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.
- Personal website
- hkung@london.edu
- +44 (0)20 7000 8255
- Howard Kung CV
Research Interests
- Asset pricing and macroeconomics
Research Awards
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Best Paper in Corporate Finance at the SFS Cavalcade, 2014.
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AFA Travel Grant, 2010.
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Graduate Fellowship, 2006-2012.
- Asset pricing and macroeconomics
2021
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
2020
Competition, markups, and predictable returns
Corhay A; Kung H; Schmid L
Review of Financial Studies 2020 Vol 33:12 p 5906-5939
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.
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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 -
Financial Economics I/Asset Pricing
Financial Economics I/Asset Pricing
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Finance II