CAFM program
2025
Program of Conference
Thursday, December 11, 2025
| 12:30~13:00 | Registration & Welcome (6F) | |
| 13:00~14:30 | Academic Session 1,2,3,4 (6F) | |
| 14:55~16:25 | Academic Session 5,6,7,8 (6F) | |
| 17:00~18:00 | Distinguished Lecture (6F, Studio 1+2+3) Zhi Da(University of Notre Dame) |
|
| 18:00~19:30 | Welcome Reception (6F, Studio 1+2+3) | |
| Welcome Address : | Dr. Jin Q Jeon President, Korean Securities Association |
|
Friday, December 12, 2025
| 9:00~10:00 | Registration (6F) | |
| 10:00~11:30 | Academic Session 9,10,11,12 (6F) | |
| 11:45~13:45 | Luncheon (6F, Studio 1+2+3) | |
| Keynote Speech : | Lasse Heje Pedersen (Copenhagen Business School) | |
| 14:00~15:30 | Academic Session 13, 14, 15, Doctoral Session I (6F) | |
| 15:45~17:15 | Academic Session 16, 17, 18, Doctoral Session II (6F) | |
| 17:30~20:00 | Farewell Dinner (6F, Studio 1+2+3) | |
| Congratulatory Remarks : | Eun-Bo Jeong (Chairman and CEO, Korea Exchange) |
|
| Award Ceremony : |
Dr. Jin. Q. Jeon President, Korean Securities Association Dr. Hyun Seung Na Program Chair |
|
CAFM 2025 At-a-glance Program Schedule
Thursday, December 11, 2025
| TIME & Room 6F | Studio 4 | Studio 5 | Studio 6 | Studio 7 |
|---|---|---|---|---|
| 12:30~13:00 | Registration & Welcome (6F, The CONRAD) | |||
| 13:00~14:30 | Session 1 Banking and Financial Intermediation | Session 2 Bond and Interest Rates | Session 3 Entrepreneurship and Exploration | Session 4 New Dimensions in Asset Pricing |
| 14:30~14:55 | Coffee Break | |||
| 14:55~16:25 | Session 5 Product Market and Finance | Session 6 Behavior and Institutions in Finance | Session 7 Household Finance | Session 8 Corporate Announcement and Market Reactions |
| 16:25~17:00 | Coffee Break & Social | |||
| 17:00~18:00 | Distinguished Lecture (6F, Studio 1+2+3) Zhi Da(University of Notre Dame) |
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| 18:00~19:30 | Welcome Reception(6F, Studio 1+2+3) | |||
Friday, December 12, 2025
| TIME & Room 6F | Studio 4 | Studio 5 | Studio 6 | Studio 7 |
|---|---|---|---|---|
| 09:00~10:00 | Registration (6F, The CONRAD) | |||
| 10:00~11:30 | Session 9 ESG in Finance | Session 10 Boards, Human Capital, and Finance | Session 11 Risk and Price Dynamics | Session 12 AI, Big Data, and Corporate Finance |
| 11:30~11:45 | Break Time | |||
| 11:45~13:45 | Luncheon & Keynote Speech (6F, Studio 1+2+3) Lasse Heje Pedersen(Copenhagen Business School) |
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| 13:45~14:00 | Break Time | |||
| 14:00~15:30 | Session 13 Public and Social Funds | Session 14 Fintech in Credit and Treasury Markets | Session 15 Innovation and Corporate Policy | Doctoral Session I |
| 15:30~15:45 | Coffee Break | |||
| 15:45~17:15 | Session 16 Sustainable Debt and Green Finance | Session 17 Corporate Governance and Incentives | Session 18 Trust and Guarantees in Financial System | Doctoral Session II |
| 17:15~17:30 | Break Time | |||
| 17:30~20:00 | Award Ceremony & Farewell Dinner (6F, Studio 1+2+3) |
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Program Details
Thursday, December 11, 13:00 - 14:30
Session 1: Banking and Financial Intermediation
- Chair : Kim, Bum(Soongsil University)
- Studio 4
| Title | Author | Discussant | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Uniform Standards, Unified Risks: Expected Credit Loss and Systemic Risk in Global Banking | Chen, Juejin (Jimei University) | Cho, Jin Hyung (Gyeongin National University of Education) |
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| Lin, Yupeng (National University of Singapore) | |||||||||||||
| Lu, Ruichang (Peking University)* | |||||||||||||
| Srinivasan, Anand (National University of Singapore) | |||||||||||||
| Zhang, Xiaojun (Peking University) | |||||||||||||
| Soft Information for Sale: Evidence from Sell-side Investment Research | Xiao, Kerry (Hong Kong University of Science and Technology)* | Kim, Yerim (Korea University) |
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| Zang, Amy (Hong Kong University of Science and Technology) | |||||||||||||
| Liquidity Provision and Bank Opacity | Oh, Saeyeon (Bank of Korea) | Mun, Seong-Jae (Soongsil University) |
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| Park, Junho (Myongji University)* | |||||||||||||
Session 2: Bond and Interest Rates
- Chair : Han, Jungsuk(Seoul National University)
- Studio 5
| Title | Author | Discussant | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| The Growing Index Effect in the Corporate Bond Market | Shin, Sean Seunghun (KAIST)* | Chen, Sheng-Hung (National Kaohsiung University of Science and Technology) |
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| Zhou, Xing {Alex}(Southern Methodist University) | |||||||||||||
| Zhu, Qifei (National University of Singapore) | |||||||||||||
| Complexity, Investor Composition, and Selective Pass-Through in Corporate Bonds | Kim, Gi (University of Warwick)* | Kim, Sul (Tilburg University) |
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| Massa, Massimo (Insead) | |||||||||||||
| Social Connection and Financing Cost of Municipal Governments | Jeung, Jinoug (The Chinese University of Hong Kong)* | Shin, Sean Seunghun (KAIST) |
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| Lee, Jaemin (The Chinese University of Hong Kong) | |||||||||||||
