CALL FOR PAPERS
The 15^th Annual Conference on Asia-Pacific Financial Markets (CAFM)
Seoul, Korea, December 4-5, 2020

Korean Securities Association (KSA) is pleased to announce its 15thAnnual Conference on Asia-Pacific Financial Markets (CAFM) to be held at the Westin Chosun Hotel in Seoul, Korea, from December 4th to December 5th, 2020. 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 15thannual CAFM will be Heitor Almeida, a professor of finance and Stanley C. and Joan J. Golder Distinguished Chair in Corporate Finance at the University of Illinois at Urbana-Champaign (UIUC). He has a PhD in Economics from the University of Chicago. Before joining Illinois in 2007, Prof. Almeida was an associate professor of finance in the Stern School of Business at the New York University. He also served as the faculty research fellow (2005–2010) and continued to be a research associate (2010–present) in the National Bureau of Economic Research. Professor Almeida has been an associate editor for the Review of Financial Studies, and is currently an associate editor for Journal of Banking and Finance and the Journal of Financial Intermediation. His research has been cited by the Wall Street Journal, USA Today, and the Financial Times and by prominent policy authorities such as the president of the European Central Bank. His research has received numerous awards such as the Journal of Finance’s Brattle Prize and the Jensen Prize of the Journal of Financial Economics, and has received more than 14,000 citations by other researchers.

PAPER SUBMISSION

Papers written in English must be submitted via https://www.conftool.net/cafm2020/, using MS Word or Adobe pdf file format from May 1st, 2020. The deadline for paper submission is August 21^st, 2020.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, 2020. If you have any questions with the paper submission, please let us know via email at 2020cafm@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 review 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

Professor Lilian Ng(York University)will lead a special lecture session on “the international market integration” based on her recent survey paper at AJFS.

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 and KJFS

The 15th 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 the 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.
Also, applicants can choose for an option for the Korean Journal of Financial Studies (KJFS), another official journal of KSA. For further details about the Journal, please visit https://www.e-kjfs.org.

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 FinanceAsia, 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/.

CONTINGENT PLAN WITH TRAVEL RESTRICTION

We hope that the situation surrounding the coronavirus outbreak is substantially improved around the world in the next few months, and have a full on-site conference in December. In case with some travel restriction, conference speakers can still present her/his work online from the countries where each participant is residing.

PROGRAM COMMITTEE CHAIR

Kwangwoo Park, Korea Advanced Institute of Science and Technology (KAIST)

CONFERENCE CONTACT

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

Program of Conference

Friday, December 4, 2020

12:30 ~ 13:00	Registration (2F)
13:00 ~ 14:30	Academic Session 1, 2, 3, Doctoral Session I (2F)
14:45 ~ 15:45	Guest Lecture (2F)
	Lecture:	Dr. Lilian NG York Uninversity
16:00 ~ 17:30	Academic Session 4, 5, 6, 7 (2F)
17:30 ~ 19:00	Welcome Reception (2F, Orchid Room)
	Welcome Address :	Dr. Hee-Joon Ahn President, Korean SecuritiesAssociation

Saturday, December 5, 2020

08:30 ~ 09:30	Registration / Continental breakfast (2F)
09:30 ~ 11:30	Academic Session 8, 9, 10, Doctoral Session II (2F)
11:30 ~ 13:30	Luncheon (2F, Orchid Room)
	Welcome Address :	Dr. Hee-Joon Ahn President, Korean Securities Association
	Keynote Speech :	Dr. Heitor Almeida Univ. of Illinois at Urbana-Champaign
13:45 ~ 15:15	Academic Session 11, 12, 13, 14 (2F)
15:30 ~ 17:00	Academic Session 15, 16, 17, 18 (2F)
17:30 ~ 20:30	Farewell Dinner (2F, Orchid Room)
	Keynote Speech :	Dr. Suk Heun Yoon Governor, Financial Supervisory Service
	Best Paper Award :	Dr. Kwangwoo Park Program Chair

