CAFM

CAFM Program 2021

Program of Conference


Friday, December 3, 2021

12:30 ~ 13:00 Registration (2F)
13:00 ~ 14:30 Academic Session 1, 2, 3, Doctoral Session I (2F)
14:45 ~ 16:15 Academic Session 4, 5, 6, Doctoral SessionII (2F)
16:30 ~ 17:30 Guest Lecture (2F)
Morten Bennedsen (University of Copenhagen and INSEAD)


Saturday, December 4, 2021

09:00 ~ 10:00 Registration / Continental breakfast (2F)
10:00 ~ 11:30 Academic Session 7, 8, 9, 10 (2F)
11:45 ~ 13:45 Luncheon (2F, Orchid Room)
  Welcome Address : Dr. Kwangwoo Park
President, Korean Securities Association
Dr. Itay Goldstein
University of Pennsylvania
Keynote Speech    :
14:00 ~ 15:30 Academic Session 11, 12, 13, 14 (2F)
15:45 ~ 17:15 Academic Session 15, 16, 17, 18 (2F)
17:30 ~ 20:00 Farewell Dinner (2F, Orchid Room)
  Congratulatory Remarks    : Dr. Sung-wook Joh
Chairperson, Korea Fair Trade Commission
  Keynote Speech    : Mr. Byungdoo Sohn
Chairman and CEO, Korea Exchange
  Best Paper Award : Dr. Junghoon Seon
Program Chair

 



At-a-glance Program Schedule

Friday, December 3, 2021

TIME & Room 2F Lilac Tulip Cosmos Violet

12:30~13:00

Registration & Welcome
(2F, The Westin Josun Hotel)

13:00~14:30

Session 1

Big Data in Finance

Zoom Session Room

Session 2

Institutional Investors

Zoom Session Room

Session 3

Textual Analysis & Big Data
Zoom Session Room

Doctoral Student Session I
DSC I
Zoom Session Room

14:30~14:45

Coffee Break

14:45~16:15

Session 4

Big Data in Finance

Zoom Session Room

Session 5

Market Efficiency & Anomalies
Zoom Session Room

Session 6

Agency Theory & Contracts
Zoom Session Room

Doctoral Student Session II
DSC Ⅱ
Zoom Session Room

15:45~16:00

Coffee Break

17:30~19:30

Guest Lecture

Youtube (Open to the Public)
Morten Bennedsen (Univ. of Copenhagen and INSEAD)

 

Saturday, December 4, 2021

TIME & Room 2F Lilac Tulip Cosmos Violet

09:00~10:00

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

10:00~11:30

Session 7

Sustainable
Finance & Financial
Intermediaries
Zoom Session Room

Session 8

Personal & Household Finance

Zoom Session Room

Session 9

Empirical Corporate Finance

Zoom Session Room

Session 10

Empirical Corporate Finance

Zoom Session Room

11:30~11:45

Break Time

11:45~13:45

Luncheon & Keynote Speech

Youtube (Open to the Public)
Itay Goldstein, Univ. of Pennsylvania

13:45~14:00

Break Time

14:00~15:30 

Session 11

Market Microstructure

Zoom Session Room

Session 12

Corporate Governance

Zoom Session Room

Session 13

Capital Structure

Zoom Session Room

Session 14

Mutual Funds

Zoom Session Room

15:30~15:45

Coffee Break

15:45~17:15

Session 15

Financial Intermediation

Zoom Session Room

Session 16

Corporate Investment

Zoom Session Room

Session 17

International Finance

Zoom Session Room

Session 18

Empirical Research in Finance
Zoom Session Room

17:15~17:30

Break Time

17:15~17:30

Award Ceremony & Farewell Dinner
(2F, Orchid Room)

Enter Zoom




Program Details


December 4, 13:00 - 14:30

Session 1 : Big Data in Finance   Zoom Session Room [Password Required]

Chair : Chang-Soo Kim (Yonsei Univ.)

Room: Lilac


Title Author Discussant

Labor Force Demographics and Corporate Innovation

Francois Derrien (HEC Paris)
Ambrus Kecskes (York Univ.)*
Anh Nguyen Phuong (York Univ.)

