CALL FOR PAPERS The 16^th Annual Conference on Asia-Pacific Financial Markets (CAFM)
Seoul, Korea, December 3-4, 2021

Korean Securities Association (KSA) is pleased to announce its 16^th Annual Conference on Asia-Pacific Financial Markets (CAFM) to be held at the Westin Josun Hotel in Seoul, Korea, from December 3rd to December 4^th, 2021. We welcome interested scholars, practitioners, and policy-makers to submit research papers in all areas of finance for presentation at the conference.

Please note that we are closely monitoring the situation surrounding the coronavirus outbreak around the world. In case with travel restriction, we have a contingency plan that speakers can still participate at the conference online from the countries where they reside.

KEYNOTE SPEAKER

The keynote speaker for the 16th annual CAFM will be Itay Goldstein, the Joel S. Ehrenkranz Family Professor and a Professor of Finance at the Wharton School of the University of Pennsylvania. Professor Goldstein is an expert in the areas of corporate finance, financial institutions, and financial markets, focusing on financial fragility and crises and on the feedback effects between firms and financial markets. His research has been published in top academic journals, including the American Economic Review, the Journal of Finance, the Journal of Financial Economics, the Review of Economic Studies, and the Review of Financial Studies. Professor Goldstein is the Executive Editor of the Review of Financial Studies since 2018. Before that, he served there as an editor for five years. He is a Research Associate at the National Bureau of Economic Research. He was the co-founder and the first president of the Finance Theory Group and served as a director of the American Finance Association, the Western Finance Association, and the Financial Intermediation Research Society. He is a frequent speaker in academic and policy forums around the world, and acted as keynote speaker in leading academic conferences.

PAPER SUBMISSION

Papers written in English must be submitted via https://www.conftool.net/cafm2021, using MS Word or Adobe pdf file format from May 6th, 2021. The deadline for paper submission is August 22^nd, 2021. 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, 2021. If you have any questions with the paper submission, please let us know via email at cafm2021@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.

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 Lilian Ng (York University and the co-editor of AJFS), 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.

DUAL SUBMISSION OPTION WITH AJFS and KJFS

The 16^th 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.

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 9.9 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, 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 Josun 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-josun-seoul.

PROGRAM COMMITTEE CHAIR

Junghoon Seon, Konkuk University

CONFERENCE CONTACT

For additional information, please contact us via email at cafm2021@gmail.com.

Program of Conference

Friday, December 3, 2021

12:30 ~ 13:00	Registration (2F)
13:00 ~ 14:30	Academic Session 1, 2, 3, Doctoral Session I (2F)
14:45 ~ 16:15	Academic Session 4, 5, 6, Doctoral SessionII (2F)
16:30 ~ 17:30	Guest Lecture (2F) Morten Bennedsen (University of Copenhagen and INSEAD)

Saturday, December 4, 2021

09:00 ~ 10:00	Registration / Continental breakfast (2F)
10:00 ~ 11:30	Academic Session 7, 8, 9, 10 (2F)
11:45 ~ 13:45	Luncheon (2F, Orchid Room)
	Welcome Address :	Dr. Kwangwoo Park President, Korean Securities Association Dr. Itay Goldstein University of Pennsylvania
	Keynote Speech :
14:00 ~ 15:30	Academic Session 11, 12, 13, 14 (2F)
15:45 ~ 17:15	Academic Session 15, 16, 17, 18 (2F)
17:30 ~ 20:00	Farewell Dinner (2F, Orchid Room)
	Congratulatory Remarks :	Dr. Sung-wook Joh Chairperson, Korea Fair Trade Commission
	Keynote Speech :	Mr. Byungdoo Sohn Chairman and CEO, Korea Exchange
	Best Paper Award :	Dr. Junghoon Seon Program Chair

