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Harrison Hong |
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John R.
Eckel Jr. Professor of Financial Economics |
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1.
"A Unified Theory of Underreaction, Momentum Trading
and Overreaction in Asset Markets" (w/ Jeremy C. Stein;, Harvard University)
Journal of Finance, December 1999.
2.
"Trading and Returns under Periodic Market
Closures" (w/ Jiang Wang, MIT) Journal of
Finance, February 2000.
3.
"Bad News Travels Slowly: Size, Analyst Coverage and
the Profitability of Momentum Strategies" (w/ Terence Lim, Goldman Sachs and Jeremy C. Stein, Harvard University) Journal of
Finance, February 2000.
4.
"A Model of Returns and Trading in Futures
Markets" Journal of Finance, April 2000.
5. "Security
Analysts' Career Concerns and Herding of Earnings Forecasts" (w/ Jeffrey Kubik,
Syracuse University and Amit
Solomon, Neuberger Berman)
Rand Journal of Economics, Spring 2000.
6.
"Forecasting Crashes: Trading Volume,
Past Returns and Conditional Skewness in Stock Prices" (w/ Joseph Chen,
USC and Jeremy C. Stein, Harvard University)
Journal of Financial Economics, September 2001.
7. "Discussion
Comments of Momentum and Stock Return Autocorrelation" (w/ Joseph Chen, USC)
Review of Financial Studies, March 2002.
8. "Strategic
Trading and Learning about Liquidity" (w/ Sven Rady, University of Munich)
Journal of Financial Markets, November 2002.
9. "Breadth
of Ownership and Stock Returns" (w/ Joseph Chen, USC, Jeremy Stein, Harvard University)
Journal of Financial Economics, November 2002.
10. "Analyzing
the Analysts: Career Concerns and Biased Earnings Forecasts" (w/ Jeffrey Kubik,
Syracuse University)
Journal of Finance, February 2003.
11. "Differences
of Opinion, Short-Sales Constraints and Market Crashes" (w/ Jeremy C. Stein, Harvard University)
Review of Financial Studies, Summer 2003. (Previously circulated as
"Differences of Opinion, Rational Arbitrage and Market Crashes")
12. "Social
Interaction and Stock Market Participation" (w/ Jeffrey Kubik,
Syracuse University and Jeremy Stein, Harvard University)
Journal of Finance, February 2004.
13. "Does
Fund Size Erode Mutual Fund Performance? The Role of Liquidity and
Organization"
(w/ Joseph Chen, USC, Ming Huang, Stanford University, and Jeffrey D. Kubik, Syracuse University)
American Economic Review, December 2004.
14. "Talking
up Liquidity: Insider Trading and Investor Relations" (w/ Ming Huang, Stanford
University)
Journal of Financial Intermediation, January 2005.
15. "Thy
Neighbor's Portfolio: Word-of-Mouth Effects in the Holdings and Trades of Money
Managers"
(w/ Jeremy C. Stein, Harvard University and Jeffrey D. Kubik,
Syracuse University)
Journal of Finance, December 2005.
16. "Asset
Float and Speculative Bubbles" (w/ Jose Scheinkman and Wei Xiong, Princeton University)
Journal of Finance, June 2006.
17. "Do
Industries Lead Stock Markets?" (w/ Walter Torous, UCLA and Ross Valkanov, UCSD)
Journal of Financial Economics, February 2007.
Program and
Data:
http://rady.ucsd.edu/docs/faculty/valkanov/Note_10282014.pdf
http://rady.ucsd.edu/docs/faculty/valkanov/Do%20Industries%20Lead%20Stock%20Data%20and%20Code.zip
18. "Simple Forecasts and Paradigm Shifts" (w/ Jeremy Stein, Harvard
University and Jialin Yu, Columbia University)
Journal of Finance, June 2007.
19. "Disagreement and the Stock Market" (w/ Jeremy Stein, Harvard
University)
Journal of Economic Perspectives, Spring 2007.
20. "Firms as Buyers of Last Resort" (w/ Jialin
Yu, Columbia University and Jiang Wang, MIT)
Journal of Financial Economics, April 2008.
21. "Advisors
and Asset Prices: A Model of the Origins of Bubbles" (w/ Jose Scheinkman
and Wei Xiong Princeton University)
Journal of Financial Economics, August 2008.
22. "The Only Game in Town: Stock-Price Consequences of Local
Bias" (w/
Jeffrey Kubik, Syracuse University and Jeremy Stein,
Harvard University)
Journal of Financial Economics, October 2008.
23. "The
Price of Sin: The Effects of Social Norms on Markets" (w/ Marcin Kacperczyk,
NYU)
Journal of Financial Economics, July 2009.
Data for Hong
and Kacperczyk Price of Sin: http://www.columbia.edu/~hh2679/sinstocks.pdf
24. "Gone
Fishin': Seasonality
in Trading Activity and Asset Prices" (w/ Jialin Yu, Columbia
University)
Journal of Financial Markets, November 2009.
