2013
2013
Call for Paper
The Eighth Annual Conference on Asia-Pacific Financial Markets
(CAFM) of the Korean Securities Association (KSA)
Seoul, Korea, December 7, 2013
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 eighth international conference. Both theoretical and empirical research papers in all areas of finance are welcome.
KEYNOTE SPEAKER
The keynote speaker for the eighth CAFM will be Professor Harrison Hong (Princeton University). The programs of the previous conferences can be accessed at the following website:
http://www.apjfs.org/conference/2013/call.asp
ELECTIRONIC SUBMISSION
Papers written in English must be submitted via e-mail to:
Email: cafm2013@gmail.com
by August 31, 2013, 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, 2013.
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 to present their dissertations in a doctoral session of the CAFM2013. 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:
Jaeuk Khil, Professor and Chair of the Program and Review Committee(jkhil@hanyang.ac.kr), Hanyang University at Ansan, 425-791 Korea
Program of Conference
Saturday, December 7, 2013
| Title | Panel Speaker |
|---|---|
| Why Do Firms Issue Abroad?: Lessons from Onshore and Offshore Corporate Bond Finance in Asian Emerging Markets | Eli Remolona (Chief Representative, BIS Hong Kong) |
| Provision of Risk Capital through Hometown Investment Trust Fund and Basel Capital Requirement | Naoyuki Yoshino (Director of Financial Institute, Financial Services Agency, Japan Prof. of Economics, Keio Univ.) |
| Oversight and Regulation of Shadow Banking | Bonghan Kim (Head of Financial Investment Supervision Department, Financial Supervisory Service) |
Academic Session Program
| TIME | Session Topics | ROOM (2F) | |
|---|---|---|---|
| 08:50~10:20 | Session 1 Session 2 Session 3 Session 4 |
Banking Capital Markets Funds Ph.D. Session |
Lilac Tulip Cosmos Violet |
| 10:30~12:30 | Session 5 Session 6 Session 7 Session 8 |
Corporate Governance Investments Corporate FinanceⅠ Derivatives |
Lilac Tulip Cosmos Violet |
| 14:30~15:30 | Plenary Session | Regulatory Issues in Asian Capital Market | Orchid |
| 15:40~17:40 | Session 9 Session 10 Session 11 Session 12 |
Asset Pricing Capital Structure Corporate Finance Ⅱ Investors Trading |
Lilac Tulip Cosmos Violet |
Session 1:Banking (08:50~10:20)
- Chair: Jun-Koo Kang (Nanyang Technological Univ.)
| Title | Author | Discussant |
|---|---|---|
| Internationalization and Bank Risk | Allen N. Berger (Univ. of South Carolina) Sadok El Ghoul (Univ. of Alberta) Omrane Guedhami (Univ. of South Carolina) Raluca A. Roman (Univ. of South Carolina) |
Kwangwoo Park (KAIST) |
| Bank Funding Structure and Lending under Liquidity Shocks in Korea | Hosung Jung (Bank of Korea) Dongcheol Kim (Korea Univ.) |
Sooyoung Song (Chung-Ang Univ.) |
| Informational Frictions, Syndicate Structure, and Loan Pricing: New Evidence from International Lending | Sung C. Bae (Bowling Green State Univ.) Byung-Uk Chong (Univ. of Seoul) Yura Kim (Kookmin Univ.) |
Joong Ho Han (KDI School) |
Session 2:Capital Markets (08:50~10:20)
- Chair: Bong Soo Lee (Florida State Univ.)
| Title | Author | Discussant |
|---|---|---|
| Contagion of Ambiguity: Bond Insurance and Systemic Rating Downgrades | Ji Yeol Jimmy Oh (Korea Military Academy) |
Jongsub Lee (Univ. of Florida) |
| A Forward-looking Model of the Term Structure of Interest Rates | Albert Lee Chun(Copenhagen Business School) | Daehwan Kim (Konkuk Univ.) |
| The Subprime Asset-Backed Securities Market and the Equity Prices of Large Complex Financial Institutions | Giovanni Calice (Univ. of Southampton) |
Baeho Kim (Korea Univ.) |
Session 3:Funds (08:50~10:20)
- Chair: Hyuk Choe (Seoul National Univ.)
