The University of Southampton
Southampton Business School
Phone:
(023) 8059 8974
Email:
M.SUNG@soton.ac.uk

Professor Ming-Chien Sung PhD

Professor of Risk and Decision Sciences; Associate Director of Centre for Risk Research

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Professor Ming-Chien Sung is Professor of Risk and Decision Sciences; Associate Director of Centre for Risk Research within Southampton Business School at the University of Southampton.

化危機為轉機 Where there is a crisis (risk), there is an opportunity

Education

Professional employment

Sponsored Visiting Scholar

Professional accreditation

Membership of professional societies

Research

Responsibilities

Publications

Teaching

Contact

Research interests

My key research aim is to predict and improve real-world risk-taking and decision-making by developing an understanding of the factors which influence decisions in wider financial markets, through the application of quantitative modelling.

My research plan is to develop and employ a range of methodologies and innovative modelling techniques to further understanding of real-world risk-taking and decision-making.

To achieve this, I have secured a significant amount of research funding (around £3.5m, see below for details), including direct research funding (around £2.4m), and indirect research funding from industry (around £1.1m, e.g., data, database platforms, software, staff time). I also have established a multi-disciplinary network in both academic and commercial organisations to collaborate in a range of research projects and to help solve the problems of commercial organisations.

Specifically, my research interests include:

  • impact of FinTech on risk-taking behaviour
  • risk analysis using Big Data,
  • behavioural finance,
  • forecasting of competitive events (e.g., sports, horseraces, and political elections),
  • prediction markets,
  • behavioural economics, and
  • use of management science techniques in financial areas.

I have presented my research at a number of leading international conferences, and have published my work in a wide range of journals in economics, operations research, finance, and decision-making.

Grants awarded

Research councils

  • £30,000 (2017) ‘Developing an innovative, cloud-based risk management framework’, sponsored by Economic and Social Research Council (ESRC) Impact Acceleration Account.
  • £21,000 (2016) ‘Effective risk management for Big Data - supported mobile lending’, sponsored by ESRC Impact Acceleration Account.
  • £166,000 (2015/17) ‘Investment portfolio optimization via advanced volatility estimation’, sponsored by Innovate UK, ESRC, Engineering and Physical Sciences Research Council (EPSRC)
  • £10,000 (2015/6) ‘TreeNet forecasting of spread trading risk,’ sponsored by ESRC Accelerating Impact Award
  • £57,000 (2015/9) ‘Risk factor model portfolios for retail investors,’ sponsored by EPSRC CASE Studentship Scheme
  • €30,000 (2015/8) ‘Collaboration, risk management and governance in SMEs: Drivers for competitiveness and international entrepreneurship’ sponsored by Ministerio de Economia y Competitvidad, Spanish National Research Council.
  • £200,000 (2015/7) ‘Building a big data supported financial services platform’, sponsored by Shenzen Government, China
  • €25,300, (2014-16) 'Managing efficiency in high risk environments: Analysis of export relationships in food businesses', sponsored by Andalusian Regional Government for Excellence Research Project Initiative (Excellence Project P12-SEJ-1933).
  • £60,000, (2014-17) 'Managing risk through state-of-the-art quantitative analysis of financial traders' decisions', sponsored EPSRC CASE Studentship Scheme.
  • £53,659, (2013) 'Modelling the wisdom of the crowd', sponsored by EPSRC.
  • £304,900, (2013-16) 'To develop a state-of-the art trading dashboard presenting cognitively-intuitive real-time risk information that optimises risk management decisions through effective human-technology distributed cognition', sponsored by ESRC, Technology Strategy Board (TSB), and SFS. (KTP009163).
  • £148,000, (2013-14) ‘Development of a real-time model of spread-trader risk’, sponsored by ESRC, TSB, and London Capital Group Holdings plc. (KTP8952).
  • £59,450, (2012) ‘Modelling and prediction of spread-trader and contract for difference-trader risk’, sponsored by TSB and SFS. (SKTP1000767).
  • £149,600, (2011) ‘Classification and prediction of financial market trading behaviour’, sponsored by TSB (KTP008504).
  • £86, 727, (2008-11) ‘Mathematical/statistical approaches for improving forecasts of competitive events’, sponsored by EPSRC and World Bet Exchange Ltd. (EP/P503841/1).
  • $4,000, (2008) ‘Random forecasts for competitive event prediction’, sponsored by British Academy (UK) and Academia Sinica (AS) (Taiwan).