TPengfei Li
(Tsinghua Univ.)

Assessing and Addressing the
Coronavirus-Induced Economic
Crisis: Evidence from 1.5 Billion Sales Invoices

Zhuo Chen
(PBC School of Finance, Tsinghua Univ.)
Pengfei Li
(PBC School of Finance, Tsinghua Univ.)*
Li Liao
(PBC School of Finance, Tsinghua Univ.)
Zhengwei Wang
(PBC School of Finance, Tsinghua Univ.)

DuckKi Cho
(Peking Univ.)

It’s Not Who You Know—It’s Who Knows You: Employee Social Capital and Firm Performance

DuckKi Cho (Peking Univ.)*
Lyungmae Choi (City Univ. of Hong Kong)
Michael Hertzel (Arizona State Univ.)
Jessie Jiaxu Wang (Arizona State Univ.)

Ambrus Kecskes
(York Univ.)

 

Session 2: Institutional Investors   Zoom Session Room [Password Required]

Chair : Omrane Guedhami (Univ. of South Carolina)

Room: Tulip


Title Author Discussant

Attention to Detail: Learning About Mergers

Adam L. Aiken (Elon Univ) Choonsik Lee (Univ. of Rhode Island)*

Jing Xie
(Hong Kong Polytechnic Univ.)

Carbon Emissions, Institutional
Trading, and the Liquidity of Corporate
Bonds

Jie Cao (Chinese Univ. of Hong Kong)
Yi Li (Board of Governors of the Federal Reserve System)
Xintong Zhan (Chinese Univ. of Hong Kong)
Weiming Zhang (Chinese Univ. of Hong Kong)*
Linyu Zhou (Chinese Univ. of Hong Kong)

Soohun Kim
(KAIST)

Investing in Influence: Investors, Portfolio Firms, and Political Giving

Marianne Bertrand (Univ. of Chicago)
Matilde Bombardini (UC Berkeley)
Raymond Fisman (Boston Univ.)
Francesco Trebbi (UC Berkeley)
Yegen, Eyub (HKUST)*

Ji Yeol Jimmy Oh
(Hanyang Univ.)


 

Session 3 : Textual Analysis & Big Data   Zoom Session Room [Password Required]

Chair : Kook-Hyun Chang (Knokuk Univ.)

Room: Cosmos


Title Author Discussant

Optimal Portfolio Using Factor
Graphical Lasso

Tae-Hwy Lee (UC Riverside)
Ekaterina Seregina (UC Riverside)*

Jaeram Lee
(Gachon Univ.)

Executives’ Blaming External Factors
and Market Reactions: Evidence from
Earnings Conference Calls

Joonki Noh
(Case Western Reserve Univ.)*
Dexin Zhou
(City Univ. of New York)

Chang-Mo Kang
(Hanyang Univ.)

Do Short Sellers Use Textual
Information? Evidence from Annual
Reports

Hung Wan Kot (Univ. of Macau)*
Frank Weikai Li
(Singapore Management Univ.)
Morris M. Liu (Univ. of Macau)
K.C. John Wei
(Hong Kong Polytechnic Univ.)

Daejin Kim
(Sungkyunkwan Univ.)


Doctoral Student Session Ⅰ    Zoom Session Room [Password Required]

Chair : Lilian Ng (York Univ.)

Room: Violet


Title Author Discussant

Location Matters: The Impact of
Surrounding Environmental Condition
on CEO Compensation

Suman Banerjee
(Stevens Institute of Technology)
Mark Humphery-Jenner (UNSW)
Vikram Nanda (Univ. of Texas at Dallas)
Xingjian Zhang

Jing Yu
(Univ. of Sydney)

How Does Hedge Fund Activism Reengineer Corporate Culture?

Pil-Seng Lee
(Univ. of Texas at Dallas)*

Rui Shen
(Chinese Unive. of Hong Kong)

Do Speculators Exacerbate
Managerial Myopia? Evidence from
Margin Traders in China

Jun Chen (UC San Diego)*

Sun Lin
(Fudan Univ.)


