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CAFM
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CAFM Program 2018
Program of Conference
Friday, December 7, 2018
13:00 - 14:00 Registration
14:00 - 15:30 Academic Session 1, 2, Tutorial 1 (2F)
15:50 - 17:50 Academic Session 3, 4, Doctoral Student Consortium 1, 2 (2F)
18:00 - 19:30 Welcome Reception (2F, Orchid Room)
Welcome Address : Dr. Kook-Hyun Chang
President, Korean Securities Association
Saturday, December 8, 2018
08:30 - 09:30 Registration / Continental breakfast
09:30 - 11:30 Academic Session 5, 6, 7, 8 (2F)
11:30 - 13:30 Luncheon (2F, Orchid Room)
Welcome Address : Dr. Kook-Hyun Chang
President, Korean Securities Association
Keynote Speech : Dr. Michael S. Weisbach
Ohio State University
13:40 - 15:40 Academic Session 9, 10, Tutorial Session 2 (2F)
15:50 - 17:50 Academic Session 11, 12, 13, 14 (2F)
18:00 - 21:00 Farewell Dinner (2F, Orchid Room)
Keynote Speech: Mr. Jiwon jung
Chairman and CEO, Korea Exchange
Keynote Speech: Mr. Young Won Kwon
Chairman and CEO, Korea Financial Investment Association
Best Paper Award: Dr. Jhinyoung Shin
Program Chair
At-a-glance Program Schedule
Friday, December 7, 2018
| TIME & Room 2F | Lilac | Tulip | Cosmos | Violet |
| 13:00 - 14:00 | Registration (2F, The Westin Chosun Hotel) |
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| 14:00 - 15:30 | Session 1 Bond Market and Pricing |
Session 2 Household and Real Estate Finance |
Tutorial 1 “Institutional Investors, Shareholder Activism, and Financial Markets” (Led by Dr. Amil Dasgupta) |
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| 15:30 - 15:50 | Coffee Break | |||
| 15:50 - 17:50 | Session 3 Corporate Governance |
Session 4 Financial Regulation |
Doctoral Student Consortium 1 Corporate Finance (Led by Dr. Jun-Koo Kang) |
Doctoral Student Consortium 2 Asset Pricing and Financial Intermediation (Led by Dr. Kee H. Chung) |
| 18:00 - 19:30 | Welcome Reception (2F, Orchid Room) |
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Saturday, December 8, 2018
| TIME & Room 2F | Lilac | Tulip | Cosmos | Violet |
| 08:30 - 09:30 | Registration / Continental Breakfast (2F, The Westin Chosun Hotel) |
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| 09:30 - 11:30 | Session 5 Market Efficiency |
Session 6 Corporate Control |
Session 7 Financial Intermediation-Depository Institutions |
Session 8 Law, Ethics, and Financial Distress |
| 11:30 - 13:30 | Luncheon & Keynote Speech (by Dr. Michael Weisbach, Ohio State University) (2F, Orchid Room) |
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| 13:30 - 13:40 | Coffee Break | |||
| 13:40 - 15:40 | Session 9 Asset Pricing: Equities |
Session 10 Corporate Managers |
Tutorial 2 “Technological innovation and entrepreneurial finance” (Led by Dr. Tian Xuan ) |
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| 15:50 - 17:50 | Session 11 Mutual and Hedge Funds |
Session 12 Capital Structure and Dividend Policy/td> | Session 13 International Finance |
Session 14 Big data, Fintech, and Behavioral Finance |
| 18:00 - 21:00 | Award Ceremony & Farewell Dinner (2F, Orchid Room) |
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Program Details
December 7, 14:00 - 15:30 |
Session 1: Bond Market and Pricing
Chair: Chang-Soo Kim (Yonsei University)
Room: Lilac
| Title | Author | Discussant |
The Price of Going Green: the Role of Greenness in Green Bond Markets |
Donghyun Park* |
Juil Ban (Sangmyung University) |
| Reaching for Yield and Overpricing in Bonds | Qianwen Chen (Shanghai University of Finance and Economics) Jaewon Choi* (University of Illinois at Urbana-Champaign) |
