2023
2023
Program of Conference
Friday, December 8, 2023
| 12:30~13:00 | Registration & Welcome | |
| 13:00~14:30 | Academic Session 1,2,3,4 (6F) | |
| 14:45~16:15 | Academic Session 5,6,7,8 (6F) | |
| 16:30~17:30 | Guest Lecture (6F) Sudipto Dasgupta (Chinese University of Hong Kong) |
|
| 18:00~19:30 | Welcome Reception (6F, Ara) | |
| Welcome Address : | Dr. Hyun-Han Shin President, Korean Securities Association |
|
| Congratulatory Remarks : | Bokhyun Lee Governor, Financial Supervisory Service |
|
Saturday, December 9, 2023
| 9:00~10:00 | Registration (6F) | |
| 10:00~11:30 | Academic Session 9,10,11,12 (6F) | |
| 11:45~13:45 | Luncheon (6F, Nuri) | |
| Keynote Speech : | Dr. Stefan Nagel (University of Chicago) | |
| 14:00~15:30 | Academic Session 13, 14, 15, Doctoral Session I (6F) | |
| 15:45~17:15 | Academic Session 16, 17, 18, Doctoral Session II (6F) | |
| 17:30~20:00 | Farewell Dinner (6F, Nuri) | |
| Keynote Speech : | Dr. Byungdoo Sohn Chairman and CEO, Korea Exchange |
|
| Best Paper Award: | Dr. Hyun-Han Shin President, Korean Securities Association Dr. Junesuh Yi Program Chair |
|
CAFM 2023 At-a-glance Program Schedule
Friday, December 8, 2023
| TIME & Room 6F | Ara I | Ara II | Oreum | Soom |
|---|---|---|---|---|
| Zoom Link (password required) |
Zoom Session Room | Zoom Session Room | Zoom Session Room | Zoom Session Room |
| 12:30~13:00 | Registration & Welcome (6F, The Four Seasons Hotel) | |||
| 13:00~14:30 (12) |
Session 1 Personal and Household Finance | Session 2 Information and Stock Prices | Session 3 Corporate Social Responsibility | Session 4Behavioral Finance |
| 14:30~14:45 | Coffee Break | |||
| 14:45~16:15 (12) |
Session 5 International Finance | Session 6 Market Efficiency and Anomalies | Session 7 Firm Value and Project Choice | Session 8 Corporate Governance |
| 16:15~16:30 | Coffee Break | |||
| 16:30~17:30 | Guest Lecture Sudipto Dasgupta (Chinese University of Hong Kong) Zoom Session Room |
|||
| 18:00~19:30 | Welcome Reception (6F, Ara) |
|||
Saturday, December 9, 2023
| TIME & Room 6F | Ara I | Ara II | Oreum | Soom |
|---|---|---|---|---|
| Zoom Link (password required) |
Zoom Session Room | Zoom Session Room | Zoom Session Room | Zoom Session Room |
| 09:00~10:00 | Registration (6F, The Four Seasons Hotel) | |||
| 10:00~11:30 (12) |
Session 9 Big Data and Finance | Session 10 ESG and Finance | Session 11 Mutual Funds | Session 12 Liquidity |
| 11:30~11:45 | Break Time | |||
| 11:45~13:45 | Luncheon & Keynote Speech (6F, Nuri) Stefan Nagel (University of Chicago) Zoom Session Room |
|||
| 13:45~14:00 | Break Time | |||
| 14:00~15:30 (9 + DSC3) |
Session 13 Empirical Corporate Finance | Session 14 Empirical Research in Finance | Session 15 Empirical Asset Pricing | Doctoral Student Consortium I |
| 15:30~15:45 | Coffee Break | |||
| 15:45~17:15 | Session 16 Korean Financial Markets | Session 17 Fintech | Session 18 Financial Intermediation | Doctoral Student Consortium II |
| 17:15~17:30 | Break Time | |||
| 17:30~20:00 | Award Ceremony & Farewell Dinner (6F, Nuri) |
|||
Program Details
Friday, December 8, 13:00 - 14:30
Session 1: Personal and Household Finance Zoom Session Room [Password Required]
- Chair : Yun Woo Park(Chung-Ang University)
- Room: Ara I
| Title | Author | Discussant |
|---|---|---|
| Adaptation to Climate Change Through Mortgage Default and Prepayment | Yongheng Deng(University of Wisconsin-Madison) Congyan Han(University of Wisconsin-Madison) Teng Li(Sun Yat-sen University) Timothy Riddiough(Uninersity of Wisconsin-Madison)* |
Jihun Kim(Yonsei University) |
| Reference Price Updating in the Housing Market | Guo, Shengwei(University of Wisconsin-Madison)* | Timothy Riddiough(University of Wisconsin-Madison) |
| Understanding the Relationship between Gambling and Investment | An Jake(University of Technology Sydney) Baek Jung Kim(University of British Columbia) Sung Kwan Lee (Chinese University of Hong Kong)* |
Kihoon Hong(Hongik University) |
Session 2: Information and Stock Prices Zoom Session Room [Password Required]
- Chair : Inmoo Lee(KAIST)
- Room: Ara II
| Title | Author | Discussant |
