Call for Paper
The Fourth Annual Conference on Asia-Pacific Financial Markets
(CAFM) of the Korean Securities Association (KSA)
Seoul, Korea, December 5, 2009

Korea 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 fourth international conference. Both theoretical and empirical research papers in all areas of finance are welcome.


The keynote speaker for the fourth CAFM will be Professor Rene Stulz (Ohio State University), an Advisory Editor of the Journal of Financial Economics. The programs of the previous conferences can be accessed at the following websites:


Papers written in English must be submitted via e-mail to:
by August 31, 2009, using MS Word or Adobe pdf file format. 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, 2009. All submitted manuscripts must be original work that is not under submission at another journal or under consideration for publication in another form, such as monograph or chapter of a book.


Competitive research awards of USD2000(or 2,000,000KRW) will be given to each of the 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 (APJFS), which is the only SSCI-listed finance journal in Asia.


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


For additional information, please contact one of us:
Dongcheol Kim, Ph.D., President of the KSA (, Korea University
J.B. (Jong-Bom) Chay, Ph.D., Chair of the Program and Review Committee (, Sungkyunkwan University

Program of Conference

Saturday, December 5, 2009

Session 1 : Financial Intermediation (9:30-11:30)
  • Chair: Young-Sup Yun (Korea University)
Title Author Discussant
Determinants of Derivative Use and Its Impact on Bank Risk Yung-Ming Shiu* (National Cheng Kung University)
Peter Moles (University of Edinburgh)
Yi-Cheng Shin (Thughai University)
H. Cyrus Yi
(kyung Hee University)
Pooling Contract as an Optimal Preemptive Response for the Financial Service Fee under Adverse Selection Sooyoung Song (Chung-Ang University) Kyeong-Hoon Kang
(Dongguk University)
Did Subjectivity Play a Role in CDO Credit Rations? John M. Griffin (University of Texas)
Dragon Youngjun Tang* (University of Hong Kong)
George Theocharides
(Sungkyunkwan University)
Session 2 : Corporate Finance I (9:30-11:30)
  • Chair: Robert G. Bowman (Uni. of Auckland and Uni. of Queensland)
Title Author Discussant
Initial Day Return and Underpricing Cost in Advance Payment Initial Public Offerings Joseph K.W. Fung* (Hong Kong Baptist University)
Sanry Y.S. Che (Hong Kong Baptist University)
Soku Byoun
(Baylor University and Sungkyunkwan University)
Investor Characteristics, Relationships, and IPO Allocations Vidhan K. Goyal* (HKUST)
Lewis H.K. Tam (University of Macau)
Sung Wook Joh
(Seoul National University)
Investor Horizon Clientele and IPO Underpricing Massimo Massa (INSEAD)
Zhang Lei*(Nanyang Technological University)
Joseph K.W. Fung
(Hong Kong Baptist University)
Auctioned IPOs: The U.S. Evidence Francois Degeorge (University of Lugano)
Francois Derrien* (HEC Paris)
Kent L. Womack (Dartmouth College)
Joon Ho Hwang
(Korea University)
Session 3 : Corporate Governance I (9:30-11:30)
  • Chair: Sang Lyong Joo (Hongik University)
Title Author Discussant
Corporate Governance and Stock Return Volatility: A Temporary Component Perspective Joon Chae (Seoul National University)
Dong Wook Lee (Korea University)
Shu Feng Wang* (Seoul National University)
Jeongsun Yun
(Kookmin University)
Managerial Ownership and Firm Value: Evidence from China's Civilian-run Firms Wenjuan Ruan* (University of Wollongong)
Gary Gang Tian (University of Wollongong)
Shiguang Ma (University of Wollongong)
Jang Woo Lee
(Pusan National University)
How Laws Affect Contracts: Evidence from Yankee Bond Covenants Yaxuan Qi* (Concordia University)
Lukas Roth (University of Alberta)
John K. Wald (University of Texas at San Antonio)
Dong Wook Lee
(Korea University)
v Yuqing Zhu* (University of Wollongong)
Gary Gang Tian (University of Wollongong)
David Gaddis Ross
(Columbia University)
