Chung Hei Sing

Chung Hei Sing

I work at the intersection of institutional capital allocation, governance, and financial infrastructure, with a focus on real-world assets and long-term investment decision-making.

Sitemap

A list of all the posts and pages found on the site. For you robots out there, there is an XML version available for digesting as well.

Pages

Posts

Future Blog Post

This post will show up by default. To disable scheduling of future posts, edit config.yml and set future: false.

Blog Post number 4

This is a sample blog post. Lorem ipsum I can’t remember the rest of lorem ipsum and don’t have an internet connection right now. Testing testing testing this blog post. Blog posts are cool.

Blog Post number 3

This is a sample blog post. Lorem ipsum I can’t remember the rest of lorem ipsum and don’t have an internet connection right now. Testing testing testing this blog post. Blog posts are cool.

Blog Post number 2

This is a sample blog post. Lorem ipsum I can’t remember the rest of lorem ipsum and don’t have an internet connection right now. Testing testing testing this blog post. Blog posts are cool.

Blog Post number 1

This is a sample blog post. Lorem ipsum I can’t remember the rest of lorem ipsum and don’t have an internet connection right now. Testing testing testing this blog post. Blog posts are cool.

portfolio

publications

Paper Title Number 1

Published in Journal 1, 2009

This paper is about the number 1. The number 2 is left for future work.

Paper Title Number 2

Published in Journal 1, 2010

This paper is about the number 2. The number 3 is left for future work.

Paper Title Number 3

Published in Journal 1, 2015

This paper is about the number 3. The number 4 is left for future work.

Hedge Funds in Institutional Portfolios

Risk Budgeting Beyond Traditional Metrics

Published in Working Paper, 2018

Why hedge funds are best understood as risk-transforming tools rather than an asset class, and how a risk-budgeting lens improves institutional capital allocation and governance.

Payments in Transition

Technology, Incentives, and the Rise of Digital Infrastructure

Published in Working Paper, 2019

Payments are ceasing to function as a standalone financial service and are becoming foundational digital infrastructure. This paper examines how technology, data, regulation, and platform expansion are reshaping the competitive logic of the payments industry.

When CSR/ESG Pays — and When It Doesn’t

Risk Mitigation, Materiality, and the Governance Conditions for Financial Performance

Published in Working Paper, 2020

A governance-centered evaluation of the empirical relationship between CSR/ESG and financial performance, arguing that financial impact is conditional on materiality, governance integration, and capital duration.

What Boards Actually Do Well

A Governance-First View of Oversight, Not Management

Published in Working Paper, 2021

Boards add value not by managing operations, but by setting decision boundaries, stewarding capital under uncertainty, selecting leadership, and preventing irreversible failures.

Evaluating Private Equity and Venture Capital as Institutional Asset Classes

Risk, Liquidity, Governance, and Institutional Portfolio Design

Published in Working Paper, 2021

Private equity and venture capital are widely treated as asset classes, but their underlying exposures vary significantly across strategies. This paper reframes them as implementation channels, where outcomes are driven by manager selection, governance, and portfolio construction rather than category-level assumptions.

Capital Allocation as a Board Responsibility

Why Strategy Fails Without Governance

Published in Working Paper, 2022

Capital allocation—not strategy documents—determines which priorities survive. This paper reframes capital allocation as the board’s most enduring and consequential governance responsibility.

Fiduciary Duty in Complex Organizations

Decision-Making Under Uncertainty

Published in Working Paper, 2023

Fiduciary duty is best evaluated as a decision-making discipline under uncertainty; failures are usually governance design problems, not single bad decisions.

Manager Selection vs. Strategy Labels

Why Process Matters More Than Categories

Published in Working Paper, 2023

Strategy labels organize portfolios, but they do not explain how returns are generated. This paper shows that performance dispersion within strategies reflects differences in manager processes, and that a process-oriented approach provides a more complete framework for manager selection and portfolio construction.

Private Credit as a Structural Allocation

Why Institutional Capital Treats Private Credit as Permanent, Governance-Intensive Exposure

Published in Working Paper, 2023

Private credit has shifted from episodic dislocation trade to permanent capital; governance and institutional process now drive outcomes more than cycle timing.

The RWA Tokenization Stack

Technology, Governance, and Institutional Constraints

Published in Working Paper, 2023

A practical framework for understanding the full RWA tokenization stack—why institutional adoption depends as much on governance, legal enforceability, and operating constraints as on on-chain technology.

Why Governance Quality Determines Outcomes

A Cross-Asset Institutional Framework

Published in Working Paper, 2024

Why governance quality—not asset class exposure—is the most consistent determinant of institutional investment outcomes across public markets, private markets, and real assets.

Paper Title Number 4

Published in GitHub Journal of Bugs, 2024

This paper is about fixing template issue #693.

Crisis, Complexity, and ESG

The Board’s Governance Guide to Building Resilience and Driving Sustainable Impact in Volatile Times

Published in Working Paper, 2024

In volatile markets, board governance is no longer just oversight—it is a strategic function that determines resilience, ESG outcomes, and long-term value creation.

Why Tokenized Funds Will Scale Before Tokenized Projects

Institutional Adoption, Fiduciary Risk, and Market Design

Published in Working Paper, 2024

Tokenized funds scale before tokenized projects because they inherit standardized legal structures, fiduciary governance, and regulatory compatibility that institutional investors are structurally required to preserve.

Renewable Energy as an Institutional Asset Class

Why Governance Failure, Not Technology Risk, Drives Underperformance

Published in Working Paper, 2024

Why governance design, policy risk, and long-duration fiduciary alignment—rather than technology or price volatility—determine renewable energy investment outcomes.

From Concept to On-Chain

An Institutional Playbook for Tokenization Structuring, Governance, and Lifecycle Management

Published in Working Paper, 2025

Tokenization will scale not through technological innovation, but through institutional design—where governance, legal structure, and lifecycle management determine viability.

The Architecture of Settlement

Stablecoins, CBDCs, Tokenization, and Programmable Financial Infrastructure

Published in Working Paper, 2025

Settlement is shifting from a back-end process to a core layer of financial system design—where stablecoins, CBDCs, and tokenization define how value is transferred, governed, and integrated across programmable infrastructure.

Why “Code Is Law” Fails for Real-World Assets

Governance Gaps in Tokenized Markets

Published in Working Paper, 2025

Why the principle of “code is law” breaks down for real-world assets—and why institutional tokenization is fundamentally a governance and fiduciary design challenge.

talks

teaching

Teaching experience 1

This is a description of a teaching experience. You can use markdown like any other post.

Teaching experience 2

This is a description of a teaching experience. You can use markdown like any other post.