Call for Paper
The Sixth Annual Conference on Asia-Pacific Financial Markets
(CAFM) of the Korean Securities Association (KSA)
Seoul, Korea, December 3, 2011

Korean Securities Association (KSA), the oldest and largest academic organization of finance scholars and practitioners in Korea, invites interested scholars, practitioners, and policy-makers to submit research papers for presentation at its sixth international conference. Both theoretical and empirical research papers in all areas of finance are welcome.


The keynote speaker for the sixth CAFM will be Professor Jay R. Ritter (University of Florida). The programs of the previous conferences can be accessed at the following website:


Papers written in English must be submitted via e-mail to:
by August 31, 2011, using MS Word or Adobe pdf file format. The return receipt email will be sent to the corresponding author within a week upon receipt of the paper by the CAFM Committee. The submitted papers will be reviewed for selection by the review committee in a double-blind referee process. The results will be notified via e-mail by September 30, 2011.


Competitive research awards of US$2,000 (or 2,000,000KRW) will be given to each of eight best papers. The awarded paper must be presented by one of the authors in the CAFM and will be invited to publish in the Asia-Pacific Journal of Financial Studies (AJFS), which is a SSCI-listed finance journal.


All papers must be accompanied by an abstract of a maximum of 200 words. The cover page of the paper should contain the paper’s title, the author’s name, affiliation, address, phone number, and e-mail address. The second page should contain the paper’s title and abstract only.


For additional information, please contact:
Myung-Jig Kim, Professor and Chair of the Program and Review Committee (, Hanyang University, Seoul, 133-791 Korea