Cheol-Won Yang (Dankook University) |
| Bond Liquidity and Investment | Yuan Wang* (Concordia University) Laura Field (University of Delaware) Anahit Mkrtchyan (Northeastern University) |
Kaun Y. Lee (Chung-Ang University) |
Session 2: Household and Real Estate Finance
Chair: Kwangwoo Park (KAIST)
Room: Tulip
| Title | Author | Discussant |
| Policy Uncertainty and Household Credit Access: Evidence from Peer-to-Peer Crowdfunding | Xiang Li (Tsinghua University) Bibo Liu* (Tsinghua University) Xuan Tian (Tsinghua University) |
Gunwoo Nam (Handa Partners) |
| The Effect of GSE Mortgage Purchases on Lenders’ Screening Incentives | Jun Lu* (Central University of Finance and Economics) Zhen Shi (Georgia State University) Wei Yu (California State Polytechnic University, Pomona) |
Sangwon Suh (Chung-Ang University) |
| Clogged Intermediation: Were Home Buyers Crowded Out? | Dong Beom Choi ( Federal Reserve Bank of New York) Hyun-Soo Choi* (Singapore Management University) Jung-Eun Kim (Federal Reserve Bank of Richmond) |
Hyeonjong Jung (Korea Investment & Securities Co., Ltd.) |
Tutorial 1 : Institutional Investors, Shareholder Activism, and Financial Markets
Led by Amil Dasgupta at London School of Economics
December 7, 15:50-17:50 |
Session 3: Corporate Governance
Chair: Kee-Hong Bae (York University)
Room: Lilac
| Title | Author | Discussant |
| Socially Responsible Corporate Customers | Rui Dai (WRDS, Wharton School, UPenn) Hao Liang (Singapore Management University) Lilian Ng* (York University) |
Joon Ho Hwang (Korea University) |
| Co-opted Boards and Stock Price Crash Risk | Chaehyun Kim (UNIST) Junyoup Lee (UNIST) Sanggeum Woo* (UNIST) |
Lilian Ng (York University) |
| Institutional Ownership and the Value of Cash Holdings | Hyunjoong Im (Peking University) Heungju Park* (Sungkyunkwan University) Shams Pathan (The University of Queensland) Song Yu (Peking University) |
Junyoup Lee (UNIST) |
| Using Geographic Density of Firms to Identify the Effect of Board Size on Firm Value and Corporate Policies | Pandej Chintrakarn (Mahidol University International College) Pornsit Jiraporn (Pennsylvania State University) Young Sang Kim* (Northern Kentucky University) Shenghui Tong (China Huarong Asset Management) |
Heungju Park (Sungkyunkwan University) |
Session 4: Financial Regulation
Chair: Sooyoung Song (Chung-Ang University)
Room: Tulip
| Title | Author | Discussant |
| What Drives Global Syndication of Bank Loans? Effects of Capital Regulations | Yeejin Jang* (UNSW) Janet Gao (Indiana University) |
H. Young Baek (Nova Southeastern University) |
| Asset Securitization Reporting Readability and BHC Credit Risk | Tsung-Kang Chen* (National Chiao Tung University) |
Yeejin Jang (UNSW) |
| Investment Tax Credits, Financial Constraints and Innovation: Evidence from China | Shaowei Ke (Univ. of Michigan) Yao Lu (Tsinghua University) Xinzheng Shi (Tsinghua University) Yeqing Zhang* (Tsinghua University) |
Yong-Cheol Kim (University of Wisconsin-Milwaukee) |
| Does Improved Governance Lead to a Higher Share of FDI in Foreign Equity Investments? | H. Young Baek* (Nova Southeastern University) Pankaj K. Maskara (Nova Southeastern University) Laura S. Miller (Rufus, Miller & Associates, A.C.) |
Tsung-Kang Chen (National Chiao Tung University) |
December 7, 15:50-17:50 |
Doctoral Student Consortium 1: Corporate Finance
Chair: Jun-Koo Kang (Nanyang Technological University)
Room: Cosmos
| Title | Author |
| Perils of Limiting the Coverage of Mandatory Pay Disclosure: The Korean Experience | Jinhyeok Ra* (Korea University) Woochan Kim (Korea University) |
| The Spillover Effect of Earnings Management | Yibin Liu (UCSD)* Jun Chen (UCSD) |
