2014
2014
Call for Paper
The Nineth Annual Conference on Asia-Pacific Financial Markets
(CAFM) of the Korean Securities Association (KSA)
Seoul, Korea, December 6, 2014
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 ninth international conference. Both theoretical and empirical research papers in all areas of finance are welcome.
KEYNOTE SPEAKER
The keynote speaker for the ninth CAFM will be Professor Charles Lee (Stanford University). The programs of the previous conferences can be accessed at the following website:
http://www.apjfs.org/conference/2014/call.asp
ELECTIRONIC SUBMISSION
Papers written in English must be submitted via e-mail to:
Email: cafm2014@gmail.com
by August 31, 2014, 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, 2014.
BEST PAPER AWARDS
Competitive research awards of US$2,000 (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 (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 CAFM2014. 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:
Dong-Soon Kim, Professor and Chair of the Program and Review Committee(dkim@cau.ac.kr), Chung-Ang University, Seoul, Korea 156-756.
Program of Conference
Saturday, December 6, 2014
| 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. Jaeuk Khil President, Korean Securities Association |
|
| Keynote Speech : | Dr. Charles M.C. Lee Stanford University |
|
| 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. Jong Soo Park Chairman and CEO, Korea Financial Investment Association |
|
| Best Paper Awar : | Dr. Dong-Soon Kim Program Chair |
|
Session 1:Banking (09:30~11:30)
- Chair: Francis In (Monash Univ.)
| Title | Author | Discussant |
|---|---|---|
| Systemic Risk in the European Sovereign and Banking System | Simon Xu (Monash Univ.) Francis In (Monash Univ.) Catherine Forbes (Monash Univ.) Inchang Hwang (New York Univ.) |
Suk-Joong Kim (The Univ. of Sydney) |
| Systematic Cyclicality of Systemic Bubbles: Evidence from the U.S. Commercial Banking System | Myeong Hyeon Kim (Korea Univ.) Baeho Kim (Korea Univ.) |
Francis In (Monash Univ.) |
| Hold-up versus Benefits in Relationship Banking: A Natural Experiment Using REIT Organizational Form | Yongheng Deng (National Univ. of Singapore) Maggie Rong Hu (Univ. of New South Wales) Anand Srinivasan (National Univ. of Singapore) |
Baeho Kim (Korea Univ.) |
| The Effects of Ratings-Contingent Regulation on International Bank Lending Behavior: Evidence from the Basel 2 Accord | Iftekhar Hasan (Fordham Univ. and Bank of Finland) Suk-Joong Kim (The Univ. of Sydney) Eliza Wu (Univ. of Technology Sydney) |
Maggie Rong Hu (Univ. of New South Wales) |
Session 2:Asset Pricing (09:30~11:30)
- Chair: Jun-Koo Kang (Nanyang Technological Univ.)
| Title | Author | Discussant |
|---|---|---|
| Factor Exposures of Foreign Equity Capital in Domestic Stock Market | Lingxia Sun (Korea Univ.) Dong Wook Lee (Korea Univ.) |
Jinyong Kim (KAIST) |
| A Market-Based Funding Liquidity Measure | Zhuo Chen (Tsinghua Univ.) Andrea Lu (Univ. of Melbourne) |
Ji Yeol Jimmy Oh (Korea Military Academy) |
| Did the Profitability of Momentum and Reversal Strategies Decline with Arbitrage Costs After the Turn of the Millennium? | Jieun Lee (The Bank of Korea) Joseph P. Ogden (State Univ. of New York at Buffalo) |
Zhuo Chen (Tsinghua Univ.) |
| What Do Stock Markets Tell Us About Exchange Rates? | Gino Cenedese (Bank of England) Richard Payne (City Univ. of London) Lucio Sarno (City Univ. of London) Giorgio Valente (City Univ. of Hong Kong) |
Hassan Naqvi (Sungkyunkwan Univ.) |
Session 3:Corporate Governance (09:30~11:30)
- Chair: Chang-Soo Kim (Yonsei Univ.)
