Hui Guo

Dr. Hui Guo is the Briggs-Swift-Cunningham Professor of finance at the Cart H. Lindner College of Business, the University of Cincinnati. He holds a Ph.D. degree in Economics from New York University and previously worked as a senior research economist at the Federal Reserve Bank of St. Louis before joining Lindner’s faculty in 2007.

Dr. Guo is interested in asset pricing and macroeconomics. He first advocated the multi-factor conditional equity premium model and highlighted the unstable stock market price-variance relation in the 2004 JFQA theoretical paper. He first documented a significant reaction of stock market prices to unexpected changes in the federal funds rate in the 2004 QREF paper. Dr. Guo has also investigated whether systematic risks, including stock market variance, average stock variance, aggregate default risk, and aggregate illiquidity, forecast excess stock market returns. In his recent works, he tries to reconcile investor sentiment with time-varying discount rates and the relationship between monetary policy and conditional equity market risk premiums.

Dr. Guo publishes regularly in leading academic journals such as the Journal of Finance, the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, the Journal of Business, the Journal of Accounting Research, the Contemporary Accounting Research, the Journal of American Statistical Association, the Journal of Business and Economics Statistics, and the Journal of Money, Credit, and Banking. His 2006 JF paper on the stock market risk-return relation is a finalist of the Smith Breeden Prize. He is a recipient of the 2019 Linder Excellence in Research Award.

Professor Guo has taught Introductory Econometrics, Financial Econometrics, International Economics, Fixed Income, Investments, Empirical Asset Pricing, and Theoretical Asset Pricing.
https://homepages.uc.edu/~guohu/
https://scholar.google.com/citations?user=n6z23gYAAAAJ#:~:text=2004.%20Articles%201%E2%80%9320.%20%E2%80%AAProfessor%20of%20Finance,%20University%20of
https://business.uc.edu/faculty-research/finance/faculty/hui-guo.html


 

Ph D: New York University NY, NY, 2000 (Economics)

MA: University of New Hampshire Durham, New Hampshire, 1994 (Economics)

BS: Wuhan University Wuhan, China, 1992 (Economics)

Professor Guos research interests include the relation between risk and return in the stock market, stock return predictability, idiosyncratic volatility, the dynamics of stock market volatility, and institutional trading. He has published in academic journals such as the Journal of Finance, the Review of Financial Studies, the Journal of Accounting Research, the Journal of Business, the Journal of Financial and Quantitative Analysis, the Contemporary Accounting Research, the Journal of Business and Economics Statistics, the Journal of Money, Credit, and Banking, the Financial Management, and the Journal of Banking and Finance, as well as practitioner journals such as the Journal of Portfolio Management. His article on the risk-return tradeoff in the stock market was nominated for the 2006 Smith-Breeden Prize for the best article published in the Journal of Finance.

07-17-2000 -08-17-2007 Economist and Senior Economist, The main responsibilities include academic research, briefing of economic conditions to senior management, writing review articles and cover pages for the bank's publications. , Federal Reserve Bank of St. Louis,

Investigators:Bond, Shaun; Guo, Hui 05-01-2017 -12-31-2017 Real Estate Research Institute Incorporating the Impact of Financial Intermediaries on the Price and Future Returns of Real Estate Funded Type:Grant Level:Other

Published Abstracts

Hatch, Brian;Guo, Hui;Qiu, Buhui;Zhou, Xiaozhou Information Asymmetry Measures and Their Effects on Cost of Equity .[Abstract]

Bai, Qing;Guo, Hui Stock Repurchase and Short-run Reversal .[Abstract]

Other Publications

Guo, Hui; Wang, Kent; Zhou, Hao Good Jumps, Bad Jumps, and Conditional Equity Premium . Journal of Financial and Quantitative Analysis

Guo, Hui; Lin, Qian; Pai, Yu-Jou On the Stock Market Variance-Return or Price Relations: A Tale of Two Variances .

Guo, Hui; Jiang, Xiaowen Aggregate Distress Risk and Equity Returns . Journal of Banking and Finance

Guo, Hui; Cheng, Hang; Shi, Yongdong Uncovering China"s Stock Market Risk--Return Relation: Crazy Casino Punters or Risk Averse Investors? .