| Making News Salient: Evidence from Insider Trades around News Releases | Seungho Choi* (UNSW) |
| Private Benefits and Resolution of Financial Distress around the World | Bokyung Park* (Seoul National University) |
Doctoral Student Consortium 2: Asset Pricing and Financial Intermediation
Chair: Kee H. Chung (SUNY Buffalo)
Room: Violet
| Title | Author |
| In Search of Under-Appreciated Skill: Passive Indexation of Active Funds | Huangyu Chen* (Boston University) Dirk Hackbarth (Boston University) |
| Foreigners at the Gate? Foreign Investor Trading and Behavioral Anomalies of Domestic Individual Investors | Keun Woo Park* (Hanyang University) Seong Hoon Jeong (Daegu Catholic University) Ji Yeol Jimmy Oh (Hanyang University) |
| Heterogeneity and Netting Efficiency under Central Clearing: A Stochastic Network Analysis | Injun Hwang* (Korea University) Baeho Kim (Korea University) |
December 8, 09:30-11:30 |
Session 5: Market Efficiency
Chair: Jaehoon Han (Yonsei University)
Room: Lilac
| Title | Author | Discussant |
| Stock Return Predictability and Seasonality | Keunsoo Kim* (Kyung Hee University) Jinho Byun (Ewha Womans University) |
Shu-Feng Wang (National Central University) |
| What Drives the Dispersion Anomaly? | Byoung-Kyu Min* (University of Sydney) Buhui Qiu (University of Sydney) Tai-Yong Roh (Auckland University of Technology) |
Myeong Ae Kim (Konkuk University) |
| Mispriced Stocks, Option Volume, and Asymmetric Stock Return Predictability | Allaudeen Hameed (National University of Singapore) Byoung-Hyun Jeon* (KAIST) |
Ha-chin Yi (Texas State University) |
| Cluster Trading of Corporate Insiders | Chang-Mo Kang (University of New South Wales) Donghyun Kim* (University of Wisconsin-Milwaukee) Qinghai Wang (University of Central Florida) |
Yunsung Eom (Hansung University) |
Session 6: Corporate Control
Chair: Lilian Ng (York University)
Room: Tulip
| Title | Author | Discussant |
| What is the impact of successful cyber attacks on target firms? | Shinichi Kamiya (Nanyang Technological University) Jun-Koo Kang (Nanyang Technological University) Jungmin Kim* (Hong Kong Polytechnic University) Andreas Milidonis (University of Cyprus) René Stulz (Ohio State University) |
Alper Darendeli (Nanyang Technological University) |
| Guilt by Association: The Effects of Terrorism on Corporate Activity | Mehmet Ihsan Canayaz (Pennsylvania State University) Alper Darendeli* (Nanyang Technological University) |
Jungmin Kim (Hong Kong Polytechnic University) |
| Real Activity Management in the Presence of Labor Unions: An Empirical Study Using Firm-Level Union Data | Kiyoung Chang (University of South Florida) Young Sang Kim* (Northern Kentucky University) Ying Li (University of Washington-Bothell) |
Zhang Peng (Tsinghua University) |
| Monitoring from Capital Market and Corporate Tax Avoidance: Evidence from Short Selling Pilot Program | Yao Lu (Tsinghua University) Zhang Peng* (Tsinghua University) |
Young Sang Kim (Northern Kentucky University) |
December 8, 09:30-11:30 |
Session 7: Financial Intermediation-Depository Institutions
Chair: Young K. Park (Sungkyunkwan University)
Room: Cosmos
| Title | Author | Discussant |
| Bank Performance and the Liquidity Management | I-Ju Chen* (Yuan Ze University) Wei Chih Lin(Yuan Ze University) |
Byungsuk Han (Hanyang University) |
| Economic Policy Uncertainty and Bank Liquidity Hoarding | Allen Berger (University of South Carolina) Omrane Guedhami (University of South Carolina) Hoikwang {Hugh} Kim* (University of South Carolina) Xinming Li (University of South Carolina) |
Heejin Park (Korea Workers' Compensation and Welfare Service) |
