2015
2015
Call for Paper
The Tenth Annual Conference on Asia-Pacific Financial Markets
(CAFM) of the Korean Securities Association (KSA)
Seoul, Korea, December 5, 2015
The 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 tenth international conference. Both theoretical and empirical research papers in all areas of finance are welcome.
KEYNOTE SPEAKER
The keynote speaker for the tenth CAFM will be Professor Kevin Murphy (University of Southern California). The programs of the previous conferences can be accessed at the following website:
http://www.apjfs.org/conference/2015/call.asp
ELECTIRONIC SUBMISSION
Papers written in English must be submitted via e-mail to:
Email: cafm2015@gmail.com
by August 31, 2015, 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, 2015.
BEST PAPER AWARDS
Competitive research awards of US$2,000 (or KRW 2,000,000) will be given to each of up to eight best papers. The awarded paper must be presented by one of the authors at the CAFM and will be invited to be published in the Asia-Pacific Journal of Financial Studies (AJFS), which is a SSCI-listed finance journal.
BEST DISSERTATION AWARD
The KSA invites Ph.D. candidates of Korean universities and/or Korean national candidates of foreign universities to present their dissertations in a doctoral session of the CAFM2015. The KSA Best Dissertation Award of KRW 1,000,000 will be given to the best thesis.
PAPER STYLE
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.
CONTACT
For additional information, please contact:
Young S. Park, Professor and Chair of the Program and Review Committee (yspark@sogang.ac.kr), Sogang University, Seoul, Korea 121-742.
Program of Conference
Satudey, December 5, 2015
| 08:30 - 09:30 | Registration /Continental breakfast | |
| 09:30 - 11:30 | Academic Session 1, 2, 3,4 (2F) | |
| 11:30 - 13:45 | Luncheon (2F, Orchid Room) | |
| Welcome Address : | Dr. Doon-Soon kim President, Korean Securities Association |
|
| Keynote Speech : | Dr. Kevin J. Murphy University of Southern California |
|
| 14:00 - 15:30 | Academic Session 5, 6, 7, 8 (2F) | |
| 15:45 - 17:45 | Academic Session 9, 10, 11, 12 (2F) | |
| 18:00 - 21:00 | Farewell Dinner (2F, Orchid Room) | |
| Keynote Speech : | Mr. Kyoung Soo Choi Chairman and CEO, Korea Exchange |
|
| Keynote Speech : | Mr. Young-Key Hwang Chairman and CEO, Korea Financial Investment Association |
|
| Best Paper Award : | Dr. Young S. Park Program Chair |
|
Academic Session Program
| TIME | Session Topics | ROOM (2F) | |
|---|---|---|---|
| 09:30~11:30 | Session 1 Session 2 Session 3 Session 4 |
Asset Pricing Theory Banking Corporate FinanceⅠ Empirical Asset Pricing |
Lilac Tulip Cosmos Violet |
| 14:00~15:30 | Session 5 Session 6 Session 7 Session 8 |
CEO & Board of Directors Corporate Governance Financial Institutions Corporate FinanceⅡ |
Lilac Tulip Cosmos Violet |
| 15:45~17:45 | Session 9 Session 10 Session 11 Session 12 |
Behavioral Finance Investment International Finance Ph.D. Session |
Lilac Tulip Cosmos Violet |
Session 1:Asset Pricing Theory (09:30~11:30)
- Chair: Jinwoo Park (Hankuk Univ. of Foreign Studies)
| Title | Author | Discussant |
|---|---|---|
| Skewness vs. Kurtosis: Implications for Pricing and Hedging Options | Sol Kim (Hankuk Univ. of Foreign Studies) |
Yuen Jung Park (Hallym Univ.) |
| How Annuity Demand is Affected by Insurer Default Risk | Bong-Gyu Jang (POSTECH) Hyeng Keun Koo (Ajou Univ.) Seyoung Park (POSTECH) |
Sojung Park (Seoul National Univ.) |
| The TIPS Puzzle: Evidence from Korea | Jangkoo Kang (KAIST) Soonhee Lee (KAIST) |
Baeho Kim (Korea Univ.) |
| Comparing Nested Predictive Regression Models with Persistent Predictors | Yan Ge (Central Univ. of Finance and Economics) Tae-Hwy Lee (Univ. of California, Riverside) Michael W. McCracken (Federal Reserve Bank) |
Hee Soo Lee (Yonsei Univ.) |
Session 2:Banking (09:30~11:30)
- Chair: J. B. (Jong-Bom)
Chay (Sungkyunkwan Univ.)
