Chi-Hsiou Hung

Biography

Dr Chi-Hsiou Hung joined the University as a Senior Lecturer in July 2012. He previously held a position of Lecturer in Finance at Durham University. Dr Hung holds a PhD in Accounting and Finance and an MSc in Finance, both from Lancaster University Management School. Dr Hung is also a Fellow of the Higher Education Academy. Before pursuing his PhD, Dr Hung completed his BSc in Mechanical Engineering in Taiwan and became a Financial Consultant in the Global Private Banking Group of Merrill Lynch Inc. and a manager of Priority Banking of Standard Chartered Bank. 

Dr Hung's research work has been published in academic finance journals including the Journal of Banking and Finance, the Journal of Empirical Finance, the Journal of Business Finance and Accounting, and International Review of Financial Analysis. His research has been funded by the Institute for Quantitative Investment Research (INQUIRE UK) in 2007 and 2005. Dr Hung has received five Best Paper Awards including the Best Paper Award from the 2011 & 2010 NTU International Conferences on Economics, Finance and Accounting (IEFA), the Research Paper Award from the 2008 annual meeting of the Securities and Financial Markets (SFM) conference, the New York Stock Exchange Prize from the 2005 annual meeting of the Midwest Finance Association and the Taiwan Stock Exchange Prize from the 2006 annual meeting of the Securities and Financial Markets conference.

Dr Hung presented his research papers at the University of Chicago, Financial Management Association (FMA) Conference (2011, 2010 & 2009) in the USA. He gave speeches on hedge funds at the INQUIRE UK & Europe joint seminar and INQUIRE U.K. Conference in Edinburgh and Bristol, respectively, in the U.K. Dr Hung also presented his papers in European Finance Association (EFA) Conference in Zurich, Switzerland and Ljubljana, Slovenia.

Publications

Journal papers: academic

• Ho, J. C. & Hung, C.-H. 2013. Predicting Stock Market Returns and Volatility with Investor Sentiment: Evidence from Eight Developed Countries, Journal of Accounting and Finance, Forthcoming.
• Azad, S., Fang, V. & Hung, C.-H. 2012. Linking Interest Rate Swap Markets to Macroeconomic Risk: US and UK evidence. International Review of Financial Analysis, Vol. 22, 38-47.
• Chung, S.-L., Hung, C.-H. & Yeh, C.-Y. 2012. When Does Investor Sentiment Predict Stock Returns?. Journal of Empirical Finance 19(2): 217-240.
• Banerjee, A. & Hung, C.-H. 2011. Informed Momentum Trading versus Uninformed "Naive" Investors Strategies. Journal of Banking and Finance 35(11): 3077-3089.
• Ho, C. & Hung, C.-H. 2009. Investor Sentiment as Conditioning Information in Asset Pricing. Journal of Banking and Finance 33(5): 892-903.
• Hung, C-H. 2008. Return Predictability of Higher-Moment CAPM Market Models. Journal of Business Finance & Accounting, 35(7 & 8): 998-1022.
• Hung D.C-H., Shackleton, M. & Xu, X. 2004. CAPM, Higher co-moment and factor models of UK stock returns. Journal of Business Finance & Accounting 31(1-2): 87-112.

I currently focus on analyzing the time-series and cross-sectional properties, determinants and predictors of the unconditional and conditional moments of returns on financial assets including stocks, corporate bonds, credit default swaps, and managed funds. I seek to understand their relations with firm characteristics, macroeconomic variables and investor sentiment. I also investigate the working mechanisms between corporate capital structure and exchange listing choices, financial market variables and government regulations. 

I identify problems in the econometric methodologies frequently adopted in these areas of empirical research, and propose new approaches to resolve the problems. My empirical research utilizes bootstrapping procedure and Monte Carlo simulation, cointegration and multivariate vector error correction model, dummy variable, Fama-MacBeth estimation, GARCH modeling, limited dependent model, panel regression, principle-component analysis, Markov regime-switching model and time-varying transition probabilities.  

Responsibilities

Academic Director of the PhD Programme