Call for Paper
The Fourteenth Conference on Asia-Pacific Financial Markets (CAFM)
Seoul, Korea, December 6~7, 2019

The Korean Securities Association (KSA) is pleased to announce its Fourteenth Annual Conference on Asia-Pacific Financial Markets (CAFM) to be held at the Westin Chosun Hotel in Seoul, Korea, from December 6 to December 7, 2019. We welcome interested scholars, practitioners, and policy-makers to submit research papers in all areas of finance for presentation at the conference.

KEYNOTE SPEAKER

The keynote speaker for the Fourteenth CAFM will be Ronald W. Masulis, the Scientia Professor of Finance at the University of New South Wales in Sydney. He has an MBA and a PhD in Economics/Finance from the University of Chicago. His research is concentrated in empirical corporate finance and corporate governance and includes work on M&A, boards of directors, executive compensation, ownership structure, business groups, private equity, investment banking, international finance and market microstructure, which is published in the top Finance, Economics and Accounting journals. Among financial economists worldwide, he has one of the highest sustained rates of top tier publications and citations. Ron was the 2018 Asia/Pacific Finance Cavalcade’s Program Chair, the Vice President of the 2018 Financial Management Association Annual Program and he has served as a director of the AFA, the WFA, the FMA and FIRS and on the editorial boards of the top four finance journals, among other journals. He is an ECGI research associate, and an ABFER senior academic fellow.

PAPER SUBMISSION

Papers written in English must be submitted via http://www.conftool.net/cafm2019, using MS Word or Adobe pdf file format from April 15, 2019. The deadline for paper submission is August 31, 2019. 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 authors via email by September 30, 2019. If you have any questions with the paper submission, please let us know via email at cafm2019@gmail.com.

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 email address. The second page should contain the paper’s title and abstract only. The programs for the previous CAFM conferences can be accessed at the website, 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 KRW 2,000,000). 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 reviews and publication in the Asia-Pacific Journal of Financial Studies (AJFS), which is the first finance SSCI journal in the Asia-Pacific region.

GUEST LECTURES

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 KRW 2,000,000). 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 reviews and publication in the Asia-Pacific Journal of Financial Studies (AJFS), which is the first finance SSCI journal in the Asia-Pacific region.

DOCTORAL STUDENT WORKSHOP AND BEST DISSERTATION AWARD

Doctoral students are also welcome to present their dissertations at the doctoral student workshop of the conference, which will be led by Xuan Tian (Tsinghua University and the co-editor of AJFS). The Best Dissertation Award of US$ 1,000 (or KRW 1,000,000) will be given to the best thesis. Professor Tian will also share his insights on how to publish papers in top-tier journals in the workshop. Interested young scholars are welcome to the session.

DUAL SUBMISSION OPTION WITH AJFS

The Fourteenth 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 AJFSwith the journal submission fee waived. For further details about the Journal, please visit http://wileyonlinelibrary.com/journal/ajfs.

REGISTRATION

Registrations made prior to November 10 will be charged with an early bird fee of US$ 150, while those made post November 10, including on-sight registration, will be subject to regular fee of US$ 300.

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 9.8 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 Westin Chosun Seoul is one of the leading hotels in Korea. Selected as one of the world’s top 100 hotels by International Financial Institutional Investors in 1999 and 2003 and as the best hotel in Seoul for the fifth consecutive years by Finance Asia, the hotel is conveniently located in the heart of the city, within walking distance to royal palaces and shopping centers. Please visit the hotel website at https://www.marriott.com/hotels/travel/selwi-the-westin-chosun-seoul/.

PROGRAM COMMITTEE CHAIR

Hee-Joon Ahn, Sungkyunkwan University

CONFERENCE CONTACT

For additional information, please contact us via email at cafm2019@gmail.com.