At-a-glance Program Schedule

Friday, December 3, 2021

TIME & Room 2F	Lilac	Tulip	Cosmos	Violet
12:30~13:00	Registration & Welcome(2F, The Westin Josun Hotel)
13:00~14:30	Session 1 Big Data in Finance Zoom Session Room	Session 2 Institutional Investors Zoom Session Room	Session 3 Textual Analysis & Big Data Zoom Session Room	Doctoral Student Session I DSC I Zoom Session Room
14:30~14:45	Coffee Break
14:45~16:15	Session 4 Behavioral Finance Zoom Session Room	Session 5 Market Efficiency & Anomalies Zoom Session Room	Session 6 Agency Theory & Contracts Zoom Session Room	Doctoral Student Session II DSC Ⅱ Zoom Session Room
16:15~16:30	Coffee Break
16:30~17:30	Guest Lecture Morten Bennedsen (Univ. of Copenhagen and INSEAD) Enter ZoomYoutube (Open to the Public)

Saturday, December 4, 2021

TIME & Room 2F	Lilac	Tulip	Cosmos	Violet
09:00~10:00	Registration / Continental Breakfast (2F, The Westin Josun Hotel)
10:00~11:30	Session 7 Sustainable Finance & Financial Intermediaries Zoom Session Room	Session 8 Personal & Household Finance Zoom Session Room	Session 9 Empirical Corporate Finance Zoom Session Room	Session 10 Empirical Corporate Finance Zoom Session Room
11:30~11:45	Break Time
11:45~13:45	Luncheon & Keynote Speech Itay Goldstein, Univ. of Pennsylvania Enter Zoom Youtube (Open to the Public)
13:45~14:00	Break Time
14:00~15:30	Session 11 Market Microstructure Zoom Session Room	Session 12 Corporate Governance Zoom Session Room	Session 13 Capital Structure Zoom Session Room	Session 14 Mutual Funds Zoom Session Room
15:30~15:45	Coffee Break
15:45~17:15	Session 15 Financial Intermediation Zoom Session Room	Session 16 Corporate Investment Zoom Session Room	Session 17 International Finance Zoom Session Room	Session 18 Empirical Research in Finance Zoom Session Room
15:45 ~ 17:15	Break Time
17:30 ~ 20:00	Award Ceremony & Farewell Dinner (2F, Orchid Room) Enter Zoom

Program Details

December 4, 13:00 - 14:30

Session 1 : Big Data in Finance Zoom Session Room [Password Required]

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

Title	Author	Discussant
Labor Force Demographics and Corporate Innovation	Francois Derrien (HEC Paris) Ambrus Kecskes (York Univ.)* Anh Nguyen Phuong (York Univ.)	TPengfei Li (Tsinghua Univ.)
Assessing and Addressing the Coronavirus-Induced Economic Crisis: Evidence from 1.5 Billion Sales Invoices	Zhuo Chen (Tsinghua Univ.) Pengfei Li (Tsinghua Univ.)* Li Liao (Tsinghua Univ.) Zhengwei Wang (Tsinghua Univ.)	DuckKi Cho (Peking Univ.)
It’s Not Who You Know—It’s Who Knows You: Employee Social Capital and Firm Performance	DuckKi Cho (Peking Univ.)* Lyungmae Choi (City Univ. of Hong Kong) Michael Hertzel (Arizona State Univ.) Jessie Jiaxu Wang (Arizona State Univ.)	Ambrus Kecskes (York Univ.)

