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Ing-Haw Cheng
Professor of Finance
Academic Director, MFRM
Research Director, FinHub
Rotman School of Management
University of Toronto
105 St George St
Toronto, ON M5S3E6
(416) 978 4232
inghaw.cheng
[at] rotman.utoronto.ca
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Research Interests: Beliefs, Incentives, Derivatives
CV SSRN | Google scholar
Data:
Working Papers:
- The Fundamental Role of Uninsured Depositors in the Regional Banking Crisis (July 2024)
(with Briana Chang and Harrison Hong)
- Banks with more uninsured deposits take more risk in equilibrium.
- Coverage: [FT]
- Bayesian Doublespeak (August 2024)
(with Alice Hsiaw)
- Why does misinformation persist, and how does it distort long-run beliefs and actions?
- Hedging Pressure and Commodity Option Prices (July 2021)
(with Jiarui Feng, Ke Tang, and Lei Yan)
- Providing liquidity to hedging demand earns substantial returns.
Papers:
- Do Managers Do Good With Other People's Money?
(with Harrison Hong and Kelly Shue)
- Review of Corporate Finance Studies, 2023, 12(3), 443-487, Lead article (Editor's Choice).
- 2024 Review of Corporate Finance Studies Best Paper Award
- Is corporate social responsibility symptomatic of agency problems?
- Reporting Sexual Misconduct in the #MeToo Era [video] [SSRN-ungated]
(with Alice Hsiaw)
- American Economic Journal: Microeconomics, 2022, 14(4), 761-803.
- Strategic uncertainty leads to under-reporting of sexual misconduct.
- Distrust in Experts and the Origins of Disagreement
(with Alice Hsiaw)
- Journal of Economic Theory, 2022, 200.
- Why do individuals interpret the same information differently?
- Volmageddon and the Failure of Short Volatility Products [SSRN-ungated]
(with Patrick Augustin and Ludovic Van den Bergen)
- Financial Analysts Journal, 2021, 77(3), 35-51.
- A closer look at the February 2018 volatility spike.
- How Do Consumers Fare When Dealing with Debt Collectors?
Evidence from Out-of-Court Settlements
(with Felipe Severino and Richard Townsend)
- Review of Financial Studies, 2021, 34(4), 1617-1660, Lead article (Editor's Choice).
- Settlements appear to increase financial distress by draining liquidity.
- Volatility Markets Underreacted to the Early Stages of the COVID-19 Pandemic
- Review of Asset Pricing Studies, 2020, 10(4), 635-668.
- Coverage: [Risk.Net]
- The VIX Premium
- Review of Financial Studies, 2019, 32(1), 180-227.
- Appendix: [online] [data - see above]
- Why do volatility risk premiums fluctuate?
- Coverage: [FT Alphaville (Gated, Ungated)] [MarketWatch (Published, Unedited)]
- Convective Risk Flows in Commodity Futures Markets
(with Wei Xiong and Andrei Kirilenko)
- Review of Finance, 2015, 19(5), 1733-1781, Lead article.
- Appendix [online]
- Who bears risk in commodity futures markets?
- Yesterday's Heroes: Compensation and Risk at Financial Firms
(with Harrison Hong
and Jose Scheinkman)
- Journal of Finance, 2015, 70(2), 839-879.
- Appendix: [online]
- Is the cross-section of pay levels among finance firms consistent with principal-agent theory?
- 2011 Standard Life Investments ECGI Best Finance Working Paper Prize
- Coverage: [WSJ]
- Wall Street and the Housing Bubble
(with Sahil Raina and Wei Xiong)
- Why Do Hedgers Trade So Much?
(with Wei Xiong)
- Journal of Legal Studies, 2014, 43(S2), S183-S207.
- Labeling traders as either hedgers or speculators may be misleading.
- The Hazards of Debt: Rollover
Freezes, Incentives, and Bailouts
(with Konstantin Milbradt)
- Review of Financial Studies 2012, 25(4), 1070-1110.
- How should debt be structured to balance debt runs and risk-shifting?
- The Effect of the Run-Up in the Stock Market on Labor Supply
(with Eric French)
- Economic Perspectives (Federal Reserve Bank of Chicago) 2000, Q4 48-65.
Reviews / Chapters:
- The Financialization of Commodity Markets
(with Wei Xiong)
- Annual Review of Financial Economics, 2014, 6, 419-441.
- Commodities are now a popular asset class. How does this affect futures prices?
- Coverage: [FT Alphaville]
Inactive papers:
- Corporate Governance Spillovers (April 2011)
- Accounting fraud is linked to poor corporate governance at competitors.
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