Guest Lecture (16:30~17:30, December 3)

Youtube (Open to the Public)

Family Firms in Emerging Markets

Morten Bennedsen
(Univ. of Copenhagen and INSEAD)


December 3, 14:45~16:15

Session 4: Behavioral Finance  Zoom Session Room [Password Required]

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

Room: Lilac


Title Author Discussant

Asset Prices When Investors Ignore
Discount Rate Dynamics

Wang Renxuan
(Columbia Univ.)

Sungjune Pyun
(National Univ. of Singapore)

Similar Stocks

Wei He (Southwestern Univ.)
Yuehan Wang (Tsinghua Univ.)*
Jianfeng Yu (Tsinghua Univ.)

Jung-Min Kim
(Univ. of Seoul)

Investor Sentiment and the Pricing of
Characteristics-Based Factors

Zhuo Chen (Tsinghua Univ.)*
Bibo Liu (Tsinghua Univ.)
Huijun Wang (Auburn Univ.)
Zhengwei Wang (Tsinghua Univ.)
Jianfeng Yu (Tsinghua Univ.)

Hong Kee Sul
(Chung-Ang Univ.)

 

Session 5: Market Efficiency & Anomalies    Zoom Session Room [Password Required]

Chair : Kyoungwon Seo (Seoul National Univ.)

Room: Tulip


Title Author Discussant

Do ETFs Have a Bright Side?
Price Discovery and the Primary
Market Activity of Authorized
Participants

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

Yongjun Kim
(Univ. of Seoul)

Rationally Neglected Stocks

Oleg Chuprinin (UNSW)
Arseny Gorbenko (Monash Univ.)
Chang-Mo Kang (Hanyang Univ.)*

Tong (Tony) Zhou
(Shanghai Tech Univ.)

The Pricing of Idiosyncratic Cash Flow
Risk with Heterogeneous Beliefs

Michael Gallmeyer (Univ. of Virginia)
Hogyu Jhang
(Chungnam National Univ.)*
Hwagyun Kim (Texas A&M Univ.)

Xi Wang (Peking Univ.)

 

Session 6: Agency Theory & Contracts   Zoom Session Room [Password Required]

Chair: Dong Wook Lee (Korea Univ.)

Room: Cosmos


Title Author Discussant

Institutional Investor Attention, Agency
Conflicts, and the Cost of Debt

Sadok El Ghoul (Univ. of Alberta) Omrane Guedhami
(Univ. of South Carolina)
Sattar Mansi (Virginia Tech)
Hyo Jin Yoon
(Univ. of Texas at El Paso)*

Hyun Seung Na
(Korea Univ.)

Agency Costs of CEO Political
Ideology

Othman Alolah (UC Riverside)
Raymond Nam Kim
(Northern Arizona Univ.)*

Sunwoo Hwang
(Korea Univ.)

Shareholder Financial Difficulties
and Firms’ Risk-Shifting Behavior:
Evidence from the 2003 Mutual Fund
Scandal

Jun-Koo Kang
(Nanyang Technological Univ.)
Fangbo Si
(Nanyang Technological Univ.)*

Raymond Nam Kim
(Northern Arizona Univ.)

 

Doctoral Student Session Ⅱ   Zoom Session Room [Password Required]

Chair : Daehwan Kim (Knokuk Univ.)

Room: Violet


Title Author

Spillover Effects on Managerial bad News Hoarding Behavior: Evidence from MD&A Textual Analysis and Stock Price Crash Risk

Sanghak Choi (UNIST)
Hail Jung (UNIST)
Daejin Kim (UNIST)

Can a Machine Learn from Behavioral Biases?
Evidence from Stock Return Predictability of Deep
Learning Models

Suk-Joon Byun (KAIST)
Sangheum Cho (KAIST)
Da-Hea Kim (Sungkyunkwan Univ.)

Dollar Dominance in FX Trading

Somogyi Fabricius (Uni St.Gallen)

 

December 4, 10:00-11:30

Session 7 : Sustainable Finance & Financial Intermediaries  Zoom Session Room [Password Required]

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

Room: Lilac


Title Author Discussant

Does Media Coverage of Firms’ Environment, Social, and Governance
(ESG) Incidents Affect Analyst
Coverage and Forecasts?

