Dr Kingsley Yuen Lung Fong
Associate Professor

Dr Kingsley Yuen Lung Fong

  • PhD, University of Sydney
  • BCom (Hons), University of New South Wales
Business School
School of Banking and Finance

Associate Professor Kingsley Fong is the Program Director of the Master of Financial Planning.  He publishes in and review articles for leading international finance journals. Kingsley has been acharter holder of the CFA Institute since 2001 and is also an academic member of the FinancialPlanning Association. He is an appointed academic representative of the Financial PlanningEducation Council which sets an 8-course financial planning university education programstandard in Australia.

 

Research Interests

  • Market microstructure
  • Household finance
  • Investment
  • Sustainable finance

Refereeing for

  • Journal of Finance
  • Review of Financial Studies
  • Journal of Financial and Quantitative Analysis
  • Review of Finance
  • Management Science
  • Journal of Banking and Finance
  • International Review of Finance
  • Australian Journal of Management
  • Australian Research Council
Member of CFA Institute

 

Phone
+61 2 9385 4932
Location
UNSW Business School - Ref E12 Level 3, Room 344B

Publications

  • Book Chapters | 2000
    Fong KY; Zurbrugg R, 2000, 'Pacific rim futures markets and their intertemporal relationships', in Advances in Pacific Basin Financial Markets (2000), edn. Original, JAI Press Inc, Stamford Connecticut, pp. 197 - 220
  • Journal articles | 2021
    Le AT; Le TH; Liu WM; Fong KY, 2021, 'Dynamic limit order placement strategies: survival analysis with a multiple-spell duration model', Annals of Operations Research, vol. 297, pp. 241 - 275, http://dx.doi.org/10.1007/s10479-019-03384-y
    Journal articles | 2020
    Boehmer E; Fong K; Wu J, 2020, 'Algorithmic Trading and Market Quality: International Evidence', Journal of Financial and Quantitative Analysis, http://dx.doi.org/10.1017/S0022109020000782
    Journal articles | 2020
    Cahill D; Fong K; Wee M; Yang JW, 2020, 'The role of implied volatility in liquidity provision', Australian Journal of Management, vol. 45, pp. 45 - 71, http://dx.doi.org/10.1177/0312896219833423
    Journal articles | 2020
    Le AT; Le TH; Liu WM; Fong KY, 2020, 'Multiple duration analyses of dynamic limit order placement strategies and aggressiveness in a low-latency market environment', International Review of Financial Analysis, vol. 72, http://dx.doi.org/10.1016/j.irfa.2020.101575
    Journal articles | 2020
    Fong K; Krug JD; Leung H; Westerholm JP, 2020, 'Determinants of household broker choices and their impacts on performance', Journal of Banking and Finance, vol. 112, http://dx.doi.org/10.1016/j.jbankfin.2019.06.005
    Journal articles | 2018
    Ainsworth AB; Fong KYL; Gallagher DR; Partington G, 2018, 'Taxes, order imbalance and abnormal returns around the ex-dividend day', International Review of Finance, vol. 18, pp. 379 - 409, http://dx.doi.org/10.1111/irfi.12155
    Journal articles | 2017
    Fong KYL; Holden CW; Trzcinka CA, 2017, 'What are the best liquidity proxies for global research?', Review of Finance, vol. 21, pp. 1355 - 1401, http://dx.doi.org/10.1093/rof/rfx003
    Journal articles | 2016
    Ainsworth A; Fong KYL; Gallagher DR; Partington G, 2016, 'Institutional trading around the ex-dividend day', Australian Journal of Management, vol. 41, pp. 299 - 323, http://dx.doi.org/10.1177/0312896214539967
    Journal articles | 2016