| Lending Behavior of Prudent Banks around the 2008 Financial Crisis | Sung Wook Joh* (Seoul National University) Seongjun Jeong (Seoul National University) |
Hyoung-Goo Kang (Hanyang University) |
| Credit Ratings in China: Evidence from the Upgrades in the Banking Sector | Shida Liu* (Tsinghua University) Hao Wang (Tsinghua University) |
Jina Lee (Korea Institute of Finance) |
Session 8: Law, Ethics, and Financial Distress
Chair: Sang-Gyung Jun (Hanyang University)
Room: Violet
| Title | Author | Discussant |
| The Real Effects of Fake Goods: Counterfeit Products and Firm Value | Mehmet Canayaz* (Pennsylvania State University) Umit Gurun (University of Texas at Dallas) |
In Jung Song (Hankook University of Foreign Studies) |
| Inter-firm Patent Litigation and Innovation Competition | Jongsub Lee (Seoul National University) Seungjoon Oh (Peking University) Paula Suh* (University of Georgia) |
Kyoung-Min Kwon (Hongik University) |
| Bank Relationship, Covenant Enforcement and Creditor Control | Yong Kyu Gam* (Southwestern University of Finance and Economics) Chunbo Liu (Southwestern University of Finance and Economics) |
Byung-Uk Chong (University of Seoul) |
| Subnational Debt of China: The Politics-Finance Nexus | Haoyu Gao* (Central University of Finance and Economics) Hong Ru (Nanyang Technological University) Dragon Yongjun Tang (University of Hong Kong) |
Youngwoong Lee (Hankook University of Foreign Studies) |
December 8, 13:40-15:40 |
Session 9: Asset Pricing-Equities
Chair: Yong-Cheol Kim (University of Wisconsin at Milwaukee)
Room: Lilac
| Title | Author | Discussant |
| Searching the Factor Zoo | Soosung Hwang* (Sungkyunkwan University) Alexandre Robesam (I´ESEG School of Management) |
Seunghyup Lee (Harvard Business School) |
| Bad News Holding and Banks' Stock Price Crash Risk | Taejin Jung (Seoul National University) Natalie Kyung Won Kim* (Seoul National University) Young Jun Kim (Hankuk University of Foreign Studies; Hyun Jong Na (The George Washington University) |
Hoikwang {Hugh} Kim (University of South Carolina) |
| What Causes the Asymmetric Correlation in Stock Returns? | Y. Peter Chung* ( UC Riverside) Hyun A Hong (UC Riverside) S. Thomas Kim (University of Tulsa) |
Bumjean Sohn (Korea University) |
| The Diversification Benefits and Policy Risks of Accessing China's Stock Market | Chenyu Shan (Shanghai University of Finance and Economic) Dragon Yongjun Tang (University of Hong Kong) Sarah Qian Wang (University of Warwick) Chang Zhang* (University of Warwick) |
Dong Wook Lee (Korea University) |
Session 10: Corporate Managers
Chair: Sung Wook Joh (Seoul National University)
Room: Tulip
| Title | Author | Discussant |
| Restricting CEO Pay Backfires: Evidence from China | Kee-Hong Bae* (York University) Zhaoran Gong (Hong Kong Polytechnic University) Wilson Tong (Hong Kong Polytechnic University) |
Min Suk Lee (Nanyang Technological University) |
| CEO Connectedness and the Cost of Capital | Min Suk Lee* (Nanyang Technological University) Angie Low (Nanyang Technological University) Siew Hong Teoh (University of California-Irvine) |
Jim Goldman (University of Toronto) |
| Do Directors Respond to Stock Mispricing? Evidence from CEO Turnovers | Jim Goldman* (University of Toronto) | Kee-Hong Bae (York University) |
| Stock Liquidity and Investment Efficiency: Evidence from the Split-Share Structure Reform | William Cheung (Waseda University) Hyung Joong Im (Peking University) Srinivasan Selvam* (Peking University) |
Hyun Seung Na (Korea University) |
Tutorial 2 : Technological Innovationation and Entrepreneurial Finance
Led by Dr. Tian Xuan at Tsinghua Univ.