Session 2: Institutional Investors Zoom Session Room [Password Required]

• Chair : Omrane Guedhami (Univ. of South Carolina)
• Room: Tulip

Title	Author	Discussant
Attention to Detail: Learning About Mergers	Adam L. Aiken (Elon Univ) Choonsik Lee (Univ. of Rhode Island)*	Jing Xie (Hong Kong Polytechnic Univ.)
Carbon Emissions, Institutional Trading, and the Liquidity of Corporate Bonds	Jie Cao (Chinese Univ. of Hong Kong) Yi Li (Board of Governors of the Federal Reserve System) Xintong Zhan (Chinese Univ. of Hong Kong) Weiming Zhang (Chinese Univ. of Hong Kong)* Linyu Zhou (Chinese Univ. of Hong Kong)	Soohun Kim (KAIST)
Investing in Influence: Investors, Portfolio Firms, and Political Giving	Marianne Bertrand (Univ. of Chicago) Matilde Bombardini (UC Berkeley) Raymond Fisman (Boston Univ.) Francesco Trebbi (UC Berkeley) Yegen, Eyub (HKUST)*	Ji Yeol Jimmy Oh (Hanyang Univ.)

Session 3 : Textual Analysis & Big Data Zoom Session Room [Password Required]

• Chair : Kook-Hyun Chang (Konkuk Univ.)
• Room: Cosmos

Title	Author	Discussant
Optimal Portfolio Using Factor Graphical Lasso	Tae-Hwy Lee (UC Riverside) Ekaterina Seregina (UC Riverside)*	Jaeram Lee (Gachon Univ.)
Executives’ Blaming External Factors and Market Reactions: Evidence from Earnings Conference Calls	Joonki Noh (Case Western Reserve Univ.)* Dexin Zhou (City Univ. of New York)	Chang-Mo Kang (Hanyang Univ.)
Do Short Sellers Use Textual Information? Evidence from Annual Reports	Hung Wan Kot (Univ. of Macau)* Frank Weikai Li (Singapore Management Univ.) Morris M. Liu (Univ. of Macau) K.C. John Wei (Hong Kong Polytechnic Univ.)	Daejin Kim (Sungkyunkwan Univ.)

Doctoral Student Session Ⅰ Zoom Session Room [Password Required]

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

Title	Author	Discussant
Location Matters: The Impact of Surrounding Environmental Condition on CEO Compensation	Suman Banerjee (Stevens Institute of Technology) Mark Humphery-Jenner (UNSW) Vikram Nanda (Univ. of Texas at Dallas) Xingjian Zhang (Stevens Institute of Technology)*	Jing Yu (Univ. of Sydney)
How Does Hedge Fund Activism Reengineer Corporate Culture?	Pil-Seng Lee (Univ. of Texas at Dallas)	Rui Shen (Chinese Unive. of Hong Kong)
Do Speculators Exacerbate Managerial Myopia? Evidence from Margin Traders in China	Jun Chen (UC San Diego)	Sun Lin (Fudan Univ.)

December 3, 14:45~16:15

Session 4: Behavioral Finance Zoom Session Room [Password Required]

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

Title	Author	Discussant
Asset Prices When Investors Ignore Discount Rate Dynamics	Wang Renxuan (Columbia Univ.)	Sungjune Pyun (National Univ. of Singapore)
Similar Stocks	Wei He (Southwestern Univ.) Yuehan Wang (Tsinghua Univ.)* Jianfeng Yu (Tsinghua Univ.)	Jung-Min Kim (Univ. of Seoul)
Investor Sentiment and the Pricing of Characteristics-Based Factors	Zhuo Chen (Tsinghua Univ.)* Bibo Liu (Tsinghua Univ.) Huijun Wang (Auburn Univ.) Zhengwei Wang (Tsinghua Univ.) Jianfeng Yu (Tsinghua Univ.)	Hong Kee Sul (Chung-Ang Univ.)