Program of Conference

Friday, December 6, 2019

13:00 - 14:00	Registration
14:00 - 15:30	Academic Session 1, 2, Special Lecture 1 (2F)
15:50 - 17:50	Academic Session 3, 4, Doctoral Student Consortium (2F)
18:00 - 19:30	Welcome Reception (2F, Orchid Room)
	Welcome Address:	Dr. Jhinyoung Shin President, Korean Securities Association

Saturday, December 7, 2019

08:30 - 09:30	Registration / Continental breakfast
09:30 - 11:30	Academic Session 5, 6, 7, 8 (2F)
11:30 - 13:30	Luncheon (2F, Orchid Room)
	Welcome Address :	Dr. Jhinyoung Shin President, Korean Securities Association
	Keynote Speech :	Dr. Ronald W. Masulis University of New South Wales
13:30 - 15:30	Academic Session 9, 10, Special Lectures 2, 3 (2F)
15:50 - 17:50	Academic Session 11, 12, 13, 14 (2F)
18:00 - 21:00	Farewell Dinner (2F, Orchid Room)
	Keynote Speech :	Mr. Jiwon jung Chairman and CEO, Korea Exchange
	Best Paper Award:	Dr. Hee-Joon Ahn Program Chair

2019 CAFM Program

At-a-glance Program Schedule

Friday, December 6, 2019

TIME & Room 2F	Lilac	Tulip	Cosmos	Violet
13:00 - 14:00	Registration (2F, The Westin Chosun Hotel)
14:00 - 15:30	Session 1 CorporateInvestment	Session 2 Liquidity	Tutorial 1 The Role of Digitization in Asia (Sumit Agarwal)
15:30 - 15:50	Coffee Break
15:50 - 17:50	Session 3 Labor and HumanCapital	Session 4 Managerial Incentives	Session 5 Return Predictability	Doctoral Student Session (Led by Xuan Tian)
18:00 - 19:30	Welcome Reception (2F, Orchid Room)

Saturday, December 7, 2019

TIME & Room 2F	Lilac	Tulip	Cosmos	Violet
08:30 - 09:30	Registration / Continental Breakfast (2F, The Westin Chosun Hotel)
09:30 - 11:30	Session 6 BehavioralFinance	Session 7 Hedge Funds	Session 8 Innovation	Session 9 InternationalFinance
11:30 - 13:30	Luncheon & Keynote Speech (Ronald W. Masulis, University of New South Wales) (2F, Orchid Room)
13:30 - 15:30	Session 10 Debt Financing	Session 11 Financial Intermediation	Special Lecture 2The Latest Trends on Investor Behavior, Information, and Investor Sentiment (Diego Garcia) Special Lecture 3 Political Uncertainty and Finance (Bohui Zhang)
15:30 - 15:50	Coffee Break
15:50 - 17:50	Session 12 Corporate SocialResponsibility	Session 13 Information Transmission and Market Frictions	Session 14 Korean Capital Market	Session 15 Law and TAx
18:00 - 21:00	Award Ceremony & Farewell Dinner (2F, Orchid Room)

Program Details

December 6, 14:00 - 15:30

Session 1: Corporate Investment

• Chair: Kyojik Roy Song (Sungkyunkwan Univ.)
• Room: Lilac

Title	Author	Discussant
Corruption, Dodd-Frank Whistleblowing, and Corporate Investment	Qingjie Du (Hong Kong Polytechnic Univ.)* Yuna Heo (Hong Kong Polytechnic Univ.)	Seungjoon Oh (Peking Univ. HSBC Business School)
Does Corporate Investment Respond to the Time-Varying Cost of Capital? Empirical Evidence	Yongjin Kim (City Univ. of Hong Kong)	Hope Hyeun Han (UNIST)
Capitalizing on Sustainability: Value of Going Green	Taehyun Kim (UNIST)* Yongjun Kim (Univ. of Seoul)	Jeewon Jang (Ajou Univ.)

Session 2: Liquidity

• Chair:Bohui Zhang (Chinese Univ. of Hong Kong Shenzhen)
• Room: Tulip

Title	Author	Discussant
U.S. Monetary Policy Transmission and Liquidity Risk Premia around the World	G. Andrew Karolyi (Cornell Univ.) Kuan-Hui Lee (Seoul National Univ.)* Mathijs A. van Dijk (Erasmus Univ.)	Daejin Kim (UNIST)
Stock Prices, Changes in Liquidity, and Liquidity Premia	Bong-Gyu Jang (POSTECH) Bong-Soo Lee (Florida State Univ.) Hyun-Tak Lee (Korea Asset Management Corporation, National Univ. of Singapore)*	Joonki Noh (Case Western Reserve Univ.)
Bond Market Development, Bank Portfolio Structure and Liquidity Risk: Evidence from Emerging Markets	Marie Anne Cagas (Asian Development Bank) Donghyun Park (Asian Development Bank) Shu Tian (Asian Development Bank)*	Hae Jin Chung (Sejong Univ.)

