CAFM

CAFM Program 2020

Program of Conference


Friday, December 4, 2020

12:30 ~ 13:00 Registration (2F)
13:00 ~ 14:30 Academic Session 1, 2, 3, Doctoral Session I (2F)
14:45 ~ 15:45 Guest Lecture (2F)
                  Lecture: Dr. Lilian NG
York Uninversity
16:00 ~ 17:30 Academic Session 4, 5, 6, 7 (2F)
17:30 ~ 19:00 Welcome Reception (2F, Orchid Room)
  Welcome Address : Dr. Hee-Joon Ahn
President, Korean SecuritiesAssociation


Saturday, December 5, 2020

08:30 ~ 09:30 Registration / Continental breakfast (2F)
09:30 ~ 11:30 Academic Session 8, 9, 10, Doctoral Session II (2F)
11:30 ~ 13:30 Luncheon (2F, Orchid Room)
  Welcome Address : Dr. Hee-Joon Ahn
President, Korean Securities Association
Dr. Heitor Almeida
Univ. of Illinois at Urbana-Champaign
Keynote Speech    :
13:45 ~ 15:15 Academic Session 11, 12, 13, 14 (2F)
15:30 ~ 17:00 Academic Session 15, 16, 17, 18 (2F)
17:30 ~ 20:30 Farewell Dinner (2F, Orchid Room)
  Keynote Speech    : Dr. Suk Heun Yoon
Governor, Financial Supervisory Service
  Best Paper Award : Dr. Kwangwoo Park
Program Chair

 

2020 CAFM Program



At-a-glance Program Schedule

Friday, December 4, 2020

TIME & Room 2F Lilac Tulip Cosmos Violet

12:30~13:00

Registration & Welcome

13:00~14:30

Session 1

Institutional Investors

Zoom Session Room

Session 2

Empirical Asset Pricing

Zoom Session Room

Session 3

International Finance

Zoom Session Room

Doctoral Student Session I
(Led by Xuan Tian)
Zoom Session Room

14:30~14:45

Coffee Break

14:45~15:45

Guest Lecture (2F)
“International Market Integration: A Survey”
(Lilian Ng)
Enter Zoom Youtube (Open to the Public)

15:45~16:00

Coffee Break

16:00~17:30

Session 4

Bond and Cryptocurrency
Zoom Session Room

Session 5

Law and Ethics

Zoom Session Room

Session 6

Derivatives and CSR

Zoom Session Room

Session 7

Chinese Capital Market

Zoom Session Room

17:30~19:30

Welcome Reception
(2F, Orchid Room)

 

Saturday, December 5, 2020

TIME & Room 2F Lilac Tulip Cosmos Violet

08:30~9:30

Registration / Continental Breakfast
(2F, The Westin Chosun Hotel)

9:30~11:30

Session 8

Bank Loans


Zoom Session Room

Session 9

Capital Structure and Debt

Zoom Session Room

Session 10

Corporate Social Responsibility

Zoom Session Room

Doctoral Student Session II
(Led by Allaudeen Hameed)
Zoom Session Room

11:30~13:30

Luncheon & Keynote Speech(2F, Orchid Room)
“Liquidity Management in the Great Lockdown: Will There Be a Financial Crisis on Main Street?”
(Heitor Almeida)
Enter Zoom Youtube (Open to the Public)

13:45~15:15 

Session 11

Climate Finance

Zoom Session Room

Session 12

Empirical Corporate Finance
Zoom Session Room

Session 13

Chief Executive Officer

Zoom Session Room

Session 14

Machine Learning and Finance
Zoom Session Room

15:15~15:30

Coffee Break

15:30~17:00

Session 15

Korean Capital Market

Zoom Session Room

Session 16

Financial Intermediation

Zoom Session Room

Session 17

Risk Premia and Asset Prices
Zoom Session Room

Session 18

Personal and Household Finance
Zoom Session Room

17:30~20:30

Award Ceremony & Farewell Dinner
(2F, Orchid Room)
Keynote Speech: Dr. Suk Heun Yoon (Governor, Financial Supervisory Service)
Best Paper Award: Dr. Kwangwoo Park (Program Chair)

Enter Zoom




Program Details


December 4, 13:00 - 14:30

Session 1: Institutional Investor   Zoom Session Room [Password Required]

Chair: Bong-Chan Kho (Seoul National Univ.)

