grammar - When can the -ing form of a verb be placed before a noun?

My native-speaker's grammatical intuition tells me that:

There is a sleeping man under the tree.

is fine but

There is a fishing man by the river bank.

is wrong. Why?

I've thought about this a little, and I've come up with some grammatical hypotheses, but I'd be very grateful if somebody could point me to a general reference on this matter.

Addendum:

Someone asked me what hypotheses I've come up with.

I've identified two cases where an -ing modifier can come before a noun:

1. 
   

   When the -ing acts to modify the noun (like an adjective), rather than describe an action being performed at that time, it goes before the verb. E.g. flying fish, dancing girl.

   
   


2. 
   

   When the verb suggests a sensory impression. E.g. crying baby, shining light.

   
   

But there must be at least one more class to account for expressions like a sleeping man.

Second addendum:

I should clarify precisely what fishing man is supposed to mean. It does not mean a man who fishes. That would be taken care of by case 1 of the hypothesis above. The intended meaning is a man who is fishing. (Just like a sleeping man is supposed to mean a man who is sleeping rather than a man who sleeps.)