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About the Author(s)

180x250 Harrison Hong

Harrison Hong is a research associate in the NBER's Asset Pricing Program. He is currently the John R. Eckel Jr. Professor of Financial Economics in the Columbia University Department of Economics, where he teaches courses in the undergraduate and Ph.D. programs. Before coming to Columbia in 2016, he was on the economics faculty of Princeton University, most recently as the John Scully ’66 Professor of Economics and Finance. Prior to that, he was an assistant professor of finance at the Stanford Graduate School of Business from 1997–2001.

    Hong received his B.A. in economics and statistics with highest distinction from the University of California, Berkeley in 1992 and his Ph.D. in economics from M.I.T. in 1997.

    He has contributed to a number of topics in financial economics, especially on behavioral finance and stock market efficiency. In 2009, he was awarded the Fischer Black Prize, given every two years by the American Finance Association to the best finance economist under the age of 40. He has received several honorary doctorates. He lives with his wife and son in New York City.



1. A. Mooney and P. Smith, "As the climate changes, ESG investing powers into the mainstream," Financial Times, Nov. 18, 2018.  Go to ⤴︎
2. H. Hong, J. Kubik, and J. Scheinkman, "Financial Constraints on Corporate Goodness," NBER Working Paper No. 18476, October 2012.  H. Hong, J. Kubik, and J. Scheinkman, "Financial Constraints on Corporate Goodness," NBER Working Paper No. 18476, October 2012.  Go to ⤴︎
3. R. Greenwood and S. Hanson, "Issuer Quality and the Credit Cycle," NBER Working Paper No. 17197, July 2011, and published as "Issuer Quality and Corporate Bond Returns," The Review of Financial Studies, 26(6), 2013, pp. 1483–525. Go to ⤴︎
4. I. Cheng, H. Hong, and K. Shue, "Do Managers Do Good with Other People's Money?" NBER Working Paper No. 19432, September 2013. Go to ⤴︎
5. J. Poterba and L. Summers, "The Economic Effects of Dividend Taxation," NBER Working Paper No. 1353, May 1984. Go to ⤴︎
6. V. Cuñat, M. Giné, and M. Guadalupe, "The Vote is Cast: The Effect of Corporate Governance on Shareholder Value," NBER Working Paper No. 16574, December 2010. Go to ⤴︎
7. H. Hong and I. Liskovich, "Crime, Punishment and the Halo Effect of Corporate Social Responsibility," NBER Working Paper No. 21215, May 2015. The plot and analysis are from an upcoming revision to this paper that is joint with Jeffrey Kubik and José Scheinkman. Go to ⤴︎
8. C. Mulligan and A. Shleifer, "Population and Regulation," NBER Working Paper No. 10234, January 2004. Published as "The Extent of the Market and the Supply of Regulation," Quarterly Journal of Economics, 120 (4), 2005, pp. 1445–73. Go to ⤴︎
9. H. Hong, W. Li, and J. Xu, "Climate Risks and Market Efficiency," NBER Working Paper No. 22890, December 2016, and Journal of Econometrics, 208 (1), 2019, pp. 265–81. Go to ⤴︎

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