Giang Nguyen

Color portrait of Giang Nguyen

Assistant Professor of Finance

Department Finance
Office Address 344 Business Building
Phone Number 814-865-2185
Email Address

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Professor Giang Nguyen joined the Finance department at Smeal College of Business as Assistant Professor of Finance in Fall 2015. She conducts research on the economics of fixed income markets, including the U.S. Treasury and the municipal bond markets. Her recent research projects examine the dynamics of market liquidity and volatility in the U.S. Treasury market, the impact of macroeconomic information and monetary policy decisions on bond prices, and the determinants of municipal bond yields. Previously, Professor Nguyen spent the 2019–2020 academic year as a Financial Economist at the U.S. Securities and Exchange Commission to provide assistance to the Commission’s policy initiatives related to fixed income markets. At Penn State, Professor Nguyen teaches security analysis and portfolio management to undergraduate Finance majors. She obtained her Ph.D. in Economics from the University of North Carolina at Chapel Hill. Prior to her academic career, she was a Senior Analyst with NERA Economic Consulting and a Management Consultant with PricewaterhouseCoopers Vietnam.


Market Microstructure (Liquidity, Price Discovery, Market Efficiency, Fixed Income Markets)
Financial Econometrics (Liquidity and Volatility Modeling)


Ph D, Economics, The University of North Carolina, 2015

MBA, Finance and Investments, George Washington University, 2006

Bachelor of Commerce with Honors, Accounting and Finance, Monash University and University of Queensland, 2001

Courses Taught

FIN 406 – Sec Anly &Prt Mgmt (3)
Advanced valuation theory; fundamentals of security analysis; portfolio construction and management.

Selected Publications

Cornaggia K., Hund J., Nguyen G., "The Price of Safety: The Evolution of Municipal Bond Insurance Value." Management Science, 2022, pp. 56
Cornaggia K., Hund J., Nguyen G., "Investor Attention and Municipal Bond Returns." Journal of Financial Markets, vol. 60, 2022, pp. 100738 (1-27)
(Lead Article)
Fleming M., Nguyen G., Ruela F., "Tick Size, Competition for Liquidity Provision, and Price Discovery: Evidence from the U.S. Treasury market." Management Science, 2022, pp. 47
Cornaggia K., Hund J., Nguyen G., Ye Z., "Opioid Crisis Effects On Municipal Finance." Review of Financial Studies, vol. 35, no. 4, 2021, pp. 2019–2066
Nguyen G., Engle R. F., Fleming M. J., Ghysels E., "Liquidity and Volatility in the U.S. Treasury Market." Journal of Econometrics, vol. 217, no. 2, 2020, pp. 207-229
(Lead Article)
Fleming M., Nguyen G., "Price and Size Discovery in Financial Markets: Evidence from the U.S. Treasury Securities Market." Review of Asset Pricing Studies, vol. 9, no. 2, 2019, pp. 256-295
Ghysels E., Nguyen G., "Price Discovery of a Speculative Asset: Evidence from a Bitcoin Exchange." Journal of Risk and Financial Management, vol. 12, no. 4, 2019, pp. 164 (26 pages)
Fleming M., Mizrach B., Nguyen G., "The Microstructure of a U.S. Treasury ECN: The BrokerTec Platform." Journal of Financial Markets, vol. 40, 2018, pp. 2-22
(Lead Article)
Riley S. F., Nguyen G., Manturuk K., "House price dynamics, unemployment, and the mobility decisions of low-income homeowners." Journal of Housing and the Built Environment, vol. 30, no. 1, 2015, pp. 141–156

Research Impact and Media Mentions

"Buyers snap up U.S. Treasury I bonds before interest rate deadline", Marketplace, Radio,
"The US opiod crisis and municipal funding", Principles for Responsible Investment, Internet,
"Opioid abuse affects municipal access to capital", Principles for Responsible Investment (PRI), Internet
"How Does Tick Size Affect Treasury Market Quality?", Federal Reserve Bank of New York Liberty Street Economics Blog, Internet, How Does Tick Size Affect Treasury Market Quality?
"People are worried about bond market liquidity", Matt Levine Money Stuff Newsletter, Bloomberg Opinion Column,
"Cities Are Buying Bond Insurance That May Be Giving Them Nothing", Bloomberg, Newspaper,
"For all but the lowest-rated state and local governments, buying bond insurance is a bad deal", Brookings Institution, Internet,
"Assessing the Price Impact of Treasury Market Workups", Federal Reserve Bank of New York Liberty Street Economics Blog, Internet,
"Price Impact of Trades and Limit Orders in the U.S. Treasury Securities Market", Federal Reserve Bank of New York Liberty Street Economics Blog, Internet,
"The Need to Revisit the Regulatory Framework of the U.S. Treasury Market", U.S. Securities and Exchange Commission, Public Statement of U.S. SEC Commissioner Luis A. Aguilar,