|---|---|---|
| Beauty Contests around News Releases | Tarun Chordia(Emory University) Bin Miao (Chinese University of Hong Kong) Joonki Noh(Case Western Reserve University)* |
Da Hea Kim(Sungkyunkwan University) |
| Attention to Information, Attention to Prices | Anirudh Dhawan(Indian Institute of Management Bangalore)* Talis J. Putnins(University of Technology Sydney, Stockholm School of Econimics in Riga) |
Byungmo Kim(Dankook University) |
| Do Large Customers Help Price Discovery of Supplier Stocks? | Daejin Kim(Sungkyunkwan University) Ryoonhee Kim(KAIST)* |
George Jiang(Washington State University) |
Session 3: Corporate Social Responsibility Zoom Session Room [Password Required]
- Chair : David Schoenherr(Seoul National University)
- Room: Oreum
| Title | Author | Discussant |
|---|---|---|
| The Effect of Mandatory Climate Risk Disclosure on Environmentally Responsible Investing: Evidence from the U.S. Insurance Industry | Jiang Cheng(Lingnan University) Jia Guo(The Hong Kong Polytechnic University) Jeffrey Ng(The University of Hong Kong) Tjomme Rusticus(The Hong Kong Polytechnic University)* |
Jiyoon Lee(Yonsei University) |
| Shale Gas Booms and Environmental CSR | Changhwan Choi(UIBE Business School)* Chune Young Chung(Chung-ang University) |
Darwin Choi(The Chinese University of Hong Kong) |
| Measuring Business Social Irresponsibility: The Case of Sin Stocks | Hamid Boustanifar(EDHEC Business School) Patrick Schwarz(University of Duisburg-Essen)* |
Xintong Zhan(Fudan University) |
Session 4 Behavioral Finance Zoom Session Room [Password Required]
- Chair : Young S. Park(Sogang University)
- Room: Soom
| Title | Author | Discussant |
|---|---|---|
| Revisiting the Cross-Section of Expected Stock Returns: Evidence from a Textual Analysis of Buy Recommendations | Hailiang Chen(The University of Hong Kong) Byoung-Hyoun Hwang(Nanyang Technological University)* Zhuozhen Peng(Nanyang Technological University) |
Minki Kim(Korea Capital Market Institute) |
| Resurrecting Lottery-Related Anomalies | Minki Kim(Korea Capital Market Institute) Byoung-Kyu Min(Hanyang University)* |
Do Seong Kim(Sogang University) |
| Minority CEOs, Discrimination, and IPO Underpricing | Jun-Koo Kang(Nanyang Technological University) Angie Low(Nanyang Technological University) Quan Zhang(Wenzhou-Kean University)* |
Youngjoo Lee(Sogang University) |
Friday, December 8, 14:45 - 16:15
Session 5 International Finance Zoom Session Room [Password Required]
- Chair : Kee-Hong Bae(York University)
- Room: Ara I
| Title | Author | Discussant |
|---|---|---|
| Global Insolvency and Cross-border Capital Flows | Yeejin Jang(University of New South Wales)* Ji Hyun Tak(University of New South Wales) Wei Wang(Queen's University) |
David Schoenherr(Seoul National University) |
| Interbank Credit Information-Sharing and Trade Credit: Worldwide Evidence | Xiaoqi Chen(Xiamen University) Yangyang Chen(City University of Hong Kong)* Jeong-Bon Kim(City University of Hong Kong) Junqi Liu(Xiamen University) |
Woojong Lee(Seoul National University) |
| Production, Trade, and Cross-Border Data Flows | Qing Chang(Central University of Finance and Economics)* Lin William Cong(Cornell University) Liyong Wang(Central University of Finance and Economics) Longtian Zhang(Central University of Finance and Economics) |
Jessica Li(University of Chicago) |
Session 6: Market Efficiency and Anomalies Zoom Session Room [Password Required]
- Chair : Bong-Chan Kho(Seoul National University)
- Room: Ara II
| Title | Author | Discussant |
|---|---|---|
| Value Premium, Network Adoption, and Factor Pricing of Crypto Assets | Lin William Cong(Cornell University) G. Andrew Karolyi(Cornell University) Ke Tang(Tsinghua University) Weiyi Zhao(Tsinghua University)* |
Hyoung-Goo Kang(Hanyang University) |
| Informed Securities Lending and the Cross-section of Stock Returns | Yizhi Wang(Shandong University of Finance and Economics)* Qiaoqiao Zhu(Australian National University) |
Shu-Feng Wang(Ajou University) |
| Fundadmental Skewness, Creative Destruction, and Post-Earnings-Announcement-Drift (PEAD) | Zhanhui Chen(Hong Kong Unviersity of Science and Technology) Baek-Chun Kim(Xiamen University)* |