2020 CAFM Program

At-a-glance Program Schedule

Friday, December 4, 2020

TIME & Room 2F	Lilac	Tulip	Cosmos	Violet
12:30~13:00	Registration & Welcome
13:00~14:30	Session 1 Institutional Investors Zoom Session Room	Session 2 Empirical Asset Pricing Zoom Session Room	Session 3 International Finance Zoom Session Room	Doctoral Student Session I (Led by Xuan Tian) Zoom Session Room
14:30~14:45	Coffee Break
14:45~15:45	Guest Lecture (2F) “International Market Integration: A Survey” (Lilian Ng) Enter Zoom Youtube (Open to the Public)
15:45~16:00	Coffee Break
16:00~17:30	Session 4 Bond and Cryptocurrency Zoom Session Room	Session 5 Law and Ethics Zoom Session Room	Session 6 Derivatives and CSR Zoom Session Room	Session 7 Chinese Capital Market Zoom Session Room
17:30~19:30	Welcome Reception (2F, Orchid Room)

Saturday, December 5, 2020

TIME & Room 2F	Lilac	Tulip	Cosmos	Violet
08:30~9:30	Registration / Continental Breakfast (2F, The Westin Chosun Hotel)
9:30~11:30	Session 8 Bank Loans Zoom Session Room	Session 9 Capital Structure and Debt Zoom Session Room	Session 10 Corporate Social Responsibility Zoom Session Room	Doctoral Student Session II (Led by Allaudeen Hameed) Zoom Session Room
11:30~13:30	Luncheon & Keynote Speech(2F, Orchid Room) “Liquidity Management in the Great Lockdown: Will There Be a Financial Crisis on Main Street?” (Heitor Almeida) Enter Zoom Youtube (Open to the Public)
13:45~15:15	Session 11 Climate Finance Zoom Session Room	Session 12 Empirical Corporate Finance Zoom Session Room	Session 13 Chief Executive Officer Zoom Session Room	Session 14 Machine Learning and Finance Zoom Session Room
15:15~15:30	Coffee Break
15:30~17:00	Session 15 Korean Capital Market Zoom Session Room	Session 16 Financial Intermediation Zoom Session Room	Session 17 Risk Premia and Asset Prices Zoom Session Room	Session 18 Personal and Household Finance Zoom Session Room
17:30~20:30	Award Ceremony & Farewell Dinner (2F, Orchid Room) Keynote Speech: Dr. Suk Heun Yoon (Governor, Financial Supervisory Service) Best Paper Award: Dr. Kwangwoo Park (Program Chair) Enter Zoom

Program Details

December 4, 13:00 - 14:30

Session 1: Institutional Investor Zoom Session Room [Password Required]

• Chair: Bong-Chan Kho (Seoul National Univ.)
• Room: Lilac

Title	Author	Discussant
Do institutional investors mitigate social costs of privatization? Evidence from prisons	Eyub Yegen (Univ. of Toronto)	Taehyun Kim (Chung-Ang Univ.)
Institutional Trading on Information Diffusion across Fundamentally Related Firms	Jie Ying* (Southern Illinois Univ. Edwardsville)	Ji-Woong Chung (Korea Univ.)
Heterogeneous Intermediary Capital, Asset Prices, and Fire Sales	Christa H.S. Bouwman (Texas A&M Univ.) Hwagyun (Hagen) Kim (Texas A&M Univ.) Sang-Ook (Simon) Shin* (UNIST)	Dong Beom Choi (Seoul National Univ.)

Session 2: Empirical Asset Pricing Zoom Session Room [Password Required]

• Chair: Young Ho Eom (Yonsei Univ.)
• Room: Tulip

Title	Author	Discussant
Imprecise and Informative: Lessons from Market Reactions to Imprecise Disclosure	J. Anthony Cookson (Univ. of Colorado at Boulder) S. Katie Moon (Univ. of Colorado at Boulder) Joonki Noh* (Case Western Reserve Univ.)	Jun Kyung Auh (Yonsei Univ.)
Deep Learning in Asset Pricing	Luyang Chen (Stanford Univ.) Markus Pelger* (Stanford Univ.) Jason Zhu (Stanford Univ.)	Kyoungwon Seo (Seoul National Univ.)
Stocks through a Looking Glass: Can Style Segment Adjusted Mutual Fund Stock Holdings Predict Stock Returns?	Cao Fang* (Univ. of Arkansas) Wayne Y. Lee (Univ. of Arkansas)	Heebum Lee (Korea Univ.)