Special Lecture on Recent Research Trends

• Room : Cosmos

The Role of Digitization in AsiaSumit Agarwal (National Univ. of Singapore)

December 6, 15:50-17:50

Session 3: Labor and Human Capital

• Chair:Sumit Agarwal (National Univ. of Singapore)
• Room: Lilac

Title	Author	Discussant
Labor Leverage, Financial Leverage, and the Dissection of Expected Returns	Jaewon Choi (Univ. of Illinois at Urbana-Champaign) Andres Donangelo (Univ. of Texas at Austin) Yongjun Kim (Univ. of Seoul)*	Jae-Ram Lee (Gachon Univ.)
Firm Uncertainty and Household Spending	Iváan Alfaro (BI Norwegian Business School) Hoonsuk Park (Nanyang Technological Univ.)*	Hyun-Soo Choi (KAIST)
How Seasoned Equity Offering Affect Firms : Evidence on Technology, Employment, and Performance	E. Han Kim (Univ. of Michigan)* Yuan Li (Univ. of Southern California) Yao Lu (Tsinghua Univ.) Xinzheng Shi (Tsinghua Univ.)	Soo Young Song (Chung-Ang Univ.)
Local Employment Opportunities and Corporate Retention Policies	Kyeong H. Lee (Norwegian School of Economics)* Karin S. Thorburn (Norwegian School of Economics) Emma Q. Xu (Univ. of Texas at El Paso)	So-Yeon Lim (Xiamen Univ.)

Session 4: Managerial Incentives

• Chair:Woojin Kim (Seoul National Univ)
• Room: Tulip

Title	Author	Discussant
Bond Funds and Credit Risk	Jaewon Choi (Univ. of Illinois at Urbana-Champaign) Amil Dasgupta (London School of Economics) Ji Yeol Jimmy Oh (Hanyang Univ.)*	Jaehoon Lee (DeepSearch Analytics)
Tournament Incentives and Firm Performance: Does Gender Matter?	Bobae Choi (Univ. of Newcastle) Md Reiazul Haque (Univ. of Newcastle) Doowon Lee (Univ. of Newcastle)* Sue Wright (Univ. of Technology Sydney)	Ryoonhee Kim (Soongsil Univ.)
Can Short Selling Constrain the Shift Between Accrual-based and Real Earnings Management?	Tianyu Cai (Univ. of New South Wales)* Lixiong Guo (Univ. of Alabama) Rik Sen (Univ. of New South Wales)	Hyeongsop Shim (Gachon Univ.)
Do Mutual Fund Managers Care About Star Rating? Evidence from Portfolio Pumping	Sanghyun (Hugh) Kim (Univ. of Texas at Dallas)	Kyounghun Bae (Hanyang Univ.)

December 6, 15:50-17:50

Session 5:Return Predictability

• Chair : Kuan-Hui Lee (Seoul National Univ.)
• Room: Cosmos

Title	Author	Discussant
Information Glitters on China’s connected Market	Keqi Chen (Tsinghua Univ.) Yuehan Wang (Tsinghua Univ.)* Xiaoquan Zhu (Tsinghua Univ.)	Woo Hwa Koh (KAIST)
Bank Lending Cycle and Expected Stock Returns	Heungju Park (Sungkyunkwan Univ.)* Bumjean Sohn (Korea Univ.)	Dong Beom Choi (Seoul National Univ.)
Splitting and Shuffling: Institutional Trading Motives and Order Submissions Across Brokers	Munhee Han (Univ. of Texas at Dallas)	Sang-Ook Shin (UNIST)
The Pricing of the Illiquidity Factor’s Conditional Risk with Time-varying Premium	Sanghyun (Hugh) KimYakov Amihud (New York Univ.) Joonki Noh(Case Western Reserve Univ.)*	Shu-Feng Wang (Ajou Univ.)