Guo, Hui; Qiu, Buhui Conditional Equity Premium and Aggregate Investment: Is the Stock Market a Sideshow? .

Guo, Hui; Wu, Chaojiang; Yu, Yan (08-01-2017. ) Time-Varying Beta and the Value Premium .52 (4 ) , Journal of Financial and Quantitative Analysis

Guo, Hui; Mortal, Sandra; Savickas, Robert; Wood, Robert (09-15-2017. ) Market Illiquidity and Conditional Equity Premium .fall 2017 (46 ) , Financial Management

Guo, Hui; Qiu, Buhui (2016. ) A Better Measure of Institutional Informed Trading .33 (2 ) , Contemporary Accounting Research

Tian, Shaonan; Yu, Yan; Guo, Hui; (03-2015. ) Variable Selection and Corporate Bankruptcy Forecasts .52 , Journal of Banking and Finance

Guo, Hui; Qiu, Buhui (2014. ) Options-Implied Variance and Future Stock Returns .44 (44 ) , Journal of Banking and Finance/Elsevier B.V.

Guo, Hui; Liu, Zhentao; Wang, Kent; Zhou, Hao; Zuo, Haomiao Realized Jump Risk and Conditional Equity Premium .

Ferguson, Michael; Guo, Hui; Kassa, Haimont (02-2014. ) On the Relation between EGARCH Idiosyncratic Volatility and Expected Stock Returns .49 (1 ) , Journal of Financial and Quantitative Analysis

Guo, Hui; Wang, Zijun; Yang, Jian (06-01-2013. ) Time-Varying Risk-Return Tradeoff in the Stock Market .45 (4 ) , Journal of Money, Credit, and Banking/Ohio State University

Ding, Adam A.; Tian, Shaonan; Yu, Yan; Guo, Hui (09-2012. ) A Class of Discrete Transformation Survival Model with Application to Default Probability Prediction .107 (499 ) , Journal of the American Statistical Association

Guo, Hui (06-01-2011. ) IPO First-Day Return and Ex Ante Equity Premium .46 (3 ) , Journal of Financial and Quantitative Analysis/Cambridge University Press

Guo, Hui; Jiang, Xiaowen (03-01-2011. ) Accruals and Conditional Equity Premium .49 (1 ) , Journal of Accounting Research/University of Chicago

Guo, Hui; Jiang, Xiaowen Aggregate Distress Risk is Priced with a Positive Premium .

Guo, Hui; savickas, robert; mortel, sandra; wood, robert Uncovering the Relation between Aggregate Stock Illiquidity and Expected Excess Market Returns .

Guo, Hui; Kassa, Haimont; Ferguson, Michael; On the Relation between EGARCH Idiosyncratic Volatility and Expected Stock Returns .

Guo, Hui; bai, qing; Stock Splits and Conditional Value Premium .

Guo, Hui; Savickas, Robert; ; (2010. ) The Relation between Time-Series and Cross-Sectional Effects of Idiosyncratic Variance on Stock Returns in G7 Countries .34 , Journal of Banking an Finance/Elsevier

Guo, Hui; Savickas, Robert; Yang, Jian; Wang, Zijun (02-2009. ) Is the Value Premium a Proxy for Time-Varying Investment Opportunities: Some Time Series Evidence .44 , Journal of Financial and Quantitative Analysis

Guo, Hui (2009. ) Data Revisions and Out-of-Sample Stock Return Predictability .47 (1 ) , Economic Inquiry

Guo, Hui; Neely, chris; Higbee, Jason (12-2008. ) Foreign Exchange Volatility is Priced in Equities .37 (4 ) , Financial Management

Guo, Hui; Savickas, Robert (2008. ) Average Idiosyncratic Volatility in G7 Countries .21 (3 ) , Review of Financial Studies

Guo, Hui; Savickas, Robert (2008. ) Forecasting Foreign Exchange Rates Using Idiosyncratic Volatility .32 (7 ) , Journal of Banking and Finance

Guo, Hui; Neely, Chris (05-2008. ) Investigating the Intertemporal Risk-Return Relation in International Stock Markets with the Component GARCH Model .99 (2 ) , Economics Letters

Guo, Hui; Higbee, Jason; (2007. ) Market Timing with Aggregate and Idiosyncratic Stock Volatilities .Summer 2007 , Journal of Portfolio Management