Zhichao Li (Durham Univ.)
Guanming He (Durham Univ.)*

Le Zhang
(Australian National Univ.)

ESG Lending

Sehoon Kim (Univ. of Florida)
Nitish Kumar (Univ. of Florida)
Jongsub Lee (Seoul National Univ.)
Junho Oh (Hong Kong Polytechnic Univ.)*

Xintong Zhan
(Chinese Univ. of Hong Kong)

The Salience of ESG Ratings for Stock Pricing: Evidence From (Potentially)
Confused Investors

Aleksandra Rzeźnik (York Univ.)*
Kathleen Weiss Hanley (Lehigh Univ.)
Loriana Pelizzon (Goethe Univ.)

Qifei Zhu
(Nanyang Technological Univ.)

 

Session 8 : Personal & Household Finance   Zoom Session Room [Password Required]

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

Room: Tulip


Title Author Discussant

Financial Access and Labor Market Outcomes: Evidence from Credit
Lotteries

Bernadus Van Doornik
(Banco Central do Brasil)
Armando Gomes (Washington Univ.)
David Schoenherr (Princeton Univ.)*
Janis Skrastins (Washington Univ.)

Felipe Correia
(Univ. of Georgia)

Leverage Made at Home: Investors’
Margin Loan Usage and Firm
Leverage

Chunbo Liu (Southwestern Univ.)*
Zilong Niu (Southwestern Univ.)

Liheng Lei
(UIUC)

Do Local Newspapers Matter to
Institutional Investors?

Byoung Uk Kang
(Hong Kong Polytechnic Univ.)*
Jonathan Sangwook Nam
(Hong Kong Polytechnic Univ.)

Eunji Oh
(WRDS)

 

Session 9 : Empirical Asset Pricing   Zoom Session Room [Password Required]

Chair : Dongcheol Kim (SolBridge International school of Business)

Room: Cosmos


Title Author Discussant

Firm Characteristics and Stock Price
Levels: A Long-Term Discount Rate
Perspective

Yixin Chen (Univ. of Rochester)*
Ron Kaniel (Univ. of Rochester)

Yixin Chen (Univ. of Rochester)*
Ron Kaniel (Univ. of Rochester)

A One-factor Model for Expected
Night-minus-day Stock Returns

Zhongjin (Gene) Lu (Univ. of Georgia)
Zhongling (Danny) Qin
(Auburn Univ.)*

Byoung-Kyu Min
(Hanyang Univ.)

Characteristics-Based Factors

Zhuo Chen (Tsinghua Univ.)
Bibo Liu (Tsinghua Univ.)
Huijun Wang
(Univ. of Melbourne, Australia)
Zhengwei Wang (Tsinghua Univ.)
Jianfeng Yu (Tsinghua Univ.)*

Yixin Chen
(Univ. of Rochester)

 

Session 10 : Empirical Corporate Finance    Zoom Session Room [Password Required]

Chair : Jong-Bom Chay (Sungkyunkwan Univ.)

Room: Violet


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Jong-Min Oh
(Sungkyunkwan Univ.)

Title Author Discussant

Outsourcing Climate Change

Duan (WU Vienna Univ.)
Hao Liang (Singapore Management Univ.)
Lilian Ng (York Univ.)*

Sehoon Kim
(Univ. of Florida)

Communities as Stakeholders: Impact
of Corporate Bankruptcies on Local
Governments

Sudheer Chava (Georgia Tech)
Baridhi Malakar (Georgia Tech)*
Manpreet Singh (Georgia Tech)

Ju Hyun Kim
(Ajou Univ.)

Startup (Dis)similarity and Types of Earlystage Financing

S. Katie Moon
(Univ. of Colorado at Boulder)
Paula Suh (Univ. of Georgia)*

 

Keynote Speech and Luncheon (11:45~13:45, December 4)

Youtube (Open to the Public)

Information in Financial Markets and its Real Effects

Itay Goldstein
(Univ. of Pennsylvania)

 

December 4, 14:00-15:30

Session 11 : Market Microstructure   Zoom Session Room [Password Required]

Chair : Hee-Joon Ahn (Sungkyunkwan Univ.)