Session 5: Market Efficiency & Anomalies Zoom Session Room [Password Required]

• Chair : Kyoungwon Seo (Seoul National Univ.)
• Room: Tulip

Title	Author	Discussant
Do ETFs Have a Bright Side? Price Discovery and the Primary Market Activity of Authorized Participants	Cao Fang (Univ. of Arkansas)* Wayne Y. Lee (Univ. of Arkansas) Craig G. Rennie (Univ. of Arkansas)	Yongjun Kim (Univ. of Seoul)
Rationally Neglected Stocks	Oleg Chuprinin (UNSW) Arseny Gorbenko (Monash Univ.) Chang-Mo Kang (Hanyang Univ.)*	Tong (Tony) Zhou (Shanghai Tech Univ.)
The Pricing of Idiosyncratic Cash Flow Risk with Heterogeneous Beliefs	Michael Gallmeyer (Univ. of Virginia) Hogyu Jhang (Chungnam National Univ.)* Hwagyun Kim (Texas A&M Univ.)	Xi Wang (Peking Univ.)

Session 6: Agency Theory & Contracts Zoom Session Room [Password Required]

• Chair: Dong Wook Lee (Korea Univ.)
• Room: Cosmos

Title	Author	Discussant
Institutional Investor Attention, Agency Conflicts, and the Cost of Debt	Sadok El Ghoul (Univ. of Alberta) Omrane Guedhami (Univ. of South Carolina) Sattar Mansi (Virginia Tech) Hyo Jin Yoon (Univ. of Texas at El Paso)*	Hyun Seung Na (Korea Univ.)
Agency Costs of CEO Political Ideology	Othman Alolah (UC Riverside) Raymond Nam Kim (Northern Arizona Univ.)*	Sunwoo Hwang (Korea Univ.)
Shareholder Financial Difficulties and Firms’ Risk-Shifting Behavior: Evidence from the 2003 Mutual Fund Scandal	Jun-Koo Kang (Nanyang Technological Univ.) Fangbo Si (Nanyang Technological Univ.)*	Raymond Nam Kim (Northern Arizona Univ.)

Doctoral Student Session Ⅱ Zoom Session Room [Password Required]

• Chair : Daehwan Kim (Knokuk Univ.)
• Room: Violet

Title	Author
Spillover Effects on Managerial bad News Hoarding Behavior: Evidence from MD&A Textual Analysis and Stock Price Crash Risk	Sanghak Choi (UNIST)* Hail Jung (UNIST) Daejin Kim (UNIST)
Can a Machine Learn from Behavioral Biases? Evidence from Stock Return Predictability of Deep Learning Models	Suk-Joon Byun (KAIST) Sangheum Cho (KAIST)* Da-Hea Kim (Sungkyunkwan Univ.)
Dollar Dominance in FX Trading	Fabricius Somogyi (Uni St.Gallen)

Guest Lecture (16:30~17:30, December 3) Enter Zoom Youtube (Open to the Public)
Family Firms in Emerging Markets	Morten Bennedsen (Univ. of Copenhagen and INSEAD)

December 4, 10:00-11:30

Session 7 : Sustainable Finance & Financial Intermediaries Zoom Session Room [Password Required]

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

Title	Author	Discussant
Does Media Coverage of Firms’ Environment, Social, and Governance (ESG) Incidents Affect Analyst Coverage and Forecasts?	Zhichao Li (Durham Univ.) Guanming He (Durham Univ.)*	Le Zhang (Australian National Univ.)
ESG Lending	Sehoon Kim (Univ. of Florida) Nitish Kumar (Univ. of Florida) Jongsub Lee (Seoul National Univ.) Junho Oh (Hong Kong Polytechnic Univ.)*	Xintong Zhan (Chinese Univ. of Hong Kong)
The Salience of ESG Ratings for Stock Pricing: Evidence From (Potentially) Confused Investors	Aleksandra Rzeźnik (York Univ.)* Kathleen Weiss Hanley (Lehigh Univ.) Loriana Pelizzon (Goethe Univ.)	Qifei Zhu (Nanyang Technological Univ.)