Session 4 : Investments I (9:30-11:30)
  • Chair: George J. Jiang (University of Arizona)
Title Author Discussant
Resisting the Manipulation of Performance Metrics: An Empirical Analysis of the Manipulation-Proof Performance Measure Stephen Brown (New York University)
MaengSoo Kang (Monash University)
Francis In* (Monash University)
Gunhee Lee (Sogang University)
Yunsung Eom
(Hansung University)
Momentum Profits and Macroeconomic States: Is Winner Riskier than Loser? Byoung Kyu Min* (KAIST)
Tong Suk Kim (KAIST)
Doseong Kim
(Sogang University)
Do Style and Sector Indexes Carry Momentum? George J. Jiang (University of Arizona)
Kevin X. Zhu* (Hong Kong Polytechnic University)
Kuan-Hui Lee
(Korea University)
Session 5 : Derivatives (13:45-15:45)
  • Chair: Sang-Bin Lee (Hanyang University)
Title Author Discussant
Option Happiness and Liquidity: Is the Dynamics of the Volatility Smirk Affected by Relative Option Liquidity? Lars Nordén* (Stockholm University)
Caihong Xu (Stockholm University)
Dragon Youngjun Tang
(University of Hong Kong)
An Integrated Structural-form Corporate Credit Model: Joint Perspectives of Asset Inadequacy and Liquidity Crunch Chia-Wu Lu (Providence University)
Tsung-Kang Chen (Fu Jen Catholic University)
Hsien-Hsing Liao* (National Taiwan University)
Yun W. Park
(Korea Capital Market Institute)
Non-Convexities in the 10-Year Treasury Note Market Christopher G. Lamoureux (University of Arizona)
George Theocharides* (Sungkyunkwan University)
Don H. Kim
(Yonsei University)
A Little Knowledge Is a Dangerous Thing: Model Specification, Data History, and CDO (Mis)Pricing Dan Luo (University of Hong Kong)
Dragon Yongjun Tang* (University of Hong Kong)
Sarah Qian Wang (University of Hong Kong)
Olfa Maalaoui
Session 6 : Corporate Finance II (13:45-15:45)
  • Chair: Hyosuk Kang (Hankuk University of Foreign Studies)
Title Author Discussant
An Empirical Study on Capital Structure and Financing Decisions
-Evidences from East Asian Tigers and Japan
Kuang-Hua Hsu* (Chaoyang University of Technology)
Ching-Yu Hsu (National Taiwan University)
Pan-do Son
(Dong-A University)
Financial Life Cycle and Capital Structure Byungmo Kim (Dankook University)
Jungwon Suh* (Ewha Womans University)
Huasheng Gao
(Nanyang Technological University)
Reverse Leverage Buyouts: Timing and Underpricing Robert G. Bowman* (University of Auckland and University of Queensland)
Liudmila Graves (Ernst & Young Transaction Advisory Services Ltd)
Woojin Kim
(Korea University)
International Sourcing and Capital Structure: Evidence from U.S. Manufacturing Firms Cheol S. Eun*(Georgia Institute of Technology)
Lingling Wang (Tulane University)
Jungwon Suh
(Ewha Womans University)
Session 7: Corporate Governance II (13:45-15:45)
  • Chair: Kooyul Jung (KAIST)
Title Author Discussant
Does Corporate Governance Risk at Home Affect Investment Choices Abroad? Woochan Kim * (KDI School)
Taeyoon Sung (Yonsei University)
Shang-Jin Wei (Columbia University)
Haiyan Zhang
(Tsinghua University)
Equity Market Liberalization and Corporate Governance Kee-Hong Bae (York University)
Vidhan K. Goyal* (HKUST)
Francois Derrien
(HEC Paris)
Combined Leadership in a Two-Tier System? Board Structure, Family Control and Firm Performance of Indonesian Listed Firms Muhammad Agung Prabowo* (University of Sebelas Maret)
John L. Simpson (Curtin University of Technology)
Li Yan
(Korea University)
Are Foreign Investors Really Beneficial? Evidence from South Korea Jacqueline L. Garner (Drexel University)
Won Yong Kim * (Drexel University)
Jinsoo Lee
(KDI School)
Session 8: Investments II (13:45-15:45)
  • Chair: Hyuk Choe (Seoul National University)
Title Author Discussant
Separating Up from Down: New Evidence on the Idiosyncratic Volatility Anomaly Laura Frieder (Purdue University)
George J. Jiang* (University of Arizona)
Joonghyuk Kim
(Korea University)
Multiscale Explanations of the Size and Value Premia Byoung Uk Kang* (Hong Kong Polytechnic University)
Francis In (Monash University)
