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Associate Professor Kingsley Fong

Associate Professor Kingsley Fong

Associate Professor

PhD, University of Sydney

BCom (Hons), University of New South Wales

Business School
School of Banking and Finance

Kingsley Fong is an Associate Professor of Finance and has published in leading international finance journals. His research expertise spans market microstructure, investment, household finance, and sustainable finance.

His academic work is guided by the principle that finance is an evolving design for organizing life and activity across individuals and society. He co-founded the RISE Finance Lab to explore how finance can better foster well-being, relational trust, and long-term stewardship.

Beyond finance, Kingsley Fong is the creator of DATKIS, an independent intellectual framework and structural language that grounds common sense and intelligence in truth, awareness, and design. DATKIS supports flourishing across personal, institutional, and systemic levels, and reflects his broader commitment to integrating coherence into knowledge and practice.

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Phone
+61 2 9385 4932
E-mail
k.fong@unsw.edu.au
Location
ºÚÁÏÍø´óÊÂ¼Ç Business School - Ref E12 Level 3, Room 344B
  • Book Chapters | 2000
    Fong KY; Zurbrugg R, 2000, 'Pacific rim futures markets and their intertemporal relationships', in Advances in Pacific Basin Financial Markets (2000), JAI Press Inc, Stamford Connecticut, pp. 197 - 220
  • Journal articles | 2024
    Edelen RM; Fong K; Han J, 2024, 'Regulating Inattention in Fee-based Financial Advice', ,
    Journal articles | 2024
    Menkveld AJ; Dreber A; Holzmeister F; Huber J; Johannesson M; Kirchler M; Neusüß S; Razen M; Weitzel U; Abad-Díaz D; Abudy M; Adrian T; Ait-Sahalia Y; Akmansoy O; Alcock JT; Alexeev V; Aloosh A; Amato L; Amaya D; Angel JJ; Avetikian AT; Bach A; Baidoo E; Bakalli G; Bao L; Barbon A; Bashchenko O; Bindra PC; Bjønnes GH; Black JR; Black BS; Bogoev D; Correa SB; Bondarenko O; Bos CS; Bosch-Rosa C; Bouri E; Brownlees C; Calamia A; Cao VN; Capelle-Blancard G; Romero LMC; Caporin M; Carrion A; Caskurlu T; Chakrabarty B; Chen J; Chernov M; Cheung W; Chincarini LB; Chordia T; Chow SC; Clapham B; Colliard JE; Comerton-Forde C; Curran E; Dao T; Dare W; Davies RJ; Blasis RD; Nard GFD; Declerck F; Deev O; Degryse H; Deku SY; Desagre C; Dijk MAV; Dim C; Dimpfl T; Dong YJ; Drummond PA; Dudda T; Duevski T; Dumitrescu A; Dyakov T; Dyhrberg AH; Dzieliński M; Eksi A; Kalak IE; Ellen ST; Eugster N; Evans MDD; Farrell M; Felez-Vinas E; Ferrara G; Ferrouhi EM; Flori A; Fluharty-Jaidee JT; Foley SDV; Fong KYL; Foucault T; Franus T; Franzoni F; Frijns B; Frömmel M; Fu SM; Füllbrunn SC; Gan B; Gao G; Gehrig TP, 2024, 'Nonstandard Errors', Journal of Finance, 79, pp. 2339 - 2390,
    Journal articles | 2023
    Le AT; Le TH; Liu WM; Fong KY, 2023, 'Dynamic limit order placement activities and their effects on stock market quality', Annals of Operations Research, 330, pp. 155 - 175,
    Journal articles | 2023