Room: Lilac


Title Author Discussant

Retail Trader Sophistication and Stock Market Quality: Evidence from Brokerage
Outages

Gregory W. Eaton (Oklahoma State Univ.)* Clifton Green (Emory Univ.)
Brian S. Roseman (Oklahoma State Univ.)
Yanbin Wu (Emory Univ.)

Joonki Noh
(Case Western Reserve Univ.)

Coexisting Exchange Platforms: Limit
Order Books and Automated Market
Makers

Jun Aoyagi (HKUST)
Yuki Ito (UC Berkeley)*

Jongsub Lee
(Seoul National Univ.)

Getting Burned by Frictionless
Financial Markets

Anirudh Dhawan
(Univ. of Technology Sydney)*
Benjamin Loos
(Technical Univ. of Munich)
Marco Navone
(Univ. of Technology Sydney)
Talis Putnins
(Univ. of Technology Sydney)

Gregory Eaton
(Oklahoma State Univ.)

 

Session 12 : Corporate Governance   Zoom Session Room [Password Required]

Chair : Hyun-Han Shin (Yonsei Univ.)

Room: Tulip


Title Author Discussant

Crowd-Sourced CEO Approval and
Turnover

Sea-Jin Chang
(National University of Singapore)
Ji Yeol Jimmy Oh (Hanyang Univ.)*
Kwangwoo Park (KAIST)

Fangbo Si
(Nanyang Technological Univ.)

Shareholder Litigation and Workplace
Safety

Ning Gong (Deakin Univ.)
Lixiong Guo (Univ. of Alabma)*
Zhiyan Wang (Univ. of Alabma)

Eyub Yegen
(HKUST)

Customer Concentration and Firm Risk: The Role of Outside Directors
from Customers

Taeyeon Kim (Sungkyunkwan Univ.)*
Hyun-Dong Kim (Sogang Univ.)
Kwangwoo Park (KAIST)

Guanming He
(Durham Univ.)

 

Session 13:  Capital Structure   Zoom Session Room [Password Required]

Chair : Young Sang Kim (Northern Kentucky Univ.)

Room: Cosmos


Title Author Discussant

Strategic Adjustment of Capital
Structure: Evidence from Firms Newly
Added to the S&P 500 Index

Eunpyo Hong
(George Washington Univ.)
Min Hwang (George Washington Univ.)
Jiyoon Lee (Yonsei Univ.)*

Jungwon Suh
(Sungkyunkwan Univ.)

Average Cash-Savings Rates in Equity
Issues: Is Cash a Side Show?

Sadok El Ghoul (Univ. of Alberta)
Omrane Guedhami
(Univ. of South Carolina)
Eun Jung Lee (Hanyang Univ.)
Jungwon Suh (Sungkyunkwan Univ.)*

Hyeun Han
(UNIST)

Capital Structure under Imperfect Product Market Competition:
Theory and Evidence

Hae Won Jung (Univ. of Melbourne)* Dalida Kadyrzhanova
(Federal Reserve Board)
Ajay Subramanian
(Georgia State Univ.)

Sooyoung Song
(Chung-Ang Univ.)

 

Session 14:  Mutual Funds  Zoom Session Room [Password Required]

Chair : Junesuh Yi (Dongguk Univ.)

Room: Violet


Title Author Discussant

Fund Flows in the Shadow of Stock
Trading Regulation: Evidence from
China

Xiang Kang
(J. P. Morgan Chase & Co.)
David Xiaoyu Xu
(Univ. of Texas at Austin)*

Heebum Lee
(Korea Univ.)

Capital Allocation and the Market
for Mutual Funds: Inspecting the
Mechanism

Jules H. van Binsbergen,
(Univ. of Pennsylvania)
Jeong Ho (John) Kim (Emory Univ.)
Soohun Kim (KAIST)*

Donghyun Kim
(Chung-Ang Univ.)