| Title | Author | Discussant |
|---|---|---|
| The Impact of Idiosyncratic Risk on Mutual Fund Fees | Lorenzo Casavecchia (Univ. of Technology Sydney) Hardy Hulley (Univ. of Technology Sydney) |
Sun-Joong Yoon (Dongguk Univ.) |
| Hedge Fund Piggyback Investing | Jin-Mo Kim (Rutgers Univ.) Xin Zhang (Fudan Univ.) |
Francis In (Monash Univ.) |
| Do Sovereign Wealth Funds Stabilize Stock Markets? | Francis In (Monash Univ.) Raphael Jonghyeon Park (Monash Univ) Philip Inyeob Ji (Monash Univ.) Bong Soo Lee (Florida State Univ.) |
Jin-Mo Kim (Rutgers Univ.) |
Session 4:Ph.D. Session (08:50~10:20)
- Chair: Kee-Hong Bae (York Univ.)
| Title | Author | Discussant |
|---|---|---|
| Free Lunches for Insiders under Investor Inertia and Limited Arbitrage | Woojin Kim (Seoul National Univ.) Shu-Feng Wang (Seoul National Univ.) |
Inmoo Lee (KAIST) |
| Environmental Costs and Firm Performance in the Financial Services Sector | Hoje Jo (Santa Clara Univ.) Hakkon Kim (KAIST) Kwangwoo Park (KAIST) |
Kee-Hong Bae (York Univ.) |
| The Power of Asking Questions: Resolving Financial Market Rumors through Public Inquiries | Seongkyu “Gilbert” Park (Univ. of Chicago) |
Jhin Young Shin (Yonsei Univ.) |
Session 5:Corporate Governance (10:30~12:30)
- Chair: Kyung Suh Park (Korea Univ.)
| Title | Author | Discussant |
|---|---|---|
| The Impact of Governance Reform on Board Functioning and Firm Value: Evidence from the Post-SOX Directorial Labor Market | Jun-Koo Kang (Nanyang Technological Univ.) Jungmin Kim (Nanyang Technological Univ.) Angie Low (Nanyang Technological Univ.) |
Kasper Meisner Nielsen (Hong Kong Univ. of Science and Technology) |
| Cash Holdings, Corporate Governance and Acquirer Returns | Seoungpil Ahn (Sogang Univ.) Jaiho Chung (Korea Univ.) |
Sadok El Ghoul (Univ. of Alberta) |
| When Blockholders Leave Feet First: Do Ownership and Control Affect Firm Value? | Bang Dang Nguyen (Univ. of Cambridge) Kasper Meisner Nielsen (Hong Kong Univ. of Science and Technology) |
Seoungpil Ahn (Sogang Univ.) |
| Directors’ and Officers’ Liability Insurance and Corporate Risk-taking | Joon Ho Hwang (Korea Univ.) Byungmo Kim (Dankook Univ.) |
Shinwoo Kang (Hitotsubashi Univ.) |
Session 6:Investments (10:30~12:30)
- Chair: Cheol S. Eun (Georgia Institute of Technology.)
| Title | Author | Discussant |
|---|---|---|
| How Important are Foreign Ownership Linkages for International Stock Returns? | Söhnke M. Bartram (Warwick Business School) John Griffin (Univ. of Texas at Austin) Tae-Hoon Lim (Cornell Univ.) David T. Ng (Cornell Univ.) |
Jay M. Chung (Soongsil Univ.) |
| Herding Among Local Individual Investors | Sujung Choi (Ulsan National Institute for Science and Technology) |
Shu-Feng Wang (Seoul National Univ.) |
| Culture and R2 | Cheol S. Eun (Georgia Institute of Technology) Lingling Wang (Tulane Univ.) Steven Xiao (Georgia Institute of Technology) |
Junesuh Yi (Dongguk Univ.) |
| Are Foreign Short-Sellers to Blame? Evidence from Daily Short-Selling in Korean Stock Market | Kuan-Hui Lee (Seoul National Univ.) Shu-Feng Wang (Seoul National Univ.) |
Tae-Hoon Lim (Cornell Univ.) |
Session 7:Corporate Finance (10:30~12:30)
- Chair: Sun-Wung Hwang (Chung-Ang Univ.)