    Fong KYL; Foster FD; Gallagher DR; Lee AD, 2016, 'How has the Relevance of Institutional Brokerage Changed?', International Review of Finance, vol. 16, pp. 499 - 524, http://dx.doi.org/10.1111/irfi.12092
    Journal articles | 2014
    Fong KYL; Gallagher DR; Lee AD, 2014, 'Individual investors and broker types', Journal of Financial and Quantitative Analysis, vol. 49, pp. 431 - 451, http://dx.doi.org/10.1017/S0022109014000349
    Journal articles | 2010
    Fong KYL, 2010, 'Limit Order Revisions', Journal of Banking and Finance, vol. 34, pp. 1873 - 1885, http://dx.doi.org/10.1016/j.jbankfin.2009.12.010
    Journal articles | 2009
    Fong KY; Gallagher DR; Lau S; Swan PL, 2009, 'Do active fund managers care about capital gains tax efficiency?', Pacific Basin Finance Journal, vol. 17, pp. 257 - 270, http://dx.doi.org/10.1016/j.pacfin.2008.04.002
    Journal articles | 2009
    Fong KY; Gallagher DR; Lee AD, 2009, 'The Value of Alpha Forecasts in Portfolio Construction', Australian Journal of Management, vol. 34, pp. 97 - 121, http://dx.doi.org/10.1177/031289620903400106
    Journal articles | 2008
    Fong KY; Gallagher DR; Lee AD, 2008, 'Benchmarking benchmarks: measuring characteristic selectivity using portfolio holdings data', Accounting and Finance, vol. 48, pp. 761 - 781, http://dx.doi.org/10.1111/j.1467-629X.2008.00263.x
    Journal articles | 2008
    Ainsworth AB; Fong KY; Gallagher DR, 2008, 'Style drift and portfolio management for active Australian equity funds', Australian Journal of Management, vol. 32, pp. 387 - 418, http://dx.doi.org/10.1177/031289620803200302
    Journal articles | 2008
    Fong KY; Gallagher DR; Lee AD, 2008, 'The state of origin of Australian equity: Does active fund manager location matter?', Australian Journal of Management, vol. 32, pp. 503 - 523, http://dx.doi.org/10.1177/031289620803200307
    Journal articles | 2007
    Fong KY; Gallagher DR; Lee AD, 2007, 'Where Do Australian Active Equity Managers Outperform?', JASSA - Journal of the Securities Institute of Australia, vol. 4, pp. 5 - 10
    Journal articles | 2006
    Fong KY; Gallagher DR; Ng A, 2006, 'The use of derivatives by investment managers and implications for portfolio performance and risk', International Review of Finance, vol. 5, pp. 1 - 29, http://dx.doi.org/10.1111/j.1468-2443.2006.00049.x
    Journal articles | 2003
    Henker T; Colwell DB; Fong KY; Ho J, 2003, 'Real Options Valuation of Australian Gold Mines and Mining Companies', The Journal of Alternative Investments, vol. 6, pp. 23 - 38
    Journal articles | 2003
    Fong KY; Zurbruegg R, 2003, 'How much do locals contribute to the price discovery process?', Journal of Empirical Finance, vol. 10, pp. 305 - 320, http://dx.doi.org/10.1016/S0927-5398(02)00053-1
    Journal articles | 2002
    Fong KY; Martens M, 2002, 'Overnight futures trading: now even Australia and US have common trading hours', Journal of International Financial Markets Institutions and Money, vol. 12, pp. 167 - 182, http://dx.doi.org/10.1016/S1042-4431(01)00056-7
    Journal articles | 2001
    Fong KY; Frino A, 2001, 'Stock market closure and intraday stock index futures market volatility: `contagin` bid-ask bias or both?', Pacific Basin Finance Journal, vol. 9, pp. 219 - 232, http://dx.doi.org/10.1016/S0927-538X(01)00007-5
    Journal articles | 2021
    Le AT; Le TH; Liu WM; Fong KY, 2021, 'Dynamic limit order placement activities and their effects on stock market quality', Annals of Operations Research, http://dx.doi.org/10.1007/s10479-021-04282-y