Session 3: Entrepreneurship and Exploration
- Chair : Lee, Dong Wook(Korea University)
- Studio 6
| Title | Author | Discussant | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Optimal Design of Credit History Disclosure: Public Mandates vs Open Banking | Jang, Inkee (Hanyang University)* | Kim, Taejin (Korea University) |
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| Kang, Kee-Youn (University of Liverpool) | |||||||||||||
| Learning via the Band of Brothers: Evidence of Entrepreneurial Spillover | Tseng, Kevin (Chinese University of Hong Kong)* | Lee, Sung Kwan (Chinese University of Hong Kong) |
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| Exploitation Payoffs and Incentives for Exploration | Lee, Jangwoo (Chinese University of Hong Kong)* | Kang, Chang-Mo (Hanyang University) |
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| Fuchs, William (UT Austin) | |||||||||||||
| Dumav, Martin (UC3M) | |||||||||||||
Session 4: New Dimensions in Asset Pricing
- Chair : Shin, Jhin Young(Yonsei University)
- Studio 7
| Title | Author | Discussant | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| The Pricing and Economic Impact of Legal Risk | Ryu, Dean (University of Oxford)* | Jiang, George (Washington State University) |
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| Rethinking Exchange Rate Exposure in Equity Markets Through International Trade Networks | Kim, Seo Ha (Stanford University)* | Mugamba, Elemegious (Autonomous University of Barcelona) |
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| Pyun, Sungjune (Yonsei University) | |||||||||||||
| Can Machines Learn New Signals from Trading Data? | Kong, Tongyang (City University of Hong Kong)* | Chung, Ji-Woong (Korea University) |
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| Wei, Chishen (Hong Kong Polytechnic University) | |||||||||||||
| Zhang, Lei (City University of Hong Kong) | |||||||||||||
Thursday, December 11, 14:55 - 16:25
Session 5: Product Market and Finance
- Chair : Shin, Hyun-Han(Yonsei University)
- Room: Studio 4
| Title | Author | Discussant | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| A Promise in the Name of God | Kim, Yongseok (Tulane University)* | Jhang, Hogyu (Chungnam National University) |
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| Neshat, Navid (Tulane University) | |||||||||||||
| Demand Shocks and Product Quality: Evidence from Hospitals | Cao, Jie (Hong Kong Polytechnic University) | Shin, Eun Jung (Baekseok University) |
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| Lei, Lei (Hong Kong Polytechnic University) | |||||||||||||
| Zhan, Xintong (Fudan University) | |||||||||||||
| Song, Linjia (Xiamen University)* | |||||||||||||
| Manager-Oriented Competition Networks: A Machine Learning Approach | Han, Tian (University of Bristol)* | Han, Jungsuk (Seoul National University) |
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| Lee, Vicky (University of Greenwich) | |||||||||||||
Session 6: Behavior and Institutions in Finance
- Chair : Yi, Junesuh(Dongguk University)
- Studio 5
| Title | Author | Discussant | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| How do ETFs Make Firms Larger? | Zhang, Yunqi (Nankai University)* | Park, Keebong (Hankuk University of Foreign Studies) |
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| When Roots Bond: The Effect of Surname Sharing on Analyst Team Performance | Zu, Chunyu (Communication University of China)* | Koo, Minjae (Korea University) |
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| Echoes of Inflation: CEO Early-life Inflation Experiences, Inflation Attention, and Corporate Decisions | Garcia, Diego (University of Colorado Boulder) | Kim, Hyeong Joon (Dongguk University) |
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| Jo, Chanik (Chinese University of Hong Kong)* | |||||||||||||
| Shin, Michael (California State University) | |||||||||||||
| Wu, Siyuan (Chinese University of Hong Kong) | |||||||||||||
Session 7: Household Finance
- Chair : Choi, Hyun-Soo(KAIST)
- Studio 6
| Title | Author | Discussant | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Segmented Multipliers: Evidence from Welfare Cuts | Goldman, Jim (McGill University)* | Jo, Chanik (Chinese University of Hong Kong) |
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| Adelino, Manue (Duke University) | |||||||||||||
| Tradeoff between Entrepreneurship and Fertility: Evidence from China’s Nationwide Two-Child Policy | Lee, Sung Kwan (Chinese University of Hong Kong)* | Kim, Jinyoung (Korea Capital Market Institute) |
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| Hsu, Po-Hsuan (National Tsing Hua University) | |||||||||||||
| Oh, Seungjoon (Peking University) | |||||||||||||
| Asymmetric Pass-Through of Interest Rates to Rental Prices: Evidence from Rental Listings for Multi-Unit Housing | Lee, Jaeyeon (Korea Capital Market Institute)* | Park, Sunjin (Hongik University) |
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Session 8: Corporate Announcement and Market Reactions
- Chair : Lee, Junyoup(Ajou University)
- Room: Studio 7
| Title | Author | Discussant | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Carbon Emissions and Institutional Investor Horizons | Ghoul, Sadok El (University of Alberta) | Li, Po (Paul) (University of Macau |