| Title | Author | Discussant |
|---|---|---|
| Agency Costs and Equity Mispricing | Christos Pantzalis (Univ. of South Florida) Jung Chul Park (Auburn Univ.) |
James L. Park (Korea Univ.) |
| Equity Issuance, Distress, and Agency Problems: The 20% Rule for Privately Issued Equity | James L. Park (Korea Univ.) |
Hyeongsop Shim (Ulsan National Institute of Science and Technology) |
| Dividend Catering, Investor Protection, and Sentiment: A Cross-country Analysis | Kihun Kim (State Univ. of New Jersey) Jinho Byun (Ewha Womans Univ.) |
Sung Won Seo (KAIST) |
| The Value of Corporate Coinsurance to the Shareholders of Diversifying Firms: Evidence from Marginal Tax Rate | Hyeongsop Shim (Ulsan National Institute of Science and Technology) |
Jung Chul Park (Auburn Univ.) |
Session 8:Derivatives (10:30~12:30)
- Chair: In Joon Kim (Yonsei Univ.)
| Title | Author | Discussant |
|---|---|---|
| Lead-Lag Relationship and Informed Trading in the Japanese CDS Market | Jinwoo Park (Hankuk Univ. of Foreign Studies) Kengo Shiroshita (Yamaguchi Univ.) Naili Sun (Yamaguchi Univ.) |
Eun Jung Lee (Hanyang Univ.) |
| The Relation between Counter-party Default and Interest Rate Volatility, and Its Impact on Collateralized Interest Rate Swaps | Geoffrey R. Harris (Federal Reserve Bank of Chicago) Tao L. Wu (Illinois Institute of Technology) Jiarui Yang (Factset) |
Youngsoo Choi (Hankuk Univ. of Foreign Studies) |
| Default Probabilities and Interest Expenses of Privately Held Firms | Jin-Chuan Duan (National Univ. of Singapore) Baeho Kim (Korea Univ.) Changki Kim (Korea Univ.) Woojin Kim (Seoul National Univ.) Donghwa Shin (Princeton Univ.) |
Suk-Joong Kim (Univ. of Sydney) |
| Spillover News Effects from the US, the Eurozone and China in Sovereign CDS Markets | Suk-Joong Kim (Univ. of Sydney) Leith Salem (Univ. of Sydney) Eliza Wu (Univ. of Technology Sydney) |
Jaehoon Hahn (Yonsei Univ.) |
Session 9:Asset Pricing (15:40~17:40)
- Chair: Francis In (Monash Univ.)
| Title | Author | Discussant |
|---|---|---|
| CEO Interviews on CNBC | Young Han Kim (Nanyang Technological Univ.) Felix Meschke (Univ. of Kansas) |
Martin J. Dierker (KAIST) |
| Maximum Drawdown and Asset Pricing | Daehwan Kim (Konkuk Univ.) |
Dong Wook Lee (Korea Univ.) |
| Explaining the Volatility Surface: A Closed-form Solution to Option Pricing in a Fractional Jump-Diffusion Market | Stefan Rostek (Univ. of Tübingen) |
Changki Kim (Korea Univ.) |
| Is Mispricing in Asset Prices due to the Inflation Illusion? | Bong Soo Lee (Florida State Univ.) |
Jaewon Choi (Univ. of Illinois) |
Session 10:Capital Structure (15:40~17:40)
- Chair: Myung-Jig Kim (Hanyang Univ.)
| Title | Author | Discussant |
|---|---|---|
| Family Firms, Antitakeover Provisions, and Costs of Bank Financing | Jun-Koo Kang (Nanyang Technological Univ.) Jungmin Kim (Nanyang Technological Univ.) Hyun Seung Na (City Univ. of Hong Kong) |
Woojin Kim (Seoul National Univ.) |
| Do Firms Adjust Capital Structures to Manage Risk? | Martin J. Dierker (KAIST) Jun-Koo Kang (Nanyang Technological Univ.) Inmoo Lee (KAIST) Sung Won Seo (KAIST) |
S. Katie Moon (U.S. Securities and Exchange Commission) |
| Outsourcing Supply Contracts, Human Capital and Firm Financing Decisions | S. Katie Moon (U.S. Securities and Exchange Commission) Gordon Phillips (Univ. of Southern California) |
Ji-Woong Chung (Korea Univ.) |
| Control beyond Ownership: Subcontractors of Large Business Groups | Woojin Kim (Seoul National Univ.) Jongsub Lee (Univ. of Florida) Yunxiao Liu (Korea Univ.) |
Hyun Seung Na (City Univ. of Hong Kong) |
Session 11:Corporate Finance Ⅱ (15:40~17:40)
- Chair: J. B. Chay (Sungkyunkwan Univ.)