Jun Kyung Auh(Yonsei University) |
Session 7: Firm Value and Project Choice Zoom Session Room [Password Required]
- Chair : Junghoon Seon(Konkuk University)
- Room: Oreum
| Title | Author | Discussant |
|---|---|---|
| Labor-Management Relational Capital | Sunwoo Hwang(Korea University Business School)* Biwon Lee(Korea University Business School) |
Jin Q. Jeon(Dongguk University) |
| The Effects of Information Asymmetry on Shareholder Participation: Effective Monitoring or Disruption? | Jiyoon Lee(Yonsei University) Jiyoung Park(Yonsei Unversity)* |
Ryoonhee Kim(KAIST) |
| Does Corporate Employment Adjust to the Cost of Capital and Cash Flows? | Soku Byoun(Baylor University) Kai Wu(Central University of Hong Kong)* Zhaoxia Xu(UNSW Business School) |
Sunwoo Hwang(Korea University Business School) |
Session 8: Corporate Governance Zoom Session Room [Password Required]
- Chair : Jun-Koo Kang(Nanyang Technological University)
- Room: Soom
| Title | Author | Discussant |
|---|---|---|
| Dancing with Family Owners: Is Shareholder Activism Effective in Family Firms? | Jun-Koo Kang(Nanyang Technological University) Hyemin Kim(Hanyang University) Jungmin Kim(The Hong Kong Polytechnic University)* |
Raphael Jonghyeon Park(University of Technology Sydney) |
| When the EPA is in Play, Risk-Taking Goes away: The Effect of Environmental Regulations on CEO Compensation | Seungho Choi(Queensland University of Technology / Hanyang University) Ross Levine(Stanford University) Raphael Jonghyeon Park(University of Technology Sydney)* Simon Xu(Havard Universityl) |
Jungmin Kim(The Hong Kong Polytechnic University) |
| A Study of Anti-Hedge Policies: Determinants and Consequences | Paul Brockman(Lehigh University) Raluca Chiorean(Lehigh University) Jae Bum Kim(Lehigh University)* |
Dawoon Kim(Nanyang Technological University) |
- Room: Ara
| Guest Lecture (16:30~17:30, December 8) Zoom Session Room [Password Required] |
|
|---|---|
| Inferring financial Flexibility: Do Actions Speak Louder than Words | Sudipto Dasgupta (Chinese University of Hong Kong) |
- Room: Ara
| Welcome Reception (18:00~19:30, December 8) | |
|---|---|
| Welcome Address | Dr. Hyun-Han Shin President, Korean Securities Association |
| Congratulatory Remarks | Bokhyun Lee Governor, Financial Supervisory Service |
Saturday, December 9, 10:00 - 11:30
Session 9: Big Data and Finance Zoom Session Room [Password Required]
- Chair : Myung-Jig Kim(Hanyang Univeristy)
- Room: Ara I
| Title | Author | Discussant |
|---|---|---|
| Regulatory Fragmentation | Joseph Kalmenovitz(University of Rochester) Michelle Lowry(Drexel University) Ekaterina Volkova(University of Melbourne)* |
Kisung Yang(Soongsil University) |
| Consumers Reaction to Corporate ESG Performance: Evidence from Store Visits | Tinghua Duan(IESEG School of Management) Frank Weikai Li(Singapore Management University)* Roni Michaely(Univerisity of Hong Kong) |
Jeong Hwan Lee(Hanyang University) |
| Does High Frequency Market Manipulation Harm Market Quality? | Jonathan Brogaard(University of Utah) Dan Li(Chinese University of Hong Kong)* Jeffrey Yang(University of Utah) |
Albert Lee(Hanyang University) |
Session 10: ESG and Finance Zoom Session Room [Password Required]
- Chair : Joonghyuk Kim(Korea University)
- Room: Ara II
| Title | Author | Discussant |
|---|---|---|
| Environmental, Social, and Governance (ESG) Integration under Asymmetric Information | Dongkyu Chang(City University of Hong Kong) Keeyoung Rhee(Sungkyunkwan University)* Aaron Yoon(Northwestern University) |
Taejin Kim(Korea University) |
| What Does ESG Investing Mean and Does It Matter Yet? | Abed El Karim Farroukh(Indiana University) Jarrad Harford(University of Washington) David Shin(University of Oklahoma)* |
Ji-Woong Chung(Korea University) |
| Tax Avoidance and ESG Disclosure Mandate: International Evidence | Sadok El Ghoul(University of Alberta) Omrane Guedhami(University of South Carolina) Yongtae Kim(Santa Clara University) Hyo Kin Yoon(University of Texas)* |
Jiyoon Lee(Yonsei University) |
