Korean Securities Association is pleased to announce the 2012 Best Paper in

 Asia–Pacific Journal of Financial Studies.

      The First Prize :    

        'Asymmetric Price Distribution and Bid-Ask Quotes in the Stock Options Market'

           Kalok Chan(Hong Kong University of Science &Technology)

           Y. Peter Chung(University of California)

      
      The Second Prize :

        “Corporate Governance, Legal System, and Stock Market Liquidity: Evidence Around  the World'

           Kee H. Chung(State University of New York at Buffalo)

           Joon-Seok Kim(Korea Capital Market Institute)

           Kwangwoo Park(KAIST)

           Taeyoon Sung(Yonsei University)

 Manuscripts published in Volume 41 of Asia–Pacific Journal of Financial Studies were  eligible for the Best Paper Prize.

 
 
 The presentation of the prize was made at the KSA annual meeting on February  23, 2013.

 Korean Securities Association