Dunhong Jin
Prof. Dunhong JIN
Assistant Professor

3910 2531

KK 1008

Academic & Professional Qualification
  • Ph.D., University of Oxford, 2020
  • M.Sc., University of Oxford, 2015
  • B.S., Fudan University, 2014

Dr. Dunhong Jin joined The University of Hong Kong as Assistant Professor of Finance in 2020. She received her Ph.D. in finance from University of Oxford. She obtained her M.Sc. in mathematical finance from University of Oxford, and her B.S. in mathematics from Fudan University.

She is a theoretical financial economist, working on information, incentive and contract in asset management, corporate finance and asset pricing. She also has several joint projects with the Financial Conduct Authority on liquidity mismatch and financial stability in asset management industry.

Research Interest
  • Asset Management
  • Corporate Finance
  • Asset Pricing
  • Security Design
Selected Publications
  • “Swing Pricing and Fragility in Open-End Mutual Funds,” (with Marcin Kacperczyk, Bige Kahraman, and Felix Suntheim), The Review of Financial Studies, 2022, 35(1), 1-50 (Editor’s Choice).
  • “The Golden Mean: The Risk Mitigating Effect of Combining Tournament Rewards with High-Powered Incentives,” (with Thomas Noe), Journal of Finance, 2022, 77(5), 2907-2947.
Recent Publications
Swing Pricing and Fragility in Open-End Mutual Funds

How can fragility be averted in open-end mutual funds? In recent years, markets have observed an innovation that changed the way open-end funds are priced. Alternative pricing rules (known as swing pricing) adjust funds’ net asset values to pass on funds’ trading costs to transacting shareholders. Using unique data on investor-level transactions in U.K. corporate bond funds, we show that swing pricing eliminates the first-mover advantage arising from the traditional pricing rule and significantly reduces outflows during market stress. Swing pricing also reduces concavity in the flow-performance relationship and dilution in fund performance.