Room: Lilac


Title Author Discussant

Do institutional investors mitigate social costs of privatization? Evidence from prisons

Eyub Yegen (Univ. of Toronto)

Taehyun Kim
(Chung-Ang Univ.)

Institutional Trading on Information Diffusion across Fundamentally Related Firms

Jie Ying* (Southern Illinois Univ. Edwardsville)

Ji-Woong Chung
(Korea Univ.)

Heterogeneous Intermediary Capital, Asset Prices, and Fire Sales

Christa H.S. Bouwman (Texas A&M Univ.)
Hwagyun (Hagen) Kim (Texas A&M Univ.)
Sang-Ook (Simon) Shin* (UNIST)

Dong Beom Choi
(Seoul National Univ.)

 

Session 2: Empirical Asset Pricing   Zoom Session Room [Password Required]

Chair: Young Ho Eom (Yonsei Univ.)

Room: Tulip


Title Author Discussant

Imprecise and Informative: Lessons from Market Reactions to
Imprecise Disclosure

J. Anthony Cookson (Univ. of Colorado at Boulder)
S. Katie Moon (Univ. of Colorado at Boulder)
Joonki Noh* (Case Western Reserve Univ.)

Jun Kyung Auh
(Yonsei Univ.)

Deep Learning in Asset Pricing

Luyang Chen (Stanford Univ.)
Markus Pelger* (Stanford Univ.)
Jason Zhu (Stanford Univ.)

Kyoungwon Seo
(Seoul National Univ.)

Stocks through a Looking Glass:
Can Style Segment Adjusted Mutual Fund Stock Holdings Predict Stock Returns?

Cao Fang* (Univ. of Arkansas)
Wayne Y. Lee (Univ. of Arkansas)

Heebum Lee
(Korea Univ.)


 

Session 3: International Finance   Zoom Session Room [Password Required]

Chair: Lilian Ng (York Univ.)

Room: Cosmos


Title Author Discussant

Betting Against Other Betas

Scott Murray (Georgia State Univ.)

Donghyun Kim
(Chung-Ang Univ.)

Flights to Quality and Momentum Crashes

Junyong Kim* (Univ. of Wisconsin–Milwaukee)
Donghyun Kim (Chung-Ang Univ.)
Chang-Mo Kang (Hanyang Univ.)

Andy Chiu
(Hong Kong Polytechnic Univ.)

The Cultural Influence on the Internal Capital Market of Multinationals

Fan Zhang*
(Macau Univ. of Science and Technology)
Qingjie Du
(Hong Kong Polytechnic Univ.)
Yang Wang
(Hong Kong Polytechnic Univ.)
Amy Yang
(Victoria Univ. of Wellington)

Peter Pham
(Univ. of New South Wales)


Doctoral Student Session 1    Zoom Session Room [Password Required]

Chair: Xuan Tian (Tsinghua Univ.)

Room: Violet


Title Author

Are Green Investors Green-Inducing? A Demand System Approach

Don Noh (Princeton Univ.)

Fear or Greed? How Retail Trades Move Markets?

Qingjie Du (Hong Kong Polytechnic Univ.)

Know Thyself: Free Credit Reports and the Retail Mortgage Market

Amit Kumar
(Hong Kong Univ. of Science and Technology)

Trading Volume and Dispersion of Signals

Nikhil Vidhani (Indian Institute of Management)


Guest Lecture (14:45~15:45, December 4)

Enter Zoom Youtube (Open to the Public)

Lilian Ng  (York Univ.)

“International Market Integration: A Survey”


December 4, 16:00-17:30

Session 4: Bond and Cryptocurrency   Zoom Session Room [Password Required]

Chair: Jongsub Lee (Seoul National Univ.)

Room: Lilac


Title Author Discussant

Bond Implied Risks Around Macroeconomic Announcements

Xinyang Li (Boston Univ.)

Byeong-Je An
(Nanyang Technological Univ.)

