Conference Agenda

14th Conference on Asia-Pacific Financial Markets (CAFM)

 

Date: Friday, 06/Dec/2019

1:00pm - 2:00pm

Day 1 Registration

2F Foyer, Westin Chosun 

2:00pm - 3:30pm

Session 01: Corporate Investment
Session Chair: Prof. Kyojik "Roy" Song, Sungkyunkwan University;

Lilac 

 

 

Corruption, Dodd-Frank Whistleblowing, and Corporate Investment

Qingjie Du

Hong Kong Polytechnic University, Hong Kong S.A.R. (China);


 

Does Corporate Investment Respond to Time-Varying Cost of Capital? Empirical Evidence

Yongjin Kim

City University of Hong Kong, Hong Kong S.A.R. (China);


 

Capitalizing on Sustainability: Value of Going Green

Kim, Taehyun1, Kim, Yongjun2

1UNIST; 2Univresity of Seoul;

 

 

2:00pm - 3:30pm

Session 02: Liquidity
Session Chair: Prof. Bohui Zhang, Chinese University of Hong Kong;

Tulip 

 

U.S. monetary policy transmission and liquidity risk premia around the world

Kuan-Hui Lee1, Andrew Karolyi2, Mathijs van Dijk3

1Seoul National University, Korea, Republic of (South Korea); 2Cornell University; 3Erasmus University;


 

Stock Prices, Changes in Liquidity, and Liquidity Premia

Bong-Gyu Jang1, Bong-Soo Lee2, Hyun-Tak Lee3,4

1POSTECH; 2Florida State University; 3Korea Asset Management Corporation; 4National University of Singapore;


 

Market Microstructure Evidence of China’s Market-Wide Circuit Breakers

Xinru Wang1, Maria H. Kim1, Sandy Suardi1, Jing Zhao2

1University of Wollongong, Australia; 2La Trobe University, Australia;

 

2:00pm - 3:30pm

Invited Lecture by Prof. Sumit Agarwal (NUS)

“The Role of Digitization in Asia”

Cosmos & Violet 

3:30pm - 3:50pm

Coffee Break 1

 

3:50pm - 5:50pm

Doctoral Session: Doctoral Student Consortium
Session Chair: Prof. Xuan Tian, Tsinghua University;

Lilac 

 

Incorporating Financial Big Data in Small Portfolio Risk Analysis: Market Risk Management Approach

Donggyu Kim, Seunghyeon Yu

KAIST, Korea, Republic of (South Korea);


 

Anti-takeover provisions and shareholders wealth: Evidence from a natural experiment on the supermajority provision

Hyeong Joon Kim, Seung Hun Han

KAIST, Korea, Republic of (South Korea);


 

Does diversification of share classes increase firm value?

Sojung Kim

Korea University, Korea, Republic of (South Korea);


 

The impact of investment grade cut-offs on firms’ investment decisions and performance

Seonhyeon Kim

Korea University, Korea, Republic of (South Korea);

 

3:50pm - 5:50pm

Session 03: Labor and Human Capital
Session Chair: Prof. Sumit Agarwal, National University of Singapore;

Tulip 

 

 

Labor Leverage, Financial Leverage, and the Dissection of Expected Returns

Jaewon Choi1, Andres Donangelo2, Yongjun Kim3

1University of Illinois at Urbana-Champaign; 2University of Texas at Austin; 3University of Seoul;


 

Firm Uncertainty and Household Spending

Hoonsuk Park1, Iván Alfaro2

1Nanyang Technological University, Singapore; 2BI Norwegian Business School;


 

How do equity offerings affect firms? Evidence on Technology, employee and performance

E. Han Kim1, Heuijung Kim2, Yuan Li3, Yao Lu4, Xinzheng Shi4

1University of Michigan; 2Sungkyunkwan University; 3University of Southern California; 4Tsinghua University, China, People's Republic of;


 

Local Employment Opportunities and Corporate Retention Policies

Kyeong Hun Lee1, Karin Thorburn2, Emma Q. Xu3

1Norwegian School of Economics, Norway; 2Norwegian School of Economics, Norway; 3University of Texas at El Paso, USA;

 

3:50pm - 5:50pm

Session 04: Managerial Incentives
Session Chair: Prof. Woojin Kim, Seoul National University;

Cosmos 

 

 

Bond Funds and Credit Risk

Jaewon Choi2, Amil Dasgupta3, Ji Yeol Jimmy Oh1

1Hanyang University, Korea, Republic of (South Korea); 2University of Illinois at Urbana-Champaign, IL; 3London School of Economics, United Kingdom;


 

Tournament Incentives and Firm Performance: Does Gender Matter?