| Title | Author | Discussant |
|---|---|---|
| Evidence from the Appointments of Outside Directors who have Fired CEOs | Jay Cai (Drexel Univ.) Tu Nguyen (Univ. of Waterloo) |
Shinwoo Kang (Hitotsubashi Univ.) |
| National Culture, Corporate Governance Practices, and Firm Performance | Dale Griffin (Univ. of British Columbia) Omrane Guedhami (Univ. of South Carolina) Chuck C. Y. Kwok (Univ. of South Carolina) Kai Li (Univ. of British Columbia) Liang Shao (Hong Kong Baptist Univ.) |
Jay Cai (Drexel Univ.) |
| When Heirs Become Major Shareholders: Evidence on Tunneling and Succession through Related-Party Transactions | Sunwoo Hwang (MSCI) Woochan Kim (Korea Univ.) |
Junyoup Lee (UNIST) |
| Experienced Independent Directors | Shinwoo Kang (Hitotsubashi Univ.) |
Omrane Guedhami (Univ. of South Carolina) |
Session 4:International Finance (09:30~11:30)
- Chair: In Joon Kim (Yonsei Univ.)
| Title | Author | Discussant |
|---|---|---|
| Trade Linkage and Cross-Country Stock Return Predictability | Tae-Hoon Lim (KIEP) | Kee-Hong Bae (York Univ.) |
| Infant Firms in Emerging Market: An Analysis of Stand-Alones vs. Subsidiaries | Soo Jin Kim (Univ. of Virginia) Woojin Kim (Seoul National Univ.) Dong Ryung Yang (Seoul National Univ.) |
Albert Tsang (The Chinese Univ. of Hong Kong) |
| The Cost of Stock Market Integration in Emerging Markets | Kee-Hong Bae (York Univ.) Xin Zhang (Fudan Univ.) |
Kyuhyong Kim (Chung-Ang Univ.) |
| Disaggregated Management Forecasts and the Legal Environment: International Evidence | Jeff Ng (The Chinese Univ. of Hong Kong) Albert Tsang (The Chinese Univ. of Hong Kong) Oktay Urcan (Univ. of Illinois at Urbana-Champaign) |
Woojin Kim (Seoul National Univ.) |
Session 5:Options, Futures and Securitization (14:00~15:30)
- Chair: Robert I. Webb (Univ. of Virginia)
| Title | Author | Discussant |
|---|---|---|
| Bargaining with Soft and Hard Information: A Model of RMBS Issuance | Thummim Cho (Harvard Univ.) Ji Yeol Jimmy Oh (Korea Military Academy) |
Sooyoung Song (Chung-Ang Univ.) |
| On the Intraday Relation between the VIX and its Futures | Bart Frijns (Auckland Univ. of Technology) Alireza Tourani-Rad (Auckland Univ. of Technology) Robert I. Webb (Univ. of Virginia) |
Sun-Joong Yoon (Dongguk Univ.) |
| Slow Diffusion of Information and Price Momentum in Stocks: Evidence from Options Markets | Zhuo Chen (Tsinghua Univ.) Andrea Lu (Univ. of Melbourne) |
Paul Moon Sub Choi (Ewha Womans Univ.) |
Session 6:Mutual Funds (14:00~15:30)
- Chair: Sang Lyong Joo (Hongik Univ.)
| Title | Author | Discussant |
|---|---|---|
| Prime Broker-Level Comovement in Hedge Fund Returns: Information or Contagion? | Ji-Woong Chung (Korea Univ.) Byoung Uk Kang (The Hong Kong Polytechnic Univ.) |
Noolee Kim (Hanyang Univ.) |
| Structural VAR Approach to Mutual Fund Cash Flows: Net Flows, Inflows, and Outflows | Bong Soo Lee (Florida State Univ.) Yeonjeong Ha (KAIST) Miyoun Paek (Pusan National Univ.) Kwangsoo Ko (Pusan National Univ.) |
Jerry Parwada (Univ. of New South Wales) |
| Empirical Test of the Liquidity-Based Theory of Closed-End Funds | Jerry Parwada (Univ. of New South Wales) Kok Keng Siaw (Univ. of New South Wales) |
Ji-Woong Chung (Korea Univ.) |
Session 7:Market Microstructure (14:00~15:30)
- Chair: Hyuk Choe (Seoul National Univ.)