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| Guedhami, Omrane (University of South Carolina) | |||||||||||||
| Kim, Hyunsoek (Jeonju University) | |||||||||||||
| SUH, Jungwon (Sungkyunkwan University)* | |||||||||||||
| Changes in risk factor disclosures and uncertainty | Kim, Ryoonhee (KAIST)* | Kim, Jeong Ho (John) (Florida State University) |
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| Prakosa, Bayu (KAIST) | |||||||||||||
| Corporate Emissions Target Announcements: Credibility and Market Reaction | Jiang, Xiaoyan (New York University) | Park, Jung Chul (University of South Florida) |
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| Kim, Shawn (University of California, Berkeley) | |||||||||||||
| Lu, Shirley (Harvard Business School)* | |||||||||||||
- Room: Studio 1+2+3
| Distinguished Lecture (17:00~18:00, December 11) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| You can only lend what you own: Inferring daily institutional trading from lendable equity inventory | Dr. Zhi Da (University of Notre Dame) | ||||||||||||
- Room: Studio 1+2+3
| Welcome Reception (18:00~19:30, December 11) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Welcome Address | Dr. Jin Q Jeon President, Korean Securities Association |
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Friday, December 12, 10:00 - 11:30
Session 9: ESG in Finance
- Chair : Kim, Noolee(Hanyang University)
- Room: Studio 4
| Title | Author | Discussant | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sustainable Finance in Practice: ESG Performance and Risk Mitigation in the Banking Sector | Chen, Sheng-Hung (National Kaohsiung University of Science and Technology)* | Park, Hyejin (Hanyang University) |
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| Phan, Kieu-Thi (Tra Vinh University) | |||||||||||||
| Huang, Winifred (University of Bath) | |||||||||||||
| The Demand, Supply, and Market Responses of Corporate ESG Actions: Evidence from a Nationwide Experiment in China | He, Guojun (The University of Hong Kong)* | Park , Bokyung (Sookmyung Women’s University) |
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| Xiahou, Qinrui (The University of Hong Kong) | |||||||||||||
| Blame it on the weather: Market implied weather volatility and firm performance | Bae, Joon Woo (Case Western Reserve University) | Cho, Wonho (Kwangwoon University) |
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| Jacob, Kris (University of Houston) | |||||||||||||
| Jeon, Yoontae (McMaster University)* | |||||||||||||
| Zurita, Virgilio (Southern Illinois University) | |||||||||||||
| Szaura, Stephen (BI Norwegian Business School) | |||||||||||||
Session 10: Boards, Human Capital, and Finance
- Chair : Lee, Jongsub(Seoul National University)
- Room: Studio 5
| Title | Author | Discussant | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| When Silicon Valley Meets Wall Street: A Theory of Financial Overengineering | Aoyagi, Jun (Hong Kong University of Science and Technology)* | Oh, Ji Yeol (Sungkyunkwan University) |
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| Sato, Yuki (Keio University) | |||||||||||||
| Complementarity in Director Productivity Within Boards: Evidence from Firm-Director Matching and Pay | Guo, Zhonghe (University of New South Wales) | Oh, Junho (Hankuk University of Foreign Studies) |
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| Kang, Chang-Mo (Hanyang University)* | |||||||||||||
| Schmidt, Breno (University of New South Wales) | |||||||||||||
| Sen, Rik (University of Georgia) | |||||||||||||
| Capital Allocation Under Overboarded Directors | Amini, Shahram (University of Denver)* | Goldman, Jim (McGill University) |
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| Wood, Katherine (Oklahoma State University) | |||||||||||||
Session 11: Risk and Price Dynamics
- Chair : Koh, Bong-Chan(Seoul National University)
- Room: Studio 6
| title | Author | discussant | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Valuation Without DCF | Cho, Thummim (Korea University)* | Pyun, Sungjune (Yonsei University) |
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| Polk, Christopher (London School of Economic) | |||||||||||||
| Rogers, Robert (London School of Economic) | |||||||||||||
| The Term Structure of Index Option Returns | Hu, Guanglian (University of Sydney)* | Kim, Jung-Min (University of Seoul) |
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| Market-Maker Short Selling: A Necessary Evil? | Kim, Yerim (Korea University)* | Kim, Daejin (SungKyunKwan University) |
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| Eom, Kyong Shik (University of California) | |||||||||||||
| Kim, Baeho (Korea University,University of California) | |||||||||||||
Session 12: AI, Big Data, and Corporate Finance
- Chair : Kim, Joonghyuk(Korea University)
- Room: Studio 7
| Title | Author | Discussant | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Does Corporate Production of AI Innovation Create Value? | Ahmadi, Ali (York University) | Kong, Tongyang (City University of Hong Kong; Renmin University of China) |
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| Kecskes, Ambrus (York University)* | |||||||||||||