Session 8 : Personal & Household Finance Zoom Session Room [Password Required]

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

Title	Author	Discussant
Financial Access and Labor Market Outcomes: Evidence from Credit Lotteries	Bernadus Van Doornik (Banco Central do Brasil) Armando Gomes (Washington Univ.) David Schoenherr (Princeton Univ.)* Janis Skrastins (Washington Univ.)	Felipe Correia (Univ. of Georgia)
Leverage Made at Home: Investors’ Margin Loan Usage and Firm Leverage	Chunbo Liu (Southwestern Univ.)* Zilong Niu (Southwestern Univ.)	Liheng Lei (UIUC)
Do Local Newspapers Matter to Institutional Investors?	Byoung Uk Kang (Hong Kong Polytechnic Univ.)* Jonathan Sangwook Nam (Hong Kong Polytechnic Univ.)	Eunji Oh (WRDS)

Session 9 : Empirical Asset Pricing Zoom Session Room [Password Required]

• Chair : Dongcheol Kim (SolBridge International school of Business)
• Room: Cosmos

Title	Author	Discussant
Firm Characteristics and Stock Price Levels: A Long-Term Discount Rate Perspective	Yixin Chen (Univ. of Rochester)* Ron Kaniel (Univ. of Rochester)	Yixin Chen (Univ. of Rochester)* Ron Kaniel (Univ. of Rochester)
A One-factor Model for Expected Night-minus-day Stock Returns	Zhongjin (Gene) Lu (Univ. of Georgia) Zhongling (Danny) Qin (Auburn Univ.)*	Byoung-Kyu Min (Hanyang Univ.)
Characteristics-Based Factors	Zhuo Chen (Tsinghua Univ.) Bibo Liu (Tsinghua Univ.) Huijun Wang (Univ. of Melbourne, Australia) Zhengwei Wang (Tsinghua Univ.) Jianfeng Yu (Tsinghua Univ.)*	Yixin Chen (Univ. of Rochester)

Session 10 : Empirical Corporate Finance Zoom Session Room [Password Required]

• Chair : Jong-Bom Chay (Sungkyunkwan Univ.)
• Room: Violet

Title	Author	Discussant
Outsourcing Climate Change	Rui Dai (WRDS) Rui Duan (WU Vienna Univ.) Hao Liang (Singapore Management Univ.) Lilian Ng (York Univ.)*	Sehoon Kim (Univ. of Florida)
Communities as Stakeholders: Impact of Corporate Bankruptcies on Local Governments	Sudheer Chava (Georgia Tech) Baridhi Malakar (Georgia Tech)* Manpreet Singh (Georgia Tech)	Ju Hyun Kim (Ajou Univ.)
Startup (Dis)similarity and Types of Earlystage Financing	S. Katie Moon (Univ. of Colorado at Boulder) Paula Suh (Univ. of Georgia)*	Jong-Min Oh (Sungkyunkwan Univ.)

Keynote Speech and Luncheon (11:45~13:45, December 4) Enter Zoom Youtube (Open to the Public)
Financial Fragility and Mutual Funds	Itay Goldstein (Univ. of Pennsylvania)

December 4, 14:00-15:30

Session 11 : Market Microstructure Zoom Session Room [Password Required]

• Chair : Hee-Joon Ahn (Sungkyunkwan Univ.)
• Room: Lilac

Title	Author	Discussant
Retail Trader Sophistication and Stock Market Quality: Evidence from Brokerage Outages	Gregory W. Eaton (Oklahoma State Univ.)* Clifton Green (Emory Univ.) Brian S. Roseman (Oklahoma State Univ.) Yanbin Wu (Emory Univ.)	Joonki Noh (Case Western Reserve Univ.)
Coexisting Exchange Platforms: Limit Order Books and Automated Market Makers	Jun Aoyagi (HKUST) Yuki Ito (UC Berkeley)*	Jongsub Lee (Seoul National Univ.)
Getting Burned by Frictionless Financial Markets	Anirudh Dhawan (Univ. of Technology Sydney)* Benjamin Loos (Technical Univ. of Munich) Marco Navone (Univ. of Technology Sydney) Talis Putnins (Univ. of Technology Sydney)	Gregory Eaton (Oklahoma State Univ.)

