Howard Kung

Associate Professor of Finance

London Business School

Research interests: Asset Pricing, Macroeconomics

a. Curriculum Vitae

b. Publications

1. Q: Risk, Rents, or Growth? (w/ A. Corhay and L. Schmid). Journal of Financial Economics, January 2025.

2. Market Power in Finance. (w/ A. Corhay and L. Schmid). Annual Review in Financial Economics, 2025.

3. Government Debt in Mature Economies. Safe or Risky? (w/ R. Gomez-Cram and H. Lustig). 2024 Jackson Hole Economic Symposium Proceedings.

   • Press coverage: Reuters, Bloomberg, Economist

4. Using Social Media to Identify the Effects of Congressional Viewpoints on Asset Prices (w/ F. Bianchi and R. Gomez-Cram). Review of Financial Studies, January 2024.

   • Quora summary and Press coverage: Forbes, Apple News

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

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

   • Winner of the Fama-DFA prize for the best papers in asset pricing and capital markets published in the Journal of Financial Economics (2nd place).

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

8. 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

9. Competition, Markups, and Predictable Returns (with A. Corhay and L. Schmid). Review of Financial Studies, May 2020.

10. The CAPM Strikes Back? An Equilibrium Model with Disasters (with H. Bai, K. Hou, E. Li, and L. Zhang).   Journal of Financial Economics, February 2019.  

11. Growth, Slowdowns, and Recoveries (with F. Bianchi and G. Morales). Journal of Monetary Economics, January 2019.

12. How Uncertainty Affects Corporate Investment: The Asset Redeployability Channel. (with H. Kim).  Review of Financial Studies, January 2017.

    • Winner of the Best Paper in Corporate Finance at the SFS Cavalcade 2014.

    • Data for the Asset redeployability index

13. Macroeconomic Linkages between Monetary Policy and the Term Structure of Interest Rates.  Journal of Financial Economics, January 2015.

    • Replication code

14. Innovation, Growth, and Asset Prices (with L. Schmid).  Journal of Finance, June 2015.

    • Replication code

15. Fiscal Policies and Asset Prices (with M. Croce, T. Nguyen, and L. Schmid).  Review of Financial Studies, September 2012 (lead article).

c. Current working papers

16. Fiscal Redistribution Risk in Treasury Markets (w/ R. Gomez-Cram, H. Lustig, and D. Zeke)

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

    • A Note on CBO Cost Estimates and Budget Targets.

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

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

    • Revise and Resubmit, Review of Financial Studies.

19. Government Spending and Rising Industry Stars (w/ R. Gomez Cram, Y. Guo, and L. Mecca)

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