| Title | Author | Discussant |
|---|---|---|
| Anomalies and Market (Dis) Integration | Jaewon Choi (Univ. of Illinois at Urbana-Champaign) Yongjun Kim (Univ. of Illinois at Urbana-Champaign) |
Hyung-Suk Choi (Ewha Womans Univ.) |
| Excessive Arbitrage Trading by Overconfidence | Min Hwang (George Washington Univ.) Soosung Hwang (Sungkyunkwan Univ.) Sanha Noh (Sungkyunkwan Univ.) |
Jaewon Choi (Univ. of Illinois at Urbana-Champaign) |
| Price Stabilization and Discovery under a Random-End Trading Mechanism | Kyong Shik Eom (Univ. of Seoul) Jong-Ho Park (Sunchon National Univ.) |
Soosung Hwang (Sungkyunkwan Univ.) |
Session 8:Ph.D. Session (14:00~15:30)
- Chair: Kee H. Chung (State Univ. of New York at Buffalo)
| Title | Author | Discussant |
|---|---|---|
| An Intertemporal CAPM with Higher-Order Moments | Jeewon Jang (KAIST) Jangkoo Kang (KAIST) |
Changjun Lee (Hankuk Univ. of Foreign Studies) |
| Unemployment Risks and Private Unemployment Insurance | Bong-Gyu Jang (POSTECH) Seyoung Park (POSTECH) |
Jane Yoo (Ajou Univ.) |
| Cross-Sectional and Intertemporal Forecast Dispersions, Risk, and Stock Returns | Dongcheol Kim (Korea Univ.) Haejung Na (Korea Univ.) |
Jaehoon Hahn (Yonsei Univ.) |
Session 9: Corporate FinanceⅠ (15:45~17:45)
- Chair: Sun-Wung Hwang (Chung-Ang Univ.)
| Title | Author | Discussant |
|---|---|---|
| Financial Flexibility and Corporate Cash Policy | Tao Chen (Nanyang Technological Univ.) Jarrad Harford (Univ. of Washington) Chen Lin (Univ. of Hong Kong) |
Woochan Kim (Korea Univ.) |
| Does Information Asymmetry affect Corporate Tax Aggressiveness? | Tao Chen (Nanyang Technological Univ.) Chen Lin (Univ. of Hong Kong) |
Young Sang Kim (Northern Kentucky Univ.) |
| Credit Rating and Short-Term Debt Financing: Empirical Analysis of Listed Firms in Korea | Byung-Uk Chong (Univ. of Seoul) In-Deok Hwang (Korea Ratings Corp.) Young Sang Kim (Northern Kentucky Univ.) |
Tao Chen (Nanyang Technological Univ.) |
| Capital Gains Lock-In and Governance Choices | Stephen G. Dimmock (Nanyang Technological Univ.) William C. Gerken (Univ. of Kentucky) Zoran Ivkovic (Michigan State Univ.) Scott J. Weisbenner (Univ. of Illinois and NBER) |
Hyeongsop Shim (UNIST) |
Session 10:Capital Investments (15:45~17:45)
- Chair: Sang Bin Lee (Hanyang Univ.)
| Title | Author | Discussant |
|---|---|---|
| Insurance, Debt Covenant, and Overinvestment | Seung Dong (Peter) You (Sangmyung Univ.) |
Kyung Hwan Shim (Univ. of New South Wales) |
| Small Growth and Distress Anomalies: Two Sides of the Same Coin? | Harjoat S. Bhamra (Imperial College) Kyung Hwan Shim (Univ. of New South Wales) |
Seung Dong (Peter) You (Sangmyung Univ.) |
| Product Market Threats and Stock Crash Risk | Si Li (Wilfrid Laurier Univ.) Xintong Zhan (The Chinese Univ. of Hong Kong) |
Yongho Cheon (Incheon National Univ.) |
| Maxing out Globally: MAX-Premium, Uncertainty Avoidance, and the Cross-Section of Expected Stock Returns | Yongho Cheon (Incheon National Univ.) Kuan-Hui Lee (Seoul National Univ.) |
Tae-Hoon Lim (KIEP) |
Session 11:Managerial Behavior (15:45~17:45)
- Chair: Jinwoo Park (Hankuk Univ. of Foreign Studies)
| Title | Author | Discussant |
|---|---|---|
| Why do Executives Commit ‘Fraud on the Market?’ Executive Overconfidence and Securities Class Actions | Suman Banerjee (Nanyang Technological Univ.) Mark Humphery-Jenner (Univ. of New South Wales) Vikram Nanda (Rutgers Univ.) Mandy Tham (Nanyang Technological Univ.) |
Taejin Kim (The Chinese Univ. of Hong Kong) |
| Does Competition Affect Earnings Management? Evidence from a Natural Experiment | Chen Lin (Univ. of Hong Kong) Micah S. Officer (Loyola Marymount Univ.) Xintong Zhan (The Chinese Univ. of Hong Kong) |
Mark Humphery-Jenner (Univ. of New South Wales) |
| Investment Behavior under Uncertainty in Number of Competitors | Taejin Kim (The Chinese Univ. of Hong Kong) Vishal Mangla (Moody’s Analytics) |
Jay M. Chung (Soongsil Univ.) |
| Involuntary Delisting and Opportunistic Behavior of Large Shareholders in the Japanese Market | Jinwoo Park (Hankuk Univ. of Foreign Studies) Yun Woo Park (Chung-Ang Univ.) Kengo Shiroshita (Yamaguchi Univ.) Naili Sun (Yamaguchi Univ.) |
Junesuh Yi (Dongguk Univ.) |
Session 12:Corporate FinanceⅡ (15:45~17:45)
- Chair: J. B. Chay (Sungkyunkwan Univ.)
