CAFM

CAFM Program 2022

Program of Conference


Friday, December 9, 2022

12:30 ~ 13:00 Registration & Welcome (2F)
13:00 ~ 14:30 Academic Session 1, 2, 3, Doctoral Session I (2F)
14:45 ~ 16:15 Academic Session 4, 5, 6, 7 (2F)
16:30 ~ 17:30 Guest Lecture (2F)
Dr. Allaudeen Hameed (National University of Singapore)
17:30 ~ 19:00 Welcome Reception (2F, Orchid Room)
  Welcome Address : Dr. Junghoon Seon
President, Korean Securities Association


Saturday, December 10, 2022

09:00 ~ 10:00 Registration (2F)
10:00 ~ 11:30 Academic Session 8, 9, 10, Doctoral Session II (2F)
11:45 ~ 13:45 Luncheon (2F, Orchid Room)
  Welcome Address : Dr. Junghoon Seon
President, Korean Securities Association
Dr. Thierry Foucault
HEC Paris
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)
  Keynote Speech    : Dr. Byungdoo Sohn
Chairman and CEO, Korea Exchange
  Best Paper Award : Dr. Hyun-Han Shin
Program Chair

 



CAFM 2022 At-a-glance Program Schedule

Friday, December 9, 2022

TIME & Room 2F Lilac Tulip Cosmos Violet

Zoom Link
(password required)

Zoom Session Room

Zoom Session Room

Zoom Session Room

Zoom Session Room

12:30~13:00

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

13:00~14:30
(9 + DSC 3)

Session 1

AI and Cryptoasset in Finance

Session 2

Institutional Investors

Session 3

ESG

Doctoral Student
Consortium I

14:30~14:45

Coffee Break

14:45~16:15
(12)

Session 4

Behavioral Finance

Session 5

Bond Premium

Session 6

Debt Financing

Session 7

Labor and Finance

16:15~16:30

Coffee Break

16:30~17:30

Guest Lecture

Dr. Allaudeen Hameed (National University of Singapore)
Zoom Session Room

17:30~19:00

Welcome Reception

(2F, Orchid Room)

 

Saturday, December 10, 2022

TIME & Room 2F Lilac Tulip Cosmos Violet

Zoom Link
(password required)

Zoom Session Room

Zoom Session Room

Zoom Session Room

Zoom Session Room

09:00~10:00

Registration
(2F, The Westin Josun Seoul Hotel)

10:00~11:30
(9 + DSC 3)

Session 8

Corporate Governance

Session 9

Corporate Social Responsibility

Session 10

Empirical Asset Pricing

Doctoral Student
Consortium II

11:30~11:45

Break Time

11:45~13:45

Luncheon & Keynote Speech (2/F, Orchid Room)

Dr. Thierry Foucault (HEC Paris)
Zoom Session Room

13:45~14:00

Break Time

14:00~15:30
(12)

Session 11

Household Finance

Session 12

Environmental Issues and Corporate Decisions

Session 13

Investments

Session 14

Innovations in Finance

15:30~15:45

Coffee Break

15:45~17:15
(12)

Session 15

Financial Intermediation

Session 16

Climate Finance

Session 17

Information Diffusion

Session 18

Empirical Corporate Finance

17:15~17:30

Break Time

17:30~20:00

Award Ceremony & Farewell Dinner

(2F, Orchid Room)
Zoom Session Room




Program Details


December 9, 13:00 - 14:30

Session 1: AI and Cryptoasset in Finance Zoom Session Room [Password Required]

Chair: Bong-Gyu Jang (Postech)

Room: Lilac


Title Author Discussant

Understanding the determinants of bond excess returns using explainable AI

Lars Beckmann (University of Münster)*
Joern Debener (University of Münster)
Johannes Kriebel (University of Münster)

Gabjin Oh (Chosun University)

An Algorithm to Prevent Being Picked Off by Algorithms: An Examination of IEX’s D-Limit Order Type

Seongkyu {Gilbert} Park (Willamette University)*
Patrik Sandas (University of Virgina)

Daejin Kim (Sungkyunkwan University)

An Anatomy of Crypto-Enabled Cybercrimes

Lin William Cong (Cornell University)
Campbell R. Harvey (Duke University)
Daniel Rabetti (Tel Aviv University)*