Are Passive Investors also Passive
Voters? Evidence from Securities
Lending by Mutual Funds

Jing Xie
(Hong Kong Polytechnic Univ.)

Jun Kyung Auh
(Yonsei Univ.)

 

December 4, 15:45~17:15


Session 15 : Financial Intermediation   Zoom Session Room [Password Required]

Chair : Jongsub Lee (Seoul National Univ.)

Room: Lilac


Title Author Discussant

Natural Disasters and the Role of
Regional Lenders in Economic
Recovery

Hursit S. Celil
(Peking Univ. HSBC Business School)
Seungjoon Oh
(Peking Univ. HSBC Business School)*
Srinivasan Selvam
(Peking Univ. HSBC Business School

Jiyoon Lee
(Yonsei Univ.)

Dissecting Bond Volatility

Jie Cao
(The Chinese Univ. of Hong Kong)
Tarun Chordia (Emory Univ.)
Linyu Zhou
(The Chinese Univ. of Hong Kong)*

Dragon Tang
(Hong Kong Univ.)

The Carrot and the Stick: Bank Bailouts
and the Disciplining Role of Board
Appointments

Christian Müecke (Goethe Univ.)
Loriana Pelizzon (Tilburg Univ)
Vincenzo Pezone (Tilburg Univ)*
Anjan Thakor (Washington Univ.)

Dong Beom Choi
(Seoul National Univ.)

 

Session 16 : Corporate Investment   Zoom Session Room [Password Required]

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

Room: Tulip


Title Author Discussant

Creative Destruction and the Bright
Side of Economic Downturns

Shahram Amini (Univ. of Denver)*
Andrew MacKinlay (Virginia Tech)
James Weston (Rice Univ.)

Doowon Lee
(Univ. of Newcastle)

Labor Turnover, Firm Investment, and
Stock Returns

Jaewan Bae (KAIST)*
Jangkoo Kang 0%br>

Jeewon Jang
(Ajou Univ.)

Collateral Constraints, Trademarks, and Corporate Activities

Zhaoxia Xu (UNSW)

Taehyun Kim
(Chung-Ang Univ.)

 

Session 17: International Finance   Zoom Session Room [Password Required]

Chair: Woojin Kim (Seoul National Univ.)

Room: Cosmos


Title Author Discussant

Effect of Ownership Composition on
Property Prices and Rents: Evidence
from Chinese Investment Boom in US
Housing Markets

Jung Sakong
(Federal Reserve Bank of Chicago)

Hyun-Soo Choi
(KAIST)

What Explains Cross-Country
Difference in Corporate Valuations?
Growth Opportunities or Profitability?

Dong Wook Lee (Korea Univ.)*
Lingxia Sun (Sun Yat-sen Univ.)

Yeejin Jang
(UNSW)

Learning Through Social Networks:
How Foreign Workers Optimize
FinTech Usage for Remittances

Sumit Agarwal
(National Univ. of Singapore)
Sangheum Cho (KAIST)
Hyun-Soo Choi (KAIST)*
Leora Klapper (The World Bank)

Hongkee Sul
(Chung-Ang Univ.)

 

Session 18 : Empirical Research in Finance   Zoom Session Room [Password Required]

Chair: Sumit Agarwal (National Univ. of Singapore)

Room: Violet


Title Author Discussant

Polluted Waters and Municipal
Finance

Daisy Huang (South western Univ)*
Amit Kumar (HKUST)

Hyemin Kim
(Hanyang Univ.)

Risk Management with Variable
Capital Utilization and Procyclical
Collateral Capacity

Guojun Chen
(National Univ. of Singapore)*
Zhongjin Lu (Univ. of Georgia)
Siddharth Vij (Univ. of Georgia)

Junho Park
(Myongji Univ.)

It Depends Who you Ask:
Context Effects in the Perception of
Stock Returns

Constantinos Antoniou (Univ. of Warwick)
Junyang Guo (Univ. of Warwick)*
Neil Stewart (Univ. of Warwick)

Sung Won Seo
(Konkuk Univ.)

 

December 4, 17:30~20:00

Enter Zoom

Award Ceremony & Farewell Dinner