    Book Chapters | 2000
    Fong KY; Zurbrugg R, 2000, 'Pacific rim futures markets and their intertemporal relationships', in Advances in Pacific Basin Financial Markets (2000), edn. Original, JAI Press Inc, Stamford Connecticut, pp. 197 - 220
  • Preprints |
    Fong KYL, Are Volatility Over Volume Liquidity Proxies Useful For Global Or US Research?, http://dx.doi.org/10.2139/ssrn.2989367
    Preprints |
    Fong K; Madhavan A; Swan PL, Why do Markets Fragment? A Panel-Data Analysis of Off-Exchange Trading, http://dx.doi.org/10.2139/ssrn.246509
    Preprints |
    Swan PL; Fong K; Madhavan A, Are Upstairs Markets Pareto Improving?, http://dx.doi.org/10.2139/ssrn.424983
    Preprints |
    Swan PL; Fong KYL; Gardner P; Gallagher DR, Follow the Leader: The Cause and Consequences of Fund Managers Trading in Signal-Strength Sequence, http://dx.doi.org/10.2139/ssrn.508822
    Preprints |
    Fong KYL; Ng A; Gallagher DR, The Use of Derivatives by Investment Managers and Implications for Portfolio Performance and Risk, http://dx.doi.org/10.2139/ssrn.756184
    Preprints |
    Fong KYL; Liu W-MR, Limit Order Revisions, http://dx.doi.org/10.2139/ssrn.890463
    Preprints |
    Swan PL; Fong KYL; Lau S; Gallagher DR, Do Active Fund Managers Care about Capital Gains Tax Efficiency?, http://dx.doi.org/10.2139/ssrn.968871
    Preprints |
    Fong KYL; Gallagher DR; Lee AD, The Value of Alpha Forecasts in Portfolio Construction, http://dx.doi.org/10.2139/ssrn.1004434
    Preprints |
    Ainsworth AB; Fong KYL; Gallagher DR, Style Drift and Portfolio Management for Active Australian Equity Funds, http://dx.doi.org/10.2139/ssrn.1004670
    Preprints |
    Fong KYL; Lee AD; Gallagher DR, The Performance of Trades Executed Using Multiple Brokers, http://dx.doi.org/10.2139/ssrn.1005561
    Preprints |
    Ainsworth AB; Fong KYL; Gallagher DR; Partington G, An Empirical Examination of Institutional Trading Around the Ex-Dividend Day in Australia, http://dx.doi.org/10.2139/ssrn.1102042
    Preprints |
    Fong KYL; Gallagher DR; Lee AD, Do Institutions Really Exploit Individuals? The Intraday Losses and Offsetting Returns of Discount and Premium Retail Investors, http://dx.doi.org/10.2139/ssrn.1246890
    Preprints |
    Ainsworth AB; Fong KYL; Gallagher DR; Partington G, Institutional Trading Around the Ex-Dividend Day, http://dx.doi.org/10.2139/ssrn.1253282
    Preprints |
    Ainsworth AB; Fong KYL; Gallagher DR; Partington G, Taxes, Price Pressure and Order Imbalance around the Ex-Dividend Day, http://dx.doi.org/10.2139/ssrn.1314087
    Preprints |
    Fong KYL; Gallagher DR; Lee AD, Who Wins and Who Loses Among Individual Investors?, http://dx.doi.org/10.2139/ssrn.1364978
    Preprints |
    Fong KYL; Gallagher DR; Lee AD, Brokerage Services and Individual Investor Trade Performance, http://dx.doi.org/10.2139/ssrn.1572146
    Preprints |
    Fong KYL; Foster FD; Gallagher DR; Lee AD, Brokers and Institutional Investor Trades, http://dx.doi.org/10.2139/ssrn.1937446
    Preprints |
    Fong KYL; Hong HG; Kacperczyk MT; Kubik JD, Do Security Analysts Discipline Credit Rating Agencies?, http://dx.doi.org/10.2139/ssrn.1970963
    Preprints |
    Boehmer E; Fong KYL; Wu JJ, International Evidence on Algorithmic Trading, http://dx.doi.org/10.2139/ssrn.2022034
    Preprints |
    Boehmer E; Fong KYL; Wu JJ, Algorithmic Trading and Changes in Firms’ Equity Capital, http://dx.doi.org/10.2139/ssrn.2050856