| Title | Author | Discussant |
|---|---|---|
| Family Business and Firm Value: Evidence from Stakeholder Relations with Employees | Jun-Koo Kang (Nanyang Technological Univ.) Jungmin Kim (The Hong Kong Polytechnic Univ.) |
Youngjoo Lee (Sogang Univ.) |
| Advertising, Shareholder Base, and Firm Value | Hee-Joon Ahn (Sungkyunkwan Univ.) Hyung Chul Lee (Sungkyunkwan Univ.) |
Jungmin Kim (The Hong Kong Polytechnic Univ.) |
| How are Proceeds from Seasoned Equity Offerings Used? | E. Han Kim (Univ. of Michigan) Heuijung Kim (Sungkyunkwan Univ.) Yuan Li (Tsinghua Univ.) Yao Lu (Tsinghua Univ.) Xinzheng Shi (Tsinghua Univ.) |
Hae Mi Choi (Loyola Univ. Chicago) |
| Investment Duration and Corporate Governance | Youngjoo Lee (Sogang Univ.) Kee H. Chung (State Univ. of New York at Buffalo) |
Jhinyoung Shin (Yonsei Univ.) |
2014 CAFM Program Committee
| Dong-Soon Kim(Chair) | Chung-Ang University |
|---|---|
| Joon Chae | Seoul National University |
| Byung-Uk Chong | University of Seoul |
| Jay M. Chung | Soongsil University |
| Jaehoon Hahn | Yonsei University |
| Joon Ho Hwang | Korea University |
| Bong Chan Kho | Seoul National University |
| Joonghyuk Kim | Korea University |
| Noolee Kim | Hanyang University |
| Sol Kim | Hankuk University of Foreign Studies |
| Woojin Kim | Seoul National University |
| Kuan-Hui Lee | Seoul National University |
| Kaun Y. Lee | Chung-Ang University |
| Kwangwoo Park | KAIST |
| Jhinyoung Shin | Yonsei University |
| Jungsoon Shin | Ewha Womans University |
| Jungwon Suh | Sungkyunkwan University |
| Jung Bum Wee | Kyung Hee University |
| Eunjung Yeo | Chung-Ang University |
| Junesuh Yi | Dongguk University |
| Jin Yoo | Hanyang University |
| Jeongsun Yun | Kookmin University |
2014 CAFM Review Committee
| Dong-Soon Kim(Chair) | Chung-Ang University |
|---|---|
| Kee-Hong Bae | York University |
| Kee H. Chung | State University of New York at Buffalo |
| Omrane Guedhami | University of South Carolina |
| Kewei Hou | The Ohio State University |
| Francis In | Monash University |
| Jun-koo Kang | Nanyang Technological University |
| Woojin Kim | Seoul National University |
| Bong Soo Lee | Florida State University |
| Lilian K. Ng | University of Wisconsin-Milwaukee |
| Tom Nohel | Loyola University Chicago |
| Kwangwoo Park | KAIST |
| Oliver M. Rui | China Europe International Business School |
| Robert I.Webb | University of Virginia |
| K.C. John Wei | Hong Kong University of Science and Technology |
| Eunjung Yeo | Chung-Ang University |
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
2. Taxi(Fares are aooroximate)
3. Hotel Limousine / Rent-a- Car
4. Subway Train
Contact
· For additional information, Please contact one of us
Jaeuk khil, Ph.D.,
President of the KSA (jkhil@hanyang.ac.kr),
Hanyang University
Dong-Soon Kim, Ph.D.,
Program Chair and Review Committee Chair (dkim@cau.ac.kr),
Chung-Ang University
· Korean Securities Association
143 Uisadang-daero, Yongdeoung po-Gu, Seoul, Korea
Fax : 82-2-783-6359
E-mail : cafm2014@gmail.com