    Menkveld AJ; Dreber A; Holzmeister F; Huber J; Johanneson M; Kirchler M; Razen M; Weitzel U; Abad D; Abudy MM; Adrian T; Ait-Sahalia Y; Akmansoy O; Alcock J; Alexeev V; Aloosh A; Amato L; Amaya D; Angel JJ; Bach A; Baidoo E; Bakalli G; Barbon A; Bashchenko O; Bindra PC; Bjonnes GH; Black JR; Black BS; Bohorquez S; Bondarenko O; Bos CS; Bosch-Rosa C; Bouri E; Brownlees CT; Calamia A; Cao VN; Capelle-Blancard G; Capera L; Caporin M; Carrion A; Caskurlu T; Chakrabarty B; Chernov M; Cheung WMY; Chincarini LB; Chordia T; Chow SC; Clapham B; Colliard J-E; Comerton-Forde C; Curran E; Dao T; Dare W; Davies RJ; De Blasis R; De Nard G; Declerck F; Deev O; Degryse H; Deku S; Desagre C; Van Dijk MA; Dim C; Dimpfl T; Dong YJ; Drummond P; Dudda T; Dumitrescu A; Dyakov T; Dyhrberg AH; Dzieliński M; Eksi A; El Kalak I; ter Ellen S; Eugster N; Evans MDD; Farrell M; Félez-Viñas E; Ferrara G; FERROUHI EM; Flori A; Fluharty-Jaidee J; Foley S; Fong KYL; Foucault T; Franus T; Franzoni FA; Frijns B; Frömmel M; Fu S; Füllbrunn S; Gan B; Gehrig T; Gerritsen D; Gil-Bazo J; Glosten LR; Gomez T; Gorbenko A; Güçbilmez U; Grammig J; Gregoire V; Hagströmer B; Hambuckers J; Hapnes E; Harris JH; Harris L; Hartmann S; Hasse J-B; Hautsch N; He X-ZT; Heath D; Hediger S; Hendershott TJ; Hibbert AM; Hjalmarsson E; Hoelscher S; Hoffmann P; Holden CW; Horenstein AR; Huang W; Huang D; Hurlin C; Ivashchenko A; Iyer SR; Jahanshahloo H; Jalkh N; Jones CM; Jurkatis S; Jylha P; Kaeck A; Kaiser G; Karam A; Karmaziene E; Kassner B; Kaustia M; Kazak E; Kearney F; van Kervel V; Khan S; Khomyn M; Klein T; Klein O; Klos A; Koetter M; Krahnen JP; Kolokolov A; Korajczyk RA; Kozhan R; Kwan A; Lajaunie Q; Lam FYEC; Lambert M; Langlois H; Lausen J; Lauter T; Leippold M; Levin V; Li Y; Li MH; Liew CY; Lindner T; Linton OB; Liu J; Liu A; Llorente-Alvarez J-G; Lof M; Lohr A; Longstaff FA; Lopez-Lira A; Mankad S; Mano N; Marchal A; Martineau C; Mazzola F; Meloso DC; Mihet R; Mohan V; Moinas S; Moore D; Mu L; Muravyev D; Murphy D; Neszveda G; Neumeier C; Nielsson U; Nimalendran M; Nolte S; Nordén LL; O'Neill P; Obaid K; Ødegaard BA; Östberg P; Painter M; Palan S; Palit I; Park A; Pascual Gascó R; Pasquariello P; Pastor L; Patel V; Patton AJ; Pearson ND; Pelizzon L; Pelster M; Pérignon C; Pfiffer C; Philip R; Plíhal T; Prakash P; Press O-A; Prodromou T; Putnins TJ; Raizada G; Rakowski DA; Ranaldo A; Regis L; Reitz S; Renault T; Wang R; Renò R; Riddiough S; Rinne K; Rintamäki P; Riordan R; RITTMANNSBERGER T; Rodríguez Longarela I; Rösch D; Rognone L; Roseman B; Rosu I; Roy S; Rudolf N; Rush S; Rzayev K; Rzeźnik A; Sanford A; Sankaran H; Sarkar A; Sarno L; Scaillet O; Scharnowski S; Schenk-Hoppé KR; Schertler A; Schneider M; Schroeder F; Schürhoff N; Schuster P; Schwarz MA; Seasholes MS; Seeger N; Shachar O; Shkilko A; Shui J; Sikic M; Simion G; Smales LA; Söderlind P; Sojli E; Sokolov K; Spokeviciute L; Stefanova D; Subrahmanyam MG; Neusüss S; Szaszi B; Talavera O; Tang Y; Taylor N; Tham WW; Theissen E; Thimme J; Tonks I; Tran H; Trapin L; Trolle AB; Vaduva M; Valente G; Van Ness RA; Vasquez A; Verousis T; Verwijmeren P; Vilhelmsson A; Vilkov G; Vladimirov V; Vogel S; Voigt S; Wagner W; Walther T; Weiss P; van der Wel M; Werner IM; Westerholm PJ; Westheide C; Wipplinger E; Wolf M; Wolff CCP; Wolk L; Wong WK; Wrampelmeyer J; Wu Z-X; Xia S; Xiu D; Xu K; Xu C; Yadav PK; Yagüe J; Yan C; Yang A; Yoo W; Yu W; Yu S; Yueshen BZ; Yuferova D; Zamojski M; Zareei A; Zeisberger S; Zhang S; Zhang X; Zhong Z; Zhou ZI; Zhou C; Zhu X; Zoican M; Zwinkels RCJ; Chen J; Duevski T; Gao G; Gemayel R; Gilder D; Kuhle P; Pagnotta E; Pelli M; Sö nksen J; Zhang L; Ilczuk K; Bogoev D; Qian Y; Wika HC; Yu Y; Zhao L; Mi M; Bao L, 2023, 'Non-Standard Errors', The Journal of Finance, Forthcoming
    Journal articles | 2022
    Fong K; Hong H; Kacperczyk M; Kubik JD, 2022, 'Do Security Analysts Discipline Credit Rating Agencies?', Review of Corporate Finance Studies, 11, pp. 815 - 848,
    Journal articles | 2021