| Michaely, Roni (The University of Hong Kong) | |||||||||||||
| N, Phuong-Anh (York University) | |||||||||||||
| Innovation Policy and Inventors’ Productivity: Evidence from Global AI Initiatives | Liu, Leo (University of Technology Sydney)* | Kim, Ryoonhee (KAIST) |
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| Moshirian, Fariborz (University of New South Wales) | |||||||||||||
| Nanda, Vikram (University of Texas at Dallas) | |||||||||||||
| Xu, Sheng (University of New South Wales) | |||||||||||||
| Automation-Induced Innovation Shift | Cong, Lin William (Cornell SC Johnson College of Business) | Hwang, Sunwoo (Korea University) |
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| Lu, Yao (Tsinghua University)* | |||||||||||||
| Shi, Hanqing (Tsinghua University) | |||||||||||||
| Zhu, Wu (Tsinghua University) | |||||||||||||
- Room: Studio 1+2+3
| Luncheon & Keynote Speech (11:45~13:45, December 13) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Can Sustainable Finance Save the Planet | Dr. Lasse Heje Pedersen (Copenhagen Business School) | ||||||||||||
Friday, December 12, 14:00 - 15:30
Session 13: Public and Social Funds
- Chair : Chung, Ji-Woong(Korea University)
- Room: Studio 4
| Title | Author | Discussant | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Public Pension Funds and Risk-Taking in Venture Capital | Kim, Jinyoung (Korea Capital Market Institute)* | Xiao, Han (Chinese University of Hong Kong, Shenzhen) |
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| The Economics of Greenwashing Funds | Cao, Sean (University of Maryland) | Kim, Jinyoung (Korea Capital Market Institute) |
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| Chen, Yong (Texas A&M University) | |||||||||||||
| Xiao, Han (Chinese University of Hong Kong)* | |||||||||||||
| Zhang, Alan (Iowa State University) | |||||||||||||
| Tilting at Windmills: Biased Benchmarks and the Risk-Taking Response of Mutual Funds | Evans, Richard (University of Virginia) | Jeon, Yoontae (McMaster University) |
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| Kim, Sanghyun {Hugh} (Wilfrid Laurier University)* | |||||||||||||
| Maurer, Thomas (University of Hong Kong) | |||||||||||||
Session 14: Fintech in Credit and Treasury Markets
- Chair : Park, Heungju(Sungkyunkwan University)
- Room: Studio 5
| Title | Author | Discussant | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Macro-Financial Impact of Stablecoin’s Demand for Treasuries | Kim, Sang Rae (Kyung Hee University)* | Doh, Hyun Soo (Hanyang University) |
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| Gender Discrimination and Human–Machine Collaboration in Credit Decisions — Evidence From Auto Finance Leasing Transactions | LU, Yao (Tsinghua University) | Lee, Sung Kwan (Chinese University of Hong Kong, Shenzhen) |
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| SHI, Hanqing (Tsinghua University)* | |||||||||||||
| SHI, Xinzheng (Peking University) | |||||||||||||
| SUN, Jian (Singapore Management University) | |||||||||||||
| SUN, Yanling (Politecnico di Milano) | |||||||||||||
| How Does Human-Machine Collaboration Work? — Evidence From Auto Finance Leasing Transactions | Lu, Yao (Tsinghua University) | Jhang, Hogyu (Chungnam National University |
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| SHI, Hanqing (Tsinghua University) | |||||||||||||
| Sun, Yanling (Politecnico di Milano)* | |||||||||||||
| Yang, Zhishu (Tsinghua University) | |||||||||||||
Session 15: Innovation and Corporate Policy
- Chair : Kang, Hyoung-Goo(Hanyang University)
- Room: Studio 6
| Title | Author | Discussant | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| The Impact of Working Hours on Innovation: Lessons from the 2018 Korean Working-Hours Reform | Park, Hyejin (Hanyang University) | Kim, Hee-Eun (Myongji University) |
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| Lee, Jiyoon (Yonsei University) | |||||||||||||
| Kim, Juho (Korean Securities Association)* | |||||||||||||
| Firm Innovation Outcomes and Trade Credit Financing | Bae, Chang Suk (Tulane University) | Song, Linjia (Xiamen University) |
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| Choi, Jen (University of Michigan) | |||||||||||||
| Kim, Jeong Ho {John}(Florida State University)* | |||||||||||||
| Time to Innovate | Hwang, Sunwoo (Korea University)* | Kim, Sunmin (Korea Institute of Corporate Governance and Sustainability) |
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| Kim, Sooji (University of North Carolina at Chapel Hill) | |||||||||||||
Doctoral Student Consortium I
- Chair : Schoenherr, David(Seoul National University)
- Room: Studio 7
| Title | Author | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Burdening the Young: Life Cycle Effects of Mandatory Disclosure on Investment | Gustafson, Matthew (Penn State University) | ||||||||||||
| Shin, Jewon (Penn State University)* | |||||||||||||
| Thematic Quality and Theme Washing in the ETF Space | He, Xiaoxue (Lancaster University)* | ||||||||||||
| Wang, George (Lancaster University) | |||||||||||||
| Ward, Gerald (Lancaster University) | |||||||||||||
| The Double-Edged Sword of Executive Personal Liability: Firm Value vs. Social Responsibility | Ahmadi, Ali (York University)* | ||||||||||||