25. "Competition
and Bias"
(w/ Marcin Kacperczyk, NYU)
Quarterly
Journal of Economics, November 2010.
Program and
Data for Hong and Kacperczyk Competition and Bias: http://pages.stern.nyu.edu/~sternfin/mkacperc/public_html/~mkacperc.htm
26.
"Red and Blue Investing: Values and Finance" (w/
Leonard Kostovetsky, Rochester)
Journal of
Financial Economics, January 2012.
Program and
Data for Hong and Kostovetsky Red and Blue Investing:
"Data on Money Manager Political Affiliation"
27. "Do Arbitrageurs Amplify Economic Shocks?" (w/ Tal Fishman, Princeton
University and Jeffrey Kubik, Syracuse University)
Journal of
Financial Economics, March 2012.
Supplemental
Appendix: "Internet
Appendix for Arbs Amplify"
28.
"What Futures Market Interest Tell Us
About the Macroeconomy and Asset Prices?" (w/ Motohiro
Yogo, Wharton)
Journal of
Financial Economics, September 2012.
Program and
Data for Hong and Yogo What Futures Market Open
Interest Tells Us About the Macroeconomy?: https://sites.google.com/site/motohiroyogo/home/publications/#AssetPricing
29. "Outsourcing Mutual Fund Management: Firm Boundaries, Incentives
and Performance"
(w/ Joseph Chen, USC, Wenxi Jiang, Yale University,
Jeffrey Kubik, Syracuse University)
Journal of
Finance, April 2013.
Supplemental
Appendix: "Internet
Appendix for Outsourcing"
30. "Quiet Bubbles" (w/ David Sraer, Princeton
University)
Journal of
Financial Economics, December 2013.
Supplemental
Appendix: "Internet Appendix for QB"
31. "Speculating on Home Improvements" (w/ Hyun-Soo Choi, Princeton
University and Jose Scheinkman, Princeton University)
Journal of
Financial Economics, March 2014.
32. "Trading for Status" (w/ Wenxi Jiang, Yale University,
Na Wang, Hofstra University, and Bin Zhao, Shanghai Advanced Institute for
Finance)
Review of
Financial Studies, November 2014.
33. "Regression Discontinuity and The Price Effects of Stock Market
Indexing"
(w/ Yen-cheng Chang, Shanghai Advanced Institute for
Finance and Inessa Liskovich,
Princeton University)
Program for
Chang, Hong and Liskovich Russell 2000 RD: "Program" (Please read the Internet Appendix before running the RD. You
need to use the end-of-May market-cap ranks for the fuzzy RD. Using the
end-of-June Russell weights will severely bias the RD.)
Review of
Financial Studies, January 2015
34. "Ordering, Revenue and Anchoring in Art Auctions" (w/ Jeffrey Kubik,
Syracuse, Ilan Kremer, Warwick, Jianping
Mei, CKGSB, Michael Moses, NYU)
Rand Journal
of Economics, Spring 2015.
35. "Yesterday's Heroes: Compensation and Risk at Financial Firms" (w/ Ing-Haw Cheng University of
Michigan and Jose Scheinkman, Princeton University)
This draft
replaces an older draft titled, "Yesterday's Heroes: Compensation and Creative Risk-Taking"
Journal of
Finance, April 2015.
36. "Speculative Betas" (w/ David Sraer, Princeton
University)
Journal of
Finance, October 2016.
37. "Inflation Bets on the Long Bond" (w/ David Sraer,
Princeton University and Jialin Yu, HKUST)
Review of Financial
Studies, January 2017.
38. "Climate Risks and Market Efficiency" (w/ Frank Weikai
Li, Hong Kong University of Science and Technology and Jiangmin
Xu, Peking University)
Journal of
Econometrics, January 2019.
39. "Inferring Latent Social Networks from Stock Holdings" (w/ Jiangmin
Xu, Peking University)
Journal of
Financial Economics, February 2019.
40. "Robust Measures of Earnings Surprises" (w/ Chin-Han Chiang, Singapore
Management, Wei Dai, Dimensional Fund Advisors, Jianqing
Fan, Princeton University, Jun Tu, Singapore Management)
Journal of
Finance, April 2019.
"Internet Appendix Robust Surprises"
41. "Selection Versus Talent Effects on Firm Value" (w/ Briana Chang, University of
Wisconsin)
Journal of
Financial Economics, September 2019.
42. "Location Choice, Portfolio Choice" (w/ Ioannis
Branikas, Princeton University and Jiangmin Xu, Peking University)
Journal of
Financial Economics, October 2020.
43. "Climate Finance" (w/ Andrew Karolyi, Cornell University and Jose Scheinkman, Columbia University)
Review of
Financial Studies, March 2020.
44. "Implications of Stochastic Transmission Rates for Managing
Pandemic Risks"
(w/ Neng Wang, Columbia University and Jinqiang Yang, Shanghai University of Finance and
Economics)
Review of
Financial Studies, November 2021.