Doctoral Session

• Chair: Xuan Tian (Tsinghua Univ.)
• Room: Violet

Title	Author
Incorporating Financial Big Data in Small Portfolio Risk Analysis: Market Risk Management Approach	Donggyu Kim (KAIST) Seunghyeon Yu (KAIST)*
Does Diversification of Share Classes Increase Firm Value?	Sojung Kim (Korea Univ.)* Sunwoo Hwang (UNC Kenan-Flagler Business School) Woochan Kim (Korea Univ.)
Anti-Takeover Provisions and Shareholders Wealth: Evidence from a Natural Experiment on the Supermajority Provision	Hyeong Joon Kim (KAIST)* Seung Hun Han (KAIST)
The Impact of Investment Grade Cut-offs on Firms’ Investment Decisions and Performance	Seonhyeon Kim (Korea Univ.)

December 7, 09:30-11:30

Session 6: Behavioral Finance

• Chair: Joonghyuk Kim (Korea Univ.)
• Room: Lilac

Title	Author	Discussant
Understanding the Effects of Alternative Cost-of-Equity Proxies on Corporate Investment and Financing	Soku Byoun (Baylor Univ.) Kai Wu (Central Univ. of Finance and Economics)*	Yongjin Kim (City Univ. of Hong Kong)
The Voice of Risk: Wall Street CEOs’ Vocal Masculinity and Financial Crisis in 2008	Min Jung Kang (Univ. of Michigan-Flint) Andy (Y. Han) Kim (Sungkyunkwan Univ.)* Hyung Seok Kim (Konkuk Univ.) Sang Ok Koo (Konkuk Univ.)	James(Jin Kwan) Park (Korea Univ.)
Impact of Price Path on Disposition Bias	Avijit Bansal (Indian Institute of Management Ahmedabad) Joshy Jacob (Indian Institute of Management Ahmedabad)*	Soosung Hwang (Sungkyunkwan Univ.)
Inertia of Institutional Investors: Rational or Behavioral?	Mohammad (Vahid) Irani (Univ. of South Carolina) Hugh H. Kim (Univ. of South Carolina)*	Sanghyun (Hugh) Kim (Univ. of Texas at Dallas)

Session 7: Hedge Funds

• Chair: Junesuh Yi (Dongguk Univ.)
• Room: Tulip

Title	Author	Discussant
Does Portfolio Disclosure Make Money Smarter?	Byoung Uk Kang (Hong Kong Polytechnic Univ.) Andrew J. Sinclair (Univ. of Hong Kong)* Stig J. Xeno (Hong Kong Polytechnic Univ.)	Gene Ambrocio (Bank of Finland)
Hedge Fund Awards: Do Investors and Managers Care, and Should They?	Hyung Kyu Choi (Hong Kong Polytechnic Univ.) Byoung Uk Kang (Hong Kong Polytechnic Univ.) Seongkyu (Gilbert) Park (Hong Kong Polytechnic Univ.)*	Sun-Joong Yoon (Dongguk Univ.)
Rank, Sign, and Momentum	Tsung-Yu Chen (Shanghai Business School) Pin-Huang Chou (National Central Univ.) Kuan-Cheng Ko (National Chi Nan Univ.) S. Ghon Rhee (Univ. of Hawaii)*	Taejin Kim (Korea Univ.)
Bear Market Risk and the Cross-section of Hedge Fund Returns	Thang Ho (Lancaster Univ.)* Anastasios Kagkadis (Lancaster Univ.) Jiaguo (George) Wang (Lancaster Univ.)	Andrew J. Sinclair (Univ. of Hong Kong)

December 7, 09:30-11:30

Session 8: Innovation

• Chair: Hoje Jo (Santa Clara Univ.)
• Room: Cosmos

Title	Author	Discussant
How Creative are Professor Directors? The Impact of Academic Expertise on Corporate Innovation	Dong Chen (Wuhan Univ.) Yanmin Gao (City Univ. of Hong Kong) Phyllis Mo (City Univ. of Hong Kong) Desmond Tsang (McGill Univ.)*	Junyoup Lee (UNIST)
Property Rights and Debt Financing	Paula Suh (Univ. of Georgia)	Haehean Park (Southwestern Univ. of Finance and Economics)
A Dark Side of Corporate Venture Capital	Xuan Tian (Tsinghua Univ.)* Kailei Ye (Univ. of North Carolina at Chapel Hill)	Jong-Min Oh (Sungkyunkwan Univ.)
Information Transparency in Drug Development: Evidence from Mandatory Disclosure of Clinical Trials	Po-Hsuan Hsu (National Tsing Hua Univ.) Kyungran Lee (Univ. of Hong Kong)* S. Katie Moon (Univ. of Colorado Boulder) Seungjoon Oh (Peking Univ. HSBC Business School)	Kyoungwon Mo (Chung-Ang Univ.)

