Ng, David T.
Associate Professor
David Ng is an assistant 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 has also received a Hatfield grant for innovative undergraduate teaching and an outstanding educator award in influencing Merrill Presidential Scholar. Professor Ng has been on the program committee for Financial Management Association annual meeting for last four years. His research has been presented at meetings of the American Finance Association, Western Finance Association, and the Financial Economics and Accounting conference. He is married with a son and a daughter.
research
research areas
- applied economics | collaborative research area (CALS)
- finance | collaborative research area (CALS)
- international | Research Area
submitted impact statement
- What kinds of individuals invest abroad? | 2006 Impact statement
- Venturing abroad: foreign investments of United States individual investors | 2004 Impact statement
- International asset pricing: evidence from the cross-section of international cost of capital | 2004 Impact statement
affiliations
faculty appointment in
- Applied Economics and Management (AEM) | Cornell department
member of graduate field
- Applied Economics and Management | graduate field
- Economics | graduate field
teaching
teaching focus
Professor Ng is teaching three classes on Applied Risk Management, International Finance, and Valuation.
teaches
- AEM 4970 - Individual Study in Applied Economics and Management (TBA -) | fall 2009 class
- AEM 4990 - Undergraduate Research (TBA -) | fall 2009 class
- AEM 7000 - Individual Study in Applied Economics and Management (TBA -) | fall 2009 class
- AEM 7900 - Graduate-Level Thesis Research (TBA -) | fall 2009 class
- AEM 8900 - Master's Level Thesis Research (TBA -) | fall 2009 class
- AEM 9900 - Doctoral-Level Thesis Research (TBA -) | fall 2009 class
- AEM 4280 - Valuation of Capital Investment (TR 11:40:AM-12:55:PM) | spring 2009 class
- AEM 4290 - International Finance (TR 02:55:PM-04:10:PM) | spring 2009 class
- AEM 4970 - Individual Study in Applied Economics and Management (TBA -) | spring 2009 class
- AEM 4980 - Supervised Teaching Experience (TBA -) | spring 2009 class
- AEM 4990 - Undergraduate Research (TBA -) | spring 2009 class
- AEM 7000 - Individual Study in Applied Economics and Management (TBA -) | spring 2009 class
- AEM 7900 - Graduate-Level Thesis Research (TBA -) | spring 2009 class
- AEM 8900 - Master's Level Thesis Research (TBA -) | spring 2009 class
- AEM 9900 - Doctoral-Level Thesis Research (TBA -) | spring 2009 class
background
educational background
- Ph.D., Columbia University (with distinction)
- M.Phil., Columbia University
- B.A., Columbia University
awards and distinctions
• 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
publications
selected publications (listing in progress)
- 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.
- Bhojraj, Sanjeev, Charles Lee, and David Ng. International Valuation Using Smart Multiples. Revise-and-resubmit request, Review of Accounting Studies.
- 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.)
- Lee, Charles M. C., and David Ng. Corruption and International Valuation: Does Virtue Pay? (Presented at the Western Finance Association annual meeting.)
- Bailey, Warren, Alok Kumar, and David Ng. Picking Stocks for Fun or Buying Stock Funds? The Portfolio Choices of U.S. Individual Investors. Working paper, Cornell University. (BSI Gamma Foundation Award. Presented at the Ohio State University alumni conference.)
speaker at Cornell event
Keywords: corruption, country risk, empirical asset pricing, finance, individual investor, international finance, investment, valuation