate Professor Areas of Expertise International Finance, Empirical Asset Pricing 252 Warren Hall Ph: 607.255.0145 E-mail: dtn4@cornell.edu Web Site and Links to Papers

David Ng is an associate professor of finance. His research focus is on international finance. In particular, he studies exchange rate risk, country risk, and other risk factors that affect asset prices in the international and emerging equity markets. He is also interested in stock valuation and individual investors’ behavior in financial markets.

Professor Ng has received several awards for his research on international valuation. He received the SUNY Chancellor’s Award for Excellence in Teaching and an outstanding educator award in influencing a Merrill Presidential Scholar. Professor Ng has been on the program committee for the Financial Management Association annual meeting for the last five years. His research has been published in Management Science, Journal of Econometrics, Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, and Journal of International Money and Finance. His work has been presented at meetings of the American Finance Association, the Western Finance Association, and many other conferences and universities. He is married with a daughter and a son.

Teaching

AEM 4280: Valuation
AEM 4290: International Finance
AEM 6940: Applied Risk Management

Recent Publications

Papers can be downloaded from Professor Ng's personal website.

Egorov, Alexei, Haitao Li, and David Ng. Forthcoming. A Tale of Two Yield Curves: Modelling the Joint Term Structure of U.S. and Euro Interest Rates. Journal of Econometrics.

Lee, Charles M. C., David Ng, and Bhaskaran Swaminathan. Forthcoming. Testing International Asset Pricing Models Using International Cost of Capital. Journal of Financial and Quantitative Analysis.

Bailey, Warren, Alok Kumar, and David Ng. Forthcoming. Foreign Investments of U.S. Individual Investors: Causes and Consequences. Management Science.

Daouk, Hazem, Charles Lee, and David Ng. 2006. Capital Market Governance: How Do Securities Laws Affect Market Performance? Journal of Corporate Finance 12:560-93

Durbin, Erik, and David Ng. 2005. The Sovereign Ceiling and Emerging Market Corporate Bond Spreads. Journal of International Money and Finance, 24:631-49.

Ng, David. 2004. The International CAPM When Expected Returns Are Time-Varying. Journal of International Money and Finance 23:189-230.

Bailey, Warren, Alok Kumar, and David Ng. Behavioral Biases and Mutual Fund Clienteles. Working paper, Cornell University. (BSI Gamma Foundation Award. Scheduled to be presented at the American Finance Association annual meeting, 2009.)

Bhojraj, Sanjeev, and David Ng. Cross-country Differences in Firm Multiples. (Presented at the American Finance Association annual meeting, 2008.)

Daouk, Hazem, and David Ng. Is Unlevered Firm Volatility Asymmetric? Under review. (Presented at the American Finance Association annual meeting, 2007.)

Lee, Charles M. C., and David Ng. Corruption and International Valuation: Does Virtue Pay? (Presented at the Western Finance Association annual meeting.)

Honors

• SUNY Chancellor's Award for Excellence in Teaching, 2008
• Winner of Mario Einaudi Center Seed Grant Competition, 2007
• AEM Departmental Faculty Research Grant, 2007-08
• BSI Gamma Foundation Grant Award, 2006
• Cornell Institute of Social Sciences Small Grant Award, 2006
• Outstanding Educator in Influencing Merrill Presidential Scholar, 2005
• Second Place Best Paper Award, China International Conference in Finance, 2004
• PricewaterhouseCoopers Global Competency Centre Grant Award, 2004
• Moskowitz Prize for Best Quantitative Study of Socially Responsible Investing, Social Investment Forum, 2003
• Third Prize, Chicago Quantitative Alliance Academic Competition, 2002
• Hatfield Grant for Innovative Undergraduate Teaching, 2001-3, 2005-6
• Columbia Center of International Business Education Grant, 1999
• Columbia President's Fellow Scholarships, 1995-98

Education

Ph.D., Columbia University (with distinction)
M.Phil., Columbia University
B.A., Columbia University

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