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Howard Kung

Assistant Professor of Finance

BA (Virginia) PhD (Duke)

Dr Howard Kung conducts research at the intersection of asset pricing and macroeconomics. His recent research studies how firms’ innovation decisions impact economic growth and asset markets, how changes in uncertainty affect firm investment decisions, and how restructuring the maturity structure of government debt can stimulate the economy.


Dr Kung was an Assistant Professor of Finance at the University of British Columbia prior to joining London Business School in 2014. He completed his PhD at Duke University and prior to his doctorate, he studied at the University of Virginia.

Kung's research is featured in the Wheeler Institute for Business and Development brochure.

 

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

2020

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

Aldrich E H; Kung H

Studies in Nonlinear Dynamics and Econometrics 2020 Forthcoming

2019

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

2017

The asset redeployability channel: how uncertainty affects corporate investment

Kung H; Kim H

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

2015

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

2012

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

2020

Threats to central bank independence: high-frequency identification with Twitter

Bianchi F; Kind T; Kung H

NBER Working Paper

2018

The origins and effects of macroeconomic uncertainty

Bianchi F; Kung H; Tirskikh M

NBER Working Paper

2017

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

2016

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.

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    • 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
      PROGRAMMES WITH THIS CORE COURSE
    • Financial Economics I/Asset Pricing
      Financial Economics I/Asset Pricing
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  • Masters Degrees electives

    Optional courses providing a deep dive into specialist areas.

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