From Hotelling to Nakamoto:
The Economic Meaning of Bitcoin Mining

Min Dai (National Univ.
of Singapore)
Wei Jiang
(Hong Kong Univ. of Science and Technology)
Steven Kou (Boston Univ.)
Cong Qin* (Soochow Univ.)

Kee-Youn Kang
(Yonsei Univ.)

Treasury Debt and the Pricing of Short-Term Assets

Quentin Vandeweyer (Univ. of Chicago)

Dong Beom Choi
(Seoul National Univ.)

 

Session 5: Law and Ethics    Zoom Session Room [Password Required]

Chair: Chang-Soo Kim (Yonsei Univ.)

Room: Tulip


Title Author Discussant

Shining a Light in a Dark Corner: EDGAR Search Activity Reveals the Strategically Leaked Plans of Activist Investors

Ryan Flugum (Univ. of Northern Iowa)
Choonsik Lee* (Univ. of Rhode Island)
Matthew E. Souther (Univ. of South Carolina)

Nhan Le
(Australian National Univ.)

Mandatory Disclosure, Internal Information Asymmetry, and Insider Trading: Evidence from FAS 131

Chang-Mo Kang* (Hanyang Univ.)
Donghyun Kim (Chung-Ang Univ.)
Youngdeok Lim (Univ. of New South Wales)

Reeyarn Z. Li
(Univ. of Mannheim)

Judicial Precedents on GAAP Violations, Litigation Risk and Misreporting

Benedikt Franke
(SKEMA Business School)
Allen Huang
(Hong Kong Univ. of Science and Technology)
Reeyarn Z. Li*
(Univ. of Mannheim)

Choonsik Lee
(Univ. of Rhode Island)

 

Session 6: Derivatives and CSR   Zoom Session Room [Password Required]

Chair: Baeho Kim (Korea Univ.)

Room: Cosmos


Title Author Discussant

Extrapolation and Complexity

Donghwa Shin
(Univ. of North Carolina at Chapel Hill)

Heebum Lee
(Korea Univ.)

The Hedging Footprint

Peter Mackay*
(Hong Kong Univ. of Science and Technology)
Sara B. Moeller (Univ. of Pittsburgh)
Scott Linn (Univ. of Oklahoma)

Donghwa Shin
(Univ. of North Carolina at Chapel Hill)

Corporate Social Irresponsibility, Investor Awareness, and Firm value

Hee-Eun Kim* (Myongji Univ.)
Tae-Wook Ahn (DeepSearch, Inc.)
Junesuh Yi (Dongguk Univ.)

Injun Hwang (UNIST)

 

Session 7: Chinese Capital Market    Zoom Session Room [Password Required]

Chair: Bohui Zhang (Chinese Univ. of Hong Kong, Shenzhen)

Room: Violet


Title Author Discussant

What a Relief: How do Firms Respond to
Competitors’ Listing Delays?

Ning Jia (Tsinghua Univ.)
Jiaqi Qian* (Tsinghua Univ.)
Xuan Tian (Tsinghua Univ.)

Xing Zhang
(Fudan Univ.)

Controlling Shareholder Stock Pledge, Aggravated Expropriation and
Corporate Acquisitions

Siyuan Yan*
(Hong Kong Polytechnic Univ.)
Xiaoxu Ling
(Hong Kong Polytechnic Univ.)
Louis T.W. Cheng
(Hong Kong Polytechnic Univ.)

Seungjoon Oh
(Peking Univ.)

The Impact of the Shanghai – Hong Kong Stock Market Connection on Corporate Innovation:
Evidence from Mainland China

Guanming He*
(Durham Univ.)
Xiaorong Li
(Central Univ. of Finance and Economics)
Jingbo Luo
(Lanzhou Univ.)

William Cheung
(Waseda Univ.)

 

December 5, 09:30-11:30

Session 8: Bank Loans   Zoom Session Room [Password Required]

Chair: Kee-Hong Bae (York Univ.)

Room: Lilac


Title Author Discussant

Investment Sensitivity to Lender Default Shocks

Hursit S. Celil (Peking Univ.)
Brandon Julio (Univ. of Oregon)
Srinivasan Selvam* (Peking Univ.)

Kee-Youn Kang
(Yonsei Univ.)