Guo, Hui; Yang, Jian; Wang, Zijun (2006. ) International Transmission of Inflation among G-7 Countries: A Data-Determined VAR Analysis . 30 , Journal of Banking and Finance,

Guo, Hui (2006. ) On the Out-of-Sample Predictability of Stock Market Returns . 79 , Journal of Business

Guo, Hui (2006. ) On the Risk-Return Relation in International Stock Markets . 41 , Financial Review

Guo, Hui (2006. ) Time-Varying Risk Premia and the Cross Section of Stock Returns .30 , Journal of Banking and Finance

Guo, Hui; Whitelaw, Robert (2006. ) Uncovering the Risk-Return Relation in the Stock Market . 61 , Journal of Finance

Guo, Hui; Savickas, Robert (2006. ) Idiosyncratic Volatility, Stock Market Volatility, and Expected Stock Returns .24 , Journal of Business and Economic Statistics

Guo, Hui; Kliesen, Kevin (2005. ) Oil Price Volatility and U.S. Macroeconomic Activity, .87 , Federal Reserve Bank of St. Louis Review

Guo, Hui (2004. ) A Rational Pricing Explanation for the Failure of the CAPM .86 , Federal Reserve Bank of St. Louis Review,

Guo, Hui (09-2004. ) Limited Stock Market Participation and Asset Prices in a Dynamic Economy .39 , Journal of Financial and Quantitative Analysis

Guo, Hui (09-2004. ) Stock Prices, Firm Size, and Changes in the Federal Funds Rate Target .44 , Quarterly Review of Economics and Finance

Guo, Hui (2002. ) Stock Market Returns, Volatility, and Future Output .84 , Federal Reserve Bank of St. Louis Review

Guo, Hui (2002. ) Why Are Stock Market Returns Correlated with Future Economic Activities .84 , Federal Reserve Bank of St. Louis Review

Guo, Hui (2001. ) A Simple Model of Limited Stock Market Participation .83 , Federal Reserve Bank of St. Louis Review

Invited Presentations

Bond, Shaun; Guo, Hui; Yang, Changyu (06-22-2018. ) Systematic Mispricing: Evidence from Real Estate Markets .Finance Department Seminar, University of Sydney, Sydney, Australia. Seminar. .

Guo, Hui; Cheng, Hang; Shi, Yongdong (05-29-2018. ) Uncovering China"s Stock Market Risk--Return Relation: Crazy Casino Punters or Risk Averse Investors? .seminar, Dongbei University of Finance and Economics, Dalian, China. Seminar. . Level:Local

Bond, Shaun; Guo, Hui; Yang, Changyu (05-09-2018. ) Systematic Mispricing: Evidence from Real Estate Markets .Real Estate Research Institute - Annual Conference, Real Estate Research Institute, Chicago. Conference. . Level:International

Guo, Hui; Lin, Qian; Pai, Yu-Jou (03-19-2018. ) On the Stock Market Variance-Return or Price Relations: A Tale of Two Variances .seminar, University of Hawaii, Hawaii. Seminar. . Level:Local

Guo, Hui (10-06-2017. ) Conditional Equity Premium and Aggregate Investment: Is the Stock Market a Sideshow? .seminar, LSU, Baton Rouge. Seminar. . Level:Local

Guo, Hui (03-24-2016. ) What Moves Aggregate Investment (and Net Hiring): Investor Sentiment or Time-Varying Equity Premium .seminar, University of Sydney Business School, Sydney. Seminar. . Level:International

Guo, Hui; Qiu, Buhui (12-22-2015. ) What Moves Aggregate Investment (and Net Hiring): Investor Sentiment or Time-Varying Equity Premium .seminar, Wuhan University, Wuhan, China. Seminar. . Level:International

Guo, Hui; Qiu, Buhui (12-17-2015. ) What Moves Aggregate Investment (and Net Hiring): Investor Sentiment or Time-Varying Equity Premium? .department seminar, Shanghai University of Finance and Economics, Shanghai, China. Seminar. . Level:International

Guo, Hui (05-08-2015. ) Uncovering the Relation between Aggregate Stock Illiquidity and Expected Excess Market Returns .Central University of Finance and Economics, Central University of Finance and Economics, Beijing, China. Seminar. . Level:International