Session 12 : Corporate Governance Zoom Session Room [Password Required]

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

Title	Author	Discussant
Crowd-Sourced CEO Approval and Turnover	Sea-Jin Chang (National Univ. of Singapore) Ji Yeol Jimmy Oh (Hanyang Univ.)* Kwangwoo Park (KAIST)	Fangbo Si (Nanyang Technological Univ.)
Shareholder Litigation and Workplace Safety	Ning Gong (Deakin Univ.) Lixiong Guo (Univ. of Alabma)* Zhiyan Wang (Univ. of Alabma)	Eyub Yegen (HKUST)
Customer Concentration and Firm Risk: The Role of Outside Directors from Customers	Taeyeon Kim (Sungkyunkwan Univ.)* Hyun-Dong Kim (Sogang Univ.) Kwangwoo Park (KAIST)	Guanming He (Durham Univ.)

Session 13: Capital Structure Zoom Session Room [Password Required]

• Chair : Young Sang Kim (Northern Kentucky Univ.)
• Room: Cosmos

Title	Author	Discussant
Strategic Adjustment of Capital Structure: Evidence from Firms Newly Added to the S&P 500 Index	Eunpyo Hong (George Washington Univ.) Min Hwang (George Washington Univ.) Jiyoon Lee (Yonsei Univ.)*	Jungwon Suh (Sungkyunkwan Univ.)
Average Cash-Savings Rates in Equity Issues: Is Cash a Side Show?	Sadok El Ghoul (Univ. of Alberta) Omrane Guedhami (Univ. of South Carolina) Eun Jung Lee (Hanyang Univ.) Jungwon Suh (Sungkyunkwan Univ.)*	Hyeun Han (UNIST)
Capital Structure under Imperfect Product Market Competition: Theory and Evidence	Hae Won Jung (Univ. of Melbourne)* Dalida Kadyrzhanova (Federal Reserve Board) Ajay Subramanian (Georgia State Univ.)	Sooyoung Song (Chung-Ang Univ.)

Session 14: Mutual Funds Zoom Session Room [Password Required]

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

Title	Author	Discussant
Fund Flows in the Shadow of Stock Trading Regulation: Evidence from China	Xiang Kang (J. P. Morgan Chase & Co.) David Xiaoyu Xu (Univ. of Texas at Austin)*	Heebum Lee (Korea Univ.)
Capital Allocation and the Market for Mutual Funds: Inspecting the Mechanism	Jules H. van Binsbergen (Univ. of Pennsylvania) Jeong Ho (John) Kim (Emory Univ.) Soohun Kim (KAIST)*	Donghyun Kim (Chung-Ang Univ.)
Are Passive Investors also Passive Voters? Evidence from Securities Lending by Mutual Funds	Jing Xie (Hong Kong Polytechnic Univ.)	Jun Kyung Auh (Yonsei Univ.)

December 4, 15:45~17:15

Session 15 : Financial Intermediation Zoom Session Room [Password Required]

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

Title	Author	Discussant
Natural Disasters and the Role of Regional Lenders in Economic Recovery	Hursit S. Celil (Peking Univ. HSBC Business School) Seungjoon Oh (Peking Univ. HSBC Business School)* Srinivasan Selvam (Peking Univ. HSBC Business School	Jiyoon Lee (Yonsei Univ.)
Dissecting Bond Volatility	Jie Cao (The Chinese Univ. of Hong Kong) Tarun Chordia (Emory Univ.) Linyu Zhou (The Chinese Univ. of Hong Kong)*	Dragon Tang (Hong Kong Univ.)
The Carrot and the Stick: Bank Bailouts and the Disciplining Role of Board Appointments	Christian Müecke (LeibnizInstitute for Financial Research SAFE) Loriana Pelizzon (LeibnizInstitute for Financial Research SAFE) Vincenzo Pezone (Tilburg Univ)* Anjan Thakor (Washington Univ.)	Dong Beom Choi (Seoul National Univ.)