Bank Management Sentiment and Liquidity Hoarding

Allen N. Berger (Univ. of South Carolina)
Hugh H. Kim* (Univ. of South Carolina)
Xiaonan (Flora)
Ma (Univ. of South Carolina)

Hoyong Choi (KAIST)

How Does the Equity Market Stabilize the Economy via Bank Lending? A Regulatory Controlled Experiment

Yunqi Zhang (Nankai Univ.)

Hyun-Soo Choi (KAIST)

U.S. Political Corruption and the Cost of Bank Loans

Mengyi Gu (Univ. of Massachusetts Boston)

Kee-Hong Bae
(York Univ.)

 

Session 9: Capital Structure and Debt   Zoom Session Room [Password Required]

Chair: Jaewon Choi (Univ. of Illinois at Urbana-Champaign)

Room: Tulip


Title Author Discussant

Debt Contracting When Borrowers Face Transitory Uncertainty: Evidence from U.S. Gubernatorial Elections

Kirak Kim* (Univ. of Bristol)
Trang Nguyen (Univ. of Glasgow)

Chiyoung Cheong
(City Univ. of Hong Kong)

Shadow Union in Local Labor Markets
and Capital Structure∗

DuckKi Cho* (Peking Univ.)
Lyungmae Choi (City Univ. of Hong Kong)

Jiyoon Lee
(Yonsei Univ.)

A New Lease on Firm Behavior

Matteo Binfare* (Univ. of Missouri)
Robert A. Connolly (Univ. of North Carolina)
Fotis Grigoris (Indiana Univ.)
Crocker H. Liu (Cornell Univ.)

Katie Moon
(Univ. of Colorado Boulder)

Syncing Innovation to Avoid Sinking:
Supplier Response to Customer Covenant Violations

Srinivasan Selvam (Peking Univ.)
Kelvin Jui Keng Tan* (Univ. of Queensland)

Paula Suh
(Univ. of Georgia)

 

Session 10: Corporate Social Responsibility   Zoom Session Room [Password Required]

Chair: Jun-Koo Kang (Nanyang Technological Univ.)

Room: Cosmos


Title Author Discussant

Corporate Sustainability and Stock Returns:
Evidence from Employee Satisfaction

Kyle Welch (George Washington Univ.)
Aaron Yoon* (Northwestern Univ.)

Jungmin Kim
(Hong Kong Polytechnic Univ.)

Stakeholder Importance, Dividend Payout, and Corporate Social Responsibility

C.S. Agnes Cheng
(Hong Kong Polytechnic Univ.)
Xiaohui Li*
(Hong Kong Polytechnic Univ.)
Zeyu Sun
(Univ. of International Business and Economics)
Jing Xie
(Hong Kong Polytechnic Univ.)

Dawoon Kim
(Nanyang Technological Univ.)

The Dark Side of Independent Boards, the Case of Corporate Social Responsibility

Fangzhou Lu
(Univ. of Hong Kong)

Le Zhang
(Australian National Univ.)

The Information Value of Corporate Social Responsibility

Kose John (New York Univ.)
Jongsub Lee (Seoul National Univ.)
Ji Yeol Jimmy Oh* (Hanyang Univ.)

Hao Liang
(Singapore Management Univ.)

 

Doctoral Student Session 2    Zoom Session Room [Password Required]

Chair: Allaudeen Hameed (National Univ. of Singapore)

Room: Violet


Title Author

: Surfing the Cycle: Cyclical Investment Opportunities and Firms’ Risky Financial Assets

Teng Huang (IESE Business School)

Firm Heterogeneity in Production-Based Asset Pricing: the Role of Habit Sensitivity and Lumpy Investment

Zhiting Wu (Univ. of St Andrews)

: Does the Supply Chain Matter in the Ownership Structure? Evidence from Korean Business Groups

Jieun Im (Seoul National Univ.)

The Information Role of Earnings Conference Calls: How Earnings Calls Alter Demand for Quarterly Reports

Wenyao Hu (Rensselaer Polytechnic Institute

 

Keynote Speech (11:30~13:30, December 5)

Enter Zoom Youtube (Open to the Public)

Heitor Almeida
(Univ. of Illinois at Urbana-Champaign)

“Liquidity Management in the Great Lockdown: Will There Be a Financial Crisis on Main Street?”