    Preprints |
    Boehmer E; Fong KYL; Wu JJ, Algorithmic Trading and Changes in Firmss Equity Capital, http://dx.doi.org/10.2139/ssrn.2348730
    Preprints |
    Leung H; Krug JD; Schiereck D; Westerholm PJ; Fong KYL, Impact of Gender, Age, Income and Education on Household Broker Choice, http://dx.doi.org/10.2139/ssrn.2648301
    Preprints |
    Leung H; Westerholm PJ; Fong KYL, Determinants of Household Broker Choice and the Impact on Performance, http://dx.doi.org/10.2139/ssrn.2720267
    Preprints |
    Sarich K; Wee M; Yang JW, Market Sentiment and Liquidity Provision, http://dx.doi.org/10.2139/ssrn.2909722
    Preprints |
    Fong KYL; Yang JW, Algorithmic Trading and Mutual Fund Performance, http://dx.doi.org/10.2139/ssrn.2980774
    Preprints |
    Fong KYL; Parwada JT; Yang JW, Algorithmic Trading and Mutual Fund Performance, http://dx.doi.org/10.2139/ssrn.3111598
    Journal articles | 2021
    Le AT; Le TH; Liu WM; Fong KY, 2021, 'Dynamic limit order placement strategies: survival analysis with a multiple-spell duration model', Annals of Operations Research, vol. 297, pp. 241 - 275, http://dx.doi.org/10.1007/s10479-019-03384-y
    Journal articles | 2021
    Le AT; Le TH; Liu WM; Fong KY, 2021, 'Dynamic limit order placement activities and their effects on stock market quality', Annals of Operations Research, http://dx.doi.org/10.1007/s10479-021-04282-y
    Journal articles | 2020
    Cahill D; Fong K; Wee M; Yang JW, 2020, 'The role of implied volatility in liquidity provision', Australian Journal of Management, vol. 45, pp. 45 - 71, http://dx.doi.org/10.1177/0312896219833423
    Journal articles | 2020
    Boehmer E; Fong K; Wu J, 2020, 'Algorithmic Trading and Market Quality: International Evidence', Journal of Financial and Quantitative Analysis, http://dx.doi.org/10.1017/S0022109020000782
    Journal articles | 2020
    Le AT; Le TH; Liu WM; Fong KY, 2020, 'Multiple duration analyses of dynamic limit order placement strategies and aggressiveness in a low-latency market environment', International Review of Financial Analysis, vol. 72, http://dx.doi.org/10.1016/j.irfa.2020.101575
    Journal articles | 2020
    Fong K; Krug JD; Leung H; Westerholm JP, 2020, 'Determinants of household broker choices and their impacts on performance', Journal of Banking and Finance, vol. 112, http://dx.doi.org/10.1016/j.jbankfin.2019.06.005
    Journal articles | 2018
    Ainsworth AB; Fong KYL; Gallagher DR; Partington G, 2018, 'Taxes, order imbalance and abnormal returns around the ex-dividend day', International Review of Finance, vol. 18, pp. 379 - 409, http://dx.doi.org/10.1111/irfi.12155
    Journal articles | 2017
    Fong KYL; Holden CW; Trzcinka CA, 2017, 'What are the best liquidity proxies for global research?', Review of Finance, vol. 21, pp. 1355 - 1401, http://dx.doi.org/10.1093/rof/rfx003
    Journal articles | 2016
    Fong KYL; Foster FD; Gallagher DR; Lee AD, 2016, 'How has the Relevance of Institutional Brokerage Changed?', International Review of Finance, vol. 16, pp. 499 - 524, http://dx.doi.org/10.1111/irfi.12092
    Journal articles | 2016
    Ainsworth A; Fong KYL; Gallagher DR; Partington G, 2016, 'Institutional trading around the ex-dividend day', Australian Journal of Management, vol. 41, pp. 299 - 323, http://dx.doi.org/10.1177/0312896214539967
    Journal articles | 2014
    Fong KYL; Gallagher DR; Lee AD, 2014, 'Individual investors and broker types', Journal of Financial and Quantitative Analysis, vol. 49, pp. 431 - 451, http://dx.doi.org/10.1017/S0022109014000349