Session 3: International Finance Zoom Session Room [Password Required]

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

Title	Author	Discussant
Betting Against Other Betas	Scott Murray (Georgia State Univ.)	Donghyun Kim (Chung-Ang Univ.)
Flights to Quality and Momentum Crashes	Junyong Kim* (Univ. of Wisconsin–Milwaukee) Donghyun Kim (Chung-Ang Univ.) Chang-Mo Kang (Hanyang Univ.)	Andy Chiu (Hong Kong Polytechnic Univ.)
The Cultural Influence on the Internal Capital Market of Multinationals	Fan Zhang* (Macau Univ. of Science and Technology) Qingjie Du (Hong Kong Polytechnic Univ.) Yang Wang (Hong Kong Polytechnic Univ.) Amy Yang (Victoria Univ. of Wellington)	Peter Pham (Univ. of New South Wales)

Doctoral Student Session 1 Zoom Session Room [Password Required]

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

Title	Author
Are Green Investors Green-Inducing? A Demand System Approach	Don Noh (Princeton Univ.)
Fear or Greed? How Retail Trades Move Markets?	Qingjie Du (Hong Kong Polytechnic Univ.)
Know Thyself: Free Credit Reports and the Retail Mortgage Market	Amit Kumar (Hong Kong Univ. of Science and Technology)
Trading Volume and Dispersion of Signals	Nikhil Vidhani (Indian Institute of Management)

Guest Lecture (14:45~15:45, December 4) Enter Zoom Youtube (Open to the Public)
Lilian Ng (York Univ.)	“International Market Integration: A Survey”

December 4, 16:00-17:30

Session 4: Bond and Cryptocurrency Zoom Session Room [Password Required]

• Chair: Jongsub Lee (Seoul National Univ.)
• Room: Lilac

Title	Author	Discussant
Bond Implied Risks Around Macroeconomic Announcements	Xinyang Li (Boston Univ.)	Byeong-Je An (Nanyang Technological Univ.)
From Hotelling to Nakamoto: The Economic Meaning of Bitcoin Mining	Min Dai (National Univ. of Singapore) Wei Jiang (Hong Kong Univ. of Science and Technology) Steven Kou (Boston Univ.) Cong Qin* (Soochow Univ.)	Kee-Youn Kang (Yonsei Univ.)
Treasury Debt and the Pricing of Short-Term Assets	Quentin Vandeweyer (Univ. of Chicago)	Dong Beom Choi (Seoul National Univ.)

Session 5: Law and Ethics Zoom Session Room [Password Required]

• Chair: Chang-Soo Kim (Yonsei Univ.)
• Room: Tulip

Title	Author	Discussant
Shining a Light in a Dark Corner: EDGAR Search Activity Reveals the Strategically Leaked Plans of Activist Investors	Ryan Flugum (Univ. of Northern Iowa) Choonsik Lee* (Univ. of Rhode Island) Matthew E. Souther (Univ. of South Carolina)	Nhan Le (Australian National Univ.)
Mandatory Disclosure, Internal Information Asymmetry, and Insider Trading: Evidence from FAS 131	Chang-Mo Kang* (Hanyang Univ.) Donghyun Kim (Chung-Ang Univ.) Youngdeok Lim (Univ. of New South Wales)	Reeyarn Z. Li (Univ. of Mannheim)
Securities Law Precedents, Litigation Risk, and Misreporting	Benedikt Franke (SKEMA Business School) Allen Huang (Hong Kong Univ. of Science and Technology) Reeyarn Z. Li* (Univ. of Mannheim)	Choonsik Lee (Univ. of Rhode Island)

Session 6: Derivatives and CSR Zoom Session Room [Password Required]