Session 16 : Corporate Investment Zoom Session Room [Password Required]

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

Title	Author	Discussant
Creative Destruction and the Bright Side of Economic Downturns	Shahram Amini (Univ. of Denver)* Andrew MacKinlay (Virginia Tech) James Weston (Rice Univ.)	Doowon Lee (Univ. of Newcastle)
Labor Turnover, Firm Investment, and Stock Returns	Jaewan Bae (KAIST)* Jangkoo Kang (KAIST)	Jeewon Jang (Ajou Univ.)
Collateral Constraints, Trademarks, and Corporate Activities	Zhaoxia Xu (UNSW)	Taehyun Kim (Chung-Ang Univ.)

Session 17: International Finance Zoom Session Room [Password Required]

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

Title	Author	Discussant
Effect of Ownership Composition on Property Prices and Rents: Evidence from Chinese Investment Boom in US Housing Markets	Jung Sakong (Federal Reserve Bank of Chicago)	Hyun-Soo Choi (KAIST)
What Explains Cross-Country Difference in Corporate Valuations? Growth Opportunities or Profitability?	Dong Wook Lee (Korea Univ.)* Lingxia Sun (Sun Yat-sen Univ.)	Yeejin Jang (UNSW)
Learning Through Social Networks: How Foreign Workers Optimize FinTech Usage for Remittances	Sumit Agarwal (National Univ. of Singapore) Sangheum Cho (KAIST) Hyun-Soo Choi (KAIST)* Leora Klapper (The World Bank)	Hongkee Sul (Chung-Ang Univ.)

Session 18 : Empirical Research in Finance Zoom Session Room [Password Required]

• Chair: Jinho Byun (Ewha Womans Univ.)
• Room: Violet

Title	Author	Discussant
Polluted Waters and Municipal Finance	Daisy Huang (South western Univ)* Amit Kumar (HKUST)	Hyemin Kim (Hanyang Univ.)
Risk Management with Variable Capital Utilization and Procyclical Collateral Capacity	Guojun Chen (National Univ. of Singapore)* Zhongjin Lu (Univ. of Georgia) Siddharth Vij (Univ. of Georgia)	Junho Park (Myongji Univ.)
It Depends Who you Ask: Context Effects in the Perception of Stock Returns	Constantinos Antoniou (Univ. of Warwick) Junyang Guo (Univ. of Warwick)* Neil Stewart (Univ. of Warwick)	Sung Won Seo (Konkuk Univ.)

December 4, 17:30~20:00 Enter Zoom Award Ceremony & Farewell Dinner

2021 CAFM Program Committee

Junghoon Seon (Chair)	Konkuk University
Jin Q Jeon	Dongguk University
Yongmin Joe	Korea University
Chang-Mo Kang	Hanyang University
Daejin Kim	Sungkyunkwan University
Hyun-Dong Kim	Sogang University
Noolee Kim	Hanyang University
Sung-Tae Kim	Dong-Eui University
Kyoung-Min Kwon	Hongik University
Dongyoup Lee	Kookmin Unversity
Hyung Chul Lee	Chungbuk National University
Junyoup Lee	Sungkyunkwan University
Kaun Y. Lee	Chung-Ang University
Sangwhi Lee	Kyung Hee University
Ji Yeol Jimmy Oh	Hanyang University
Heungju Park	Sungkyunkwan University
Sung Won Seo	Konkuk University
Jungsoon Shin	Ewha Womans University