| Title | Author | Discussant |
|---|---|---|
| Heterogeneous Bank Lending, Gross Loan Flows, and the Macroeconomy | Junghwan Hyun (Hiroshima Univ.) |
Ha-Chin Yi (Texas State Univ.) |
| Market Power and Detrimental Effects of Competition: Evidence from the Taiwanese Banking Industry |
Charles Chang (Shanghai Jiao Tong Univ.) Paul Moon Sub Choi (Ewha Womans Univ.) Seth H. Huang(Ewha Womans Univ.) |
Hyung-Suk Choi (Ewha Womans Univ.) |
| Systemic Leverage and Homogeneity: Assessing Multifaceted Amplifying Mechanism of Systemic Risk | Myeong Hyeon Kim (Korea Univ.) Baeho Kim (Korea Univ.) |
Daejin Kim (UNIST) |
| Will Basel Ⅲ Liquidity Measures Affect Bank's Funding Costs and Financial Performance?: Evidence from U.S. Commercial Banks | Muhammad Saifuddin Khan (Univ. of Technology Sydney) Harald Scheule (Univ. of Technology Sydney) Eliza Wu(Univ. of Technology Sydney) |
Bum Kim (Soongsil Univ.) |
Session 3:Corporate FinanceⅠ (09:30~11:30)
- Chair: Jun-Koo Kang (Nanyang Technological Univ.)
| Title | Author | Discussant |
|---|---|---|
| Do Private Firms Perform Better than Public Firms | Serkan Akguc (Temple Univ.) Jongmoo Jay Choi (Temple Univ.) Suk-Joong Kim (The Univ. of Sydney) |
Xiaoran Huang (Nanyang Technological Univ.) |
| Spillover Effects within Business Groups: The Case of Korean Chaebols | Denis Yongmin Joe (KAIST) Frederick Dongchuhl Oh (KAIST) |
Yujing Ma (Nanyang Technological Univ.) |
| Dynamic Capital Structure of Value and Growth Firms | Jaehoon Lee (Yonsei Univ.) |
Sung Won Seo (Ajou Univ.) |
| Earnings Management and Bank Loan Contracting | Young Sang Kim (Northern Kentucky Univ.) Yura Kim (Univ. of Seoul) Ha-Chin Yi (Texas State Univ.) |
T. Mandy Tham (Nanyang Technological Univ.) |
Session 4:Empirical Asset Pricing (09:30~11:30)
- Chair: Dongcheol Kim (Korea Univ.)
| Title | Author | Discussant |
|---|---|---|
| Why Has the Size Premium Disappeared? | Dong-Hyun Ahn (Seoul National Univ.) Byoung-Kyu Min (The Univ. of Sydney) Bohyun Yoon (Kangwon National Univ.) |
Tae-Hwy Lee (Univ. of California, Riverside) |
| Limits of Arbitrage and Tax Expense Momentum |
Hyoung-Goo Kang (Hanyang Univ.) Young Jun Kim (Hankuk Univ. of Foreign Studies) Yongoh Roh (Seoul National Univ.) |
Woojin Kim (Seoul National Univ.) |
| Transitory Price, Resiliency and the Cross-Section of Stock Returns | Jinyong Kim (KAIST) Yongsik Kim (KAIST) |
Soosung Hwang (Sungkyunkwan Univ.) |
| Investor Sentiment, Anomalies, and the Macroeconomy | Dongcheol Kim (Korea Univ.) Haejung Na (Korea Univ.) |
George J. Jiang (Washington State Univ.) |
Session 5:CEO&Board of Directors (14:00~15:30)
- Chair: Chang-Soo Kim (Yonsei Univ.)