• Chair: Baeho Kim (Korea Univ.)
• Room: Cosmos

Title	Author	Discussant
Extrapolation and Complexity	Donghwa Shin (Univ. of North Carolina at Chapel Hill)	Heebum Lee (Korea Univ.)
The Hedging Footprint	Peter Mackay* (Hong Kong Univ. of Science and Technology) Sara B. Moeller (Univ. of Pittsburgh) Scott Linn (Univ. of Oklahoma)	Donghwa Shin (Univ. of North Carolina at Chapel Hill)
Corporate Social Irresponsibility, Investor Awareness, and Firm value	Hee-Eun Kim* (Myongji Univ.) Tae-Wook Ahn (DeepSearch, Inc.) Junesuh Yi (Dongguk Univ.)	Injun Hwang (UNIST)

Session 7: Chinese Capital Market Zoom Session Room [Password Required]

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

Title	Author	Discussant
What a Relief: How do Firms Respond to Competitors’ Listing Delays?	Ning Jia (Tsinghua Univ.) Jiaqi Qian* (Tsinghua Univ.) Xuan Tian (Tsinghua Univ.)	Xing Zhang (Fudan Univ.)
Controlling Shareholder Stock Pledge, Aggravated Expropriation and Corporate Acquisitions	Siyuan Yan* (Hong Kong Polytechnic Univ.) Xiaoxu Ling (Hong Kong Polytechnic Univ.) Louis T.W. Cheng (Hong Kong Polytechnic Univ.)	Seungjoon Oh (Peking Univ.)
The Impact of the Shanghai – Hong Kong Stock Market Connection on Corporate Innovation: Evidence from Mainland China	Guanming He* (Durham Univ.) Xiaorong Li (Central Univ. of Finance and Economics) Jingbo Luo (Lanzhou Univ.)	William Cheung (Waseda Univ.)

December 5, 09:30-11:30

Session 8: Bank Loans Zoom Session Room [Password Required]

• Chair: Kee-Hong Bae (York Univ.)
• Room: Lilac

Title	Author	Discussant
Investment Sensitivity to Lender Default Shocks	Hursit S. Celil (Peking Univ.) Brandon Julio (Univ. of Oregon) Srinivasan Selvam* (Peking Univ.)	Kee-Youn Kang (Yonsei Univ.)
Bank Management Sentiment and Liquidity Hoarding	Allen N. Berger (Univ. of South Carolina) Hugh H. Kim* (Univ. of South Carolina) Xiaonan (Flora) Ma (Univ. of South Carolina)	Hoyong Choi (KAIST)
How Does the Equity Market Stabilize the Economy via Bank Lending? A Regulatory Controlled Experiment	Yunqi Zhang (Nankai Univ.)	Hyun-Soo Choi (KAIST)
U.S. Political Corruption and the Cost of Bank Loans	Mengyi Gu (Univ. of Massachusetts Boston)	Kee-Hong Bae (York Univ.)

Session 9: Capital Structure and Debt Zoom Session Room [Password Required]

• Chair: Jaewon Choi (Univ. of Illinois at Urbana-Champaign)
• Room: Tulip

Title	Author	Discussant
Debt Contracting When Borrowers Face Transitory Uncertainty: Evidence from U.S. Gubernatorial Elections	Kirak Kim* (Univ. of Bristol) Trang Nguyen (Univ. of Glasgow)	Chiyoung Cheong (City Univ. of Hong Kong)
Shadow Union in Local Labor Markets and Capital Structure∗	DuckKi Cho* (Peking Univ.) Lyungmae Choi (City Univ. of Hong Kong)	Jiyoon Lee (Yonsei Univ.)
A New Lease on Firm Behavior	Matteo Binfare* (Univ. of Missouri) Robert A. Connolly (Univ. of North Carolina) Fotis Grigoris (Indiana Univ.) Crocker H. Liu (Cornell Univ.)	Katie Moon (Univ. of Colorado Boulder)
Syncing Innovation to Avoid Sinking: Supplier Response to Customer Covenant Violations	Srinivasan Selvam (Peking Univ.) Kelvin Jui Keng Tan* (Univ. of Queensland)	Paula Suh (Univ. of Georgia)

