2024
◆ 2024년도 제6차 정기학술발표회 (19th Annual Conference of Asia-Pacific Financial Markets (CAFM2024))
- Session 1 : Financial Intermediation
- Chair: Schoenherr, David (Seoul National University)
| Title | Author | Discussant |
|---|---|---|
| Bank Sentiment and Loan Loss Provisioning | Bae, Junsung (KAIST)* Berger, Allen N. (University of South Carolina) Choi, Hyun-Soo (KAIST) Kim, Hugh Hoikwang (University of South Carolina)* |
Park, Heungju (Sungkyunkwan University) |
| Alerting Banks to Climate Risks: Impact of Bad Air Quality Shocks on Pricing Loans for Brown Firms | Berger, Allen N. (University of South Carolina) Choi, Hyun-Soo (KAIST) Kim, Hugh Hoikwang (University of South Carolina) Kim, Yun-Soo (KAIST)* |
Yang, Kisung (Soongsil University) |
| Savings-and-Credit Contracts | Schoenherr, David (Seoul National University)* Gomes, Armando (Washington University at St. Louis) Skrastins, Janis (Washington University at St. Louis) Doornik, Bernadus (Banco Central do Brasil) |
김수지(고려대) |
- Session 2 : Fintech, Cryptocurrency and Decentralization
- Chair: Chang, Kook Hyun (Konkuk University)
| Title | Author | Discussant |
|---|---|---|
| DAO Governance | Han, Jungsuk (Seoul National University)* Lee, Jongsub (Seoul National University) Li, Tao (University of Florida) |
Bae, Jaewan (Gachon University) |
| Inflation Expectation and Cryptocurrency Investment | Ruan, Qihong (Cornell University)* Cong, Lin William (Cornell University/NBER) Ghosh, Pulak (Indian Institute of Management, Bangalore) Li, Jiasun (George Mason University) |
Han, Jungsuk (Seoul National University) |
| FinTech Platforms and Asymmetric Network Effects : Theory and Evidence from Marketplace Lending | Cong, Lin William (Cornell University/NBER) Tang, Ke (Tsinghua University Institute of Economics) Xie, Danxia (Tsinghua University Institute of Economics) Zhao, Weiyi (Zhongnan University of Economics and Law)* |
Ruan, Qihong (Cornell University) |
- Session 3 : Sustainability and Finance
- Chair: Kim, Bum (Soongsil University)
| Title | Author | Discussant |
|---|---|---|
| Climate Capitalists | Gormsen, Niels (Chicago Booth) Huber, Kilian (Chicago Booth) Oh, Sangmin Simon (Columbia Business School)* |
Goldman, Jim (McGill University) |
| Managerial Career Concerns and Corporate Environmental Policies | Kang, Chang-Mo (Hanyang University)* Kim, Donghyun (Chung-Ang University) Kim, Taehyun (Chung-Ang University) |
Hwang, Sunwoo (Korea University) |
| The Value of Sustainability: Evidence from Sustainability Linked Bonds | Kim, Hak-Kyum (Korea Exchange/Hankuk University of Foreign Studies) Park, Heungju (Sungkyunkwan University)* Lee, Sunhyuk (Georgia Institute of Techonology) |
Kim, Kyungmin (Seoul National University) |
- Session 4 : Empirical Asset Pricing
- Chair: Wang, Shu-Feng (Ajou University)
| Title | Author | Discussant |
|---|---|---|
| Getting to the Core: Inflation Risks Within and Across Asset Classes | Fang, Xiang (University of Hong Kong)* Liu, Yang (University of Hong Kong) Roussanov, Nikolai (Wharton School, University of Pennsylvania/NBER) |
Sirmans, Stace (Auburn University) |
| Sovereign Overhang and the Integration of Equity and Credit Markets Around the World | Lee, Albert (Hanyang University)* | Lee, Jaeram (Hankuk University of Foreign Studies) |
| Buy-Sell Imbalances On and Around Round Numbers and High-Frequency Trading | Kim, Hak-Kyum (Korea Exchange/Hankuk University of Foreign Studies) Park, Heungju (Sungkyunkwan University)* Lee, Sunhyuk (Georgia Institute of Techonology) |
Kim, Kyungmin (Seoul National University) |