Session 11 Mutual Funds Zoom Session Room [Password Required]
- Chair : Jong-Bom Chay(Sungkyunkwan University)
- Room: Oreum
| Title | Author | Discussant |
|---|---|---|
| Asset market liquidity, strategic complementarity, and bond fund flows | Xiaolu Hu(Royal Melbourne Institute of Technology) Jung Hoon Lee(Office of Financial Research, US Treasury)* Shyam Venkatesan(University of Western Ontario) |
Yu Sung Ha(Hong Kong Polytechnic University) |
| Investors’ Interest Rate Risk Exposure: Evidence from Corporate Bond Mutual Fund Flows | Jing-Zhi Huang(Penn State University) Peipei Li(Southern University of Science and Technology)* Yuan Wang(Southern University of Science and Technology) Xiangkun Yao(Nankai University) Lichen Zhang (Southern University of Science and Technology) |
Yongjun Kim(University of Seoul) |
| Mutual Fund Tournaments for Distribution | Yu Sung Ha(Hong Kong Polytechnic University)* Byoung Uk Kang(Hong Kong Polytechnic University) |
Hogyu Jhang(Chungnam National University) |
Session 12 Liquidity Zoom Session Room [Password Required]
- Chair : Daejin Kim(Sungkyunkwan University)
- Room: Soom
| Title | Author | Discussant |
|---|---|---|
| Trade Credit within a Business Group | Jinzhao Du(University of New South Wales)* Peter Pham(University of Sydney) Ji Hyun Tak(University of New South Wales) Ron Masulis (University of New South Wales) |
Taehyun Kim(Chung-Ang University) |
| Strategic Bargaining and Portfolio Choice in Intermediated Markets | Jessica Shi Li(University of Chicago)* | Jungsuk Han(Seoul National University) |
| Trade Credit, Demand Shocks, and Liquidity Management | Vojislav Maksimovic(University of Maryland) Youngsuk Yook(Federal Reserve Board)* |
Hyun Joong Im(University of Seoul) |
- Room: Nuri
| Luncheon & Keynote Speech (11:45~13:45, December 9) | |
|---|---|
| Learning against inflation experiences | Stefan Nagel (University of Chicago) |
Saturday, December 9, 14:00 - 15:30
Session 13 Empirical Corporate Finance Zoom Session Room [Password Required]
- Chair : Jinho Byun(Ewha Womans University)
- Room: Ara I
| Title | Author | Discussant |
|---|---|---|
| Ferreting Out Growth Through Cross-Border Mergers and Acquisitions | Kee-Hong Bae(York University)* Jun-Koo Kang(Nanyang Technological University) Xiaoqiao Wang(Chinese University of Hong Kong) Nan Xiong(Durham University) |
Jangwook Lee(Ewha Womans University) |
| The Impact of High-Pressure Political Reforms on State-Owned Enterprises: Evidence from China | Sung C. Bae(Bowling Green State Unviersity)* Taek Ho Kwon(Chungnam National University) Chenyang Liu(Chungnam National University) |
Jieun Im(Hangsung University) |
| Riding off into the Sunset: Dual-Class Structure in the Age of Unicorns Going Public | Hao Liang(Singapore Management University) Junho Park(Myongji University)* Wei Zhang(Singapore Management University) |
Hope Hyeun Han(UNIST) |
Session 14 Empirical Research in Finance Zoom Session Room [Password Required]
- Chair : Kyoung Min Kwon(Hongik University)
- Room: Ara II
| Title | Author | Discussant |
|---|---|---|
| Tech Giants and New Entry Threats | Yang Pan(Tulane University) Wei-Ling Song(Louisiana State University)* |
Syungjin Han(Hongik University) |
| Bank Capital and Bank Stock Performance: When Times are Tough, Capital is King | Christa H. S. Bouwman(Texas A&M University) Hwagyun (Hagen) Kim(Texas A&M University) Sang-Ook (Simon) Shin(UNIST)* |
Yong Kyu Gam(University College Dublin) |
| Sharpening the Sharpe Style Analysis with Machine-Learning –Evidence of Mutual Fund Style-Shifting Skill | George J. Jiang(Washington State University) Bing Liang(University of Massachusetts) Huacheng Zhang(University of Edinburgh)* |
Donghyun Kim(Chung-ang University) |
Session 15 Empirical Asset Pricing Zoom Session Room [Password Required]
- Chair : Byoung-Hyoun Hwang(Nanyang Technological University)
- Room: Oreum
| Title | Author | Discussant |
|---|---|---|
| Reverse Timing of Insider Trading | George J. Jiang(Washington State University)* Yun Ma(Washington State University) David A. Whidbee(Washington State University) |