Session 9: International Finance

• Chair: Joon Chae (Seoul National Univ.)
• Room: Violet

Title	Author	Discussant
Credit Default Swaps around the World: Investment and Financing Effects	Sohnke M. Bartram (Warwick Business School) Jennifer Conrad (Univ. of North Carolina) Jongsub Lee (Seoul National Univ.)* Marti G. Subramanyam (New York Univ.)	Baeho Kim (Korea Univ.)
Country Index Comovement	Sungjune Pyun (National Univ. of Singapore)* Johan Sulaeman (National Univ. of Singapore)	Bum Kim (Soongsil Univ.)
How Does Corporate Governance Affect Tax Avoidance? Evidence from China	E. Han Kim (Univ. of Michigan) Yao Lu (Tsinghua Univ.)* Xinzheng Shi (Tsinghua Univ.) Dengjin Zheng (Central Univ. of Finance and Economics)	Yenn-Ru Chen (National Chengchi Univ.)
Information Choice, Shock Transmission and Contagion	Adelina Barbalau (Univ. of Alberta)	Ryumi Kim (Chungbuk National Univ.)

December 7, 13:30-15:30

Session 10: Debt Financing

• Chair: Lilian Ng (York Univ.)
• Room: Lilac

Title	Author	Discussant
Firm-Level Political Risk and Bank Loan Contracting	Walid SAFFAR(Hong Kong Polytechnic Univ.) Yang Wang* (Hong Kong Polytechnic Univ.) K. C. John WEI (Hong Kong Polytechnic Univ.)	Joongho Han (Sungkyunkwan Univ.)
Friends for the Benefits: The Effects of Political Ties on Sovereign Borrowing Conditions	Gene Ambrocio (Bank of Finland)* Iftekhar Hasan (Fordham Univ. & Bank of Finland)	Donghyun Park (Asia Development Bank)
Spillover Effects of IPOs along Supply Chains: Evidence on Debt Financing	Sung C. Bae (Bowling Green State Univ.)* Iftekhar Hasan (Fordham Univ. Bank of Finland) Liuling Liu (Bowling Green State Univ.) Haizhi Wang (Illinois Institute of Technology)	Hyun Seung Na (Korea Univ.)
What Matters During Bad Times? Evidence from the Bond Market	Sadok El Ghoul (Univ. of Alberta) Omrane Guedhami (Univ. of South Carolina) Sattar Mansi (Virginia Tech) Hyo Jin Yoon (Univ. of South Carolina)*	Heungju Park (Sungkyunkwan Univ.)

Session 11: Financial Intermediation

• Chair: Kwangwoo Park (KAIST)
• Room: Tulip

Title	Author	Discussant
Economic Uncertainty and Bank Risk: Evidence from Emerging Economies	Ji Wu (Southwestern Univ. of Finance and Economics)* Yao Yao (Southwestern Univ. of Finance and Economics) Minghua Chen (Southwestern Univ. of Finance and Economics) Bang Nam Jeon (Drexel Univ.)	Paul Brockman (Lehigh Univ.)
Dismembered Giants: Bank Divestitures and Local Lending	Yong Kyu Gam (Southwestern Univ. of Finance and Economics)* Yunqi Zhang (Nankai Univ.)	Martin J. Dierker (KAIST)
Securitization and Screening Incentives: Evidence from Mortgage Processing Time	Dong Beom Choi (Seoul National Univ.)* Jung-Eun Kim (Federal Reserve Bank of Richmond)	Ji Wu (Southwestern Univ. of Finance and Economics) (York University)
Market Microstructure Evidence of China’s Market-Wide Circuit Breakers	Xinru Wang (Univ. of Wollongong)* Maria H. Kim (Univ. of Wollongong) Sandy Suardi (Univ. of Wollongong) Jing Zhao (La Trobe Univ.)	Cheolwon Yang (Dankook Univ.)

