Howard Kung

Associate Professor of Finance

BA (Virginia) PhD (Duke)

Dr Howard Kung joined the School in August 2014, after two years at the University of British Columbia, Sauder School of Business. He completed his PhD in Finance at Duke University and prior to his doctorate, he studied Mathematics and Economics at the University of Virginia. Howard’s research focuses on macro-finance and asset pricing. It encompasses monetary/fiscal policy, industrial organisation, and its interaction with asset pricing and firms’ investment. He has published his research in top journals such as the Review of Financial Studies, the Journal of Financial Economics, the Journal of Finance, and the Journal of Monetary Economics. His research has been covered in major media outlets such as the Wall Street Journal, CNBC, Reuters, Forbes, and Bloomberg. Howard teaches in the MBA and PhD programmes.


Research Interests

  • Asset pricing and macroeconomics

Research Awards

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

  • AFA Travel Grant, 2010.

  • Graduate Fellowship, 2006-2012.

  • Asset pricing and macroeconomics


Threats to Central Bank Independence: High-Frequency Identification with Twitter

Bianchi F; Gomez-Cram R; Kind T; Kung H

Journal of Monetary Economics 2023 In Press


Computational Methods for Production-Based Asset Pricing Models with Recursive Utility

Aldrich E H; Kung H

Studies in Nonlinear Dynamics and Econometrics 2021 Vol 25:1


Competition, markups, and predictable returns

Corhay A; Kung H; Schmid L

Review of Financial Studies 2020 Vol 33:12 p 5906-5939


Growth, slowdowns, and recoveries

Kung H; Bianchi F; Morales G

Journal of Monetary Economics 2019 January Vol 101 p 47-63

The CAPM strikes back? An equilibrium model with disasters

Kung H; Bai H; Hou K; Zhang L

Journal of Financial Economics 2019 Vol 131:2 p 269-298


The asset redeployability channel: how uncertainty affects corporate investment

Kung H; Kim H

Review of Financial Studies 2017 Vol 30:1 p 245-280


Innovation, growth and asset prices

Kung H; Schmid L

Journal of Finance 2015 Vol 70:3 p 1001-1037

Macroeconomic linkages between monetary policy and the term structure of interest rates

Kung H

Journal of Financial Economics 2015 Vol 115:1 p 42-57


Fiscal policies and asset prices

Croce M M; Kung H; Nguyen T T; Schmid L

Review of Financial Studies 2012 Vol 25:9 p 2635-2672


The origins and effects of macroeconomic uncertainty

Bianchi F; Kung H; Tirskikh M

NBER Working Paper


Competition, markups, and predictable returns

Corhay A; Kung H; Schmid L

Social Sciences Research Network

Computational methods for production-based asset pricing models with recursive utility

Aldrich E M; Kung H

Economic Research Initiatives at Duke (ERID)

QE in the fiscal theory: a risk-based view

Corhay A; Kung H; Morales G

Social Sciences Research Network


Limited marital commitment and household portfolios

Addooum J M; Kung H; Morales G

Social Sciences Research Network

Teaching portfolio

Our teaching offering is updated annually. Faculty and programme material are subject to change.

  • Masters Degrees core courses

    A key part of our Masters programmes curriculum.

    View courses Show less
    • Finance II
      Explore capital structure choice studying the seminal Miller and Modigliani (MM) Theorem, which provides the conditions under which project choice and financing choice can be separated. Then, focus on the concept of optionality and how to apply it to both financial assets. Cover standard options, apply these insights to risk management and discuss corporate risk management, with a focus on the strategic decision of whether a firm should hedge its risk exposures. Develop your own view on the optimal capital structure for a corporation Understand the importance of asymmetric information and signalling in capital markets and financing; Understand the ideas underlying option pricing ; Apply option pricing to financial and real options
    • Financial Economics I/Asset Pricing
      Financial Economics I/Asset Pricing
    Show less