| Title | Author | Discussant |
|---|---|---|
| Does Board Diversity Affect Corporate Dividend Policy? | Soku Byoun (Baylor Univ.) Kiyoung Chang (Univ. of South Florida) Young Sang Kim (Northern Kentucky Univ.) |
Joonghyuk Kim (Korea Univ.) |
| Are Overconfident CEOs Good Leaders? Evidence from Stakeholder Commitments | J. Kenny Phua (Nanyang Technological Univ.) T. Mandy Tham (Nanyang Technological Univ.) Chishen Wei (Nanyang Technological Univ.) |
Taekyu Kim (Hallym Univ.) |
| Market-Based Executive Compensation under Asymmetric Information | Guangsug Hahn (POSTECH) Joon Yeop Kwon (POSTECH) |
Junghoon Seon (Konkuk Univ.) |
Session 6:Corporate Governance (14:00~15:30)
- Chair: Jaeuk Khil (Hanyang Univ.)
| Title | Author | Discussant |
|---|---|---|
| Public vs. Private Firms: Easy Money Flows to Easy Investments | Heejung Choi (Korea Univ.) Jungwon Suh (Sungkyunkwan Univ.) |
Denis Yongmin Joe (KAIST) |
| The Effect of Corporate Governance on Corporate Social Responsibility (CSR): Evidence from the Institutional Shareholder Services (ISS) | Pandej Chintrakarn (Mahidol Univ. International College) Pornsit Jiraporn (Pennsylvania State Univ.) Jang-Chul Kim (Northern Kentucky Univ.) Young Sang Kim (Northern Kentucky Univ.) |
Eun Jung Lee (Hanyang Univ.) |
| Sensitivities of Corporate Investment and Financing Decisions to the Implied Cost of Capital | Soku Byoun (Baylor Univ.) David Ng (Cornell Univ.) Kai Wu (Cornell Univ.) |
Jaehoon Han (Yonsei Univ.) |
Session 7:Financial Institutions (14:00~15:30)
- Chair: Inmoo Lee (KAIST)
| Title | Author | Discussant |
|---|---|---|
| The Invisible Hand of Internal Markets in Mutual Fund Families | Luis Goncalves-Pinto (National Univ. of Singapore) Juan Sotes-Paladino (Univ. of Melbourne) |
Hugh Hoikwang Kim (Sungkyunkwan Univ.) |
| The More Connected, the Better?: New Evidence of Connectedness’ Impact on Volatility and Price Discovery Focused on the Korean Financial Sector |
Deokjong Jeong (KAIST) Sunyoung Park (KAIST) |
Young Kyu Park (Sungkyunkwan Univ.) |
| Social Networks in the Global Banking Sector | Joel F. Houston (Univ. of Florida) Jongsub Lee (Univ. of Florida) Felix Suntheim (Financial Conduct Authority) |
Jhin Young Shin (Yonsei Univ.) |
Session 8:Corporate FinanceⅡ (14:00~15:30)
- Chair: Hee-Joon Ahn (Sungkyunkwan Univ.)