Friday, December 12, 15:45 - 17:15
Session 16: Sustainable Debt and Green Finance
- Chair : Ahn, Hee-Joon(Sungkyunkwan University)
- Room: Studio 4
| Title | Author | Discussant | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Board directors’ experience and environmental investment | Li, Qiyun (SungKyunKwan University)* | Xiao, Han (Chinese University of Hong Kong) |
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| Park, Heungju (SungKyunKwan University) | |||||||||||||
| Song, Kyojik(SungKyunKwan University) | |||||||||||||
| A Segmented Green Premium: Equity versus Corporate Bond Markets | Kim, Sul (Tilburg University)* | Kim, Gi (University of Warwick) |
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| Driessen, Joost (Tilburg University) | |||||||||||||
| Olivier David Zerbib(Institut Polytechnique de Paris) | |||||||||||||
| The Salience of Climate Change and Green Patents Review: Evidence from Climatic Disasters | Cao, Jie (The Hong Kong Polytechnic University) | Kim, Yongseok (Tulane University) |
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| Shu, Tao (The Chinese University of Hong Kong) | |||||||||||||
| Tian, Xuan (Tsinghua University) | |||||||||||||
| Wang, Yajing (The Hong Kong Polytechnic University)* | |||||||||||||
| Zhan, Xintong (Fudan University) | |||||||||||||
Session 17: Corporate Governance and Incentives
- Chair : Kim, Woochan(Korea University)
- Room: Studio 5
| Title | Author | Discussant | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Owner Life-Cycle, Equity Shift, and Firm Value in Family Business Groups | Kim, Hee-Eun(Myongji University)* | Park, Heejin (Pusan National University) |
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| Lim, Mi-Hee ((Myongji University) | |||||||||||||
| Convertible Bonds and Firm Value: Evidence from China and Beyond | Li, Po (University of Macau)* | Ra, Jinhyeok (Keimyung University) |
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| Xie, Jing (University of Macau) | |||||||||||||
| Que, Tingting (University of Macau) | |||||||||||||
| Zhong, Yuxiang (Huazhong University of Science and Technology) | |||||||||||||
| Does Informed Dissent Improve Firm Value and Transparency? Evidence from Korea’s Stewardship Code | Park, Ginhyeuk (Korea ESG Research Institute)* | Yook, Youngsuk (The Fedral Reserve System) |
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| Park, Heejin (Pusan National university) | |||||||||||||
Session 18: Trust and Guarantees in Financial System
- Chair : Choi, Jaewon(Seoul National University)
- Room: Studio 6
| Title | Author | Discussant | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Government Guarantees, Credit Multiplier, and Financial Fragility | Fan, Zhongjie (University of International Business and Economics) | Hu, Guanglian (University of Sydney) |
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| He, Ping (Tsinghua University) | |||||||||||||
| Liu, Zehao (Renmin University)* | |||||||||||||
| Social Trust and Sustainium: Evidence from Sustainability-Linked Bonds | Bae, Chang Suk (Tulane University) | Gam, Kevin (Yong Kyu) University College Dublin |
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| Kim, Hak-Kyum (Korea Exchange) | |||||||||||||
| Park, Heungju (Sungkyunkwan University)* | |||||||||||||
| The Procyclicality of FDIC Deposit Insurance Premiums | Rhee, Jennifer (Federal Deposit Insurance Corporation)* | Kenzhegulova, Gaukhar (University of Interanational Business named after K.Sagadiyev ) |
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| Hess, Ryan (University of Georgia) | |||||||||||||
Doctoral Student Consortium II
- Chair : Cho, Thummim(Korea University)
- Room: Studio 7
| Title | Author | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hot Today, Cold Tomorrow: Selection Dynamics in ETFs | Park, Hayeon (Seoul National University)* |
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| Factor timing in currency markets | Choi, Jiyoon (Seoul National University)* |
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| Interpretable Deep Learning for Stock Returns: A Consensus-Bottleneck Asset Pricing Model | Jang, Bong-Gyu (Pohang University of Science and Technology) | ||||||||||||
| Jeong, Younwoo (Pohang University of Science and Technology) | |||||||||||||
| Kim, Changeun (Pohang University of Science and Technology)* | |||||||||||||
- Room: Studio 1+2+3
| Award Ceremony & Farewell Dinner (17:30~20:00, December 13) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Congratulatory Remarks | Eun-Bo Jeong (Chairman and CEO, Korea Exchange) | ||||||||||||
| Best Paper Award | Jin Q Jeon (President, Korean Securities Association) Hyun Seung Na (Program Chair) |
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CALL FOR PAPERS The 20th Annual Conference on Asia-Pacific Financial Markets (CAFM)
Seoul, Korea, December 11-12, 2025
Korean Securities Association (KSA) is pleased to announce its 20th Annual Conference on Asia-Pacific Financial Markets (CAFM), which will be held at the CONRAD Seoul from December 11th (Thursday) to December 12th (Friday), 2025. We welcome interested scholars, practitioners, and policy-makers to submit research papers in all areas of finance for presentation at the conference.