Bobae Choi1, Md Reiazul Haque1, Doowon Lee1, Sue Wright2

1University of Newcastle, Australia; 2University of Technology Sydney;


 

Can Short Selling Constrain the Shift Between Accrual-based and Real Earnings Management?

Tianyu Cai1, Lixiong Guo2, Rik Sen1

1University Of New South Wales, Australia; 2University of Alabama;


 

Do Mutual Fund Managers Care About Star Ratings? Evidence from Portfolio Pumping

Sanghyun {Hugh} Kim

University of Texas at Dallas, United States of America;

 

3:50pm - 5:50pm

Session 05: Return Predictability
Session Chair: Prof. Kuan-Hui Lee, Seoul National University;

Violet 

 

 

Information Glitters: Follow Northbound Investors on China’s Interconnected Market

Keqi Chen, Yuehan Wang, Xiaoquan Zhu

PBC School of Finance, Tsinghua University, China;


 

Bank Lending Cycle and Expected Stock Returns

Heungju Park1, Bumjean Sohn2

1Sungkyunkwan University, Korea, Republic of (South Korea); 2Korea University, Korea, Republic of (South Korea);


 

Splitting and Shuffling: Trading Motives and Order Submissions across Brokers

Munhee Han

University of Texas at Dallas, United States of America;


 

The Pricing of the Illiquidity Factor’s Conditional Risk with Time-varying Premium

Yakov Amihud1, Joonki Noh2

1New York University; 2Case Western Reserve University;

 

6:00pm - 7:30pm

Welcome Reception

Welcome Address: Dr. Jhinyoung Shin, KSA President

Orchid 


 

Date: Saturday, 07/Dec/2019

8:30am - 9:30am

Day 2 Registration

2F Foyer, Westin Chosun 

9:30am - 11:30am

Session 06: Behavioral Finance
Session Chair: Prof. Joong Hyuk Kim, Korea University

Lilac 

 

Understanding the Effects of Alternative Cost-of-Equity Proxies on Corporate Investment and Financing

Soku Byoun1, Kai Wu2

1Baylor University; 2Central University of Finance and Economics; 


 

The Voice of Risk: Wall Street CEOs’ Vocal Masculinity and Financial Crisis in 2008

Andy {Y. Han} KIM1, Min Jung KANG2, Hyung Seok KIM3

1SKKU Business School, Korea, Republic of (South Korea); 2University of Michigan-Flint; 3Software Engineering, Konkuk University;


 

Impact of Price Path on Disposition Bias

Avijit Bansal, Joshy Jacob

Indian Institute of Management Ahmedabad, India;


 

Inertia of Institutional Investors: Rational or Behavioral?

Mohammad "Vahid" Irani, Hugh Hoikwang Kim

University of South Carolina, United States of America;

 

9:30am - 11:30am

Session 07: Hedge Funds
Session Chair: Prof. Junesuh Yi, Dongguk University;

Tulip 

 

Does Portfolio Disclosure Make Money Smarter?

Byoung Uk Kang2, Andrew John Sinclair1, Stig J. Xeno2

1The University of Hong Kong, Hong Kong S.A.R. (China); 2The Hong Kong Polytechnic University, Hong Kong S.A.R. (China);


 

Bear Market Risk and the Cross-section of Hedge Fund Returns

Thang Minh Ho, Anastasios Kagkadis, Jiaguo Wang

Lancaster University Management School, United Kingdom;


 

Hedge Fund Awards: Do Investors and Managers Care, and Should They?

Hyung Kyu Choi, Byoung Uk Kang, Seongkyu “Gilbert" Park

The Hong Kong Polytechnic University, Hong Kong S.A.R. (China);

 

9:30am - 11:30am

Session 08: Innovation
Session Chair: Prof. Hoje Jo, Santa Clara University;

Cosmos 

 

 

How Creative are Professor Directors? The Impact of Academic Expertise on Corporate Innovation

Dong Chen1, Yanmin Gao2, Phyllis Mo3, Desmond Tsang4

1Wuhan University; 2City University of Hong Kong; 3City University of Hong Kong; 4McGill University;


 

Property Rights and Debt Financing

Paula Suh

University of Georgia, United States of America;