| Title | Author | Discussant |
|---|---|---|
| Human Capital Driven Acquisition: Evidence from the Inevitable Disclosure Doctrine | Huasheng Gao (Nanyang Technological Univ.) Yujing Ma (Nanyang Technological Univ.) |
Youngjoo Lee (Sogang Univ.) |
| Institutional Investment Horizons and Corporate Innovation | Hyun-Dong Kim (KAIST) Kwangwoo Park (KAIST) |
Paul Moon Sub Choi (Ewha Womans Univ.) |
| Geographic Concentration of Institutions, Corporate Governance, and Firm Value | Jun-Koo Kang (Nanyang Technological Univ.) Xiaoran Huang (Nanyang Technological Univ.) |
Jungwon Suh (Sungkyunkwan Univ.) |
Session 9: Behavioral Finance (15:45~17:45)
- Chair: Beom-Sik Jang (Soongsil Univ.)
| Title | Author | Discussant |
|---|---|---|
| A Smiling Bear in the Equity Options Market and the Cross-Section of Stock Returns | Hye Hyun Park (Korea Univ.) Baeho Kim (Korea Univ.) Hyeongsop Shim (UNIST) |
Keehwan Park (Kookmin Univ.) |
| The Brilliant Mind of Investors | Kristjan Liivamägi (Tallinn Univ. of Technology) Tõnn Talpsepp (Tallinn Univ. of Technology) Tarvo Vaarmets (Tallinn Univ. of Technology) |
Byoung-Kyu Min (The Univ. of Sydney) |
| Local Twitter Activity and Stock Returns | Bok Baik (Seoul National Univ.) Qing Cao (Texas Tech Univ.) Sunhwa Choi (Lancaster Univ.) Jin-Mo Kim (Rutgers Univ.) |
Young Sang Kim (Northern Kentucky Univ.) |
| Overconfidence in Cross-Sectional Asset Returns | Soosung Hwang (Sungkyunkwan Univ.) |
Haejung Na (Korea Univ.) |
Session 10:Investment (15:45~17:45)
- Chair: Hyuk Choe (Seoul National Univ.)
| Title | Author | Discussant |
|---|---|---|
| Does Macro-News Help to Interpret Micro-News? Evidence from Post-Earnings-Announcement Drift | Linda H. Chen (Washington State Univ.) George J. Jiang (Washington State Univ.) Kevin X. Zhu (Hong Kong Polytechnic Univ.) |
Yongsik Kim (KAIST) |
| The Effect of Option Transaction Costs on Informed Trading in the Option Market around Earnings Announcements | Suresh Govindaraj (Rutgers Univ.) Yubin Li (Rutgers Univ.) Chen Zhao (Rutgers Univ.) |
Sol Kim (Hankuk Univ. of Foreign Studies) |
| Closing Price Manipulation in Call Auctions: Evidence from the Hong Kong Stock Exchange | Wing Suen (Univ. of Hong Kong) Kam-Ming Wan (Hong Kong Polytechnic Univ.) |
Tõnn Talpsepp (Tallinn Univ. of Technology) |
| Information Discovery by Analysts | Naveen Daniel (Drexel Univ.) Sang Mook Lee (Penn State Univ.) Lalitha Naveen (Temple Univ.) |
Andy Kim (Sungkyunkwan Univ.) |
Session 11:International Finance (15:45~17:45)
- Chair: Sung C. Bae (Bowling Green State Univ.)
| Title | Author | Discussant |
|---|---|---|
| Profitability of Trades from Tax Havens: Stock Picking Ability or Insider Information? | Woojin Kim (Seoul National Univ.) Cheol-Won Yang (Dankook Univ.) |
Suk-Joong Kim (The Univ. of Sydney) |
| Bidders, Rivals, and Wealth Creation of the Banking Market Consolidation Process in the Asia-Pacific Region | Sascha Kolaric (Technische Universität Darmstadt) Dirk Schiereck (Technische Universität Darmstadt |
Jung Sun Yun (Kookmin Univ.) |
| Foreign Currency Debt Financing, Firm Value, and Risk: Evidence from Korea Surrounding Global Financial Crisis | Sung C. Bae (Bowling Green State Univ.) Hyeon Sook Kim (Chungnam National Univ.) Taek Ho Kwon (Chungnam National Univ.) |
Ji Yeol Jimmy Oh (Hanyang Univ.) |
| Corporate Environmental Responsibility and the Cost of Capital: International Evidence | Sadok El Ghoul (Univ. of Alberta) Omrane Guedhami (Univ. of South Carolina) Hakkon Kim (KAIST) Kwangwoo Park (KAIST) |
Hyeongsop Shim (UNIST) |
Session 12:Ph.D. Session (15:45~17:45)
- Chair: Myung-Jig Kim (Hanyang Univ.)