KEYNOTE SPEAKER
Lasse Heje Pedersen, professor at Copenhagen Business School, director of the Center for Big Data in Finance center, and a principal at AQR, is the keynote speaker for the 20th CAFM. A Stanford PhD, he has served as Director of the American Finance Association, in the Liquidity Working Group meeting at the Federal Reserve Bank of New York to address liquidity issues, on the Economic Advisory Boards of NASDAQ and FTSE, and on several editorial boards, including the Journal of Finance and Quarterly Journal of Economics. His academic awards include the Bernácer Prize to the best E.U. economist under 40 years of age, the Banque de France-TSE Prize, the Stephen A. Ross Prize, JF Brattle and DFA Prizes, JFE Fama-DFA Prizes, RFS Michael Brennan Award, and FAJ Graham and Dodd Top Awards. His research is widely used by academics, practitioners, regulators, e.g., in the Nobel Prize committee’s scientific background and the most cited paper in SEC regulation.
DISTINGUISHED LECTURER
Zhi Da, Howard J. and Geraldine F. Korth Professor of Finance at the University of Notre Dame, will lead a special lecture session as the distinguished lecturer for the 20th CAFM. His research focuses on empirical asset pricing and investment. In recent papers, he studied the role of limited investor attention, the behavior of institutional investors, and cash flow risks of financial assets. His papers have been published in the Journal of Finance, Review of Financial Studies, Journal of Financial Economics among others. He is currently serving as an associate editor at several journals including Journal of Finance, Management Science, Journal of Financial and Quantitative Analysis, and Journal of Banking and Finance. Zhi has received the 2017 JFQA William F. Sharpe Award for Scholarship in Financial Research, among other research awards and grants. After gaining a BBA and an MSc from National University of Singapore, he worked at the interest rate and exotic derivative trading desk in DBS Bank. He subsequently earned a PhD in Finance from Northwestern University.
PAPER SUBMISSION
Papers written in English must be submitted via https://www.conftool.net/cafm2025/, using MS Word or Adobe PDF file format. The deadline for paper submission is August 27th, 2025. The submitted papers will be reviewed for selection by the review committee in a double-blind referee process. The results will be notified to the author via email by October 10th, 2025. If you have any questions regarding the paper submission, please let us know via email at cafm@iksa.or.kr.
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 as well as the name, affiliation, address, phone number, and email address of all authors. The second page should contain the paper’s title and abstract only. The programs for the previous CAFM conferences can be accessed at http://www.apjfs.org.
BEST PAPER AWARDS
If your paper is accepted for presentation at the conference, your paper is eligible to compete for a Best Paper Award of US$2,000 (or KRW2,000,000). Eight (8) best papers will be awarded at the Gala dinner to each presenting author. The awarded papers will also be invited for fast-track review and publication in the Asia-Pacific Journal of Financial Studies (AJFS), the first finance SSCI journal in the Asia-Pacific region.
DOCTORAL STUDENT WORKSHOP AND BEST DISSERTATION AWARD
Doctoral students are also welcomed to present their dissertations at the doctoral student workshop of the conference, led by active and renowned scholars to be announced later. The Best Dissertation Award of US$1,000 (or KRW1,000,000) will be given to the best thesis.
DUAL SUBMISSION OPTION WITH AJFS and KJFS
The 20th CAFM will feature a dual submission option with AJFS. If you choose the option at the time of paper submission, your paper accepted for the conference will be additionally invited for submission and considered for publication by the editors of AJFS with the journal submission fee waived. For further details about the Journal, please visit http://wileyonlinelibrary.com/journal/ajfs.