Byung Hwa Lim (Sungkyunkwan University)

 

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

Chair: Hee-Joon Ahn (Sungkyunkwan University)

Room: Tulip


Title Author Discussant

Rational Factor Rotation

Lawrence Pohlman (Adaptive Investments)*
Debasish Guha (SP Jain)
Michael Wasson (Pebblewriter)

Chulwoo Han (Sungkyunkwan University)

Outsourced Fund and Risk-taking: A Tale of Two Contracts

Jung Hoon Lee (Vanderbilt University)*
Saurin Patel (University of Western Ontario)
Shyam Venkatesan (University of Western Ontario)

Hyung Chul Lee (Chungbuk National University)

Investor Learning and the Aggregate Allocation of Capital to Active Management

Jeong Ho {John} Kim (Emory University)*

Da-Hea Kim (Sungkyunkwan University)

 

Session 3: ESG Zoom Session Room [Password Required]

Chair: Chang-Soo Kim (Yonsei University)

Room: Cosmos


Title Author Discussant

ESG Commitment and the Value of "Walking the Talk": Evidence from Closed-End Funds

Hyun-Soo Choi (KAIST)
Hugh Hoikwang Kim (University of South Carolina)
Yun-Soo Kim (KAIST)*

Jing Xie (The Hong Kong Polytechnic University)

The Hidden Cost of Going Green: Evidence from Firm-Level Violations & Employee Reviews

Arshia Farzambar (York University)
Pouyan Foroughi (York University)
Lilian Ng (York University)*
Linyang Yu (York University)

Hugh Hoikwang Kim (University of South Carolina)

Does ESG negative screening work?

Robert Eccles (Oxford University)
Shiva Rajgopal (Columbia University)
Jing Xie (The Hong Kong Polytechnic University)*

Lilian Ng (York University)

 

Doctoral Student Consortium I Zoom Session Room [Password Required]

Chair: Dong Beom Choi (Seoul National University)

Room: Violet


Title Author

Bank Competition and Entrepreneurial Gaps: Evidence from Bank Deregulation

Xiang Li (Boston College)*

Environmental regulatory risks, firm pollution, and mutual funds' portfolio choices

Simon Xu (University of California at Berkeley)*

His Pain Is Your Gain: Inter-Firm Linkages and Exchange Rate Exposure

Yancheng Qiu (HKUST)*

 

December 9, 14:45 - 16:15

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

Chair: Keunsoo Kim (Kyung Hee University)

Room: Lilac


Title Author Discussant

Earnings Extrapolation and Predictable Stock Market Returns

Hongye Guo (Hong Kong University)*

Eunjung Yeo (Chung-Ang University)

CEO Social Capital and Non-GAAP Earnings Disclosures

William McCumber (Louisiana Tech University)
Huan Qiu (Millsaps College)*
Michael Luehlfing (Louisiana Tech University)

Jonghwan Kim (Yonsei University)

Are Researcher CEOs Better Innovators?

George J. Jiang (Washington State University)
Wenquan Li (The University of Queensland)
Yaohua Li (University of Glasgow)
He Wang (Southern University of Science and Technology)*

Namjong Kim (Korea Institute of Finance)

 

Session 5: Bond Premium Zoom Session Room [Password Required]

Chair: Jangkoo Kang (KAIST)

Room: Tulip


Title Author Discussant

News Sentiment and Bond Risk Premia

Chang-Mo Kang (Hanyang University)
Donghyun Kim (Chung-Ang University)
Hoyoung Park (Hanyang University)*

Hankil Kang (Dankook University)

Different Shades of Green: Estimating the Green Bond Premium using Natural Language Processing

Emanuela Benincasa (University of Zurich, Swiss Finance Institute)*
Jonathan Fu (University of Zurich)
Mrinal Mishra (University of Zurich)
Adityavardhan Paranjape (Zurich Insurance Group)

Chulwoo Han (Sungkyunkwan University)

Credit Information Ambiguity Premia

Hwagyun Kim (Texas A&M University)
Ju Hyun Kim (Ajou University)
Heungju Park (Sungkyunkwan University)*

Haekwon Lee (University of Sydney)

 

Session 6: Debt Financing Zoom Session Room [Password Required]

Chair: Young Ho Eom (Yonsei University)

Room: Cosmos


Title Author Discussant

Lending at arm’s length: How do sovereign ceiling policies really matter for corporate borrowers?