    Boehmer E; Fong K; Wu JJ, 2021, 'Algorithmic Trading and Market Quality: International Evidence', Journal of Financial and Quantitative Analysis, 56, pp. 2659 - 2688,
    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, 297, pp. 241 - 275,
    Journal articles | 2020
    Cahill D; Fong K; Wee M; Yang JW, 2020, 'The role of implied volatility in liquidity provision', Australian Journal of Management, 45, pp. 45 - 71,
    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, 112,
    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, 72,
    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, 18, pp. 379 - 409,
    Journal articles | 2017
    Fong KYL; Holden CW; Trzcinka CA, 2017, 'What are the best liquidity proxies for global research?', Review of Finance, 21, pp. 1355 - 1401,
    Journal articles | 2016
    Ainsworth A; Fong KYL; Gallagher DR; Partington G, 2016, 'Institutional trading around the ex-dividend day', Australian Journal of Management, 41, pp. 299 - 323,
    Journal articles | 2016
    Fong KYL; Foster FD; Gallagher DR; Lee AD, 2016, 'How has the Relevance of Institutional Brokerage Changed?', International Review of Finance, 16, pp. 499 - 524,
    Journal articles | 2014
    Fong KYL; Gallagher DR; Lee AD, 2014, 'Individual investors and broker types', Journal of Financial and Quantitative Analysis, 49, pp. 431 - 451,
    Journal articles | 2010
    Fong KYL, 2010, 'Limit Order Revisions', Journal of Banking and Finance, 34, pp. 1873 - 1885
    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, 17, pp. 257 - 270
    Journal articles | 2009
    Fong KY; Gallagher DR; Lee AD, 2009, 'The Value of Alpha Forecasts in Portfolio Construction', Australian Journal of Management, 34, pp. 97 - 121
    Journal articles | 2008
    Ainsworth AB; Fong KY; Gallagher DR, 2008, 'Style drift and portfolio management for active Australian equity funds', Australian Journal of Management, 32, pp. 387 - 418
    Journal articles | 2008
    Fong KY; Gallagher DR; Lee AD, 2008, 'Benchmarking benchmarks: measuring characteristic selectivity using portfolio holdings data', Accounting and Finance, 48, pp. 761 - 781
    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, 32, pp. 503 - 523
    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, 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, 5, pp. 1 - 29,
    Journal articles | 2003
    Fong KY; Zurbruegg R, 2003, 'How much do locals contribute to the price discovery process?', Journal of Empirical Finance, 10, pp. 305 - 320
    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, 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, 12, pp. 167 - 182
    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, pp. 219 - 232
  • Working Papers | 2024
    Fong K; Deng AS; Masulis R, 2024, Governing Through Votes: Shareholder Responses to Major Environmental and Social Incidents,
    Working Papers | 2024
    Fong K; Edelen R; Han J, 2024, Regulating Inattention in Fee-based Financial Advice, Journal of Financial Economics, ,
  • Preprints | 2024
    Edelen RM; Fong K; Han J, 2024, Regulating Inattention in Fee-based Financial Advice,
    Preprints | 2023