Session 10: Corporate Social Responsibility Zoom Session Room [Password Required]

• Chair: Jun-Koo Kang (Nanyang Technological Univ.)
• Room: Cosmos

Title	Author	Discussant
Corporate Sustainability and Stock Returns: Evidence from Employee Satisfaction	Kyle Welch (George Washington Univ.) Aaron Yoon* (Northwestern Univ.)	Jungmin Kim (Hong Kong Polytechnic Univ.)
Stakeholder Importance, Dividend Payout, and Corporate Social Responsibility	C.S. Agnes Cheng (Hong Kong Polytechnic Univ.) Xiaohui Li* (Hong Kong Polytechnic Univ.) Zeyu Sun (Univ. of International Business and Economics) Jing Xie (Hong Kong Polytechnic Univ.)	Dawoon Kim (Nanyang Technological Univ.)
The Dark Side of Independent Boards, the Case of Corporate Social Responsibility	Fangzhou Lu (Univ. of Hong Kong)	Le Zhang (Australian National Univ.)
The Information Value of Corporate Social Responsibility	Kose John (New York Univ.) Jongsub Lee (Seoul National Univ.) Ji Yeol Jimmy Oh* (Hanyang Univ.)	Hao Liang (Singapore Management Univ.)

Doctoral Student Session 2 Zoom Session Room [Password Required]

• Chair: Allaudeen Hameed (National Univ. of Singapore)
• Room: Violet

Title	Author
: Surfing the Cycle: Cyclical Investment Opportunities and Firms’ Risky Financial Assets	Teng Huang (IESE Business School)
Firm Heterogeneity in Production-Based Asset Pricing: the Role of Habit Sensitivity and Lumpy Investment	Zhiting Wu (Univ. of St Andrews)
: Does the Supply Chain Matter in the Ownership Structure? Evidence from Korean Business Groups	Jieun Im (Seoul National Univ.)
The Information Role of Earnings Conference Calls: How Earnings Calls Alter Demand for Quarterly Reports	Wenyao Hu (Rensselaer Polytechnic Institute

Keynote Speech (11:30~13:30, December 5) Enter Zoom Youtube (Open to the Public)
Heitor Almeida (Univ. of Illinois at Urbana-Champaign)	“Liquidity Management in the Great Lockdown: Will There Be a Financial Crisis on Main Street?”

December 5, 13:45-15:15

Session 11: Climate Finance Zoom Session Room [Password Required]

• Chair: Darwin Choi (Chinese Univ. of Hong Kong)
• Room: Lilac

Title	Author	Discussant
Does Private Equity Ownership Make Firms Cleaner? The Role of Environmental Liability Risks	Aymeric Bellon (Univ. of Pennsylvania)	Po-Hsuan Hsu (National Tsing Hua Univ.)
Global Carbon Divestment and Firms' Actions	Darwin Choi (Chinese Univ. of Hong Kong) Zhenyu Gao (Chinese Univ. of Hong Kong) Wenxi Jiang* (Chinese Univ. of Hong Kong)	Bohui Zhang (Chinese Univ. of Hong Kong, Shenzhen)
Analyzing Active Managers’ Commitment to ESG: Evidence from United Nations Principles for Responsible Investment	Soohun Kim* (KAIST) Aaron S. Yoon (Northwestern Univ.)	Si Cheng (Chinese Univ. of Hong Kong)

Session 12: Empirical Corporate Finance Zoom Session Room [Password Required]

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

Title	Author	Discussant
Labor Voice in Corporate Governance: Evidence from Opportunistic Insider Trading	Lilian Ng* (York Univ.) Man Duy (Marty) Pham (Univ. of Sydney) Jing Yu (Univ. of Sydney)	Ryoonhee Kim (KAIST)
When the Market Went Viral: COVID-19, Stock Returns, and Firm Characteristics	Avijit Bansal* (Indian Institute of Management Ahmedabad) Balagopal Gopalakrishnan (Indian Institute of Management Kozhikode) Joshy Jacob (Indian Institute of Management Ahmedabad) Pranjal Srivastavak (Indian Institute of Management Ahmedabad)	Martin Dieker (KAIST)
The Persistence of Share Repurchases, Financing, and Firm Maturity	Sadok El Ghoul (Univ. of Alberta) Omrane Guedhami (Univ. of South Carolina) Hyunseok Kim (Sungkyunkwan Univ.) Jungwon Suh* (Sungkyunkwan Univ.)	Junyoup Lee (UNIST)