    Journal articles | 2010
    Fong KYL, 2010, 'Limit Order Revisions', Journal of Banking and Finance, vol. 34, pp. 1873 - 1885, http://dx.doi.org/10.1016/j.jbankfin.2009.12.010
    Journal articles | 2009
    Fong KY; Gallagher DR; Lee AD, 2009, 'The Value of Alpha Forecasts in Portfolio Construction', Australian Journal of Management, vol. 34, pp. 97 - 121, http://dx.doi.org/10.1177/031289620903400106
    Journal articles | 2009
    Fong KY; Gallagher DR; Lau S; Swan PL, 2009, 'Do active fund managers care about capital gains tax efficiency?', Pacific Basin Finance Journal, vol. 17, pp. 257 - 270, http://dx.doi.org/10.1016/j.pacfin.2008.04.002
    Journal articles | 2008
    Fong KY; Gallagher DR; Lee AD, 2008, 'The state of origin of Australian equity: Does active fund manager location matter?', Australian Journal of Management, vol. 32, pp. 503 - 523, http://dx.doi.org/10.1177/031289620803200307
    Journal articles | 2008
    Fong KY; Gallagher DR; Lee AD, 2008, 'Benchmarking benchmarks: measuring characteristic selectivity using portfolio holdings data', Accounting and Finance, vol. 48, pp. 761 - 781, http://dx.doi.org/10.1111/j.1467-629X.2008.00263.x
    Journal articles | 2008
    Ainsworth AB; Fong KY; Gallagher DR, 2008, 'Style drift and portfolio management for active Australian equity funds', Australian Journal of Management, vol. 32, pp. 387 - 418, http://dx.doi.org/10.1177/031289620803200302
    Journal articles | 2007
    Fong KY; Gallagher DR; Lee AD, 2007, 'Where Do Australian Active Equity Managers Outperform?', JASSA - Journal of the Securities Institute of Australia, vol. 4, pp. 5 - 10
    Journal articles | 2006
    Fong KY; Gallagher DR; Ng A, 2006, 'The use of derivatives by investment managers and implications for portfolio performance and risk', International Review of Finance, vol. 5, pp. 1 - 29, http://dx.doi.org/10.1111/j.1468-2443.2006.00049.x
    Journal articles | 2003
    Fong KY; Zurbruegg R, 2003, 'How much do locals contribute to the price discovery process?', Journal of Empirical Finance, vol. 10, pp. 305 - 320, http://dx.doi.org/10.1016/S0927-5398(02)00053-1
    Journal articles | 2003
    Henker T; Colwell DB; Fong KY; Ho J, 2003, 'Real Options Valuation of Australian Gold Mines and Mining Companies', The Journal of Alternative Investments, vol. 6, pp. 23 - 38
    Journal articles | 2002
    Fong KY; Martens M, 2002, 'Overnight futures trading: now even Australia and US have common trading hours', Journal of International Financial Markets Institutions and Money, vol. 12, pp. 167 - 182, http://dx.doi.org/10.1016/S1042-4431(01)00056-7
    Journal articles | 2001
    Fong KY; Frino A, 2001, 'Stock market closure and intraday stock index futures market volatility: `contagin` bid-ask bias or both?', Pacific Basin Finance Journal, vol. 9, pp. 219 - 232, http://dx.doi.org/10.1016/S0927-538X(01)00007-5

Awards

Grants

Media

Refereeing for:

  • Australian Journal of Management
  • Journal of Multinational Financial Management
  • Journal of International Financial Markets
  • Institutional and Money

 

Memberships - Company Boards, Professional Associations

  • Member of CFA Institute

 

Media Releases

  • FINS3616 International Business Finance
  • FINS3626 International Corporate Governance
  • FINS5510 Personal Financial Planning and Management
  • FINS5541 Advanced Investment and Advanced Funds Management
  • MFIN6213 Research Project