Suk-Joong Kim (University of Sydney)*
Panagioti Politsidis (Audencia Business School)
Eliza Wu (University of Sydney)
Iftekhar Hasan (Fordham University)

Heungju Park (Sungkyunkwan University)

Tariff Uncertainty and Cost of Debt

Huasheng Gao (Fudan University)
Yuxi Wang (Shanghai Jiao Tong University)*

Taejin Kim (Korea University)

Debt-equity Conflicts and Efficiency of Distressed Firms: Evidence from Banker-directors in Japan

Kentaro Asai (Australian National University)
Dong Beom Choi (Seoul National University)*

Jiyoon Lee (Yonsei Univesrity)

 

Session 7: Labor and Finance Zoom Session Room [Password Required]

Chair: Sung Chul Bae (Bowling Green State University)

Room: Violet


Title Author Discussant

Inalienable Human Capital and Inevitable Corporate Payouts

Kose John (New York University)
Xiaoran Ni (Xiamen University)*
Chi Zhang (UMass Lowell)

Hogyu Jhang (Chungnam National University)

How Does Declining Worker Power Affect Investment Sensitivity to Minimum Wage?

Sreedhar Bharath (Arizona State University)
DuckKi Cho (Peking University HSBC Business School)
Michael Hertzel (Arizona State University)*

Jungwon Suh (Sungkyunkwan University)

Growing beyond firm boundaries through strategic alliances: Role of labor market frictions

Hyemin Kim (Hanyang University)*
Min Suk Lee (Chulalongkorn University)
Angie Low (Nanyang Technological University)

Heejin Park (Pusan National University)

 

Room: Violet


Guest Lecture (16:30~17:30, December 9)

Zoom Session Room [Password Required]

Liquidity and Asset Returns

Allaudeen Hameed
(National University of Singapore)

 

Room: Orchid


December 9, 17:30~19:00

Welcome Reception

 

December 10, 10:00 - 11:30

Session 8: Corporate Governance Zoom Session Room [Password Required]

Chair: Inmoo Lee (KAIST)

Room: Lilac


Title Author Discussant

Out of Sight: Employee Safety Following Hedge Fund Activism

Mark DesJardine (Pennsylvania State University)
Lixiong Guo (University of Alabama)*
Zhiyan Wang (University of Alabama)

Sunwoo Hwang (Korea University)

Equity Issues and (the Value of) Cash: New International Evidence

Sadok El Ghoul (University of Alberta)
Omrane Guedhami (University of South Carolina)
Hyunseok Kim (National Pension Research Institute)
Jungwon Suh (Sungkyunkwan University)*

Taehyun Kim (Chung-Ang University)

Boards and Bonds in Bad Times

Sadok El Ghoul (University of Alberta)
Omrane Guedhami (University of South Carolina)
Sattar Mansi (Virginia Tech)
Jeffrey Pittman (Memorial University of Newfoundland)
Hyo Jin Yoon (University of Texas at El Paso)*

Lixiong Guo (University of Alabama)

 

Session 9: Corporate Social Responsibility Zoom Session Room [Password Required]

Chair: Kyung Suh Park (Korea University)

Room: Tulip


Title Author Discussant

Corporate Social Responsibility and Post-merger Labour Restructuring

Jiajun Tao (City, University of London)*

Daewoong Choi (Louisiana State University)

Corporate social responsibility in family succession: Evidence from Korean business groups

Yoona Lee (KCGS)*
Jiyoon Lee (Yonsei University)
Hyejin Park (Korea Capital Market Institute)

Jiajun Tao (City, University of London)

The Mitigation of Reputational Risk via Responsive CSR: Evidence from Securities Class Action Lawsuits

Daewoung Choi (Louisiana State University, Shreveport)*
Douglas Cook (University of Alabama)
M. Tony Via (Kent State University)
Weiwei Zhang (James Madison University)

Yoona Lee (KCGS)

 

Session 10: Empirical Asset Pricing Zoom Session Room [Password Required]

Chair: Baeho Kim (Korea University)

Room: Cosmos


Title Author Discussant

Does the options market underreact to firms’ left-tail risk?