Frank Weikai Li(Singapore Management University) |
| Excess Hiring Rates and Stock Returns | Jaewan Bae(Dongguk University)* Jangkoo Kang(KAIST) |
Janghoon Shon(University of New South Wales) |
| Corporate Bond Heterogeneity | Gi H. Kim(University of Warwick)* Massimo Massa(INSEAD) |
Haekwon Lee(University of Sydney) |
Doctoral Student Consortium I Zoom Session Room [Password Required]
- Chair : Jaewon Choi(Univ. of Illinois at Urbana-Champaign)
- Room: Soom
| Title | Author |
|---|---|
| Default Clustering Risk Premium and its Cross-Market Asset Pricing Implications | Kiwoong Byun(Korea University Business School)* Baeho Kim(Korea University Business School) Dong Hwan Oh(Federal Reserve Board) |
| International Monetary Policy, Credit Supply, and Bank Lending Channels | Hamid Yahyaei(Macquarie University)* Abhay Singh(Macquarie University) Tom Smith(Macquarie University) |
| Understanding Dynamic Volatility Spillovers Amongst Major Commodity Futures and the US Stock Market | Shietal Ramesh(Bond University)* Rand Kwong Yew Low(Bond University) |
Saturday, December 9, 15:45 - 17:15
Session 16 Korean Financial Markets Zoom Session Room [Password Required]
- Chair : Sung Wook Joh(Seoul National University)
- Room: Ara I
| Title | Author | Discussant |
|---|---|---|
| Outside Director Tenure Limit: Expertise-Enhancement versus Entrenchment | Minjae Kim(Korea University Business School) Sojung Kim(National Pension Fund Management Special Committee)* Woochan Kim(Korea University Business School) |
Dohyun Chun (Kangwon National University) |
| Retail Trading Intensity and the Overnight-Intraday Return Gap | Alfred Qi Fan(Singapore Management University) Don Noh(Hong Kong University of Science and Technology)* Stella Park(Singapore Management University) |
JinGi Ha(Soongsil University) |
| Capital gains tax and market quality: Evidence from the Korean derivatives market | Gunther Capelle-Blancard(University Paris 1 Pantheon-Sorbonne)* Emna Khemakhem(University Paris 1 Pantheon-Sorbonne) |
Hogyu Jhang(Chungnam National University) |
Session 17 Fintech Zoom Session Room [Password Required]
- Chair : Hyuong-Goo Kang(Hanyang University)
- Room: Ara II
| Title | Author | Discussant |
|---|---|---|
| The Rise of E-Wallets and Buy-Now-Pay-Later: Payment Competition, Credit Expansion, and Consumer Behavior | Wenlong Bian(Sungkyunkwan University)* Lin William Cong(Cornell University) Yang Ji(Xiamen University) |
Eunjung Shin(Baekseok University) |
| Information Technology, Competition for Attention, and Corporate Efficiency | Zhiqiang Ye(IESE Business School)* | Byung Hwa Lim(Sungkyunkwan University) |
| The Real Effects of Peer-to-Peer Lending | Yong Kyu Gam(University College Dublin)* Kai Lu(Shanghai University of Finance and Economics) |
Chang-Mo Kang(Hanyang University) |
Session 18 Financial Intermediation Zoom Session Room [Password Required]
- Chair : Kwangwoo Park(KAIST)
- Room: Oreum
| Title | Author | Discussant |
|---|---|---|
| Information Asymmetry in Syndicated Lending | Veljko Fotak(University at Buffalo) Iftekhar Hasan(Fordham University) Haekwon Lee(University of Sydney)* Anthony Saunders(New York University) |
Junho Park(Myongji University) |
| Exchange Rates, US Monetary Policy and the Global Portfolio Flows | Xiaoliang Wang(HKUST) Mengbo Zhang(Shanghai University of Finance and Economics)* |
Keeyoung Rhee(Sungkyunkwan University) |
| Amplifying the Fiscal Multiplier: The Role of Banks | Jim Goldman(University of Warwick)* Rajkamal Iyer(Imperial College London) Ramana Nanda(Imperial College London) |
Martin Dierker(KAIST) |
Doctoral Student Consortium II Zoom Session Room [Password Required]
- Chair : Jongsub Lee(Seoul National University)
- Room: Soom
| Title | Author |
|---|---|
| Financing Intangibles | Bianca He(University of Chicago)* |
| Friends versus Funding: Unpacking the Dynamics of Social Connections and StagedFinancing in VC Investment | Fanqi Meng(University of Melbourne)* |
| Shareholder Dissent, Gender, and Director Commitment | Maryam Shariatmadari(The University of Western Australia)* Martin Bugeja(University of Technology Sydney) Kam Chan(The University of Western Australia) Raymond Da Silva Rosa(The University of Western Australia) Yaowen Shan(University of Technology Sydney) |