Special Lectures on Recent Research Trends

• Room: Cosmos

The Latest Trends on Investor Behavior, Information and Investor Sentiment Diego Garcia (Univ. of Colorado)
Political Uncertainty and Finance Bohui Zhang (Chinese Univ. of Hong Kong Shenzhen)

December 7, 15:50-17:50

Session 12: Corporate Social Responsibility

• Chair: Hyun-Han Shin (Yonsei Univ)
• Room: Lilac

Title	Author	Discussant
Universal Ethics or Ethical Relativism? Evidence from Firm Internationalization and Emissions	Jongmoo Jay Choi (Temple Univ.) Hoje Jo (Santa Clara Univ.)* Haehean Park (Southwestern Univ. of Finance and Economics) Lingxia Sun (Nankai Univ.)	Hyo Jin Yoon (Univ. of South Carolina)
Terrorist Attack and Corporate Social Responsibility	Trung K. Do (National Central Univ.) Henry Hongren Huang (National Central Univ.) Albert Tsang (York Univ.)*	Hyoseok Hwang (Univ. of Wisconsin at Eau Claire)
Brain Drain: The Impact of Air Pollution on Firm Performance	Shuyu Xue (Singapore Management Univ.) Bohui Zhang (The Chinese Univ. of Hong Kong)* Xiaofeng Zhao (Lingnan Univ.)	Taehyun Kim (UNIST)
Local Shareholders, Corporate Community Responsibility, and Shareholder Value	Hyoseok Hwang (Univ. of Wisconsin at Eau Claire)* Hyun Gon Kim (Rutgers Univ. at Camden) Jung Yeun Kim (Rutgers Univ. at Camden)	Jong-Min Oh (Sungkyunkwan Univ.)

Session 13: Information Transmission and Market Frictions

• Chair: Diego Garcia (Univ. of Colorado)
• Room: Tulip

Title	Author	Discussant
Shorting Costs and Profitability of Long–Short Strategies	Dongcheol Kim (Korea Univ.)* Byeung-Joo Lee (Korea Univ.)	Yanbo Wang (Sungkyunkwan Univ.)
Withholding Bad News When Competing Peers Have Common Customers	Rui Dai (Univ. of Pennsylvania) Rui Duan (York Univ.) Lilian Ng (York Univ.)*	Doowon Lee (Univ. of New Castle)
Machine Invasion: Automation in Information Processing and the Cross Section of Stock Returns	Raunaq S. Pungaliya (Sungkyunkwan Univ.) Yanbo Wang (Sungkyunkwan Univ.)*	Donghyun Kim (Chung-Ang Univ.)

December 7, 15:50-17:50

Session 14: Korean Capital Market

• Chair: E. Han Kim (Univ. of Michigan)
• Room: Cosmos

Title	Author	Discussant
The Rise of a Network: Spillover of Political Patronage and Cronyism to the Private Sector	David Schoenherr (Princeton Univ.)* Terry Moon (Univ. of British Columbia)	Andy (Y. Han) Kim (Sungkyunkwan Univ.)
Board Diversity, Director Dissent, and Monitoring Effectiveness	Jun-Koo Kang (Nanyang Technological Univ.) Seil Kim (Baruch College) Seungjoon Oh (Peking Univ. HSBC Business School)*	Saeyeul Park (Yonsei Univ.)
Uncoordinated Hedging and Price Chain Reaction	Jun Kyung Auh (Yonsei Univ.) Wonho Cho (Yonsei Univ.)*	Dahae Kim (Sungkyunkwan Univ.)
Do Bad Targets Become Worse Targets? Evidence from Sequential Transfers of Control Blocks	Euna Cho (Bank of Korea) Woojin Kim (Seoul National Univ.)*	Desmond Tsang (McGill Univ.)