Tong Suk Kim (KAIST)
Myung-Jig Kim
(Hanyang University)
Stock Return Predictability and Adaptive Markets Hypothesis: Evidence from Centry-Long US Data Jae H. Kim* (La Trobe University)
Kian-Ping Lim (Unversiti Malaysia Sabah)
Abul Shamsuddin (University of Newcastle)
Yaxuan Qi
(Concordia University)
Session 9: Market Microstructure (16:00-18:00)
  • Chair: Ghon S. Rhee (Sungkyunkwan University and University of Hawaii)
Title Author Discussant
Stealth Trading, Aggressiveness of Trades and Investor Types: Evidence from the Emerging Taiwan Equity Market Yang-Cheng Lu (Ming Chuan University)
Yu-Chen Wei* (National Chiao Tung University and Ming Chuan University)
Chien-Wei Chang (National Chengchi University)
Kaun Y. Lee
(Chung-Ang University)
How Corporate Ownership Affects Trading Costs in the Case of UK firms Keebong Park (Keimyung University) Gwangheon Hong
(Sogang University)
Liquidation Decisions under Prospect Theory Hyuk Choe (Seoul National University)
Yunsung Eom* (Hansung University)
Yu-Chen Wei
(National Chiao Tung University and Ming Chuan University)
Cross-Market Liquidity Shocks: Evidence from the CDS, Corporate Bond, and Equity Markets Gady Jacoby (Seton Hall University)
George J. Jiang (University of Arizona)
George Theocharides* (Sungkyunkwan University)
Byoung Uk Kang
(Hong Kong Polytechnic University)
Session 10: Corporate Finance III (16:00-18:00)
  • Chair: Vidhan Goyal (HKUST)
Title Author Discussant
Incentive Effects of Extreme CEO Pay Cuts Huasheng Gao* (Nanyang Technological University)
Jarrad Harford (University of Washington)
Kai Li (University of British Columbia)
Woochan Kim
(KDI School)
Intraday Timing of Management Earnings Forecasts: Are Disclosures after Trading Hours Effective? Soo Young Kwon* (Korea University)
Mun Ho Hwang (Korea University)
Hyun Jung Ju (Korea University)
Kevin X. Zhu
(Hong Kong Polytechnic University)
Are Banks Happy When Managers Go Long? Vested Options and the Cost of Private Debt Cristian L. Dezsö (University of Maryland)
David Gaddis Ross* (Columbia University)
Byung-Uk Chong
(Ewha Womans University)
The Impact of Government Ownership on the Underwriting Performance of Investment Banks- Evidence from China Ning Jia* (Tsinghua University)
Haiyan Zhang (Tsinghua University)
Seoungpil Ahn
(Sogang University)
Session 11: International Finance (16:00-18:00)
  • Chair: Cheol S. Eun (Georgia Institute of Technology)
Title Author Discussant
Superior Information Content: The Role of Speculators and Large Players in the Stability of the Foreign Exchange Market Shubhasish Barua (University of Dhaka) Junghoon Seon (Konkuk University)
Do Information Asymmetries Really Explain the Extrapolative Expectation of Foreign Investors? Hyung Cheol Kang (University of Seoul)
Dong Wook Lee* (Korea University)
Eun Jung Lee (Hangyang University)
Kyung Suh Park (Korea University)
Francis In
(Monash University)
Is the Exchange Risk Premium In Stock Markets Related to Firm Characteristics? Hyunchul Chung*(Hangyang University)
Basma Majerbi (University of Victoria)
Shubhasish Barua
(University of Dhaka)
Session 12: Investments III (16:00-18:00)
  • Chair: Lars Nordén (Stockholm University)
Title Author Discussant
Market Responses to Analysts' Stock Recommendations with Different Weighting of Private Information JSang Koo Kang (Korea University)
Joonghyuk Kim* (Korea University))
Adrew Chunwon Yi
(Sungkyunkwan University)
Detecting Regime Shifts in Corporate Credit Spreads Georges Dionne (HEC Montreal)
Pascal François (HEC Montreal)
Olfa Maalaoui *(KAIST)
Hsien-Hsing Liao
(National Taiwan University)
Dynamics of Asset Returns Considering Investors’ Asymmetric Risk Preferences: Evidences from Korean Asset Markets Yun-Yeong Kim* (Dankook University)
Jinsoo Lee (KDI School)
Sooyoung Song
(Chung-Ang University)
Evaluating Analysts' Value: Evidence from Recommendations around Stock Price Jumps Georage J. Jiang (University of Arizona)
Woojin Kim* (Korea University)
Chang-Gyun Park
(Chung-Ang University)