- Room: Nuri
| Award Ceremony & Farewell Dinner (17:30~20:00, December 9) | |
| Keynote Speech | Dr. Byungdoo Sohn Chairman and CEO, Korea Exchange |
| Best Paper Award | Dr. Hyun-Han Shin President, Korean Securities Association Dr. Junsuh Yi Junesuh Yi |
CALL FOR PAPERS The 18th Annual Conference on Asia-Pacific Financial Markets (CAFM)
Seoul, Korea, December 8-9, 2023
Korean Securities Association (KSA) is pleased to announce its 18th Annual Conference on Asia-Pacific Financial Markets (CAFM) to be held at the Four Seasons Hotel in Seoul, Korea, from December 8th(Friday) to December 9th(Saturday), 2023. 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 18th CAFM will be Stefan Nagel, the Fama Family Distinguished Service Professor of Finance at University of Chicago. Professor Nagel’s research focuses on asset pricing, investor behavior, and the formation of investor expectations. His most recent works explore the role of personal experiences in shaping expectations about the macroeconomy and financial market returns, models of investor learning about long-run growth with decaying memory, and the application of machine learning techniques to understand the risk and return of investment strategies in the stock market. Professor Nagel has won various awards for his research, among them the Smith-Breeden Prize of the American Finance Association for the best paper in th Journal of Finance and the Fama/DFA prize for the best asset pricing paper in the Journal of Financial Economics. Professor Nagel served as Executive Editor of the Journal of Finance from 2016 to 2022. Previously, he was and editor at the Review of Financial Studies from 2014 to 2015 and an associate editor at various top journals. He is also a research associate at the National Bureau of Economic Research and a research fellow at the Centre for Economic Policy Research and CESifo. He is vice-president-elect of the Western Finance Association.
PAPER SUBMISSION
Papers written in English must be submitted via https://www.conftool.net/cafm2023, using MS Word of Adobe pdf file format from May 8th, 2023. The deadline for paper submission is August 22nd, 2023. 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 author via email by September 30th, 2023. If you have any questions with the paper submission, please let us know via email at cafm2023@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 as well as name, affiliation, address, phone number, and email address of all authors. The second page should contain the paper’s title and abstract only. The programs for the previous CAFM conferences can be accessed at 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 review and publication in the Asia-Pacific Journal of Financial Studies (AJFS), the first finance journal to be SSCI-indexed in the Asia-Pacific region.
GUEST LECTURE
Sudipto Dasqupta, Professor of Finance at The Chinese University of Hong Kong, will lead the special guest lecture session for the 18th CAFM. He has broad research interests with a focus on corporate finance. Professor Dasgupta’s recent works explore a diverse set of issues such as the role of socially responsible investors in mitigating the environmental impact of emissions, how air pollution affects cross-border mobility, capital flows, and asset prices, how social connections between upstream and downstream managers encourage innovation, and what M&A conference call transcripts reveal about issues that matter for mergers involved in M&A deals. Professor Dasgupta was the Managing Editor of the International Review of Finance from 2008 to 2020, and is a Senior Fellow of the Centre for Economic Policy Research, the European Corporate Governance Institute, and the Asian Bureau of Finance and Economics Research. He is currently a board member of the Financial Management Association and Academic Director for the Asia-Oceania region. He obtained his Ph.D. in Economics from the University of Southern California in 1988.
