CAFM

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)
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)
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)

 

Saturday, December 8, 2018 

TIME & Room 2F Lilac Tulip Cosmos Violet
08:30 - 09:30 Registration / Continental Breakfast
(2F, The Westin Chosun Hotel)
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)
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 )
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)



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*
(Asian Development Bank)
Shu Tian
(Asian Development Bank)
Suk Hyun (Yonsei University)

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)