Guo, Hui (05-07-2015. ) A Better Measure of Institutional Informed Trading .Wuhan University, Wuhan University, Wuhan, China. Seminar. . Level:International

Guo, Hui (05-04-2015. ) Good Jumps, Bad Jumps, and Conditional Equity Premium .Dongbei University of Finance and Economics, Dongbei University of Finance and Economics, Dalian, China. Seminar. . Level:International

Guo, Hui; Bai, Qing (12-18-2014. ) Stock Splits and Conditional Value Premium .seminar talk, zhongnan university of economics and law, Wuhan, China. Seminar. . Level:International

Guo, Hui (12-14-2014. ) Doctoral Course of Asset Pricing .Doctoral Course of Asset Pricing, Wuhan University, Wuhan, China. Workshop. . Level:International

Guo, Hui; Bai, Qing (04-25-2014. ) On the time-varying conditional value premium .Seminar at University of Dayton, Department of Finance, University of Dayton, Department of Finance, Dayton, US. Seminar. . Level:National

Guo, Hui (04-07-2013. ) Stock Market Return Predictability .Economics and Management School, Wuhan University, Wuhan, China. Workshop. . Level:International

Guo, Hui (03-22-2013. ) stock market return predictability: Theories .Rotterdam School of Management, Rotterdam School of Management, Netherlands. Workshop. . Level:International

Guo, Hui; Bai, Qing; ; (03-20-2013. ) On the Time-Varying Conditional Value Premium .Rotterdam School of Business, Rotterdam School of Business, Totterdam, Netherlands. Seminar. . Level:International

Guo, Hui (03-18-2013. ) stock market return predictability: Empirics .Rotterdam School of Management, Rotterdam School of Management, Netherlands. Workshop. . Level:International

Guo, Hui (03-05-2013. ) Time-Varying Risk-Return Tradeoff in the Stock Market .macro seminar, University of Texas A&M Department of Econ, College Station Texas. Seminar. . Level:National

Guo, Hui; Qiu, Buhui (07-01-2011. ) Options-Implied Variance and Future Stock Returns .Xiamen University, Xiamen University, Xiamen, China. Level:International

Guo, Hui (07-08-2011. ) Options-Implied Variance and Future Stock Returns .Wuhan University, Wuhan University, Wuhan, China. Level:International

Bai, Qing; Guo, Hui (Bad Format: 20110300. ) Stock Splits and Conditional Value Premium .Invited Talk, Department of Finance, Kentucky University, Kentucky University. Level:Regional

Guo, Hui (11-26-2010. ) Stock Splits and Conditional Value Premium .seminar talk, School of Management, Xiamen University, Xiamen, China. Level:International

Guo, Hui (11-25-2010. ) Does Aggregate Relative Risk Aversion Change over Time? .Seminar Talks, Wang Yanan Institute of Economic Research, Xiamen University, Xiamen University. Level:International

Guo, Hui (10-06-2010. ) Average Idiosyncratic Variance and Expected Stock Market Returns: Some Further Evidence .Northern Illinois University, Northern Illinois University, DeKalb, Illilois. Level:National

Guo, Hui (04-06-2010. ) Aggregate Distress Risk is Priced with a Positive Premium .Ohio University, seminal talk, Ohio University, Athen, OH. Level:National

Guo, Hui (01-07-2010. ) Uncovering the Relation between Aggregate Stock Illiquidity and Expected Excess Market Returns .EDHEC, EDHEC, NICE, FRANCE. Level:National

Guo, Hui (11-03-2009. ) Uncovering the Relation between Aggregate Stock Illiquidity and Expected Excess Market Returns .hong kong university, hong kong university, hong knog, china. Level:International

Guo, Hui (07-21-2009. ) Uncovering the Relation between Aggregate Stock Illiquidity and Expected Excess Market Returns .Wuhan University, Wuhan University, Wuhan, China. Level:International

Guo, Hui (05-01-2009. ) Uncovering the Relation between Aggregate Stock Illiquidity and Expected Excess Market Returns .Chicago Quantitative Alliance Spring Meetings, Chicago Quantitative Alliance, chicago, Illinois. Level:National

Guo, Hui (2007. ) Hong Kong University of Science and Technology, Hong Kong University of Science and Technology, Hong Kong, China.