| Title | Author | Discussant |
|---|---|---|
| What Drives Investment-Cash Flow Sensitivity around the World? | Fariborz Moshirian (The Univ. of New South Wales) Vikram Nanda (Georgia Institute of Technology) Alexander Vadilyev (The Univ. of New South Wales) Bohui Zhang (The Univ. of New South Wales) |
Jungmin Kim (Nanyang Technological Univ.) |
| Competition, Capital Market Feedback, and Earnings Management: Evidence from Economic Deregulation | Jongsub Lee (Univ. of Florida) Xiaoding Liu (Univ. of Oregon) |
Jin Q. Jeon (Dongguk Univ.) |
| Multiple Lead Underwriter IPOs and Firm Visibility | Jin Q. Jeon (Dongguk Univ.) Cheolwoo Lee (Ferris State Univ.) Tareque Nasser (Kansas State Univ.) M. Tony Via (Univ. of Alabama) |
Y. Han (Andy) Kim (Nanyang Technological Univ.) |
| The Impact of Media on Corporate Social Responsibility | Jingoo Kang (Korea Univ.) Y. Han (Andy) Kim (Nanyang Technological Univ.) |
Jongsub Lee (Univ. of Florida) |
Session 12:Investors Trading (15:40~17:40)
- Chair: Dongcheol Kim (Korea Univ.)
| Title | Author | Discussant |
|---|---|---|
| Did Liquidity Providers Become Liquidity Seekers? | Jaewon Choi (Univ. of Illinois at Urbana-Champaign) Or Shachar (Federal Reserve Bank of New York) |
Changfeng Ma (Zhejiang Gongshang Univ.) |
| Short-sale Constraints, Price Efficiency, and Investor Trading | William T. Lin (Tamkang Univ.) Shih-Chuan Tsai (National Taiwan Normal Univ.) Pei-Yau Lung (Tamkang Univ.) |
Hassan Naqvi (Sungkyunkwan Univ.) |
| Individual Investor Trading around Earnings Announcements: Noise or Information? Evidence from an Emerging Market | Zhijuan Chen (Zhejiang Gongshang Univ.) William T. Lin (Tamkang Univ.) Changfeng Ma (Zhejiang Gongshang Univ.) |
Doojin Ryu (Chung-Ang Univ.) |
| The Role of Trading Volume in the “Volatility Puzzle” | Dong Wook Lee (Korea Univ.) |
Pei-Yau Lung (Tamkang Univ.) |
2013 CAFM Program Committee
| Jaeuk Khil(Chair) | Hanyang University |
|---|---|
| Joon Chae | Seoul National University |
| Byung-Uk Chong | University of Seoul |
| Jay M. Chung | Soongsil University |
| young Ho Eom | Yonsei University |
| Jaehoon Hahn | Yonsei University |
| Joon Ho Hwang | Korea University |
| Hee Joon Jeong | Jeonju University |
| Joonghyuk Kim | Korea University |
| Jung-Wook Kim | Seoul National University |
| Noolee Kim | Hanyang University |
| Sol Kim | Hankuk University of Foreign Studies |
| Woojin Kim | Seoul National University |
| Eun Jung Lee | Hanyang University |
| Kaun Y. Lee | Chung-Ang University |
| Kwangwoo Park | KAIST |
| yun Woo park | Chung-Ang University |
| Junghoon Seon | Konkuk University |
| Jungsoon Shin | Ewha Womans University |
| jungwon Suh | Sungkyunkwan University |
| Jung Bum Wee | Kyung Hee University |
| Junesuh Yi | Dongguk University |
| Jeongsun Yun | Kookmin University |
2013 CAFM Review Committee
| Jaeuk Khil(Chair) | Hanyang University |
|---|---|
| Kee-Hong Bae | York University |
| Paul Brockman | Lehigh University |
| Jay M. Chung | Soongsil University |
| Kee H. Chung | State University of New York at Buffalo |
| Jaehoon Hahn | Yonsei University |
| Francis In | Monash University |
| Jun-Koo Kang | Nanyang Technological University |
| Baeho Kim | Korea University |
| Sol Kim | Hankuk University of Foreign Studies |
| Woojin Kim | Seoul National University |
| Eun Jung Lee | Hanyang 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 |
| KC John Wei | Hong Kong University of Science and Technology |
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
Chang-Soo Kim, Ph.D.,
President of the KSA (kimc@yonsei.ac.kr),
Yonsei University
Jaeuk khil, Ph.D.,
Program Chair and Review Committee Chair (jkhil@hanyang.ac.kr),
Hanyang University
· Korean Securities Association
Yoedodong 45-2, Yongdeoung po-Gu, Seoul, Korea
Fax : 82-2-783-6359
E-mail : cafm2013@gmail.com