| December 8, 15:50-17:50 |
Session 11: Mutual and Hedge Funds
Chair: Peter Chung (University of California at Riverside)
Room: Lilac
| Title | Author | Discussant |
| Cross-Asset Information Synergy in Mutual Fund Families | Jun Kyung Auh* (Yonsei University) Jennie Bai (Georgetown University) |
Ji-Woong Chung (Korea University) |
| Measuring (In)Attention to Mutual Fund Fees: Evidence from Experiments | Hoikwang {Hugh} Kim (University of South Carolina) Wenhao Yang* (University of South Carolina) |
Jun Kyung Auh (Yonsei University) |
| Sitting Bucks: Zero Returns in Fixed Income Funds | Jaewon Choi (University of Illinois at Urbana-Champaign) Mathias Kronlund* (University of Illinois at Urbana-Champaign) Ji Yeol Jimmy Oh (Hanyang University) |
Shinwoo Kang (Sejong University) |
| Does Experience Matter for Hedge Fund Managers? Effects of Industry Expertise on Hedge Fund Activism | Ivan Brick (Rutgers University) Yuzi Chen (Nanyang Technological University) Jun-Koo Kang (Nanyang Technological University) Jinmo Kim* (Rutgers University) |
Saeyeul Park (Yonsei University) |
Session 12: Capital Structure and Dividend Policy
Chair: Beom Sik Jang (Soongsil University)
Room: Tulip
| Title | Author | Discussant |
| Elective Stock and Scrip Dividends | Cara Vansteenkiste* (UNSW) Isabel Feito-Ruiz (University of Leon) Luc Renneboog (Tilburg University) |
Taehyun Kim (University of Notre Dame) |
| Understanding the Credit Multiplier: The Working Capital Channel | Heitor Almeida (University of Illinois at Urbana-Champaign) Daniel Carvalho (Indiana University) Taehyun Kim* (University of Notre Dame) |
Hyunsoo Doh (Nanyang Technological University) |
| Informational Role of Investment and Bankruptcy Costs | Ben Charoenwong (National University of Singapore) Hyunsoo Doh* (Nanyang Technological University) Yiyao Wang (University of Chicago) |
Dahae Kim (Sungkyunkwan University) |
| IS Textual Information Informative to Informed Investors? Evidence from Bidding Information of Institutional Investors in IPOs | Sung Wook Joh (Seoul National University) Yongseok Kim* (Seoul National University) |
Cara Vansteenkiste (UNSW) |
| December 8, 16:10-18:10 |
Session 13: International Finance
Chair: Joonghyuk Kim (Korea University)
Room: Cosmos
| Title | Author | Discussant |
| Carry Trades and Endogenous Regime Switches in Exchange Rate Volatility | Dooyeon Cho (Sungkyunkwan University) Heejoon Han* (Sungkyunkwan University) Na Kyeung Lee (Korean National Assembly Budget Office) |
Ji Ho Kwon (Korea University) |
| Innovation and Access to Finance: International Evidence from Developing Markets | Safi Ullah Khan* (Universiti Teknologi Brunei) Atta Ullah Shah ( Institute of Management Sciences,Pakistan) Mohammad Faisal Rizwan (International Islamic University Islamabad, Pakistan) |
Seongkyu (Gilbert) Park (Hong Kong Polytechnic University) |
| Does Corruption Grease or Sand the Wheel of Investment or Innovation? Different Effects in Advanced-Emerging Economies | Yuna Heo (Hong Kong Polytechnic University) Fangfang Hou (Hong Kong Polytechnic University) Seongkyu (Gilbert) Park* (Hong Kong Polytechnic University) |
Safi Ullah Khan (Universiti Teknologi Brunei) |
| Political Capital: an Analysis of Congress Voting on the Financial Regulations | Xiaoting Hao (University of Wisconsin-Milwaukee) Yong-Cheol Kim* (University of Wisconsin-Milwaukee) |
Yeqing Zhang (Tsinghua University) |
Session 14: Big Data, Fintech, and Behavioral Finance
Chair: Inmoo Lee (KAIST)
Room: Violet
| Title | Author | Discussant |
| What Do a Billion Observations Say about Distance and Relationship Lending? | Hong Ru* (Nanyang Technological University) Haoyu Gao (Central University of Finance and Economics) Xiaoguang Yang (Chinese Academy of Sciences) |
Jin Q Jeon (Dongguk University) |
| The Wisdom of Crowds and Information Cascades in FinTech: Evidence from Initial Coin Offerings | Donghwa Shin (Princeton University) Tao Li (University of Florida) Jongsub Lee* (Seoul National University) |
Jin San Kim (Kyungpook National University) |
| Heuristics, Cognitive Reference Points and Investor Consideration Sets | Sudheer Chava (Georgia Institute of Technology) Soohun Kim* (Georgia Institute of Technology) Daniel Weagley (Georgia Institute of Technology) |
Keebong Park (Hankook University of Foreign Studies) |
| CDS Market Informativeness and Related Hard-to-Value Stock Returns | Hao Cheng* (Singapore Management University) Kian Guan Lim (Singapore Management University) |
Baeho Kim (Korea University) |