Program of Conference

Saturday, December 3, 2011

Session 1 : IPO and M&A (09:30~11:30)
  • Chair: Beom-Sik Jang (Soongsil Univ.)
Title Author Discussant
Heated Negotiation within the Syndicate and IPOs Jin Q Jeon (Dongguk Univ.)
Jin S. Kim (Kyungpook National Univ.)
Cheolwoo Lee (Ferris State Univ.)
Jung-Wook Kim
(Seoul National Univ.)
The Market for Corporate Control in Emerging Economy: Disciplining Mechanism or Tunneling Device? Hee Sub Byun (Korea Univ.)
Woojin Kim (Seoul National Univ.)
Eun Jung Lee (Hanyang Univ.)
Kyung Suh Park (Korea Univ.)
Kyojik “Roy” Song
(Sungkyunkwan Univ.)
Private Equity Investors as Monitors: Evidence from the Partial Acquisitions Market Yun W. Park (Chung-Ang Univ.) Ji-Woong Chung
(Chinese Univ. of Hong Kong)
Pay for Performance from Future Fund Flows: The Case of Private Equity Ji-Woong Chung (Chinese Univ. of Hong Kong)
Berk A. Sensoy (Ohio State Univ.)
Lea H. Stern (Ohio State Univ.)
Michael S. Weisbach
(Ohio State Univ. and NBER)
Kuan-Hui Lee
(Seoul National Univ.)
Session 2 : Derivatives (09:30~11:30)
  • Chair: Robert Webb (KAIST)
Title Author Discussant
Dividend-rollover Effect & the Ad Hoc Black Scholes Model Youngsoo Choi (Hankuk Univ. of Foreign Studies)
Steven J. Jordan (Econometric Solutions)
Soon Chan Ok (e*Value)
Hyun Kyung Kim
(Statistics Korea)
What Drives Option Prices? Riadh Zaatour (Ecole Centrale Paris)
Frederic Abergel (Ecole Centrale Paris)
Youngsoo Choi
(Hankuk Univ. of Foreign Studies)
Cross-section of Option Returns and Stock Volatility Jie Cao (Chinese Univ. of Hong Kong)
Bing Han (Univ. of Texas at Austin)
Sol Kim
(Hankuk Univ. of Foreign Studies)
Asymmetric Price Distribution and Bid-Ask Quotes in the Stock Options Market Kalok Chan (Hong Kong Univ. of Science & Technology)
Y. Peter Chung (Univ. of California)
Jaehyun Lee
(Soongsil Univ.)
Session 3 : International Finance (09:30~11:30)
  • Chair: J. B. Chay (Sungkyunkwan Univ.)
Title Author Discussant
Sources of Momentum Profits in International Stock Markets Kyung-In Park (Korea Univ.)
Dongcheol Kim (Korea Univ.)
Daehwan Kim
(Konkuk Univ.)
Creditor Rights and Capital Structure: Evidence from International Data Sadok El Ghoul (Univ. of Alberta)
Omrane Guedhami (Univ. of South Carolina)
Seong-Soon Cho (Ewha Womans Univ.)
Jungwon Suh (Ewha Womans Univ.)
Jang woo Lee
(Pusan National Univ.)
Information Asymmetry and the Timing of Capital Issuance: An International Examination April M. Knill (Florida State Univ.)
Bong-Soo Lee (Florida State Univ.)
Eun Jung Lee
(Hanyang Univ.)
Session 4 : Liquidity and Information (09:30~11:30)
  • Chair: Dosoung Choi (Monetary Policy Committee, Bank of Korea)
Title Author Discussant
Pricing of Liquidity Risks by Alternative Liquidity Measures Sunho Kim (Korea Univ.)
Kuan-Hui Lee (Seoul National Univ.)
Paul Moon Sub Choi
(Ewha Womans Univ.)
Liquidity Crisis and Risk Premiums Jaehoon Lee (Univ. of Illinois) Jay M. Chung
(Soongsil Univ.)
Market Inefficiency and Learning Behavior: The Case of Sports Lottery Joon Ho Hwang (Korea Univ.) Albert Lee Chun
(Copenhagen Business School)
Information Content of Unsolicited Ratings: Evidence from Japanese Firms Soku Byoun (Baylor Univ.)
Yoon S. Shin (Loyola Univ.)
Kwangwoo Park
Session 5 : Boards (14:00~15:30)
  • Chair: Jun-Koo Kang (Nanyang Technological Univ.)
Title Author Discussant
A Friend in Need is a Friend Indeed: The Role of Outside Directors Sung Wook Joh (Seoul National Univ.)
Jin-Young Jung (Cornell Univ.)
Dong Wook Lee
(Korea Univ.)
From Backroom to Boardroom: Role of Government Directors in Corporate Governance and Firm Performance Jun-Koo Kang (Nanyang Technological Univ.)
Le Zhang (Univ. of New South Wales)
Jungwon Suh
(Ewha Womans Univ.)
Do Older Boards Affect Firm Performance? An Empirical Analysis Based on Japanese Firms Makoto Nakano (Hitotsubashi Univ.)
Pascal Nguyen (Univ. of Technology Sydney)
Young Sang Kim
(Northern Kentucky Univ.)
Session 6 : Funds (14:00~15:30)
  • Chair: Sang Lyong Joo (Hongik Univ.)
Title Author Discussant
Partial Adjustment, Learning, and the Smart Money Effect in Young Funds in the Korean Marketplace Sungbin Cho (Korea Development Institute)
Inseok Shin (Chung-Ang Univ.)
Lorenzo Casavecchia
(Univ. of Technology Sidney)