Bei Chen (Shanghai International Studies University)*
Quan Gan (University of Sydney)
Aurelio Vasquez (ITAM)

Da-Hea Kim (Sungkyunkwan University)

The Asset-Pricing Implications of Carbon Risk in Korea

Dojoon Park (Yonsei University)
Jiyoon Lee (Yonsei University)
Hyejin Park (Korea Capital Market Institute)*

Hope Hyeun Han (UNIST)

Mutual Fund Flows and Capital Supply in Municipal Financing

Manuel Adelino (Duke University)
Sophia Chiyoung Cheong (City University of Hong Kong)
Jaewon Choi (University of Illinois and Yonsei University)
Ji Yeol Jimmy Oh (Hanyang University)*

Chang Joo Lee (KAIST)

 

Doctoral Student Consortium II Zoom Session Room [Password Required]

Chair: Ryoonhee Kim (KAIST)

Room: Violet


Title Author

Biased Judges? Judge Characteristics and Bankruptcy Outcomes

Donghyun Kang (Copenhagen Business School)*

Global Corporate Default Clustering and Contagion

Yanru Lee (University of North Carolina at Chapel Hill)*

Are All Durable Assets Created Equal? The Impact of Price Appreciation on Investment

Soon Hyeok Choi (Cornell University)*

 

Room: Orchid


Luncheon & Keynote Speech (11:45~13:45, December 10)

Zoom Session Room [Password Required]

Information and Financial Markets in the Age of Data Abundance

Thierry Foucault (HEC Paris)

 

December 10, 14:00 - 15:30

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

Chair: Tong Suk Kim (KAIST)

Room: Lilac


Title Author Discussant

Long-Term Expectations

Richard Sias (University of Arizona)
Laura Starks (University of Texas Austin)
Harry Turtle (Colorado State University)*

Kyoung-Kuk Kim (KAIST)

Optimal Retirement with Long-Run Income Risk

Shan Huang (Georgia Institute of Technology)
Seyoung Park (University of Nottingham)*
Jane Yoo (Ajou University)

Inchang Hwang (KIRI)

Politicians' Asset Allocation and Economic Bill Proposals

Hyun-Soo Choi (KAIST)
Hugh Hoikwang Kim (University of South Carolina)
Paul Youngwook Kim (KAIST)*

Hyo Seob Lee (Korea Capital Market Institute)

 

Session 12: Environmental Issues and Corporate Decisions Zoom Session Room [Password Required]

Chair: Jongsub Lee (Seoul National University)

Room: Tulip


Title Author Discussant

The Optimal Design of Green Securities

Adelina Barbalau (University of Alberta)*
Federica Zeni (World Bank)

Keeyoung Rhee (Postech)

Environmental regulation, pollution, and shareholder wealth

Seungho Choi (Queensland University of Technology)
Jonghyeon Park (University of Technology Sydney)*
Simon Xu (University of California at Berkeley)

Heebum Lee (Korea University)

Every emission you create–every dollar you’ll donate: The effect of regulation-induced pollution on corporate philanthropy

Seungho Choi (Queensland University of Technology)*
Jonghyeon Park (University of Technology Sydney)
Simon Xu (University of California at Berkeley)

Changhyun Ahn (The Chinese University of Hong Kong)

 

Session 13: Investments Zoom Session Room [Password Required]

Chair: Jong-Bom Chay (Sungkyunkwan University)

Room: Cosmos


Title Author Discussant

Mixed Roles of Analysts: Announcement Return Reversal and Information Asymmetry

Linda Chen (University of Idaho)
Wei Huang (University of Minnesota, Duluth)
George Jiang (Washington State University)*

Arseny Gorbenko (Monash University)

Short Seller Skills in the Global Context: Public News Processing vs. Private Information Gathering

Arseny Gorbenko (Monash University)*

Lyungmae Choi (City University of Hong Kong)

The Role of Employees as Information Intermediaries: Evidence from Their Professional Connections

DuckKi Cho (Peking University HSBC Business School)
Lyungmae Choi (City University of Hong Kong)*
Stephen A. Hillegeist (Arizona State University)

George Jiang (Washington State University)

 

Session 14: Innovations in Finance Zoom Session Room [Password Required]

Chair: Junesuh Yi (Dongguk University)

Room: Violet


Title Author Discussant

Diffused Errors along Technology Spillovers: Evidence from the 510(k) Medical Device Market