| Title | Author | Discussant |
|---|---|---|
| Does Product Market Competition Affect Corporate Governance? Evidence from Corporate Takeovers | Frederick Dongchuhl Oh (KAIST) Seunghun Shin (KAIST) |
Chune Young Chung (Chung-Ang Univ.) |
| Political Proximity and U.S Media Sentiment | Thomas Ruf (Univ. of New South Wales) Jun Myung Song (Univ. of New South Wales) Bohui Zhang (Univ. of New South Wales) |
In Huh (Catholic Univ. of Korea) |
| Impact of Truncation on Model-Free Implied Moment Estimator | Geul Lee (Univ. of New South Wales) Li Yang (Univ. of New South Wales) |
Jungmu Kim (Yeungnam Univ |
2015 CAFM Program Committee
| Young S. Park(Chair) | Sogang University |
|---|---|
| Joon Chae | Seoul National University |
| Hyung-Suk Choi | Ewha Womans University |
| Byung-Uk Chong | University of Seoul |
| Jay M. Chung | Soongsil University |
| Jangkoo Kang | KAIST |
| Do Seong Kim | Sogang University |
| Joonghyuk Kim | Korea University |
| Noolee Kim | Hanyang University |
| Yongjae Kwon | Kookmin University |
| Dong Wook Lee | Korea University |
| Sang Whi Lee | Kyung Hee University |
| Youngjoo Lee | Sogang University |
| Rae Soo Park | Sookmyung Women's University |
| Young K. Park | Sungkyunkwan University |
| Junghoon Seon | Konkuk University |
| Jhinyoung Shin | Yonsei University |
| Jungsoon Shin | Ewha Womans University |
| Kyojik Song | Sungkyunkwan University |
| Jungwon Suh | Sungkyunkwan University |
| Kyeong Woo Wee | Sookmyung Women's University |
| Junesuh Yi | Dongguk University |
| Sangho Yi | Sogang University |
2015 CAFM Review Committee
| Young S. Park(Chair) | Sogang University |
|---|---|
| Kee-Hong Bae | York University |
| Joon Chae | Seoul National University |
| Jaeho Cho | Seoul National University |
| Jay M. Chung | Soongsil University |
| Kee H. Chung | State University of New York at Buffalo |
| Francis In | Monash University |
| Jun-koo Kang | Nanyang Technological University |
| Myung-Jig Kim | Hanyang University |
| Youngjoo Lee | Sogang University |
| Lilian K. Ng | York University |
| Jhinyoung Shin | Yonsei University |
| Robert I.Webb | University of Virginia |
| K.C. John Wei | Hong Kong University of Science and Technology |
| Keith Wong | Hong Kong University |
| Takeshi Yamada | Australian National University |
Transportation from Incheon International Airport to
The Westion Chosun, Seoul
Travel Time
Typical: 1 hour 10 min. / Rush Hour: Over 2 hours
KAL Limousine Bus
Subway Train
Contact
· For additional information, Please contact one of us
Dong-Soon Kim, Ph.D.,
President of the KSA (dkim@cau.ac.kr),
Chung-Ang University
Young S. Park, Ph.D.,
Program Chair and Review Committee Chair (yspark@sogang.ac.kr),
Sogang University
· Korean Securities Association
143 Uisadang-daero, Yongdeoung po-Gu, Seoul, Korea
Fax : 82-2-783-6359
E-mail : cafm2015@gmail.com