The applicants can also choose to submit for the Korean Journal of Financial Studies (KJFS), SCOPUS-indexed official journal of KSA. For further details about the Journal, please visit https://www.e-kjfs.org.
ABOUT SEOUL
Seoul is the capital and largest metropolis in South Korea, and has been the capital for more than 600 years. With a municipal population over 9.6 million, the city is one of the largest financial and cultural centers in East Asia. Situated on the Han River, Seoul is considered a leading and rising global city, filled with a fascinating blend of ancient traditions and cutting-edge digital technology, home to endless street food vendors, beautiful royal palaces, and serene Buddhist temples. As the birthplace of K-pop and Korean Wave, Seoul receives over 10 million international visitors every year, making it one of the world’s most visited cities.
CONFERENCE HOTEL
The CONRAD Seoul is a prestigious five-star hotel located in the heart of Yeouido, a hub of the Korean financial market. It is a part of the IFC Mall complex, offering direct access to a variety of shopping, dining, and entertainment options. This luxurious hotel is also conveniently connected to the Yeouido subway station, providing easy transportation links across the city. With a prime location in Yeouido, the hotel is within walking distance of key attractions such as Hangang Park and Yeouido Park. These scenic parks offer guests opportunities for outdoor activities, leisurely strolls, and picturesque views of the Han River.
PROGRAM COMMITTEE CHAIR
Hyun Seung Na, Korea University
CONFERENCE CONTACT
For additional information, please contact us via email at cafm@iksa.or.kr.
2025 CAFM Program Committee
| Na, Hyun Seung (Chair) | Korea University |
| Cho, Thummim | Korea University |
| Choi, Jaewon | Seoul National University |
| Han, Hope Hyeun | UNIST |
| Kim, Daejin | SungKyunKwan University |
| Kim, Hyemin | SungKyunKwan University |
| Kim, Ju Hyun | Ajou University |
| Kim, Kyunghyun | Keimyung Univiersity |
| Kwon, Kyoung-min | Hongik University |
| Lee, Junyoup | Ajou University |
| Park, Junho | Myoungji University |
| Wang, Shu-Feng | Ajou University |
2025 CAFM Review Committee
| An, Byeong-Je | San Diego State University |
| Auh, Jun Kyung | Yonsei University |
| Bae, Kee-Hong | York University |
| Chang, Yen-Cheng | National Taiwan University |
| Chen, Hong-Yi | National Chengchi University |
| Chen, Yenn-Ru | National Chengchi University |
| Cho, DuckKi | The University of Sydney |
| Cho, Thummim | Korea University Business School |
| Choi, Dong Beom | Seoul National University |
| Choi, Hyun-Soo | KAIST |
| Choi, Jaewon | Seoul National University |
| Choi, Seungho | Hanyang University |
| Choi, Youngmin | Xavier University |
| Chung, Chune Young | Chung-Ang University |
| Chung, Ji-Woong | Korea University |
| Gam, Yong Kyu | University College Dublin |
| Guedhami, Omrane | University of South Carolina |
| Hameed, Allaudeen | National University of Singapore |
| Han, Jungsuk | Seoul National University |
| Hou, Kewei | The Ohio State University |
| Huang, Jingzhi | Pennsylvania State University |
| Hwang, Byoung-Hyoun | NTU Singapore |
| Jang, Yeejin | University of New South Wales |
| Jo, Chanik | Chinese University of Hong Kong |
| Jung, Hae Won (Henny) | U of Melbourne |
| Kang, Byoung Uk | Hong Kong Polytechnic University |
| Kang, Chang-Mo | Hanyang University |
| Kang, Jun-Koo | Nanyang Technological University |
| Kim, Jungmin | The Hong Kong Polytechnic University |
| KIM, Andy (Young Han) | SungKyunKwan University |
| Kim, Baeho | Korea University Business School |
| Kim, Daejin | Sungkyunkwan University |
| Kim, Daniel | University of Waterloo |
| Kim, Donghyun | Chung-Ang University |
| Kim, Hugh Hoikwang | University of South Carolina |
| Kim, Jinmo | RUTGERS UNIVERSITY |
| Kim, Joonghyuk | Korea University |
| Kim, Jung-Wook | Seoul National University |
| Kim, Minsoo | U of Melbourne |
| Kim, Ryoonhee | KAIST |
| Kim, Taehyun | Chung-Ang University |
| Ko, Kuan-Cheng | National Chinan University |
| Lee, Jung Hoon | Office of Financial Research, US Treasury |
| Lee, Choonsik | The University of Rhode Island |
| Lee, Dong Wook | Korea University |
| Lee, Hae Kang | Korea University |
| Lee, Inmoo | KAIST |
| Lee, Jiyoon | Yonsei University |
| Lee, Junyoup | Ajou University |
| Lin, Chih-Yung | National Yang Ming Chiao Tung University |
| Low, Angie | Nanyang Technological University |
| Min, Byoung-Kyu | Hanyang University |