DOCTORAL STUDENT WORKSHOP AND BEST DISSERTATION AWARD
Doctoral students are also welcomed to present their dissertations at the doctoral student workshop of the conference, which will be led by active and renowned scholars to be announced later. The Best Dissertation Award of US$1,000 (or KRW 1,000,000) will be given to the best thesis.
DUAL SUBMISSION OPTION WITH AJFS and KJFS
The 18th annual CAFM will feature a dual submission option with AJFS. If you choose the option at the time of paper submission, your paper accepted for conference will be additionally invited for submission and considered for publication by the editors of AJFS with the journal submission fee waived. For further details about the Journal, please visit http://wileyonlinelibrary.com/journal/ajfs.
The applicants can also choose to submit for the Korean Journal of Financial Studies (KJFS), SCOPUS-indexed official journal of KSA. For further details about the Journal, please visit https://www.e-kjfs.org.
ABOUT SEOUL
Seoul is the capital and largest metropolis in South Korea, and has been the captial for more than 600 years. With a municipal population over 9.9 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, hoe 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 Four Seasons Seoul is one of the leading hotels in Korea. The hotel, situated at the historic center overlooking the Gwanghwamum entrance to the Gyeongbokgung palace, brings the Four Seasons experience to Korea for the first time.
PROGRAM COMMITTEE CHAIR
Junesuh Yi, Dongguk University
CONFERENCE CONTACT
For additional informatioon, please contact us via email at cafm2023@gmail.com.
2023 CAFM Program Committee
| Junesuh Yi (Chair) | Dongguk University |
|---|---|
| Chang-Mo Kang | Hanyang University |
| Daejin Kim | SungKyunKwan University |
| Eun-Jung Shin | Baekseok University |
| Hyoung-Goo Kang | Hanyang University |
| Hyun-Dong Kim | Sogang University |
| Jaeyoon Lee | Chung-Ang University |
| Jieun Im | Hansung University |
| Ji Yeol Jimmy Oh | SungKyunKwan University |
| Jiyoon Lee | Yonsei University |
| Jongsub Lee | Seoul National University |
| Junesuh Yi | Dongguk University |
| Junho Park | Myoungji University |
| Junyoup Lee | Ajou University |
| Kaun Y. Lee | Chung-Ang University |
| Noolee Kim | Hanyang University |
| Sang Ook Shin | UNIST |
| Shu-Feng Wang | Ajou University |
| Soyeon Kim | Chosun University |
| Sun Joong Yoon | Dongguk University |
| Taehyun Kim | Chung-Ang University |
2023 CAFM Review Committee
| Allaudeen Hameed | National University of Singapore |
| Andy (Young Han) Kim | SungKyunKwan University |
| Baeho Kim | Korea University Business School |
| Byeong-Je An | San Diego State University |
| Byoung Uk Kang | Hong Kong Polytechnic University |
| Byoung-Kyu Min | Hanyang University |
| Chang-Mo Kang | Hanyang University |
| Chune Young Chung | Chung-Ang University |
| Cristian loan Tiu | University at Buffalo |
| Daejin Kim | SungKyunKwan University |
| Daniel Kim | University of Waterloo |
| David Schoenherr | Princeton University |
| Dong Beom Choi | Seoul National University |
| Donghyun Kim | Chung-Ang University |
| Hongping Tan | McGill University |
| Hoonsuk Park | University of Melbourne |
| Hugh Hoikwang Kim | University of South Carolina |
| Hyun Seung Na | Korea University |
| Hyun Soo Doh | Hanyang University, ERICA |
| Hyun-Soo Choi | KAIST |
| Inmoo Lee | KAIST |
| Jaewon Choi | UIUC and Yonsei University |
| Ji Yeol Jimmy Oh | SungKyunKwan University |
| Jie He | University of Georgia |
| Jingzhi Huang | Pennsylvania State University |
| Jinmo Kim | Rutgers University |
| Ji-Woong Chung | Korea University |
| Jiyoon Lee | Yonsei University |
| Jong-Min Oh | SungKyunKwan University |
| Jongsub Lee | Seoul National University |
| Joonghyuk Kim | Korea University |
| Joonki Noh | Case Western Reseve University |
| Jun Kyung Auh | Yonsei University |
| Jung Chul Park | University of South Florida |
| Jung Hoon Lee | Office of Financial Research |