Commercial organisations

  • £40,000 (2016-2020) ‘Managing uncertainty through sophisticated quantitative analysis of financial decisions’, sponsored by Star Financial Systems Ltd. (SFS)
  • £80,000 (2017) ‘Developing and testing a risk tolerance questionnaire for investors’, sponsored by Seven Investment Management (7IM)
  • £41,000 (2016) ‘Managing uncertainty through effective risk analysis’, sponsored by an anonymous sponsor.
  • £100,000 (2015/17) ‘Investment portfolio optimization via advanced volatility estimation’, sponsored by 7IM
  • £247,000 (2015/17) 'Flexible portfolio optimisation models for strategic asset allocation', sponsored by 7IM
  • £33,000 (2015/9) ‘Risk factor model portfolios for retail investors,’ sponsored by 7IM
  • £200,000 (2015/7) ‘Building a big data supported financial services platform’, sponsored by Audaque Ltd.
  • £27,700, (2014-17) 'Managing risk through state-of-the-art quantitative analysis of financial traders' decisions', sponsored by London Capital Group Holdings plc. (UK).
  • £214,000, (2013-14) 'Modelling complex, uncertain environments'.
  • £2,550, (2013) Following excellent progress on a KTP project (KTP8952) with London Capital Group, the company agreed to provide additional funding to sponsor the project's Associate, Juan Carlos Moreno Paredes, to undertake his PhD.
  • £2,750, (2012) ‘Development of mathematical models for forecasting uncertainty in speculative markets’.
  • £3,250, (2012) ‘Predicting the long-term performance of financial market traders’.
  • £9,800, (2011) ‘Modelling successful decision-making and risk-taking behaviour in a naturalistic setting’.
  • £19,300, (2010) ‘Impact of cognitive biases on information-based trading strategies in a competitive environment’.
  • £100,481, (2010) ‘The development of mathematical models for forecasting uncertainty in speculative financial markets’.
  • £29,000, (2010) ‘Impact of cognitive biases on information-based trading strategies in a competitive environment’.
  • £115,377, (2009-10) ‘Efficiency of sports betting markets’.
  • £48,500, (2009) ‘Outcome prediction in traditional and speculative financial markets’.
  • £105,000, (2008-09) ‘Efficiency of speculative financial markets’. 

Internal University funding schemes

  • £27,200 in total, (since 2006-2016) University Hamburg Staff Exchange Programme Fund.
  • £29,700, (2012) ‘Towards real-time investment risk forecasting using market information from professional trading institutions’, sponsored by the Faculty Strategic Research Fund.
  • £12,810 in total, (2006-10) Annual School of Management Pump Priming Fund).
  • £21,000, (2010-13) ‘The role played by cognitive bias in real world financial markets’, sponsored by the University of Southampton PGR Scholarship Fund.
  • £27,000, (2009) ‘An exploration of the use of digital information by professional market traders and their resulting biases’, sponsored by the University Adventure in Research Fund.

Examples of PhD supervision topics

  • Managing risk through state-of-the-art quantitative analysis of financial traders’ decisions
  • Risk factor model portfolios for retail investors.
  • An application of HodgeRank to predict the outcome of  competitive events: A case study of horse racing
  • To what extent does weather influence individuals’ financial decision-making behaviour? Evidence from the spread-trading market
  • Methodological framework for improving the risk system in the financial sector
  • Insights into irrational financial trading behavior: Evidence from the UK financial spread trading markets
  • Combining web information to make effective decisions in speculative markets
  • Momentum trading and over/under reaction of investors within sports wagering markets
  • The role of web information in the investor decision-making process.
  • The operation and efficiency of corporate prediction markets.
  • Investigation of financial trading behaviour responses to volatile market price changes.
  • Examination of psychological effects on trading behaviour in financial markets.
  • Impact of cognitive biases on information-based trading strategies in a competitive environment.
  • Biased decision-making in a naturalistic environment: Implications for forecasts of competitive events.
  • The implications of information processing efficiency on decision-making.

I will consider applications to undertake PhD research study broadly related to, but not restricted to, any of the above areas. If you obtained a good MSc degree, or a first class honours degree in an appropriate subject, or equivalent professional qualification, and meet the language requirements of ILETS of 7.0 or equivalent, please feel free to email me your CV and research proposal or apply online via our PhD programme. A number of PhD scholarships for full-time entry are available for more information on this please visit the Postgraduate funding for PhD page.

Education

  • PhD in Management, 2006, University of Southampton
  • MSc in Accounting and Finance, 2001, University of Southampton

Professional employment

  • Professor in Risk and Decision Sciences, Southampton Business School, University of Southampton, Jul 2012- present
  • Associate Professor in Management Science, Southampton Business School, University of Southampton, Mar 2010-Jun 2012
  • Assistant Professor in Management Science, Southampton Business Schoolof Management, University of Southampton, Aug 2007-Feb 2010
  • Post-doc Research Fellow, Centre for Risk Research, School of Management, University of Southampton, Jun 2006-Jul 2007
  • Prior to my MSc and PhD, I also worked in the Finance sector for 7 years

Sponsored Visiting Scholar

  • University of Hamburg, Germany, 2006-2015
  • Academia Sinica, Taiwan, 2008

Professional accreditation

  • Postgraduate Certificate in Academic Practice

Membership of professional societies

  • Member of International Institute of Forecasters
  • Member of Royal Economic Society
  • Member of Economic Science Association
  • Member of Association for Psychological Science
  • Fellow of the Higher Education Academy
  • Member of the Editorial Board of Economic Issues (ABS ranked)
  • Member of the Academic Committee of the Asia Pacific Association for Gambling Studies
  • External reviewer of the Foundation for Science and Technology (FCT), Portugal

 

Articles

Book Chapters

Conferences

Working Papers

Professor Ming-Chien Sung
Southampton Business School, University of Southampton, Highfield, Southampton SO17 1BJ, UK

Room Number:2/4085

Telephone:(023) 8059 8974
Email:M.SUNG@soton.ac.uk

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