CAFM         Past Program         2019



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.


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.


Papers written in English must be submitted via, 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

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,


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.


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 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.


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


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.


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.


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


Hee-Joon Ahn, Sungkyunkwan University


For additional information, please contact us via email at

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
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
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
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)
(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
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
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)
(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)
(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)
(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
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
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
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)
(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)
(King’s College London)
Vathynyoo (Ben)
(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 (

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 of,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
Thank you very much, and we will look forward to seeing you here in Seoul!

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


  • • 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


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


  • • 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


· For additional information, Please contact one of us

Jhinyoung Shin, Ph.D.,
President of the KSA (,
Yonsei University

Hee-Joon Ahn, Ph.D.,
Program Chair and Review Committee Chair (,
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 :