Session 13: Chief Executive Officer Zoom Session Room [Password Required]

• Chair: Agnes Cheng (Hong Kong Polytechnic Univ.)
• Room: Cosmos

Title	Author	Discussant
In CEO We Trust: Negative Effects of Trust between the Board and the CEO	Kee-Hong Bae (York Univ.) Sadok El Ghoul (Univ. of Alberta) Zhaoran (Jason) Gong* (Lingnan Univ.) Omrane Guedhami (Univ. of South Carolina)	Fangzhou Lu (Univ. of Hong Kong)
Technological Fit and the Market for Managerial Talent	Fred Bereskin (Univ. of Missouri) Seong K. Byun (Virginia Commonwealth Univ.) Jong-Min Oh* (Sungkyunkwan Univ.)	Albert Tsang (Hong Kong Polytechnic Univ.)
Terrorist Attacks and Corporate Investment: The Beneficial Value Effect of CEO Overconfidence	Seongjae Mun* (KAIST) Hyeong Joon Kim (KAIST) Kyumin Cho (KAIST) Seung Hun Han (KAIST)	Changhyun Ahn (Univ. of Florida)

Session 14: Machine Learning and Finance Zoom Session Room [Password Required]

• Chair: Jaehoon Lee (DeepSearch, Inc.)
• Room: Violet

Title	Author	Discussant
Charting by Machines	Scott Murray* (Georgia State Univ.) Houping Xiao (Georgia State Univ.) Yusen Xia (Georgia State Univ.)	Andy (Y. Han) Kim (Sungkyunkwan Univ.)
The Informativeness of Text, the Deep Learning Approach	Allen H. Huang (Hong Kong Univ. of Science and Technology) Hui Wang* (Hong Kong Univ. of Science and Technology) Yi Yang (Hong Kong Univ. of Science and Technology)	Jaehoon Lee (DeepSearch, Inc.)
What Should Investors Care About? Mutual Fund Ratings by Analysts vs. Machine Learning Technique	Si Cheng (Chinese Univ. of Hong Kong) Ruichang Lu* (Peking Univ.) Xiaojun Zhang (Peking Univ.)	Chang-Mo Kang (Hanyang Univ.)

December 5, 15:30-17:00

Session 15: Korean Capital Market Zoom Session Room [Password Required]

• Chair: Woojin Kim (Seoul National Univ.)
• Room: Lilac

Title	Author	Discussant
International Knowledge Spillovers and Capital Structure of Multinational Affiliates	Youngho Kang (Soongsil Univ.) Ryoonhee Kim* (KAIST) Unjung Whang (Chonbuk National Univ.)	James L. Park (Korea Univ.)
Bribes and Corporate Performance: Evidence from a Quasi-Natural Experiment	Jieun Im (Seoul National Univ.) Woojin Kim* (Seoul National Univ.)	Shuran Zhang (Hong Kong Polytechnic Univ.)
Mispricing or Risk Premium? An explanation of the R&D-to-Market Anomaly	Jangwook Lee* (Korea Development Institute) Jiyoon Lee (Yonsei Univ.)	Daejin Kim (UNIST)

Session 16: Financial Intermediation Zoom Session Room [Password Required]

