Ing Haw Cheng
Associate Professor of Finance at Rotman School of Management
Biography
Rotman School of Management
Ing-Haw Cheng is an Associate Professor of Finance at Rotman. He researches how beliefs and incentives affect capital markets and the economy. Recent work includes studies of volatility and commodity derivatives markets, the impact of Covid-19 and the 2008 Great Financial Crisis on markets, and new and emerging topics in economics and finance.
Degrees:
- PhD, Economics, Princeton University, 2009
- MA, Economics, Princeton University, 2006
- BS, Mathematics, University of Chicago, 2001
Academic Positions
2021-Present Associate Professor, University of Toronto, Rotman School of Management
2018-2021 Associate Professor, Dartmouth College, Tuck School of Business
2013-2018 Assistant Professor, Dartmouth College, Tuck School of Business
2009-2013 Assistant Professor, University of Michigan, Ross School of Business
Non-Academic Positions
1998-2001 Consultant, Deloitte Consulting
Summer 1998 Research Assistant, Federal Reserve Bank of Chicago
Working Papers
- With A. Hsiaw, "Distrust in Experts and the Origins of Disagreement"
- "The VIX Premium"
- With K. Shue and H. Hong, “Do Managers Do Good with Other People’s Money?”
- “Corporate Governance Spillovers”
Awards
- Distinguished Referee, Review of Financial Studies, 2016
- NBER Household Finance Grant, 2016
- NBER Entrepreneurship Grant, 2016
- University of Michigan Mitsui Life Symposium, Best Discussant, 2013
- University of Michigan Ross Teaching Excellence Award Finalist, 2011
- BSI Gamma Foundation Grant, 2011
- Princeton University Towbes Prize for Outstanding Teaching, 2008
- Princeton University Department of Economics Fellowship, 2004–07
- Princeton University Industrial Relations Section Fellowship, 2004–06
Selected Publications
Working Papers:
Hedging Pressure and Commodity Option Prices (September 2021) (with Ke Tang and Lei Yan) Providing liquidity to hedgers earns substantial returns.
Do Managers Do Good With Other People's Money? (October 2020) (with Harrison Hong and Kelly Shue) Is corporate social responsibility symptomatic of agency problems?
Papers
Distrust in Experts and the Origins of Disagreement (with Alice Hsiaw) Journal of Economic Theory, Forthcoming. Why do individuals interpret the same information differently?
Reporting Sexual Misconduct in the #MeToo Era [video] SSRN-ungated American Economic Journal: Microeconomics, Forthcoming. Strategic uncertainty leads to under-reporting of sexual misconduct.
Volmageddon and the Failure of Short Volatility Products SSRN-ungated 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. Why do volatility risk premiums fluctuate?
Convective Risk Flows in Commodity Futures Markets (with Wei Xiong and Andrei Kirilenko) Review of Finance, 2015, 19(5), 1733-1781, Lead article. 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. 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
Videos
2016 UWFC Paper 9 Presentation
Read about executive education
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