Cross Trading and the Cost of Conflicts of Interest of Mutual Fund Advisers Lorenzo Casavecchia (Univ. of Technology Sydney)
Ashish Tiwari (Univ. of Iowa)
Inseok Shin
(Chung-Ang Univ.)
Do Hedge Funds Have Information Advantages? Evidence from Hedge Fund Stock Holdings Kee-Hong Bae (York Univ.)
Bok Baik (Seoul National Univ.)
Jin-Mo Kim (Rutgers Univ.)
Noolee Kim
(Hanyang Univ.)
Session 7 : Corporate Governance (14:00~15:30)
  • Chair: Chang-Soo Kim (Yonsei Univ.)
Title Author Discussant
How Does Cross-Holding Affect Corporate Governance and Financial Reporting? Hyo Jin Kim (Jeonju Univ.)
Soon Suk Yoon (Chonnam National Univ.)
Yan Li
(Korea Univ.)
Is Business Group Structure Inefficient?: A Long-Term Perspective Chang-Soo Kim
(Yonsei Univ.)
Soon Suk Yoon
(Chonnam National Univ.)
Corporate Governance and Diversification Kimberly C. Gleason
(Florida Atlantic Univ.)
Inho Kim
(Univ. of Cincinnati)
Yong H. Kim
(Univ. of Cincinnati)
Young Sang Kim
(Northern Kentucky Univ.)
Joon Ho Hwang
(Korea Univ.)
Session 8 : Investments (14:00~15:30)
  • Chair: Dongcheol Kim (Korea Univ.)
Title Author Discussant
Returns to Buying Positive Attention and Selling Negative Attention Suk Joon Byun (KAIST)
Sang Hyun Yun (KAIST)
Jianfeng Hu
(Baruch College CUNY,
National Univ. of Singapore)
Technical Analysis, Momentum and Autocorrelation K. J. Hong
(Univ. of Cambridge)
S. Satchell
(Univ. of Cambridge)
Jaehoon Lee
(Univ. of Illinois)
Does Option Trading Convey Stock Price Information? Jianfeng Hu
(Baruch College CUNY,
National Univ. of Singapore)
Olfa Maalaoui
Session 9 : Financing and Payout (15:45~17:45)
  • Chair: Sang Bin Lee (Hanyang Univ.)
Title Author Discussant
Does National Culture Influence the Firm’s Choice of Debt Maturity? Kiyoung Chang
(Univ. of South Florida-Sarasota)
Jung-Bum Wee
(Kyung Hee Univ.)
Ha-Chin Yi
(Texas State Univ. and Kyung Hee Univ.)
Jungsoon Shin
(Ewha Womans Univ.)
Managerial Entrenchment and Open-Market Share Repurchases: The Case of Taiwan Ruei-Shian Wu
(Yuan Ze Univ.)
Changmin Lee
(Kookmin Univ.)
The Value of Option to Pay Dividend Chaehwan Won
(Sogang Univ.)
Jung Bum Wee
(Kyung Hee Univ.)
Has the Value of Cash Increased Over Time? Ji-Woong Chung (Chinese Univ. of Hong Kong)
Boochun Jung (Univ. of Hawaii at Manoa)
DuRi Park (Ohio State Univ.)
Kaun Y. Lee
(Chung-Ang Univ.)
Session 10 : Portfolio Performance and Asset Allocation (15:45~17:45)
  • Chair: Chang-Soo Hur (Univ. of Seoul)
Title Author Discussant
Portfolio Performance Evaluation with Leptokurtic Asset Returns Chou-Wen Wang
(National Kaohsiung First Univ. of Science and Technology)
Chin-Wen Wu
(Nanhua Univ.)
Yang-Cheng Chen
(National Kaohsiung First Univ. of Science and Technology)
Changjun Lee
(Kwangwoon Univ.)
Out-of-sample Predictions of Bond Excess Returns and Forward Rates: An Asset-Allocation Perspective Daniel L. Thornton
(Federal Reserve Bank of St Louis)
Giorgio Valente
(Univ. of Essex)
Hyoung-Jin Park
(Seoul Women’s Univ.)
Fund Size and Performance in a Market Crowded with Many Small Funds Hyuk Choe
(Seoul National Univ.)
Juil Ban
(Seoul National Univ.)
Seoung Ju Moon
(Gyeongsang National Univ.)
Session 11 : Asset Pricing (15:45~17:45)
  • Chair: Bong-Soo Lee (Florida State Univ.)
Title Author Discussant
Inference for Stochastic Bubble Trend in Stock Price under Error Correction Model Yun-Yeong Kim
(Dankook Univ.)
Jinyong Kim
Bias in Stock Price Forecast And the Cross-Section of Stock Returns Dong Wook Lee
(Korea Univ.)
K. J. Hong
(Univ. of Cambridge)
Productivity Growth and Stock Return: Firm- and Aggregate-Level Analyses Hyunbae Chun
(Sogang Univ.)
Jung-Wook Kim
(Seoul National Univ.)
Randall Morck
(Univ. of Alberta)
Martin J. Dierker
Session 12 : Credit Risk (15:45~17:45)
  • Chair: In Joon Kim (Yonsei Univ.)
Title Author Discussant
Information Content of Unsolicted Credit Ratings and Incentives of Rating Agencies: A Theory Soku Byoun
(Baylor Univ.)
Kyeong-Hoon Kang
(Dongguk Univ.)
A Systematic Diagnosis of Systemic Risk Baeho Kim
(Korea Univ.)
Myeong Hyeon Kim
(Korea Univ.)
Sun Eae Chun
(Chung-Ang Univ.)
The Information Content of Individual Put Option-Implied Volatility for Credit Default Swap Spread in Korea Market Tong Suk Kim (KAIST)
Yuen Jung Park (KAIST)
Baeho Kim
(Korea Univ.)