| Jungmin Kim | The Hong Kong Polytechnic University |
| Jungsuk Han | Seoul National University |
| Jung-Wook Kim | Seoul National University |
| Jun-Koo Kang | Nanyang Technological University |
| Junyoup Lee | Ajou University |
| Keeyoung Rhee | SungKyunKwan University |
| Kewei Hou | Ohio State University |
| Kyoungwon Seo | Seoul National University |
| Lilian NG | York University |
| Omrane Guedhami | University of South Carolina |
| Ryoonhee Kim | KAIST |
| Seongkyu (Gilbert) Park | Willamette University |
| Seungjoon Oh | Peking University |
| Shu-Feng Wang | Ajou University |
| Soohun Kim | KAIST |
| Taehyun Kim | Chung-Ang University |
| Takeshi Yamada | Australian National University |
| Thummim Cho | Pepperdine University |
| Yeejin Jang | University of New South Wales |
| Yen-Cheng Chang | National Taiwan University |
| Yenn-Ru Chen | National Chengchi University |
18th Annual Conference on Asia-Pacific Financial Markets
(CAFM 2023)
December 8~9, 2023
The Four Seasons Hotel, Seoul, Korea and via Zoom
We invite you to join CAFM 2023 at the Four Seasons Hotel in Seoul, Korea on December 8th and 9th, 2023. Click here to register for the Conference by November 20th, 2023. (https://www.conftool.net/cafm2023)
For those who are already in Korea, please note that there are limited seats for the maximum of 100 for on-site registration with a fee of USD100. On-site registered participants can secure their spot to the luncheon with keynote address, the farewell dinner with the award ceremony, and several coffee breaks.
You can also participate at CAFM 2023 on-line via Zoom. The fee for online participation is USD100, while the fee is reduced at USD50 for the members of Korean Securities Association.
This year, the CAFM conference features
- ￭ Keynote Address
Stefan Nagel (University of Chicago) - ￭ Guest Lecture
Sudipto Dasgupta (The Chinese University of Hong Kong)
The conference consists of 18 main program sessions and 2 doctoral student sessions. More detailed information on the conference program will be available online soon at the session overview site https://www.conftool.net/cafm2023, 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 “Register as Participant” menu to pre-register before November 13th, 2023.
For more information, please contact us by sending an email to cafm2023@gmail.com.
Thank you very much, and we will look forward to welcoming you here in Seoul!
Sincerely,
Hyun-Han Shin, President, Korean Securities Association
Junesuh Yi, Program Chair, CAFM 2023
97 SAEMUNAN-RO, JONGNO-GU, SEOUL, 03183, KOREA
+82 (2) 6388-5000
Direction to the Four Seasons Hotel
FROM Incheon International Airport (ICN)
Travel Distance : Approximately 60 km
Taxi
- • Fee : 53,500 KRW
- • Travel Time : 67 minutes
AIRPORT LIMOUSINE
The Airport Limousine Bus #6002 is also available within a one-minute walking distance of the Hotel.
- • Fee : 16,000 KRW
- • Travel Time : 90 minutes
SUBWAY TRAIN
- • Fee : 4,450 KRW (Passenger Terminal 1)
- • Fee : 5,050 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 5 toward Sang-il or Macheon. Get off at Gwanghwamun Station and exit Gate #7. The hotel is just a three-minute walk away.
- • Travel Time : 85~90 minutes
DIRECTION
FROM Gimpo International Airport (GMP)
Travel Distance : Approximately 26 km
Taxi
- • Fee : 1,600 KRW
- • Direction :
- • Travel Time : 55 minutes
DIRECTION
Address in Korean
For your convenience, please see the Hotel’s name and address provided here in Korean. This address may be shown to taxi drivers or used for other transportation needs.
03183 서울 종로구 새문안로 97
Contact Information
· For additional information, Please contact one of us
Hyun-Han Shin, Ph.D.,
President of the KSA (hanshin@yonsei.ac.kr),
Yonsei University
Junesuh Yi, Ph.D.,
Program Chair and Review Committee Chair (juyi@dongguk.edu),
Dongguk University
· Korean Securities Association
6F, Korea Financial Investment Association Building 143 Uisadang-daero, Yeongdeoungpo-gu, Seoul, Korea
Fax: 82-2-783-6359
E-mail: cafm2023@gmail.com
