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Ing-Haw Cheng
Associate Professor

Rotman School of Management
University of Toronto
105 St George St
Toronto, ON M5S3E6
(416) 978 4232


Research Interests: Beliefs, Incentives, Derivatives

SSRN | Google scholar


Working Papers:

  1. The Fundamental Role of Uninsured Depositors in the Regional Banking Crisis (October 2023)
    (with Briana Chang and Harrison Hong)
    • Greater bank risk-taking and uninsured deposits go together in equilibrium.
    • Coverage: [FT]

  2. Bayesian Doublespeak (July 2023)
    (with Alice Hsiaw)
    • Why does misinformation persist, and how does it distort long-run beliefs and actions?

  3. Hedging Pressure and Commodity Option Prices (September 2021)
    (with Ke Tang and Lei Yan)
    • Providing liquidity to hedgers earns substantial returns.


  1. 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).
    • Is corporate social responsibility symptomatic of agency problems?

  2. 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.

  3. 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?

  4. 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.

  5. 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.

  6. 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]

  7. 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)]

  8. 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?

  9. 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]

  10. Wall Street and the Housing Bubble
    (with Sahil Raina and Wei Xiong)
  11. 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.

  12. 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?

  13. 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:

  1. 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:

  1. Corporate Governance Spillovers (April 2011)
    • Accounting fraud is linked to poor corporate governance at competitors.