- Session 5 : Mutual Funds
- Chair: Ahn, Hee-Joon (Sungkyunkwan University)
| Title | Author | Discussant |
|---|---|---|
| Intended Consequences of More Frequent Portfolio Disclosure | Chung, Ji-Woong (Korea University)* Jo, Koren (SUNY Korea) Kang, Sejin (Ohio State University) Kim, Jaeouk (NH Economic Research Institute) |
Hwang, Soosung (Sungkyunkwan University) |
| Contract Evaluation Horizon and Fund Performance | Lee, Jung Hoon (Office of Financial Research, US Treasury)* Nam, Jayoung (Southern Methodist University) Pool, Veronika (Vanderbilt University) Zhang, Feng (Southern Methodist University) |
Cho, Thummim (Korea University) |
| Silent Swing: Do Open-End Funds Tilt Holdings Valuations in Response to Flows? | Choi, Jaewon (Seoul National University) Kronlund, Mathias (University of Illinois Urbana-Champaign) Oh, Ji Yeol Jimmy (Sungkyunkwan University)* |
Kim, Daejin (Sungkyunkwan University) |
- Session 6 : ESG and Finance
- Chair: Na, Hyun Seung (Korea University)
| Title | Author | Discussant |
|---|---|---|
| Appointing Charity Directors in Response to ESG Incidents | Gertsberg, Marina (The University of Melbourne) Jung, Hae Won {Henny} (The University of Melbourne)* Zhang, Yuyang (The University of Melbourne) |
Kim, Jungmin (The Hong Kong Polytechnic University) |
| Assessing ESG Metric Designs: Implications for ESG Outcomes and CEO Compensation | Park, Jongwon (The Hong Kong Polytechnic University)* Hyun, Jeong-Hoon (Chung-Ang University) Baek, In Gyun (National University of Singapore) |
Hwang, Joon Ho (Korea University) |
| Married CEOs and the “S” in ESG Management | Cho, Chanho (Black Hills State University)* Choi, Daewoung (University of Washington Bothell) Mooney, Tim (Thomas Jefferson University) |
Hwang, Sunwoo (Korea University) |
- Session 7 : Fixed Income
- Chair: Lee, Inmoo (KAIST)
| Title | Author | Discussant |
|---|---|---|
| Uninformed Private Debt Market with Liquid Credit Derivatives | Oh, Junho (Hankuk University of Foreign Studies)* Lee, Jongsub (Seoul National University) Naranjo, Andy (University of Florida) |
Kang, Jungkoo (Harvard University) |
| Pricing the Priceless: The Financing Cost of Biodiversity Conservation | Chen, Fukang (Renmin Unversity of China) Chen, Minhao (Renmin University of China) Cong, Lin William (Cornell University/NBER) Gao, Haoyu (Renmin University of China)* Ponticelli, Jacopo (Kellogg School of Management, Northwestern University) |
Oh, Sangmin Simon (Columbia University) |
| Macro-Financial Interactions and Yield Curve Dynamics: An Empirical Analysis with Affine Term Structure Model | Jang, Ga-young (Hanyang University) Kang, Hyoung-Goo (Hanyang University)* Kim, Daejin (Sungkyunkwan University) Lee, Dongjoon (Georgia Institute of Technology) |
Noh, Sungho (Korea Capital Market Institute) |
- Session 8 : Information Contents in Finance
- Chair: Hwang, Byoung-Hyoun (Nanyang Technological University)
| Title | Author | Discussant |
|---|---|---|
| Look who’s disagreeing - the effect of soft information dispersion on firm risk and returns | Lee, Pil-Seng (Baylor University) Choi, Hyung-Eun (Neoma University)* Harit, Tuhin (The University of Texas at Dallas) |
Shon, Janghoon (University of New South Wales) |
| Endogenous Corporate Disclosure During the COVID-19 Lockdown | Jang, Yeejin (University of New South Wales)* Lee, Jongsub (Seoul National University) Kim, Taehyun (Chung-Ang University) |
Chung, Byung Hun (Nanyang Technological University) |