Session 15: Law and Tax

• Chair: Woochan Kim (Korea Univ.)
• Room: Violet

Title	Author	Discussant
The Estate Tax and the Payout Policy in Family Firms	Yeejin Jang (Univ. of New South Wales) So-Yeon Lim (Xiamen Univ.)*	Yao Lu (Tsinghua Univ.)
Financial Liberalization, Investor Protection and Corporate Cash	Yenn-Ru Chen (National Chengchi Univ.)* Robin K. Chou (National Chengchi Univ.) Johnny Chou (National Chengchi Univ.)	Yunxiao Liu (Shanghai Univ.)
Does Shareholder Litigation Risk Cause Public Firms to Delist? Evidence from Securities Class Action Lawsuits	Jonathan Brogaard (Univ. of Utah) Nhan Le (Australian National Univ.)* Duc Duy (Louis) Nguyen (King’s College London) Vathynyoo (Ben) Sila (Univ. of Edinburgh)	Paula Suh (Univ. of Georgia)
Can Stakeholder Orientation Improve Inventory Efficiency? Evidence from a Quasi-Natural Experiment	Yunxiao Liu (Shanghai Univ.)* Woochan Kim (Korea Univ.)	Kyeong Hun Lee (Norwegian School of Economics)

2019 CAFM Program Committee

Hee-Joon Ahn(Chair)	Sungkyunkwan University
Hope Hyeun Han	UNIST
Hyun-Soo Choi	KAIST
Joong Ho Han	Sungkyunkwan University
Jin Q Jeon	Dongguk University
Daejin Kim	UNIST
Noolee Kim	Hanyang University
Woojin Kim	Seoul National University
Y. Han (Andy) Kim	Sungkyunkwan University
Eun Jung Lee	Hanyang University
Hyung Chul Lee	Chungbuk National University
Kaun Y. Lee	Chung-Ang University
Sang Whi Lee	Kyung Hee University
Hyun Seung Na	Korea University
Ji Yeol Jimmy Oh	Hanyang University
Heungju Park	Sungkyunkwan University
Kwangwoo Park	KAIST
Saeyeul Park	Yonsei University
Jungsoon Shin	Ewha Womans University
Kyojik Song	Sungkyunkwan University
Hong Kee Sul	Chung-Ang Univ.
Cheol-Won Yang	Dankook University

2019 CAFM Review Committee

Hee-Joon Ahn(Chair)	Sungkyunkwan University
Byeong-Je An	Nanyang Technological University
Jun Kyung Auh	Yonsei University
Kyounghun Bae	Hanyang University
Paul Brockman	Lehigh University
Xin Chang	Nanyang Technological University
Yenn-Ru Chen	National Chengchi University
Dong Beom Choi	Seoul National University
Hyun-Soo Choi	KAIST
Jaewon Choi	University of Illinois at Urbana-Champaign
Ji-Woong Chung	Korea University
Vidhan Goyal	Hong Kong University of Science and Technology
Omrane Guedhami	University of South Carolina
Jaehoon Hahn	Yonsei University
Allaudeen Hameed	National University of Singapore
Chulwoo Han	Durham University
Jungsuk Han	Stockholm School of Economics
Jie He	University of Georgia
Kewei Hou	Ohio State University
Jingzhi Huang	The Pennsylvania State University
Sahn-Wook Huh	State University of New York at Buffalo
Byoung-Hyoun Hwang	Cornell University
Joon Ho Hwang	Korea University
Yeejin Jang	University of New South Wales
Byoung Uk Kang	Hong Kong Polytechnic University
Hyoung-Goo Kang	Hanyang Univ.
Jangkoo Kang	KAIST
Jun-Koo Kang	Nanyang Technological University
Kee-Youn Kang	Yonsei University
Baeho Kim	Korea University Business School
Da-Hea Kim	Sungkyunkwan University
Hugh Hoikwang Kim	University of South Carolina
Jung-Wook Kim	Seoul National Univ.
Seoyoung Kim	Santa Clara University
Taehyun Kim	UNIST
Woochan Kim	Korea University
Dong Wook Lee	Korea Univ.
Inmoo Lee	KAIST
Jongsub Lee	Seoul National University
Jung Hoon Lee	Tulane University
Kuan-Hui Lee	Seoul National University
Suzanne S. Lee	Georgia Institute of Technology
Byoung-Kyu Min	University of Sydney
David Ng	Cornell University
Lilian K. Ng	York University
Joonki Noh	Case Western Reserve University
Seungjoon Oh	Peking University HSBC Business School
James Park	Korea University
Jung Chul Park	University of South Florida
Seongkyu Gilbert Park	Hong Kong Polytechnic University
Doojin Ryu	Sungkyunkwan University
Jungwon Suh	Sungkyunkwan University
Hongping Tan	McGill University
Cristian Tiu	State University of New York at Buffalo
Shu-Feng Wang	Ajou University
Zhaoxia Xu	University of New South Wales
Jiao Xue	Shanghai Jiao Tong University
Takeshi Yamada	Australian National University
Sangho Yi	Sogang University

2019 CAFM Conference
December 6~7, 2019
Westin Chosun Hotel, Seoul, Korea

With the 2019 CAFM Conference less than several weeks away, don’t miss the last chance to save $150 by pre-registering before November 22, Friday, and join this wonderful two-day conference to be held on December 6~7, 2019 in Seoul, Korea.

