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Harrison Hong
Professor of Economics, Columbia University
  • PROFILE
  • RESEARCH
  • TEACHING
Harrison Hong is a Special-Term Professor of Finance at Shanghai Advanced Institute of Finance (SAIF), and Professor of Economics at Columbia University.  He used to serve as the John Scully' 66 Professor of Economics and Finance at Princeton University and as an Assistant and Associate Professor of Finance on the faculty of the Graduate School of Business at Stanford University.
 
Professor Hong’s research interests include behavioral finance and stock market efficiency, asset pricing and trading under market imperfections, incentives and biases in decision making, organizational form and performance, among others. Professor Hong's journal publications have appeared in Journal of Finance,Journal of Financial Economics, Review of Financial Studies, American Economic Review, Quarterly Journal of Economics and other leading academic journals.
 
Professor Hong has received many professional awards including Fischer Black Prize from American Finance Association (2009), given once every two years to the best financial economists under 40 years of age.  He holds honorary doctorates from the Stockholm School of Economics and the School of Business at Aalto University.  His work has received 3000+ SSCI citations, won numerous best paper awards, and been supported by the National Science Foundation Fellowship and Grants.
 
In 2009, Professor Hong was elected Director of American Finance Association. Also he is a research associate at the National Bureau of Economic Research. He is now editor of International Journal of Central Banking; and he was on the editorial boards of both Journal of Finance and Journal of Financial Intermediation as Associate Editor.
 
Professor Hong holds Ph.D. in Economics from Massachusetts Institute of Technology (1997) and B.A. in Economics and Statistics from University of California, Berkeley.


Research Interests
Behavioral finance and stock market efficiency; Asset pricing and trading under market imperfections; Incentives and biases in decision making; Organizational form and performanceSocial interaction and markets.

Journal Publications & Working Papers
1. Hong, Harrison, and David Alexandre Sraer, Forthcoming, Speculative Betas, Journal of Finance.
2. Cheng, Ing-Haw, Harrison Hong, and Jose A. Scheinkman , 2015, Yesterday's Heroes: Compensation and Risk at Financial Firms , Journal of Finance.
3. Hong, Harrison, Ilan Kremer, Jeffrey D. Kubik, Jianping Mei, and Michael Moses , 2015, Ordering, Revenue and Anchoring in Art Auctions, RAND Journal of Economics.
4. Chang, Yen-Cheng, Harrison Hong, and Inessa Liskovich, 2014, Regression Discontinuity and The Price Effects of Stock Market Indexing, Review of Financial Studies.
5. Hong, Harrison, Wenxi Jiang, Na Wang, and Bin Zhao, 2014, Trading for Status, Review of Financial Studies.
6. Choi, Hyun-Soo, Harrison Hong, and Jose Scheinkman, 2014, Speculating on Home Improvements, Journal of Financial Economics.
7. Hong, Harrison, and David Sraer, 2013, Quiet Bubbles, Journal of Financial Economics.
8. Chen, Joseph, Harrison Hong, Wenxi Jiang, and Jeffrey D. Kubik, 2013, Outsourcing Mutual Fund Management: Firm Boundaries, Incentives and Performance, Journal of Finance.
9. Hong, Harrison, and Motohiro Yogo , 2012, What Does Futures Market Interest Tell Us about the Macroeconomy and Asset Prices?, Journal of Financial Economics.
10. Hong, Harrison, and Leonard Kostovetsky, 2012, Red and Blue Investing: Values and Finance, Journal of Financial Economics.
11. Hong, Harrison, Jeffrey D. Kubik, and Tal Fishman, 2012, Do Arbitrageurs Amplify Economic Shocks, Journal of Financial Economics.
12. Hong, Harrison, and Marcin Kacperczyk, 2010, Competition and Bias, Quarterly Journal of Economics.
13. Hong, Harrison, and Marcin Kacperczyk, 2009, The Price of Sin: The Effects of Social Norms on Stock Markets, Journal of Financial Economics.
14. Hong, Harrison, Jiang Wang, and Jialin Yu, 2008, Firms as Buyers of Last Resort, Journal of Financial Economics.
15. Hong, Harrison, Jose Scheinkman, and Wei Xiong, 2008, Advisors and Asset Prices: A Model of the Origins of Bubbles,, Journal of Financial Economics.
16. Hong, Harrison, Jeffrey D. Kubik, and Jeremy C. Stein, 2008, The Only Game in Town: The Stock Price Consequences of Local Bias, Journal of Financial Economics.
17. Hong, Harrison, Walter Torous, and Rossen Valkanov, 2007, Do Industries Lead Stock Markets?, Journal of Financial Economics.
18. Hong, Harrison, Jeremy C. Stein, and Jialin Yu, 2007, Simple Forecasts and Paradigm Shifts, Journal of Finance.
19. Hong, Harrison, and Jeremy C. Stein, 2007, Disagreement and the Stock Market, Journal of Economic Perspectives.
20. Hong, Harrison, Jose Scheinkman, and Wei Xiong, 2006, Asset Float and Speculative Bubbles, Journal of Finance.
21. Hong, Harrison, Jeffrey D. Kubik, and Jeremy C. Stein, 2005, Why Neighbor’s Portfolio: Word-of-Mouth Effects in the Holdings and Trades of Money Managers, Journal of Finance.
22. Hong, Harrison, and Ming Huang, 2005, Talking up Liquidity: Insider Trading and Investor Relations, Journal of Financial Intermediation.
23. Hong, Harrison, Joseph Chen, Ming Huang, and Jeffrey D. Kubik, 2004, Does Fund Size Erode Mutual Fund Performance? The Role of Liquidity and Organization, American Economic Review.
24. Hong, Harrison, Jeffrey D. Kubik, and Jeremy C. Stein, 2004, Social Interaction and Stock Market Participation, Journal of Finance.
25. Hong, Harrison, and Jeffrey D. Kubik, 2003, Analyzing the Analysts: Career Concerns and Biased Earnings Forecasts, Journal of Finance.
26. Hong, Harrison, and Jeremy C. Stein, 2003, Differences of Opinion, Short-Sales Constraints and Market Crashes,, Review of Financial Studies.
27. Hong, Harrison, and Sven Rady, 2002, Strategic Trading and Learning about Liquidity, Journal of Financial Markets.
28. Chen, Joseph, Jeremy C. Stein, and Harrison Hong, 2002, Breadth of Ownership and Stock Returns, Journal of Financial Economics.
29. Chen, Joseph, Jeremy C. Stein, and Harrison Hong, 2001, Forecasting Crashes: Trading Volume, Past Returns and Conditional Skewness Harrison Hong 4 of 6 7/6/11 in Stock Prices, Journal of Financial Economics.
30. Hong, Harrison, Terence Lim, and Jeremy C. Stein, 2000, Bad News Travels Slowly: Size, Analyst Coverage and the Profitability of Momentum Strategies, Journal of Finance.
31. Hong, Harrison, and Jiang Wang, 2000, Trading and Returns under Periodic Market Closures,, Journal of Finance.
32. Hong, Harrison, 2000, A Model of Returns and Trading in Futures Markets, Journal of Finance.
33. Kubik, Jeffrey D., Amit Solomon, and Harrison Hong, 2000, Security Analysts’ Career Concerns and Herding of Earnings Forecasts, RAND Journal of Economics.
34. Stein, Jeremy C., and Harrison Hong, 1999, A Unified Theory of Underreaction, Momentum Trading and Overreaction in Asset Markets, Journal of Finance.

Teaching Interests
No current data at this time.

Current Courses
No current courses at this time.

Faculty & Research
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