Guo, Hui (2007. ) loyola university in Chicago, loyola university in Chicago,

Guo, Hui (2007. ) Nanyang Technological University, Nanyang Technological University, Singapore.

Guo, Hui (2007. ) Singapore Management University, Singapore Management University, Singapore.

Guo, Hui (2007. ) university of cincinnati, university of cincinnati,

Guo, Hui (2007. ) University of Cincinnati, Math Department, Univerisyt of Cincinnati,

Guo, Hui (2007. ) University of Kansas, University of Kansas,

Guo, Hui (10-06-2007. ) Average Idiosyncratic Variance and Expected Stock Market Returns: Some Further Evidence .Hong Kong University, Hong Kong University, Hong Kong. Level:International

Guo, Hui (2006. ) university of Missouri at Columbia, university of Missouri at Columbia,

Guo, Hui (2005. ) George Washington University, George Washington University,

Guo, Hui (2004. ) University of New Hampshire, University of New Hampshire,

Guo, Hui (2003. ) George Washington University, George Washington University,

Guo, Hui (2003. ) Time-Varying Risk Premia and the Cross Section of Stock Returns .Kansas-Missouri Joint Seminar on Stochastic Theory and Applications, University of Missouri at Columbia, Columbia, MO. Level:National

Guo, Hui (2000. ) federal reserve bank of dallas, federal reserve bank of dallas,

Guo, Hui (2000. ) Federal Reserve Bank of St. louis, Federal Reserve Bank of St. louis,

04-21-2017 Best Paper Award Level:International Type:Scholarship/Research

03-2016 Visiting Professor, March 2016 Level:International Type:Scholarship/Research

01-01-2016 Special Term Professor recognitions of excellence in research and teaching Level:International Type:Scholarship/Research

12-20-2012 Luojia Chair Professor professorship from alma mater Wuhan University in recognition of excellence in research, teaching, and service Level:International Type:Leadership

02-29-2012 2012 AAII Best Paper in Investments Level:International Type:Scholarship/Research

09-15-2011 Chicago Quantitative Alliance Academic Competition Second Prize Award The paper "Options-Implied Viarnace and Future Stock Returns" was selected as the top 3 for the annual academic competition. Level:International Type:Scholarship/Research

01-2007 Finalist for Smith Breeden Prize The Smith Breeden prize is for the best asset pricing papers pulished in the Journal of Finace. It is one of the most prestigious awards in finance. Level:International Type:Scholarship/Research

09-1999 C. V. Starr Center Dissertation Fellowship Dssertation fellowship awarded to one 5th year Ph.D. student every year. Level:Department Type:Scholarship/Research

Type:University/College Service Level:University

doctoral program (representing finance department on all issues related to doctoral program ) Committee Member Type:University/College Service Level:University 09-01-2014

research committee (promoting and supporting college"s research activity ) Committee Member Type:University/College Service Level:University 09-01-2012 -08-31-2014

graduate program committee (managing the master program ) Committee Member Type:University/College Service Level:University 09-01-2010 -08-31-2012

review of financial studies Reviewer, Journal Article Type:Prof. Org. Level:Service to Professional Associations

01-2001: Western Finance Association, National

02-2000: Financial Management Association, National

01-1999: American Finance Association, International

AFA FIXED INCOME

ASSET PRICING

FIXED INCOME

INVMTS

FIXEDINCO

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ADV TOPICS FINANCE

ASSET PRICING

FIXED INCOME

FIXED INCOME

FIXEDINCO

RES COLLOQUIUM FIN

Fixed Income

Fixed Income

fixed income

fixed income

Advanced Topics in Finance

ASSET PRICING

FIXED INCOME

FIXEDINCO

RES COLLOQUIUM FIN

FIXED INCOME

Fixed Income

fixed income

Empirical Studies in Asset Pricing & Investments

Fixed Income

Fixed Income

Fixed Income

Fixed Income Securities Analysis & Valuation

Fixed Income

Individual Study

Fixed Income Securities Analysis & Valuation

Ind Study

Seminar in Investments

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Fixed Income

Fixed Income Securities Analysis & Valuation

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