| The Impact of Corporate Crypto Holdings on Analysts' Forecasting Environment | Huang, Yi (University of Bristol)* Korczak, Adriana (University of Bristol) Tsileponis, Nikos (University of Bristol) |
Ahn, Changhyun (Chinese University of Hong Kong) |
| Guest Lecture (17:00~18:00, December 12) | Inferring Mutual Fund Intra-Quarter Trading: An Application to ESG Window Dressing | Dr. Dong Lou (The Hong Kong University of Science and Technology) |
|---|
| Welcome Reception (18:00~19:30, December 12) | Welcome Address | Dr. Junesuh Yi President, Korean Securities Association |
|---|
- Session 9 : Bank Management
- Chair: Choi, Dong Beom (Seoul National University)
| Title | Author | Discussant |
|---|---|---|
| CEO Ownership, Risk Management, and Bank Runs at Unlimited Liability Banks During the 1890s | Anderson, Haelim (Bank Policy Institute) Choi, Jaewon (Seoul National University) Rhee, Jennifer (FDIC)* |
Rhee, Keeyoung (Sungkyunkwan University) |
| Does social media make banks more fragile? Evidence from Twitter | Gam, Yong Kyu (University College Dublin)* Liu, Chunbo (Shanghai Invernational Studies University) Xu, Yongxin (Monash University) |
Jeung, Jinoug (Chinese University of Hong Kong) |
| Optimal Communication in Banking Supervision | Kim, Jeong Ho {John} (Florida State Univesity)* Kim, Kyungmin (Emory University) Liu, Victoria (Federal Reserve Bank of Boston) Tanner, Noam (Federal Reserve Bank of Boston) |
Lee, Seung Joo (University of Oxford) |
- Session 10 : Corporate Governance
- Chair: Kim, Woojin (Seoul National University)
| Title | Author | Discussant |
|---|---|---|
| Bridging the Gap: The Impact of Board-Management Commonality on Firm Value and Board Decision-Making Effectiveness | Kang, Jun-Koo (Nanyang Technological University) Kim, Jungmin (The Hong Kong Polytechnic University)* Peng, Shu-Cing (National Central University) Yun, Hayong (Michigan State University) |
Im, Jieun (Hansung Univeristy) |
| ESG Reputational Risk in Family Firms: Evidence from Korean Chaebols | Choi, Daewoung (University of Washington) Im, Jieun (Hansung University)* Kang, Min Jung (University of Michigan) Shin, Hojong (California State University) |
Oh, Jong-Min (Sungkyunkwan University) |
| Why can't the market add and subtract? Evidence from central firms in business groups | Kim, Woojin (Seoul National University)* Wang, Shu-Feng (Ajou University) |
Han, Syung Jin (Hongik University) |
- Session 11 : Big Data and Corporate Finance
- Chair: Park, Kwangwoo (KAIST)
| Title | Author | Discussant |
|---|---|---|
| Learning Production Process Heterogeneity: Implications of Machine Learning for Corporate M&A Decisions | Lee, Jongsub (Seoul National University)* Yun, Hayong (Michigan State University) |
Lopez-Lira, Alejandro (University of Florida) |
| Lexical similarity in corporate announcements and its valuation impact: Evidence from profit warnings in Hong Kong | Kot, Hung Wan (Chinese University of Hong Kong) Tam, Lewis H.K. (University of Macau) Xu, Xin (University of Macau)* |
Oh, Seungjoon (Peking University) |
| AlphaManager: A Data-Driven-Robust-Control Approach to Corporate Finance | Campello, Murillo (University of Florida/NBER) Cong, Lin William (Cornell University/NBER)* Zhou, Luofeng (New York University) |
Zhang, Hong (Singapore Management University) |
- Session 12 : Household Finance
- Chair: Kim, Chang-Soo (Yonsei University)
| Title | Author | Discussant |
|---|---|---|
| Short-Run Income Shocks and Long-Run Distortions in Household Investments | Kim, Minsoo (University of Melbourne) Kim, Sehoon (University of Florida) Lee, Yoon Kang (University of Melbourne) Park, Hoonsuk (University of Melbourne)* |