    Menkveld AJ; Dreber A; Holzmeister F; Huber J; Johanneson M; Kirchler M; Razen M; Weitzel U; Abad D; Abudy MM; Adrian T; Ait-Sahalia Y; Akmansoy O; Alcock J; Alexeev V; Aloosh A; Amato L; Amaya D; Angel JJ; Bach A; Baidoo E; Bakalli G; Barbon A; Bashchenko O; Bindra PC; Bjonnes GH; Black JR; Black BS; Bohorquez S; Bondarenko O; Bos CS; Bosch-Rosa C; Bouri E; Brownlees CT; Calamia A; Cao VN; Capelle-Blancard G; Capera L; Caporin M; Carrion A; Caskurlu T; Chakrabarty B; Chernov M; Cheung WMY; Chincarini LB; Chordia T; Chow SC; Clapham B; Colliard J-E; Comerton-Forde C; Curran E; Dao T; Dare W; Davies RJ; De Blasis R; De Nard G; Declerck F; Deev O; Degryse H; Deku S; Desagre C; Van Dijk MA; Dim C; Dimpfl T; Dong YJ; Drummond P; Dudda T; Dumitrescu A; Dyakov T; Dyhrberg AH; Dzieliński M; Eksi A; El Kalak I; ter Ellen S; Eugster N; Evans MDD; Farrell M; Félez-Viñas E; Ferrara G; FERROUHI EM; Flori A; Fluharty-Jaidee J; Foley S; Fong KYL; Foucault T; Franus T; Franzoni FA; Frijns B; Frömmel M; Fu S; Füllbrunn S; Gan B; Gehrig T; Gerritsen D; Gil-Bazo J; Glosten LR; Gomez T; Gorbenko A; Güçbilmez U; Grammig J; Gregoire V; Hagströmer B; Hambuckers J; Hapnes E; Harris JH; Harris L; Hartmann S; Hasse J-B; Hautsch N; He X-ZT; Heath D; Hediger S; Hendershott TJ; Hibbert AM; Hjalmarsson E; Hoelscher S; Hoffmann P; Holden CW; Horenstein AR; Huang W; Huang D; Hurlin C; Ivashchenko A; Iyer SR; Jahanshahloo H; Jalkh N; Jones CM; Jurkatis S; Jylha P; Kaeck A; Kaiser G; Karam A; Karmaziene E; Kassner B; Kaustia M; Kazak E; Kearney F; van Kervel V; Khan S; Khomyn M; Klein T; Klein O; Klos A; Koetter M; Krahnen JP; Kolokolov A; Korajczyk RA; Kozhan R; Kwan A; Lajaunie Q; Lam FYEC; Lambert M; Langlois H; Lausen J; Lauter T; Leippold M; Levin V; Li Y; Li MH; Liew CY; Lindner T; Linton OB; Liu J; Liu A; Llorente-Alvarez J-G; Lof M; Lohr A; Longstaff FA; Lopez-Lira A; Mankad S; Mano N; Marchal A; Martineau C; Mazzola F; Meloso DC; Mihet R; Mohan V; Moinas S; Moore D; Mu L; Muravyev D; Murphy D; Neszveda G; Neumeier C; Nielsson U; Nimalendran M; Nolte S; Nordén LL; O'Neill P; Obaid K; Ødegaard BA; Östberg P; Painter M; Palan S; Palit I; Park A; Pascual Gascó R; Pasquariello P; Pastor L; Patel V; Patton AJ; Pearson ND; Pelizzon L; Pelster M; Pérignon C; Pfiffer C; Philip R; Plíhal T; Prakash P; Press O-A; Prodromou T; Putnins TJ; Raizada G; Rakowski DA; Ranaldo A; Regis L; Reitz S; Renault T; Wang R; Renò R; Riddiough S; Rinne K; Rintamäki P; Riordan R; RITTMANNSBERGER T; Rodríguez Longarela I; Rösch D; Rognone L; Roseman B; Rosu I; Roy S; Rudolf N; Rush S; Rzayev K; Rzeźnik A; Sanford A; Sankaran H; Sarkar A; Sarno L; Scaillet O; Scharnowski S; Schenk-Hoppé KR; Schertler A; Schneider M; Schroeder F; Schürhoff N; Schuster P; Schwarz MA; Seasholes MS; Seeger N; Shachar O; Shkilko A; Shui J; Sikic M; Simion G; Smales LA; Söderlind P; Sojli E; Sokolov K; Spokeviciute L; Stefanova D; Subrahmanyam MG; Neusüss S; Szaszi B; Talavera O; Tang Y; Taylor N; Tham WW; Theissen E; Thimme J; Tonks I; Tran H; Trapin L; Trolle AB; Vaduva M; Valente G; Van Ness RA; Vasquez A; Verousis T; Verwijmeren P; Vilhelmsson A; Vilkov G; Vladimirov V; Vogel S; Voigt S; Wagner W; Walther T; Weiss P; van der Wel M; Werner IM; Westerholm PJ; Westheide C; Wipplinger E; Wolf M; Wolff CCP; Wolk L; Wong WK; Wrampelmeyer J; Wu Z-X; Xia S; Xiu D; Xu K; Xu C; Yadav PK; Yagüe J; Yan C; Yang A; Yoo W; Yu W; Yu S; Yueshen BZ; Yuferova D; Zamojski M; Zareei A; Zeisberger S; Zhang S; Zhang X; Zhong Z; Zhou ZI; Zhou C; Zhu X; Zoican M; Zwinkels RCJ; Chen J; Duevski T; Gao G; Gemayel R; Gilder D; Kuhle P; Pagnotta E; Pelli M; Sö nksen J; Zhang L; Ilczuk K; Bogoev D; Qian Y; Wika HC; Yu Y; Zhao L; Mi M; Bao L, 2023, Non-Standard Errors
    Preprints |
    Ainsworth AB; Fong KYL; Gallagher DR; Partington G, An Empirical Examination of Institutional Trading Around the Ex-Dividend Day in Australia, ,
    Preprints |