Po-Hsuan Hsu (National Tsing Hua University)
Kyungran Lee (University of Hong Kong)
S. Katie Moon (University of Colorado)
Seungjoon Oh (Peking University HSBC Business School)*

Jong-Min Oh (Sungkyunkwan University)

Contingent Employment and Innovation

Sunwoo Hwang (Korea University)*

Hyoung-Goo Kang (Hanyang University)

Financial Development and Innovation: The Role of Market Structure

Jaebeom Kim (Oklahoma State University)*
Xiaoyang Zhu (Wichita State University)

Hyun Joong Im (University of Seoul)

 

December 10, 15:45 - 17:15

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

Chair: Joon-Ho Hahm (Yonsei University)

Room: Lilac


Title Author Discussant

The shadow disintermediation and cost of risk-sensitive capital

Irem Erten (Warwick Business School)*

Sei-Wan Kim (Ewha Womans University)

Bank Reporting Decisions on Problem Loans: Evidence from Natural Disaster Responses

Seong Jin Ahn (KAIST)
Yong Kyu Gam (University College Dublin)*

Heung Jin Kwon (Korea Institute of Finance)

Competition and Lending Standards with Multidimensional Private Information

Seokwoo Lee (University of Maryland)*
William Mann (Emory University)

Seok-Kyun Hur (Chung-Ang University)

 

Session 16: Climate Finance Zoom Session Room [Password Required]

Chair: Kwangwoo Park (KAIST)

Room: Tulip


Title Author Discussant

Climate-related Disclosure Commitment of the Lenders, Credit Rationing, and Borrower Environmental Performance

Iftekhar Hasan (Fordham University)
Haekwon Lee (University of Sydney)*
Buhui Qiu (University of Sydney)
Anthony Saunders (New York University)

Junho Park (Myongji University)

Is ESG a Managerial Style?

Tianyu Cai (University of New South Wales)
Leo Liu (University of New South Wales)
Jason Zein (University of New South Wales)
Hao Zhang (University of New South Wales)*

Soohun Kim (KAIST)

Corporate Decarbonization under Financial Constraints: International Evidence

Lilian Ng (York University)
Xiaoqiong Wang (Indiana University Kokomo)
Jing Yu (The University of Sydney)*

Wei {Victor} Huang (University of Hawaii at Manoa)

 

Session 17: Information Diffusion Zoom Session Room [Password Required]

Chair: Daejin Kim (Sungkyunkwan University)

Room: Cosmos


Title Author Discussant

Insider Trading in News Deserts

Hangsoo Kyung (The Hong Kong Polytechnic University)
Jonathan Nam (The Hong Kong Polytechnic University)*

Junyoup Lee (Ajou University)

Profiting from Rival Firms’ Cyberattacks: Evidence from Informed Trading by Insiders with Social Ties

Jun-Koo Kang (Nanyang Technological University)
Jungmin Kim (The Hong Kong Polytechnic University)*
Fangbo Si (Jinan University)

Chang-Mo Kang (Hanyang University)

Information Diffusion into Multi-(Secretive)-Segment Firms

C.S.Agnes Cheng (University of Oklahoma)
Chengwei Wang (Sungkyunkwan University)*

Hyun Seung Na (Korea University)

 

Session 18: Empirical Corporate Finance Zoom Session Room [Password Required]

Chair: Sang Gyung Jun (Hanyang University)

Room: Violet


Title Author Discussant

The Economics of Legal Uncertainty

David Schoenherr (Princeton University)*
Jan Starmans (Stockholm School of Economics)
Jiwon Lee (Princeton University)

Ji Yeol Jimmy Oh (Hanyang University)

Tax Cuts, Firm Growth, and Worker Earnings: Evidence from Small Business Deductions in Canada

Terry {Seok Min} Moon (University of British Columbia)*
Yige Duan (University of British Columbia)

Eun-Jung Shin (Baekseok University)

Cash Flow Duration and M&A Activity

Sudheer Chava (Georgia Institute of Technology)
Da-Hea Kim (Sungkyunkwan University)*
Heungju Park (Sungkyunkwan University)

Sun Min Kim (KCGS)

 

Room: Orchid


December 10, 17:30~20:00

Zoom Session Room [Password Required]

Award Ceremony & Farewell Dinner