Choi, Sangyup (Yonsei University) |
| Nonbank Growth and Local Housing Prices | Choi, Hyun-Soo (KAIST)* Deng, Yongheng (University of Wisconsin-Madison) Yoon, Heejin (University of Wisconsin-Madison) |
Park, Hoonsuk (University of Melbourne) |
| Asymmetric Mortgage Channel of Monetary Policy: Refinancing as a Call Option | Choi, Sangyup (Yonsei University)* Jeong, Kimoon (University of Virginia) Kim, Jiseob (Yonsei University/University of Rochester) |
Park, Sunjin (Hongik University) |
| Luncheon & Keynote Speech (11:45~13:45, December 13) | Big Data and Machine Learning in ESG Research | Dr. Kai Li (University of British Columbia) |
|---|
- Session 13 : Institutional Investors
- Chair: Joh, Sung Wook (Seoul National University)
| Title | Author | Discussant |
|---|---|---|
| Institutional Ownership Concentration and Informational Efficiency | Xiong, Yan (University of Hong Kong) Yang, Liyan (University of Toronto) Zheng, Zexin (The Hong Kong University of Science and Technology)* |
Park, Haerang (Korea University) |
| Extrapolative Investor Demand and Reflexivity in Credit Booms and Busts | Choi, Jaewon (Seoul National University) Jeon, Byounghyun (Marquette University)* Shin, Seunghun (KAIST) |
Zheng, Zexin (The Hong Kong University of Science and Technology) |
| Sell-Side Analysts and Mutual Fund Managers: Complements or Substitutes? | Oh, Byungmin (Meritz) Park, Haerang (Korea University)* |
Seo, Sung Won (Konkuk University) |
- Session 14 : Trading and Pricing
- Chair: Kim, Myung-Jig (Hanyang University)
| Title | Author | Discussant |
|---|---|---|
| Does Trading Volume Mitigate or Amplify Mispricing? | Duan, Xinrui (Shenzhen University)* Guo, Li (Fudan University) Tu, Jun (Singapore Management University) Wang, Luying (Singapore Management University) |
Lee, Albert (Hanyang University) |
| Cross-market convergence trading in the options market | Lee, Jaeram (Hankuk University of Foreign Studies)* Ryu, Doojin (Sungkyunkwan University) Yang, Heejin (Dongguk University-WISE) Yu, Jinyoung (Xi'an Jiaotong-Liverpool University) |
Goh, Jihoon (Pusan National University) |
| Kyle in a Triangle: Asymmetric Information and Strategic Trading in Connected Markets with Redundant Assets | Maurer, Thomas (The University of Hong Kong) Pantalfini, Matteo (The University of Hong Kong)* |
Duan, Xinrui (Shenzhen University) |
- Session 15 : Corporate Managers
- Chair: Kim, Noolee (Hanyang University)
| Title | Author | Discussant |
|---|---|---|
| Managerial Incentives, Financial Innovation, and Risk-Management Policies | DKim, Son Ku (Seoul National University) Lee, Seung Joo (University of Oxford)* Titman, Sheridan (University of Texas at Austin) |
Kim, Andy (Sungkyunkwan University) |
| Restricting Top Executive Pay and Corporate Mergers and Acquisitions | Lan, Tian (City University of Hong Kong) Pan, Luyao (South China Normal University)* |
Kim, Hyeong Joon (Dongguk University) |
| Executive social networks and CEO compensation | Kim, Hyeong Joon (Dongguk University)* | Kim, Hee-Eun (Myongji University) |
- Doctoral Student Consortium I
- Chair: Choi, Hyun-Soo (KAIST)
| Title | Author | Discussant |
|---|---|---|
| Style Switching and Asset Pricing | Wang, Huaizin (Tsinghua University)* | Noh, Don (The Hong Kong University of Science and Technology) |
| Short-term overreaction and the cross-section of stock returns | Goh, Jihoon (Pusan National University) Kim, Donghoon (KAIST)* Lim, Sonya (DePaul University) |
Kim, Jeong Ho {John} (Florida State University) |