 


 

A Dark Side of Corporate Venture Capital

Xuan Tian1, Kailei Ye2

1: Tsinghua University, China; 2: University of North Carolina at Chapel Hill, United States of America


 

Information Transparency in Drug Development: Evidence from Mandatory Disclosure of Clinical Trials

Po-Hsuan Hsu2, Kyungran Lee1, S. Katie Moon3, Seungjoon Oh4

1University of Hong Kong, Hong Kong S.A.R. (China); 2National Tsing Hua University; 3University of Colorado Boulder; 4HSBC Business School, Peking University;

 

9:30am - 11:30am

Session 09: International Finance
Session Chair: Prof. Joon Chae, Seoul National University;

Violet 

 

Information Choice, Shock Transmission and Contagion

Adelina Barbalau

University of Alberta, Canada;


 

Country Index Comovement

Sungjune Pyun, Johan Sulaeman

National University of Singapore, Singapore;


 

Financial Liberalization, Investor Protection and Corporate Cash

Yenn-Ru Chen, Robin K Chou, Johnny Chou

National Chengchi University, Taiwan;


 

Credit default swaps around the world: Investment and financing effects

Sohnke Bartram2, Jennifer Conrad3, Jongsub Lee1, Marti Subramanyam4

1Seoul National University, Korea, Republic of (South Korea); 2Warwick Business School; 3UNC Kenan-Flagler Business School; 4NYU Stern School of Business;

 

11:30am - 1:30pm

Luncheon: Keynote Speech by Prof. Ronald W. Masulis (UNSW)

“Recent Evidence on Boards of Directors and CEO Incentives”

Orchid 

1:30pm - 1:40pm

Coffee Break 2

 

1:40pm - 3:40pm

Session 10: Debt Financing
Session Chair: Prof. Lilian K. Ng, York University;

Lilac 

 

Firm-level Political Risk and Bank Loan Contracting

Yang Wang

The Hong Kong Polytechnic University, Hong Kong S.A.R. (China);


 

Friends for the benefits: The effects of political ties on sovereign borrowing conditions

Gene Ambrocio1, Iftekhar Hasan2,1

1Bank of Finland, Finland; 2Fordham University;


 

Spillover Effects of IPOs along Supply Chains: Evidence on Debt Financing

Sung C Bae1, Iftekhar Hasan2, Liuling Liu3, Haizhi Wang4

1Bowling Green State University, United States of America; 2Fordham University and Bank of Finland, United States of America; 3Bowling Green State University, United States of America; 4Illinois Institute of Technology, United States of America;


 

What Matters During Bad Times? Evidence from the Bond Market

Sadok El Ghoul1, Omrane Guedhami2, Sattar Mansi3, Hyo Jin Yoon2

1University of Alberta; 2University of South Carolina, United States of America; 3Virginia Tech;

 

1:40pm - 3:40pm

Session 11: Financial Intermediation
Session Chair: Prof. Kwangwoo Park, KAIST; kpark3@kaist.ac.kr

Tulip 

 

Bond market development, bank portfolio structure and liquidity risk: Evidence from emerging markets

Donghyun Park, Shu Tian, Marie Anne Cagas

Asian Development Bank, Philippines;


 

Dismembered Giants: Bank Divestitures and Local Lending

Yong Kyu Gam1, Yunqi Zhang2

1Southwestern University of Finance and Economics, China, People's Republic of; 2Nankai University, China, People's Republic of;


 

Securitization and Screening Incentives: Evidence from Mortgage Processing Time

Dong Beom Choi1, Jung-Eun Kim2

1Seoul National University, Korea, Republic of (South Korea); 2Federal Reserve Bank of Richmond;


 

Economic uncertainty and bank risk: Evidence from emerging economies

Ji Wu1, Yao Yao2, Minghua Chen3, Bang Nam Jeon4

1Southwestern University of Finance and Economics, China, People's Republic of; 2Southwestern University of Finance and Economics, China, People's Republic of; 3Southwestern University of Finance and Economics, China, People's Republic of; 4Drexel University, PA, USA;

 

1:40pm - 3:40pm

Invited Lecture by Prof. Diego Garcia (Colorado)

“The Latest Trends on Investor Behavior, Information, and Investor Sentiment”

Invited Lecture by Prof. Bohui Zhang (CUHK)

“Political Uncertainty and Finance”