2021 CAFM Review Committee

Junghoon Seon (Chair)	Konkuk University
Hee-Joon Ahn	Sungkyunkwan University
Byeong-Je An	Nanyang Technological University
Jun Kyung Auh	Yonsei University
Jinho Byun	Ewha Womans University
Yenn-Ru Chen	National Chengchi University
Dong Beom Choi	Seoul National University
Hyun-Soo Choi	KAIST
Jaewon Choi	UIUC and Yonsei University
Chune Young Chung	Chung-Ang University
Ji-Woong Chung	Korea University
Y. Peter Chung	UC Riverside
Hyun Soo Doh	Nanyang Technological University
Vidhan Goyal	Hong Kong University of Science and Technology
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
Sahn-Wook Huh	University (SUNY) at Buffalo
Yeejin Jang	University of New South Wales
Byoung Uk Kang	Hong Kong Polytechnic University
Jangkoo Kang	KAIST
Jun-Koo Kang	Nanyang Technological University
Kee-Youn Kang	Yonsei University
Baeho Kim	Korea University
Daniel Kim	BI Norwegian Business School
Hugh Hoikwang Kim	University of South Carolina
Jinmo Kim	Rutgers University
Joonghyuk Kim	Korea University
Jun Sik Kim	Incheon National University
Jung-Wook Kim	Seoul National University
Jungmin Kim	The Hong Kong Polytechnic University
Ryoonhee Kim	KAIST
Soohun Kim	KAIST
Taehyun Kim	Chung-Ang University
Woojin Kim	Seoul National University
Dong Wook Lee	Korea University
Inmoo Lee	KAIST
Jiyoon Lee	Yonsei University
Jongsub Lee	Seoul National University
Jung Hoon Lee	Vanderbilt University
Byoung-Kyu Min	Hanyang University
Hyun Seung Na	Korea University
Lilian Ng	York University
Joonki Noh	Case Western Reserve University
Jong-Min Oh	SungKyunKwan University
Seungjoon Oh	Peking University HSBC Business School
Hoonsuk Park	University of Melbourne
Jung Chul Park	The University of south Florida
Seongkyu (Gilbert) Park	Hong Kong Polytechnic University
David Schoenherr	Princeton University
Kyoungwon Seo	Seoul National University
Jungwon Suh	Sungkyunkwan University
Hongping Tan	McGill University
Cristian Tiu	University (SUNY) at Buffalo
Shu-Feng Wang	Ajou University
Takeshi Yamada	Australian National University

16th Annual Conference on Asia-Pacific Financial Markets
(CAFM 2021)
December 3~4, 2021
Westin Chosun Hotel, Seoul, Korea and via Zoom

Although the COVID-19 pandemic hits around the world, you can join CAFM 2021 either on-site at the Western Chosun Hotel on December 3rd and 4th, 2021 in Seoul, Korea or via Zoom.
Click here to register for the Conference by November 25^th, 2021 (https://www.conftool.net/cafm2021)

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 19th, 2021 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 luncheon with keynote address, the farewell dinner with the award ceremony, and several coffee breaks.
You can still participate at CAFM 2021 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
  Itay Goldstein (University of Pennsylvania), “Information in Financial Markets and Its Real Effects”
• ￭ Guest Lecture
  Morten Bennedsen (University of Copenhagen and INSEAD), “Family Firms in Emerging Markets”

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/cafm2021, 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 25^th, 2021.
For more information, please contact us by sending an email to cafm2021@gmail.com.

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

Sincerely,

Kwangwoo Park, President, Korean Securities Association
Junghoon Seon, Program Chair, CAFM 2021

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 Josun 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 Information

· For additional information, Please contact one of us

Kwangwoo Park, Ph.D.,
President of the KSA (kpark3@kaist.ac.kr),
KAIST

Junghoon Seon, Ph.D.,
Program Chair and Review Committee Chair (jhseon@konkuk.ac.kr),
Konkuk University

· Korean Securities Association

6F, Korea Financial Investment Association Building 143 Uisadang-daero, Yeongdeoungpo-gu, Seoul, Korea
Fax : 82-2-783-6359
E-mail : cafm2021@gmail.com..