Click here to Pre-Register (https://www.conftool.net/cafm2019/)

Pre-registration before November 22 will be charged with an early bird fee of US$150, while post-registration including on-sight registration will be subject to a regular fee of US$300. The student registration fee is US$50 regardless of the time of registration. Registered participants can secure their spot to the welcome reception, the luncheon with keynote address, the farewell dinner with award ceremony, and several coffee breaks. You will find ample opportunities during the conference for networking with prominent scholars coming from many countries.

This year, the CAFM conference features

• ￭ Keynote address
  Ronald W. Masulis (UNSW) “Recent Evidence on Boards of Directors and CEO Incentives”.
• ￭ Invited Lectures
  Sumit Agarwal (NUS) “The Role of Digitization in Asia”
  Diego Garcia (University of Colorado) “The Latest Trends on Investor Behavior, Information, and Investor Sentiment”
  Bohui Zhang (CUHK Shenzhen) “Political Uncertainty and Finance”

The conference also features a Doctoral Student Session lead by Professor Xuan Tian of Tsinghua University.
The main program includes papers in

• ￭ Corporate Governance
• ￭ Financing
• ￭ Fund Management
• ￭ Information Transmission in Financial Markets
• ￭ Innovation
• ￭ Return Predictability
• ￭ Liquidity
• ￭ Frictions
• ￭ Labor and Human Capital
• ￭ Law and Taxes
• ￭ And, many more

More detailed information on the conference program will be available online soon at the session overview site ofhttps://www.conftool.net/cafm2019/,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 “Registration” menu to pre-register before November 22.

For more information, please contact us by sending an email to cafm2019@gmail.com.
Thank you very much, and we will look forward to seeing you here in Seoul!
Sincererly,

Jhinyoung Shin, President of the KSA
Hee-Joon Ahn, Program Chair, CAFM 2019

Direction to the Westin Chosun Hotel, Seoul

FROM Incheon International Airport (ICN)

Travel Distance : Approximately 56.0 km/34.8 miles

Korean Air Limousine (Bus 6701)

• • Fee : 16,000 KRW
• • Hours of operation : 5:50 AM ~ 10:00 PM
• • You can buy tickets at the airport limousine counters or directly from limousine drivers upon boarding.
• • Travel Time : Typically, 1 hour 10 min. / Rush Hour, Over 2 hours

SUBWAY TRAIN

• • Fee : 4,150 KRW (Passenger Terminal 1)
• • Fee : 4,750 KRW (Passenger Terminal 2)
• • Direction : Take AREX at Incheon International Airport Station bound for Hong Ik University At Hong Ik Univ Station, Transfer to Transit Line Number 2 toward City hall Get off at City Hall Station and exit Gate # 6. Walking distance to the Westin Chosun Hotel.
• • Travel Time : 90 minutes

FROM Gimpo International Airport (GMP)

Travel Distance : Approximately 18.0 km/11.19 miles

Taxi

• • Fee : 30,000 KRW
• • Travel Time : 40 minutes

SUBWAY TRAIN

• • Fee : 1,450 KRW
• • Direction : Take AREX at Gimpo International Airport Station bound for Hong Ik University For remaining directions, please refer to those above from Incheon International Airport
• • Travel Time : 60 minutes

Reservation Go

Contact

· For additional information, Please contact one of us

Jhinyoung Shin, Ph.D.,
President of the KSA (jshin@yonsei.ac.kr),
Yonsei University

Hee-Joon Ahn, Ph.D.,
Program Chair and Review Committee Chair (heejoon@skku.edu),
Sungkyunkwan University

· Korean Securities Association

6F, Korea Financial Investment Association Building 143 Uisadang-daero, Yongdeoung po-Gu, Seoul, Korea
Fax : 82-2-783-6359
E-mail : cafm2019@gmail.com