Cosmos & Violet 

3:50pm - 5:50pm

Session 12: Corporate Social Responsibility
Session Chair: Prof. Hyun-Han Shin, Yonsei University;

Lilac 

 

Universal Ethics or Ethical Relativism? Evidence from Firm Internationalization and Emissions

Jongmoo Jay Choi1, Hoje Jo2, Haehean Park3, Lingxia Sun4

1Temple University; 2Santa Clara University; 3SWUFE (Southwestern University of Finance and Economics), China, People's Republic of; 4Business School of Nankai University;


 

Terrorist Attack and Corporate Social Responsibility

Trung K. Do1, Hongren Huang2, Albert Tsang3

1National Central University, Taiwan and Danang Architecture University, Danang, Vietnam; 2National Central University, Taiwan; 3Schulich School of Business York University;


 

Local Shareholders, Corporate Community Responsibility, and Shareholder Value

Hyoseok Hwang1, Hyun Gon Kim2, Jung Yeun Kim2

1University of Wisconsin at Eau Claire, United States of America; 2Rutgers University at Camden, United States of America;


 

Brain Drain: The Impact of Air Pollution on Firm Performance

Shuyu Xue1, Bohui Zhang2, Xiaofeng Zhao3

1Singapore Management University; 2The Chinese University of Hong Kong, Shenzhen (Shenzhen); 3Lingnan University, Hong Kong S.A.R. (China);

 

3:50pm - 5:50pm

Session 13: Information Transmission and Market Frictions
Session Chair: Prof. Diego Garcia, University of Colorado;

Tulip 

 

Shorting Costs and Profitability of Long–Short Strategies

Dongcheol Kim1, Byeung-Joo Lee2

1Korea University, Korea, Republic of (South Korea); 2Korea University, Korea, Republic of (South Korea);


 

Machine Invasion: Automation in Information Processing and the Cross Section of Stock Returns

Yanbo Wang1, Raunaq Pungaliya2

1Sungkyunkwan University, Korea, Republic of (South Korea); 2Sungkyunkwan University, Korea, Republic of (South Korea);


 

Withholding Bad News When Competing Peers Have Common Customers

Rui Dai1, Rui Duan2, Lilian Ng3

1University of Pennsylvania, United States of America; 2York University; 3York University;

 

3:50pm - 5:50pm

Session 14: Korean Capital Market
Session Chair: Prof. E. Han Kim, Univ. of Michigan;

Cosmos 

 

The Rise of a Network: The Spillover of Political Patronage and Cronyism to the Private Sector

David Schoenherr1, Terry Moon2

1Princeton University, United States of America; 2University of British Columbia, Canada;


 

Uncoordinated Hedging and Price Chain Reaction

Jun Kyung Auh, Wonho Cho

Yonsei University, Korea, Republic of (South Korea);


 

Board Diversity, Director Dissent, and Monitoring Effectiveness

Jun-Koo Kang1, Seil Kim2, Seungjoon Oh3

1Nanyang Business School, Nanyang Technological University; 2Baruch College, CUNY; 3Peking University;


 

Do Bad Targets Become Worse Targets? Evidence from Sequential Transfers of Control Blocks

Euna Cho1, Woojin Kim2

1Bank of Korea; 2Seoul National University, Korea, Republic of (South Korea);

 

3:50pm - 5:50pm

Session 15: Law and Tax
Session Chair: Prof. Woochan Kim, Korea University;

Violet 

 

The Estate Tax and Payout Policy in Family Firms

So-Yeon Lim

Xiamen University, China, People's Republic of;


 

Does shareholder litigation risk cause public firms to delist? Evidence from universal demand laws

Nhan Le1, Duc Duy {Louis} Nguyen2, Vathynyoo {Ben} Sila3

1Australian National University, Australia; 2King’s College London; 3University of Edinburgh;


 

How Does Corporate Governance Affect Tax Avoidance?

E. Han Kim1, Yao Lu2, Xinzheng Shi2, Dengjin Zheng3

1University of Michigan; 2Tsinghua University, China, People's Republic of; 3Central University of Finance and Economics;


 

Can Stakeholder Orientation Improve Inventory Efficiency? Evidence from a Quasi-Natural Experiment

Yunxiao Liu1, Woochan Kim2

1Shanghai University, China, People's Republic of; 2Korea University, Korea, Republic of;

 

6:00pm - 9:00pm

Awards Dinner: Awards Ceremony and Farewell Dinner

Orchid