| Gangnam Style Investment | Han, Hyukhee (KAIST)* Park, Kwangwoo (KAIST) Oh, Wonseok (KAIST) |
Kim, Hugh Hoikwang (University of South Carolina) |
- Session 16 : Empirical Research in Finance
- Chair: Kang, Hyoung-Goo (Hanyang University)
| Title | Author | Discussant |
|---|---|---|
| Currency Risk Under Capital Controls | Liu, Sining (Soochow University)* Liu, Yang (The University of Hong Kong) Fang, Xiang (The University of Hong Kong) |
Jung, Hyeonjong (Korea Investment Securities) |
| Opioid Epidemic and the Implied Cost of Equity Capital | Cao, Jie {Jay} (The Hong Kong Polytechnic University) Zhan, Xintong {Eunice} (Fudan University)* Zhang, Weiming {Elaine} (IE University) Zhang, Yaojia {Zoe} (The Chinese University of Hong Kong) |
Kang, Hyoung-Goo (Hanyang University) |
| Do Investors Value Firms' Commitment to Employee Rights: Evidence from Abortion Bans | Que, Tingting (University of Macau)* Tian, Xiaoli (Georgetown University) Xie, Jing (University of Macau) Yu, Miaomiao (University of North Carolina at Charlotte) |
Kang, Chang-Mo (Hanyang University) |
- Session 17 : Equity Market
- Chair: Seon, Junghoon (Konkuk University)
| Title | Author | Discussant |
|---|---|---|
| On Welfare in Over-the-counter and Centralized Markets | Falasconi, Luigi (University of Pennsylvania) Maselli, Alfonso (University of Pennsylvania) Xu, Clara Chi (The Wharton School of the University of Pennsylvania)* |
Doh, Hyun Soo (Hanyang University ERICA) |
| For Whom the Trading Pauses | Ahn, Yongkil (Seoul National University of Science and Technology) Choi, Hyun-Soo (KAIST) Noh, Don (Hong Kong University of Science and Technology)* |
Kim, Daehwan (Konkuk University) |
| Selling Private Equity Fees | Gahng, Minmo (Cornell University)* Jackson, Blake (University of Florida) |
Jhang, Hogyu (Chungnam National University) |
- Session 18 : Technology, Innovation, and Stock Returns
- Chair: Kim, Sol (Hankuk University of Foreign Studies)
| Title | Author | Discussant |
|---|---|---|
| Second-Tier Stock Exchanges and Growth of High-Tech Entrepreneurship | Gao, Huasheng (Fudan University) Hsu, Po-Hsuan (National Tsing Hua University) Wang, Yuxi (Shanghai Jiao Tong University)* |
Kang, Hankil (Dankook University) |
| Innovating Green: Competition Meets Regulation | Dai, Rui (WRDS) Duan, Rui (McMaster University) Ng, Lilian (York University)* |
Oh, Junho (Hankuk University of Foreign Studies) |
| Salience Theory and Stock Returns: The Role of Reference-Dependent Preferences | Goh, Jihoon (Pusan National University)* Byun, Suk-Joon (KAIST) Kim, Donghoon (KAIST) |
Wang, Yuxi (Shanghai Jiao Tong University) |
- Doctoral Student Consortium II
- Chair: Lee, Jiyoon (Yonsei University)
| Title | Author | Discussant |
|---|---|---|
| Mandatory Disclosure and ESG Initiative: Evidence from the Smaller Reporting Company Rule | Shin, Jewon (Penn State University)* | Cheong, Chiyoung (ESSCA School of Management) |
| Corporate social responsibility and R&D risk premium: evidence from Korea | Jin, Meiyan (Yonsei University)* Cho, Wonho (Kwangwoon University) Lee, Jiyoon (Yonsei University) |
Sohn, Sungbin (Sogong University) |
| The Silver Lining of Investor Disagreement: Reducing Risk with "Smart" ESG Transitions | Na, Menglong (ESSEC)* | Cho, Wonho (Kwangwoon University) |
| Award Ceremony & Farewell Dinner (17:30~20:00, December 13) | |
|---|---|
| Congratulatory Remarks | Kim, Soyoung (Vice Chairman, Financial Services Commission) |
| Best Paper Award | Yi, Junesuh (President, Korean Securities Association) Jeon, Jin. Q. (Program Chair) |