2009 CAFM Program Committee

J.B. Chay(Chair) Sungkyunkwan University
Hee-Joon Ahn Sungkyunkwan Universityy
Jay M. Chung University of Seoul
Joon Chae Seoul National University
Byungwook Choi Konkuk University
Byung-Uk Chong Ewha Womans University
Chung-Hun Hong Kookmin University
Jaeuk Khil Hanyang University
Joonghyuk Kim Korea University
Woojin Kim Korea University
Joonhee Rhee Soongsil University
Jungsoon Shin Ewha Womans University
Jungwon Suh Ewha Womans University
Junesuh Yi Dongguk University
Jeongsun Yun Kookmin University

2009 CAFM Review Committee

J.B. Chay(Chair) Sungkyunkwan University
Kee-Hong Bae York University, Canada
Robert G. Bowman University of Auckland, New Zealand
Jun Cai City University of Hong Kong, Hong Kong
Charles Cao Pennsylvania State University, U.S.A.
Kalok Chan Hong Kong Univ. of Science and Technology, Hong Kong
Stephen Y. L. Cheung Baptist University, Hong Kong
Kee H. Chung State University of New York at Buffalo, U.S.A.
Cheol S. Eun Georgia Institute of Technology, U.S.A.
Joseph Fan Chinese Universityof Hong Kong, Hong Kong
Vidhan Goyal Hong Kong Univ. of Science and Technology, Hong Kong
Yasushi Hamao University of Southern California, U.S.A.
Alaudeen Hameed National University of Singapore, Singapore
Hoje Jo Santa Clara University, U.S.A.
Jun-Koo Kang Nanyang Technological University, Singapore
Kwangwoo Park Korea Advanced Institute of Science and Technology, Korea
Jeffrey Pontiff Boston College, U.S.A.
Ghon S. Rhee Sungkyunkwan University, University of Hawaii, U.S.A.
Takeshi Yamada National University of Singapore, Singapore

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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 14,000
    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 (toll fee included)
  • - Deluxe: 85,000 (toll fee included)
  • - Toll Fee: 6,700

3. Hotel Limousine / Rent-a- Car

  • - Pick-Up: 135,000 (including toll fee)
  • - Sending: 125,000 (including toll fee)

4. Subway Train

  • - Fare : 4,300 from Incheon International Airport to City Hall Station
  • - Direction
    • • Take AREX at Incheon International Airport Station bound for Gimpo International Airport Station
    • • At Gimpo International Airport Station, transfer to Transit Line Number 5 toward Chung-Jung-No Station
    • • At Chung-Jung-No Station, transfer to Transit Line Number 2 toward City Hall Station
    • • Get off at City Hall Station
    • • Walking distance to the Westin Chosun Hotell
  • - Travel Time: 90 minutes

Online Hetel Reservation


· For additional information, Please contact one of us

Dongcheol Kim, Ph.D.,
President of the KSA (, Korea University

J. B. (Jong-Bom) Chay, Ph.D.,
Program Chair and Review Committee Chair (, Sungkyunkwan University

· Korean Securities Association

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