 

December 5, 13:45-15:15

Session 11: Climate Finance   Zoom Session Room [Password Required]

Chair: Darwin Choi (Chinese Univ. of Hong Kong)

Room: Lilac


Title Author Discussant

Does Private Equity Ownership Make Firms Cleaner? The Role of Environmental Liability Risks

Aymeric Bellon (Univ. of Pennsylvania)

Po-Hsuan Hsu (National Tsing Hua Univ.)

Global Carbon Divestment and Firms' Actions

Darwin Choi
(Chinese Univ. of Hong Kong)
Zhenyu Gao
(Chinese Univ. of Hong Kong)
Wenxi Jiang*
(Chinese Univ. of Hong Kong)

Bohui Zhang (Chinese Univ. of Hong Kong, Shenzhen)

Analyzing Active Managers’ Commitment to ESG: Evidence from United Nations Principles for Responsible Investment

Soohun Kim* (KAIST)
Aaron S. Yoon (Northwestern Univ.)

Si Cheng (Chinese Univ. of Hong Kong)

 

Session 12: Empirical Corporate Finance   Zoom Session Room [Password Required]

Chair: Kwangwoo Park (KAIST)

Room: Tulip


Title Author Discussant

Labor Voice in Corporate Governance: Evidence from Opportunistic Insider Trading

Lilian Ng* (York Univ.)
Man Duy (Marty) Pham (Univ. of Sydney) Jing Yu (Univ. of Sydney)

Ryoonhee Kim (KAIST)

When the Market Went Viral: COVID-19, Stock Returns, and Firm Characteristics

Avijit Bansal*
(Indian Institute of Management Ahmedabad)
Balagopal Gopalakrishnan
(Indian Institute of Management Kozhikode) Joshy Jacob
(Indian Institute of Management Ahmedabad)
Pranjal Srivastavak
(Indian Institute of Management Ahmedabad)

Martin Dieker (KAIST)

The Persistence of Share Repurchases, Financing, and Firm Maturity

Sadok El Ghoul (Univ. of Alberta)
Omrane Guedhami (Univ. of South Carolina)
Hyunseok Kim (Sungkyunkwan Univ.)
Jungwon Suh* (Sungkyunkwan Univ.)

Junyoup Lee (UNIST)

 

Session 13:  Chief Executive Officer   Zoom Session Room [Password Required]

Chair: Agnes Cheng (Hong Kong Polytechnic Univ.)

Room: Cosmos


Title Author Discussant

In CEO We Trust: Negative Effects of Trust between the Board and the CEO

Kee-Hong Bae (York Univ.)
Sadok El Ghoul (Univ. of Alberta)
Zhaoran (Jason) Gong* (Lingnan Univ.) Omrane Guedhami (Univ. of South Carolina)

Fangzhou Lu (Univ. of Hong Kong)

Technological Fit and the Market for Managerial Talent

Fred Bereskin (Univ. of Missouri)
Seong K. Byun (Virginia Commonwealth Univ.)
Jong-Min Oh* (Sungkyunkwan Univ.)

Albert Tsang (Hong Kong Polytechnic Univ.)

Terrorist Attacks and Corporate Investment: The Beneficial Value Effect of CEO Overconfidence

Seongjae Mun* (KAIST)
Hyeong Joon Kim (KAIST)
Kyumin Cho (KAIST)
Seung Hun Han (KAIST)

Changhyun Ahn (Univ. of Florida)

 

Session 14:  Machine Learning and Finance   Zoom Session Room [Password Required]

Chair: Jaehoon Lee (DeepSearch, Inc.)

Room: Violet


Title Author Discussant

Charting by Machines

Scott Murray* (Georgia State Univ.)
Houping Xiao (Georgia State Univ.)
Yusen Xia (Georgia State Univ.)

Andy (Y. Han) Kim (Sungkyunkwan Univ.)

The Informativeness of Text, the Deep Learning Approach

Allen H. Huang (Hong Kong Univ. of Science and Technology)
Hui Wang* (Hong Kong Univ. of Science and Technology)
Yi Yang (Hong Kong Univ. of Science and Technology)

Jaehoon Lee (DeepSearch, Inc.)