• Chair: Yao-Min Chiang (National Taiwan Univ.)
• Room: Tulip

Title	Author	Discussant
Social Inflation	Sangmin S. Oh (Univ. of Chicago)	Sojung C. Park (Seoul National Univ.)
Geographical Concentration and Creditor Coordination: Evidence from Syndicated Loan Covenants	Joongho Han (Sungkyunkwan Univ.) Chao Jin (Hong Kong Univ. of Science and Technology) Heungju Park* (Sungkyunkwan Univ.)	Haiming Liu (Shandong Univ. of Finance & Economics)
Equity Financing, Equity Lending, and Price Pressure: The Case of DRIP Arbitrage	Tze Chuan Ang* (Deakin Univ.) Xin Chang (Nanyang Technological Univ.) Xiaoxiong Hu (Nanyang Technological Univ.) Patrick Verwijmeren (Erasmus Univ. Rotterdam)	Jerry Parwada (Univ. of New South Wales)

Session 17: Risk Premia and Asset Prices Zoom Session Room [Password Required]

• Chair: Inmoo Lee (KAIST)
• Room: Cosmos

Title	Author	Discussant
Wage Growth and Equity Risk Premia	Paulo Maio (Hanken School of Economics) Byoung-Kyu Min* (Hanyang Univ.)	Soohun Kim (KAIST)
Tax News Shocks, Political Cycles, and Asset Prices	Ruchith Dissanayake (Queensland Univ. of Technology)	Takeshi Yamada (Australian National Univ.)
Collective Learning about Systematic Risk	Yongjin Kim* (City Univ. of Hong Kong) Kai Li (Hong Kong Univ. of Science and Technology)	Yang Liu (Univ. of Hong Kong)

Session 18: Personal and Household Finance Zoom Session Room [Password Required]

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

Title	Author	Discussant
Deputization	Bruce Carlin (Rice Univ.) Tarik Umar (Rice Univ.) Hanyi Yi* (Rice Univ.)	Changcheng Song (Singapore Management Univ.)
Physical Frictions and Digital Banking Adoption	Hyun-Soo Choi* (KAIST) Roger K. Loh (Singapore Management Univ.)	Wenlan Qian (National Univ. of Singapore)
Could Indexation Be a Good Way to Cut Taxes for Stock Investors?	Yaoting Lei (Nanchang Univ.) Jing Xu* (Renmin Univ. of China)	Huanhuan Zhang (National Univ. of Singapore)

Award Ceremony & Farewell Dinner (17:30~20:30, December 5) Enter Zoom Keynote Speech: Dr. Suk Heun Yoon (Governor, Financial Supervisory Service) Best Paper Award: Dr. Kwangwoo Park (Program Chair)

2020 CAFM Program Committee

Kwangwoo Park (Chair)	KAIST
Ki Beom Binh	Myongji University
Hyun-Soo Choi	KAIST
Yongmin Joe	Korea University
Andy (Y. Han) Kim	Sungkyunkwan University
Daejin Kim	UNIST
Noolee Kim	Hanyang University
Hyun-Dong Kim	Sogang University
Sungtae Kim	Dongeui University
Woojin Kim	Seoul National University
Yongjun Kim	University of Seoul
Bonha Koo	Dongguk University
Junyoup Lee	UNIST
Kaun Y. Lee	Chung-Ang University
Sangwhi Lee	Kyung Hee University
Ji Yeol Jimmy Oh	Hanyang University
Shu-Feng Wang	Ajou University
Jeongsun Yun	Kookmin Unversity

