John Kuong 鄺梓楓
John Kuong 鄺梓楓
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Associate Professor of Finance, CUHK Business School, The Chinese University of Hong Kong
Member of Finance Theory Group
CEPR Research Affiliate (Banking and Corporate Finance)
Email: johncfkuong [at] gmail.com; johnkuong [at] cuhk.edu.hk
Research Interests: Financial Intermediation, Market Microstructure, Information Economics
Upcoming presentations, discussions and general updates
Upcoming presentations, discussions and general updates
Sep 12, 2025: I'll discuss "Investors as a Liquidity Backstop in Corporate Bond Markets" by Comerton-Forde, Ford, Foucault, and Jurkatis, at 20th Central Bank Conference on Microstructure, Hong Kong
Oct 20, 2025: I'll give a seminar at Waseda University, Tokyo
Working papers
Working papers
Dealer Funding and Market Liquidity (with Max Bruche) [paper on SSRN]
Conditionally Accepted, Management Science
SIX Best Paper Award at SGF conference 2019 Last updated: Sep 2022 Selected presentations: FIRS Budapest (cancelled), European Winter Finance Summit 2020, Cambridge Corporate Finance Theory Symposium 2019, EFA 2019*, FTG Summer meeting at Madrid, WFA 2019, FTG Spring meeting at Tepper, CFIC 2019, SGF 2019, EuroFIT@UCL 2018Abstract: We consider a model in which dealers intermediate trades between clients and provide immediacy, or, market liquidity. Dealers can exert unobservable search effort to improve the chance of intermediating profitably. This moral-hazard friction impairs dealers’ ability to raise external finance and hence to compete aggressively with each other in providing liquidity. Market liquidity is limited even for safe assets and more so for assets with higher search cost. To alleviate the financing friction, dealers opt to finance with debt and intermediate in several markets simultaneously. Dealer leverage is therefore endogenous and related to variations in liquidity across otherwise unrelated markets. Our results shed light on how post-crisis regulations influence the provision of immediacy in bond markets.
Accepted and Published Papers
Accepted and Published Papers
The Review of Financial Studies (2021) 34.6: 2910-2948
Winner of Deutsche Bank Prize in Financial Risk Management and Regulation 2014Winner of Best Paper Awards in CSEF 2nd conference on "Bank Performance, Financial Stability and the Real Economy" at Capri, 2015
The Review of Financial Studies (2021) 34.9: 4269-4322
Journal of Financial Intermediation (2021) 48: 100885
Journal of Financial Economics (2023), 150(2): 103709
Journal of Financial and Quantitative Analysis, (2024);59(3):1257-1299
Monetary Policy and Fragility in Corporate Bond Mutual Funds (with James O'Donovan and Jinyuan Zhang)
Journal of Financial Economics (2024), 161 : 103931
Selected presentations: EFA Bratislava, 16th Paul Wolley Center conference, Lake DistrictWorkshop in Corporate Finance, 10th Erasmus Liquidity Conference, EuropeanWinter Finance Summit,9th Wharton Conference on Liquidity and Financial Fragility, CICF 2023(*), INSEAD Finance Symposium 2023, AFA 2023
Work-in-progress
Work-in-progress
Sustaining trading relationships with lemons
Market power and agency frictions in delegated investment
Systemic risks in central clearing (with Vincent Maurin)
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