Howard Kung

Associate Professor of Finance

London Business School

a. Curriculum Vitae

b. Publications

1. Using Social Media to Identify the Effects of Congressional Viewpoints on Asset Prices (w/ F. Bianchi and R. Gomez-Cram). Review of Financial Studies, forthcoming.

2. Discount Rates, Debt Maturity, and the Fiscal Theory (with A. Corhay, T. Kind, and G. Morales). Journal of Finance, December 2023.

3. Micro Uncertainty and Asset Prices (with B. Herskovic and T. Kind). Journal of Financial Economics, July 2023

4. The Origins and Effects of Macroeconomic Uncertainty (w/ F. Bianchi and M. Tirskikh). Quantitative Economics, July 2023.

5. Threats to Central Bank Independence: High-Frequency Evidence with Twitter (w/ F. Bianchi, R. Gomez-Cram, and T. Kind). Journal of Monetary Economics, April 2023.

   • Vox article and Press coverage: CNBC, WSJ, Reuters, Bloomberg, Brookings, Forbes

6. Competition, markups, and predictable returns (with A. Corhay and L. Schmid). Review of Financial Studies, May 2020.

7. The CAPM strikes back? An equilibrium model with disasters (with H. Bai, K. Hou, E. Li, and L. Zhang).   Journal of Financial Economics, Volume 131, Issue 2, February 2019.  

8. Growth, slowdowns, and recoveries (with F. Bianchi and G. Morales). Journal of Monetary Economics, Volume 101, January 2019.

9. How uncertainty affects corporate investment: The asset redeployability channel. (with H. Kim).  Review of Financial Studies, Volume 30, Issue 1, January 2017.

   • Award for Best Paper in Corporate Finance at the SFS Cavalcade 2014.

   • Data for Asset redeployability index

10. Macroeconomic linkages between monetary policy and the term structure of interest rates.  Journal of Financial Economics, Volume 115, Issue 1, Pages 42-57, January 2015.

    • Replication code

11. Innovation, growth, and asset prices (with L. Schmid).  Journal of Finance, Volume 70, Issue 3, Pages 1001-1037, June 2015.

    • Replication code

12. Fiscal policies and asset prices (with M. Croce, T. Nguyen, and L. Schmid).  Review of Financial Studies, 25: 2635-2672, 2012 (lead article).

c. Working papers

13.  Q: Risk, Rents, or Growth (w/ A. Corhay and L. Schmid) 

    • Revise and Resubmit at the Journal of Financial Economics.

14. Economic Growth through Diversity in Beliefs (w/ C. Heyerdahl-Larsen and P. Illeditsch)

15. Can US Treasury Markets Add and Subtract? (w/ R. Gomez-Gram and H. Lustig)

    • Best paper award at the 2024 UC Davis-FMA Napa Finance Conference.

16. Firm Product Concentration and Asset Prices (w/ N. Clara and A. Corhay)

17. The Present Value of Future Market Power (w/ T. Cho, M. Grotteria, and L. Kremens)

d. Policy Articles and Technical Notes

• Computational methods for production-based asset pricing models with recursive utility (w/ E. Aldrich). Studies in Nonlinear Dynamics and Econometrics (25) 1, 2021.

• Slow Recoveries through Fiscal Austerity (w/ F. Bianchi, D. Comin, T. Kind, and A. Matusche). ZEW Policy Brief, 2019.

e. Older Working Papers

• State Fiscal Policy and Municipal Credit Risk Premia (w/ L. Bretscher and A. Sahay)

• Limited Marital Commitment and Household Portfolios (with J. Addoum and G. Morales)