    Ainsworth AB; Fong KYL; Gallagher DR; Partington G, Institutional Trading Around the Ex-Dividend Day,
    Preprints |
    Ainsworth AB; Fong KYL; Gallagher DR; Partington G, Taxes, Price Pressure and Order Imbalance around the Ex-Dividend Day,
    Preprints |
    Ainsworth AB; Fong KYL; Gallagher DR, Style Drift and Portfolio Management for Active Australian Equity Funds,
    Preprints |
    Boehmer E; Fong KYL; Wu JJ, Algorithmic Trading and Changes in Firmss Equity Capital,
    Preprints |
    Boehmer E; Fong KYL; Wu JJ, Algorithmic Trading and Changes in Firms’ Equity Capital,
    Preprints |
    Boehmer E; Fong KYL; Wu JJ, International Evidence on Algorithmic Trading,
    Preprints |
    Fong K; Madhavan A; Swan PL, Why do Markets Fragment? A Panel-Data Analysis of Off-Exchange Trading,
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    Fong KYL; Foster FD; Gallagher DR; Lee AD, Brokers and Institutional Investor Trades, ,
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    Fong KYL; Gallagher DR; Lee AD, Brokerage Services and Individual Investor Trade Performance, ,
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    Fong KYL; Gallagher DR; Lee AD, Do Institutions Really Exploit Individuals? The Intraday Losses and Offsetting Returns of Discount and Premium Retail Investors, ,
    Preprints |
    Fong KYL; Gallagher DR; Lee AD, The Value of Alpha Forecasts in Portfolio Construction, ,
    Preprints |
    Fong KYL; Gallagher DR; Lee AD, Who Wins and Who Loses Among Individual Investors?,
    Preprints |
    Fong KYL; Hong HG; Kacperczyk MT; Kubik JD, Do Security Analysts Discipline Credit Rating Agencies?,
    Preprints |
    Fong KYL; Lee AD; Gallagher DR, The Performance of Trades Executed Using Multiple Brokers, ,
    Preprints |
    Fong KYL; Liu W-MR, Limit Order Revisions, ,
    Preprints |
    Fong KYL; Ng A; Gallagher DR, The Use of Derivatives by Investment Managers and Implications for Portfolio Performance and Risk, ,
    Preprints |
    Fong KYL; Parwada JT; Yang JW, Algorithmic Trading and Mutual Fund Performance,
    Preprints |
    Fong KYL; Yang JW, Algorithmic Trading and Mutual Fund Performance,
    Preprints |
    Fong KYL, Are Volatility Over Volume Liquidity Proxies Useful For Global Or US Research?,
    Preprints |
    Leung H; Krug JD; Schiereck D; Westerholm PJ; Fong KYL, Impact of Gender, Age, Income and Education on Household Broker Choice, ,
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    Leung H; Westerholm PJ; Fong KYL, Determinants of Household Broker Choice and the Impact on Performance,
    Preprints |
    Sarich K; Wee M; Yang JW, Market Sentiment and Liquidity Provision,
    Preprints |
    Swan PL; Fong K; Madhavan A, Are Upstairs Markets Pareto Improving?,
    Preprints |
    Swan PL; Fong KYL; Gardner P; Gallagher DR, Follow the Leader: The Cause and Consequences of Fund Managers Trading in Signal-Strength Sequence,
    Preprints |
    Swan PL; Fong KYL; Lau S; Gallagher DR, Do Active Fund Managers Care about Capital Gains Tax Efficiency?,

2017ÌýReview of Finance Spängler IQAM Prize
2021 Aspen Institute Ideas Worth Teaching Award
2022 S&P Global Decarbonisation Hackathon

2025 Co-Founder of ºÚÁÏÍø´óÊÂ¼Ç RISE Finance Lab

2024 Australian Sustainable Finance Institute Sustainable Finance Capability Reference Group member

2011-2019 Deputy Head of School Banking and Finance (and ad hoc acting head)

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My Teaching

FINS2643 Wealth Management and Client Engagement

FINS3644 Sustainable Investing

FINS5544 Sustainable Finance