2011 CAFM Program Committee

Myung-Jig Kim(Chair) Hanyang University
Hee-Joon Ahn Sungkyunkwan University
Joon Chae Seoul National University
Kook-Hyun Chang Konkuk University
Sung Hoon Cho Korea Capital Market Institute
Byung-Uk Chong Ewha Womans University
Jay M. Chung Soongsil University
Joon Ho Hwang Korea University
Dong-soon Kim Chung-Ang University
Sol Kim Hankuk University of Foreign Studies
Woojin Kim Seoul National University
Kaun Young Lee Chung-Ang University
Kwangwoo Park KAIST
Junghoon Seon Konkuk University
Jungsoon Shin Ewha Womans University
Jung Bum Wee Kyung Hee University
Junesuh Yi Dongguk University
Jeongsun Yun Kookmin University

2011 CAFM Review Committee

Myung-Jig Kim(Chair) Hanyang University
Kook Hyun Chang Konkuk University
Jay M. Chung Soongsil University
Kee H. Chung State University of New York at Buffalo
Young Ho Eom Yonsei University
Jun-Koo Kang Nanyang Technological University
Chang-Soo Kim Yonsei University
Sol Kim Hankuk University of Foreign Studies
Woojin Kim Seoul National University
Bong-Soo Lee Florida State University
Kwangwoo Park KAIST
Junghoon Seon Konkuk University
Jung Bum Wee Kyung Hee University
Junesuh Yi Dongguk University

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Transportation from Incheon International Airport to
The Westion Chosun, Seoul

Travel Time

Typical: 1 hour 10 min. / Rush Hour: Over 2 hours

1. KAL Limousine Bus

  • - Bus Stop: No 4B / 11A (KAL Limousine stop) on the first floor of the Airport Building (outdoor bus arrival area)
  • - You can buy tickets at the airport limousine counters or directly from limousine drivers upon boarding.
  • - Fare 15,000
    1. 1) Incheon International Airport to The Westin Chosun
      First Bus 04:47/Last Bus 22:35(4B) 22:40 ( 11A )
    2. 2) The Westin Chosun th Incheon International Airport
      First Bus 05:35 / Last Bus 18:35 / Interval: 20 min.

2. Taxi(Fares are aooroximate)

  • - Regular: 50,000
  • - Deluxe: 85,000
  • - Toll Fee: 7,500

3. Hotel Limousine / Rent-a- Car

  • - Pick-Up: 145,000 (including toll fee)
  • - Sending: 135,000 (including toll fee)

4. Subway Train

  • - Fare : 3,800 from Incheon International Airport to City Hall Station
  • - Direction
    • • Take AREX at Incheon International Airport Station bound for Hong Ik University
    • • At Hong Ik Univ Station, Transfer to Transit Line Number 2 toward City hall
    • • Get off at City Hall Station
    • • Walking distance to the Westin Chosun Hotel
  • - Travel Time: 90 minutes

Online Hetel Reservation


· For additional information, Please contact one of us

Jinwoo Park, Ph.D.,
President of the KSA (,
Hankuk University of Foreign Studies

Myung-Jig Kim, Ph.D.,
Program Chair and Review Committee Chair (,
Hanyang University

· Korean Securities Association

Yoedodong 45-2, Yongdeoung po-Gu, Seoul, Korea
Fax : 82-2-783-6359
E-mail :