2020 CAFM Review Committee

Kwangwoo Park (Chair)	KAIST
Byeong-Je An	Nanyang Technological University
Jun Kyung Auh	Yonsei University
Kyounghun Bae	Hanyang University
Paul Brockman	Lehigh University
Yenn-Ru Chen	NCCU
Dong Beom Choi	Seoul National University
Hyun-Soo Choi	KAIST
Jaewon Choi	University of Illinois
Ji-Woong Chung	Korea University
Y. Peter Chung	UC Riverside
Vidhan Goyal	HKUST
Omrane Guedhami	University of South Carolina
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	Pennsylvania State University
Joon Ho Hwang	Korea University
Yeejin Jang	University of New South Wales
Soohun Kim	KAIST
Byoung Uk Kang	Hong Kong Polytechnic University
Chang-Mo Kang	Hanyang University
Hyoung-Goo Kang	Hanyang University
Jangkoo Kang	KAIST
Jun-Koo Kang	Nanyang Technological University
Kee-Youn Kang	Yonsei University
Andy (Y. Han) Kim	Sungkyunkwan University
Baeho Kim	Korea University
Da-Hea Kim	Sungkyunkwan University
Daejin Kim	UNIST
Hugh Hoikwang Kim	University of South Carolina
Jinmo Kim	Rutgers University
Jung-Wook Kim	Seoul National University
Jungmin Kim	The Hong Kong Polytechnic University
Ryoonhee Kim	KAIST
Seoyoung Kim	Santa Clara University
Taehyun Kim	Chung-Ang University
Woochan Kim	Korea University
Woojin Kim	Seoul National University
Chang Joo Lee	KAIST
Inmoo Lee	KAIST
Jongsub Lee	Seoul National University
Jung Hoon Lee	Tulane University
Junyoup Lee	UNIST
Kuan-Hui Lee	Seoul National University
Byoung-Kyu Min	Hanyang University
Hyun Seung Na	Korea University
David Ng	Cornell University
Lilian Ng	York University
Joonki Noh	Case Western Reserve University
Ji Yeol Jimmy Oh	Hanyang University
Jong-Min Oh	SungKyunKwan University
Seungjoon Oh	Peking University
Hoonsuk Park	University of Melbourne
Seongkyu Gilbert Park	Hong Kong Polytechnic University
Jung Chul Park	University of south Florida
Doojin Ryu	Sungkyunkwan University
David Schoenherr	Princeton University
Jungwon Suh	Sungkyunkwan University
Hongping Tan	McGill University
Cristian Tiu	University at Buffalo
Shu-Feng Wang	Ajou University
Jiao Xue	Shanghai Jiao Tong University
Takeshi Yamada	Australian National University

15th Annual Conference on Asia-Pacific Financial Markets
(2020 CAFM)
December 4~5, 2020
Westin Chosun Hotel, Seoul, Korea and via Zoom

Although the COVID-19pandemic hits around the world, you can join the 2020 CAFM either on-site at the Western Chosun Hotel on December 4^th and 5^th, 2020 in Seoul, Korea or via Zoom.
Click here to register for the Conference by December 1st.(http://www.conftool.net/cafm2020)

Due to the travel restriction with 14-day quarantine upon arrival in Korea, if you reside abroad and plan to have on-site participation, you will need to arrive in Seoul by Friday morning of November 20^th, 2020 to complete the quarantine obligation. 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 welcome reception, the luncheon with keynote address, the farewell dinner with the award ceremony, and several coffee breaks.

You can still participate at 2020 CAFM on-line via Zoom. The fee for online participation is USD50, while the fee is reduced at USD25 to the member of Korean Securities Association.

This year, the CAFM conference features

• ￭ Keynote address
  Heitor Almeida (University of Illinois at Urbana-Champaign) “Liquidity Management in the Great Lockdown: Will There Be A Financial Crisis on Main Street?”
• ￭ Invited Lectures
  Lilian Ng (York University) ““International Market Integration: A Survey

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 http://www.conftool.net/cafm2020, 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 December 1^st.
For more information, please contact us by sending an email to 2020cafm@gmail.com.

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

Sincerely,

Hee-Joon Ahn, President, Korean Securities Association
Kwangwoo Park, Program Chair, CAFM 2020

Direction to the Westin Chosun Hotel, Seoul

FROM Incheon International Airport (ICN)

Travel Distance : Approximately 56.0 km/34.8 miles

Taxi

• • Fee : 70,000 KRW
• • Travel Time : 90 minutes

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

Hee-Joon Ahn, Ph.D.,
President of the KSA (heejoon@skku.edu),
Sungkyunkwan University

Kwangwoo Park, Ph.D.,
Program Chair and Review Committee Chair (kpark3@kaist.ac.kr),
KAIST

· Korean Securities Association

6F, Korea Financial Investment Association Building 143 Uisadang-daero, Yeongdeoungpo-gu, Seoul, Korea
Fax : 82-2-783-6359
E-mail : 2020cafm@gmail.com.