| Na, Hyun Seung | Korea University Business School |
| NG, Lilian | York University |
| Noh, Joonki | Case Western Reserve University |
| Oh, Ji Yeol Jimmy | Sungkyunkwan University |
| Oh, Jong-Min | SungKyunKwan University |
| Oh, Seungjoon | Peking University |
| Park, Hoonsuk | University of Melbourne |
| Park, James L. | Korea University |
| Park, Jung Chul | The University of South Florida |
| Park, Seongkyu (Gilbert) | Willamette University |
| Pyun, Sungjune | Yonsei University |
| Schoenherr, David | Seoul National University |
| Seo, Kyoungwon | Seoul National University |
| Shin, Hojong | California State University, Long Beach |
| Sohn, Sungbin | Sogang University |
| Tiu, Cristian Ioan | University at Buffalo |
| Wang, Shu-Feng | Ajou University |
| Yamada, Takeshi | Australian National University |
| Zhan, Xintong (Eunice) | Fudan University |
20th Annual Conference on Asia-Pacific Financial Markets
(CAFM 2025)
December 11~12, 2025
The CONRAD Hotel, Seoul, Korea
We invite you to join CAFM 2025 at the CONRAD Hotel in Seoul, Korea on December 11th and 12th, 2025. Click here to register for the Conference by November 28th, 2025. (https://www.conftool.net/cafm2025)
For those who are already in Korea, please note that there are limited seats for the maximum of 100 for on-site registration with a fee of USD100. On-site registered participants can secure their spot to the luncheon with keynote address, the farewell dinner with the award ceremony, and several coffee breaks.
This year, the CAFM conference features
- ￭ Keynote Address
Dr. Lasse Heje Pedersen(Copenhagen Business School)
“Can Sustainable Finance Save the Planet” - ￭ Distinguished Lecture
Dr. Zhi Da (University of Notre Dame),
“You Can Only Lend What You Own: Inferring Daily Institutional Trading from Lendable Equity Inventory”
The conference consists of 18 main program sessions and 2 doctoral student sessions. More detailed information on the conference program will be available online soon at the session overview site https://www.conftool.net/cafm2025, where only registered participants can have access to the papers.
If you are not a registered user, you will be asked to create your account by completing your personal information, and then go to “Register as Participant” menu to pre-register before November 28th, 2025. For more information, please contact us by sending an email to cafm@iksa.or.kr
Thank you very much, and we will look forward to welcoming you here in Seoul!
Sincerely,
Jin.Q. Jeon, President, Korean Securities Association
Na, Hyun Seung, Program Chair, CAFM 2025
10 Gukjegeumyung-ro Yeouido Yeongdeungpo-gu
Seoul, 07326, South Korea
+82 (2) 6137-7000
Direction to the Conrad Hotel
FROM Incheon International Airport (ICN)
Travel Distance : Approximately 60 km
Taxi
- • Fee : 50,350 KRW
- • Travel Time : 47 minutes
AIRPORT LIMOUSINE
The Airport Limousine Bus #6007 is also available within a one-minute walking distance of the Hotel.
- • Fee : 17,000 KRW
- • Travel Time : 50 minutes
SUBWAY TRAIN
- • Fee : 4,450 KRW (Passenger Terminal 1)
- • Fee : 5,050 KRW (Passenger Terminal 2)
- • Direction : ake AREX at Incheon International Airport Station bound for Hong Ik University At Hong Ik Univ Station, Transfer to Transit Line Number 5 toward Sang-il or Macheon. Get off at Yeouido Station and exit Gate #3. The hotel is just a three-minute walk away.
- • Travel Time : 85~90 minutes
DIRECTION
FROM Gimpo International Airport (GMP)
Travel Distance : Approximately 20 km
Taxi
- • Fee : 23,520 KRW
- • Travel Time : 35 minutes
DIRECTION
Address in Korean
For your convenience, please see the Hotel’s name and address provided here in Korean. This address
may be shown to taxi drivers or used for other transportation needs.
07326 서울특별시 영등포구 국제금융로 10 콘래드호텔
Accommodation
Hotel reservations for general presenters should be made individually by emailing the address below.
When making a reservation, please make sure to mention “CAFM2025 (The Korean Securities Association)” in your email.
*Individual hotel reservations for CAFM2025: conradseoul.rsvn@conradhotels.com
Tel. +82 (0) 2 6137 7777
Contact Information
· For additional information, Please contact one of us
Jin Q Jeon, Ph.D.,
President of the KSA (jjeon@dongguk.edu),
Dongguk University
Hyun Seung Na, Ph.D.,
Program Chair and Review Committee Chair (nahs@korea.ac.kr),
Korea University
· Korean Securities Association
6F, Korea Financial Investment Association Building 143 Uisadang-daero, Yeongdeoungpo-gu, Seoul, Korea
Fax: 82-2-783-6359
E-mail: cafm@iksa.or.kr