What Should Investors Care About?
Mutual Fund Ratings by Analysts vs. Machine Learning Technique

Si Cheng (Chinese Univ. of Hong Kong)
Ruichang Lu* (Peking Univ.)
Xiaojun Zhang (Peking Univ.)

Chang-Mo Kang (Hanyang Univ.)

 

December 5, 15:30-17:00


Session 15: Korean Capital Market   Zoom Session Room [Password Required]

Chair: Woojin Kim (Seoul National Univ.)

Room: Lilac


Title Author Discussant

International Knowledge Spillovers and Capital Structure of Multinational Affiliates

Youngho Kang (Soongsil Univ.)
Ryoonhee Kim* (KAIST)
Unjung Whang (Chonbuk National Univ.)

James L. Park (Korea Univ.)

Bribes and Corporate Performance:
Evidence from a Quasi-Natural Experiment

Jieun Im (Seoul National Univ.)
Woojin Kim* (Seoul National Univ.)

Shuran Zhang (Hong Kong Polytechnic Univ.)

Mispricing or Risk Premium?
An explanation of the R&D-to-Market Anomaly

Jangwook Lee* (Korea Development Institute) Jiyoon Lee (Yonsei Univ.)

Daejin Kim (UNIST)

 

Session 16: Financial Intermediation   Zoom Session Room [Password Required]

Chair: Yao-Min Chiang (National Taiwan Univ.)

Room: Tulip


Title Author Discussant

Social Inflation

Sangmin S. Oh (Univ. of Chicago)

Sojung C. Park (Seoul National Univ.)

Geographical Concentration and Creditor Coordination: Evidence from Syndicated Loan Covenants

Joongho Han (Sungkyunkwan Univ.)
Chao Jin (Hong Kong Univ. of Science and Technology)
Heungju Park* (Sungkyunkwan Univ.)

Haiming Liu (Shandong Univ. of Finance & Economics)

Equity Financing, Equity Lending, and Price Pressure: The Case of DRIP Arbitrage

Tze Chuan Ang* (Deakin Univ.)
Xin Chang (Nanyang Technological Univ.) Xiaoxiong Hu (Nanyang Technological Univ.)
Patrick Verwijmeren (Erasmus Univ. Rotterdam)

Jerry Parwada (Univ. of New South Wales)

 

Session 17: Risk Premia and Asset Prices   Zoom Session Room [Password Required]

Chair: Inmoo Lee (KAIST)

Room: Cosmos


Title Author Discussant

Wage Growth and Equity Risk Premia

Paulo Maio (Hanken School of Economics) Byoung-Kyu Min* (Hanyang Univ.)

Soohun Kim (KAIST)

Tax News Shocks, Political Cycles, and Asset Prices

Ruchith Dissanayake (Queensland
Univ. of Technology)

Takeshi Yamada (Australian National Univ.)

Collective Learning about Systematic Risk

Yongjin Kim* (City Univ. of Hong Kong) Kai Li (Hong Kong Univ. of Science and Technology)

Yang Liu (Univ. of Hong Kong)

 

Session 18: Personal and Household Finance   Zoom Session Room [Password Required]

Chair: Sumit Agarwal (National Univ. of Singapore)

Room: Violet


Title Author Discussant

Deputization

Bruce Carlin (Rice Univ.)
Tarik Umar (Rice Univ.)
Hanyi Yi* (Rice Univ.)

Changcheng Song (Singapore Management Univ.)

Physical Frictions and Digital Banking Adoption

Hyun-Soo Choi* (KAIST)
Roger K. Loh (Singapore Management
Univ.)

Wenlan Qian (National Univ. of Singapore)

Could Indexation Be a Good Way to Cut Taxes for Stock Investors?

Yaoting Lei (Nanchang Univ.)
Jing Xu* (Renmin Univ. of China)

Huanhuan Zhang (National Univ. of Singapore)

 

Award Ceremony & Farewell Dinner (17:30~20:30, December 5)

Enter Zoom

Keynote Speech: Dr. Suk Heun Yoon (Governor, Financial Supervisory Service)
Best Paper Award: Dr. Kwangwoo Park (Program Chair)