45. "Do Security Analysts Discipline Credit Rating Agencies?" (w/ Kingsley Fong, UNSW, Marcin
Kacperczyk, NYU, Jeffrey D. Kubik,
Syracuse University)
Review of
Corporate Finance Studies, forthcoming.
46. "Welfare Consequences of Sustainable Finance" (w/ Neng
Wang, Columbia University, and Jinqiang Yang,
Shanghai University of Finance and Economics)
Review of
Financial Studies, forthcoming.
47. "Corporate Social Responsibility" (w/ Edward Shore, Columbia
University)
Annual Review
of Financial Economics, forthcoming.
48. "Do Managers Do Good With Other Peoples' Money?" (w/ Ing-Haw Cheng, University
of Michigan and Kelly Shue, University of Chicago)
Review of
Corporate Finance Studies, forthcoming.
49. "Mitigating Disaster Risks in the Age of Climate Change" (w/ Neng
Wang, Columbia University and Jinqiang Yang, Shanghai
University of Finance and Economics)
Econometrica, forthcoming.
1. "Welfare Implications of Electric-Bike Subsidies: Evidence from
Sweden"
(w/ Anders Anderson, Swedish House of Finance)
(First Draft:
March 2022)
2. "Sorting Out the Real Effects of Credit Supply" (w/ Briana Chang, University of
Wisconsin and Matthieu Gomez, Columbia University)
(First Draft:
March 2020)
3. "A Sticky-Price View of Hoarding" (w/ Christopher Hansman, Imperial College Business School, Aureo de Paula, University College of London and Vishal
Singh, New York University)
(First Draft:
April 2014, This Draft: November 2018)
This paper
subsumes earlier work circulated as “Hoarding Behavior and Commodity Bubbles”
4. "Effects of Credit Expansions on Stock Market Booms and Busts" (w/ Christopher Hansman, Imperial College Business School, Wenxi Griffin Jiang, Chinese University of Hong Kong, Jane
Liu, Peking University Guanghua School of Management, Juanjuan
Meng, Peking University Guanghua School of Management)
(This Draft:
March 2022)
5. "Hedging and Pricing Rent Risk with Search Frictions" (w/ Briana Chang, University of
Wisconsin, Hyun-Soo Choi, Singapore Management University, and Jeffrey Kubik, Syracuse University)
(First Draft:
July 2017)
6. "Reopening Effect of COVID-19 Vaccines on Corporate
Earnings"
(w/ Jeffrey Kubik, Syracuse University, Neng Wang, Columbia University, Xiao Xu, Columbia
University and Jinqiang Yang, Shanghai University of
Finance and Economics)
(First Draft:
January 2021; This Draft: October 2021)
7. "Financial Constraints on Corporate Goodness" (w/ Jeffrey D. Kubik, Syracuse University and Jose Scheinkman,
Princeton University)
(First Draft:
January 2011)
8. "Crime, Punishment and the Value of Corporate Social
Responsibility"
(w/ Inessa Liskovich,
Princeton University)
(First Draft:
April 2014, This Draft: March 2016)
Previously
titled "Crime,
Punishment and the Halo Effect of Corporate Social Responsibility"
9. "An Epidemiological Approach to Opinion and Price-Volume
Dynamics"
(w/ Dong Hong, Singapore Management University and Andrei Ungureanu, Princeton
University)
(First Draft:
March 2010)
10. "Days to Cover and Stock Returns" (w/ Weikai
Li, Hong Kong University of Science and Technology, Sophie Xi Ni, Hong Kong
University of Science and Technology, Jose Scheinkman,
Columbia and Princeton University, and Philip Yan, Goldman Sachs)
(First Draft:
April 2014, This Draft: December 2015)
11. "Does Diversity Lead to Diverse Opinions? Evidence from Languages
and Stock Markets"
(w/ Yen-Cheng Chang, Shanghai Advanced Institute for Finance, Larissa Tiedens, Stanford Graduate School of Business, and Bin
Zhao, Shanghai Advanced Institute for Finance)
(First Draft: July
2013, This Draft: December 2013)
12. "Sand States and the US Housing Crisis" (w/ Hyun-Soo Choi, Singapore
Management University, Jeffrey D. Kubik, Syracuse University,
Jeffrey Thompson, Federal Reserve Board of Governors)
(First Draft:
January 2013, This Draft: April 2016. This paper subsumes some of the material
from When Real Estate is the Only Game in Town)
13. "When Some Investors Head for the Exit" (w/ Wenxi
Jiang, Yale University)
(First Draft:
November 2011)
14. "Do Hedge Funds Profit from Mutual Fund Distress?" (w/ Joseph Chen, USC, Samuel
Hanson, HBS, and Jeremy C. Stein, Harvard University)
(First Draft: September 2007, This Draft: April 2008)
15.
"Stochastic Convenience Yield, Optimal
Hedging and the Term Structure of Open Interest and Futures Prices"
(July 2001)
Harrison Hong
/ hh2679@columbia.edu
Last updated:
February 2023