Conference Agenda

14th Conference on Asia-Pacific Financial Markets (CAFM)


Date: Friday, 06/Dec/2019

1:00pm - 2:00pm

Day 1 Registration

2F Foyer, Westin Chosun 

2:00pm - 3:30pm

Session 01: Corporate Investment
Session Chair: Prof. Kyojik "Roy" Song, Sungkyunkwan University;



Corruption, Dodd-Frank Whistleblowing, and Corporate Investment

Qingjie Du

Hong Kong Polytechnic University;


Discussion: Seungjoon Oh, Pecking HSBC Business School

Does Corporate Investment Respond to Time-Varying Cost of Capital? Empirical Evidence

Yongjin Kim

City University of Hong Kong


Discussion: Hope Hyeun Han, UNIST

Capitalizing on Sustainability: Value of Going Green

Kim, Taehyun1, Kim, Yongjun2

1UNIST; 2Univresity of Seoul;


Discussion: Jeewon Jang, Ajou University


2:00pm - 3:30pm

Session 02: Liquidity
Session Chair: Prof. Bohui Zhang, Chinese University of Hong Kong;



U.S. Monetary Policy Transmission and Liquidity Risk Premia around the World

Kuan-Hui Lee1, Andrew Karolyi2, Mathijs van Dijk3

1Seoul National University; 2Cornell University; 3Erasmus University;


Discussion: Daejin Kim, UNIST

Stock Prices, Changes in Liquidity, and Liquidity Premia

Bong-Gyu Jang1, Bong-Soo Lee2, Hyun-Tak Lee3,4

1POSTECH; 2Florida State University; 3Korea Asset Management Corporation; 4National University of Singapore;


Discussion: Joonki Noh, Case Western Reserve University

Bond Market Development, Bank Portfolio Structure and Liquidity Risk: Evidence from Emerging Markets

Donghyun Park, Shu Tian, Marie Anne Cagas

Asian Development Bank


Discussion: Hae Jin Chung, Sejong University


2:00pm - 3:30pm

Special Lecture on Recent Trends in Finance


“The Role of Digitization in Asia”

Prof. Sumit Agarwal (NUS)

Cosmos & Violet 

3:30pm - 3:50pm

Coffee Break 1


3:50pm - 5:50pm

Session 03: Labor and Human Capital
Session Chair: Prof. Sumit Agarwal, National University of Singapore;



Labor Leverage, Financial Leverage, and the Dissection of Expected Returns

Jaewon Choi1, Andres Donangelo2, Yongjun Kim3

1University of Illinois at Urbana-Champaign; 2University of Texas at Austin; 3University of Seoul;


Discussion: Jae-Ram Lee, Gachon University

Firm Uncertainty and Household Spending

Hoonsuk Park1, Iván Alfaro2

1Nanyang Technological University; 2BI Norwegian Business School;


Discussion: Hyun-Soo Choi, KAIST

How Do Equity Offerings Affect Firms? Evidence on Technology, Employee and Performance

E. Han Kim1, Heuijung Kim2, Yuan Li3, Yao Lu4, Xinzheng Shi4

1University of Michigan; 2Sungkyunkwan University; 3University of Southern California; 4Tsinghua University


Discussion: Soo Young Song, Chung-Ang University

Local Employment Opportunities and Corporate Retention Policies

Kyeong Hun Lee1, Karin Thorburn1, Emma Q. Xu2

1Norwegian School of Economics; 2University of Texas at El Paso;


Discussion: Soyeon Im, Xiamen University


3:50pm - 5:50pm

Session 04: Managerial Incentives
Session Chair: Prof. Woojin Kim, Seoul National University;



Bond Funds and Credit Risk

Jaewon Choi1, Amil Dasgupta2, Ji Yeol Jimmy Oh3

1University of Illinois at Urbana-Champaign; 2London School of Economics; 3Hanyang University;


Discussion: Jaehoon Lee, DeepSearch Analytics

Tournament Incentives and Firm Performance: Does Gender Matter?

Bobae Choi1, Md Reiazul Haque1, Doowon Lee1, Sue Wright2

1University of Newcastle; 2University of Technology Sydney;


Discussion: Ryoonhee Kim, Soongsil University

Can Short Selling Constrain the Shift Between Accrual-based and Real Earnings Management?

Tianyu Cai1, Lixiong Guo2, Rik Sen1

1University of New South Wales; 2University of Alabama;


Discussion: Hyeongsop Shim, Gachon University

Do Mutual Fund Managers Care About Star Ratings? Evidence from Portfolio Pumping

Sanghyun (Hugh) Kim

University of Texas at Dallas;


Discussion: Kyounghun Bae, Hanyang University


3:50pm - 5:50pm

Session 05: Return Predictability
Session Chair: Prof. Kuan-Hui Lee, Seoul National University;



Information Glitters: Follow Northbound Investors on China’s Interconnected Market

Keqi Chen, Yuehan Wang, Xiaoquan Zhu

Tsinghua University;


Discussion: Woo Hwa Koh, KAIST

Bank Lending Cycle and Expected Stock Returns

Heungju Park1, Bumjean Sohn2

1Sungkyunkwan University; 2Korea University;


Discussion: Dong Beom Choi, Seoul National University

Splitting and Shuffling: Trading Motives and Order Submissions across Brokers

Munhee Han

University of Texas at Dallas;


Discussion: Sang-Ook Shin, UNIST

The Pricing of the Illiquidity Factor’s Conditional Risk with Time-varying Premium

Yakov Amihud1, Joonki Noh2

1New York University; 2Case Western Reserve University;


Discussion: Shu-Feng Wang, Ajou University


3:50pm - 5:50pm

Doctoral Session: Doctoral Student Consortium
Session Chair: Prof. Xuan Tian, Tsinghua University;



Incorporating Financial Big Data in Small Portfolio Risk Analysis: Market Risk Management Approach

Donggyu Kim, Seunghyeon Yu


Does Diversification of Share Classes Increase Firm Value?

Sojung Kim

Korea University;

Anti-takeover Provisions and Shareholders Wealth: Evidence from a Natural Experiment on the Supermajority Provision

Hyeong Joon Kim, Seung Hun Han


The Impact of Investment Grade Cut-offs on Firms’ Investment Decisions and Performance

Seonhyeon Kim

Korea University;


6:00pm - 7:30pm

Welcome Reception

Welcome Address: Dr. Jhinyoung Shin, KSA President



Date: Saturday, 07/Dec/2019

8:30am - 9:30am

Day 2 Registration

2F Foyer, Westin Chosun 

9:30am - 11:30am

Session 06: Behavioral Finance
Session Chair: Prof. Joong Hyuk Kim, Korea University



Understanding the Effects of Alternative Cost-of-Equity Proxies on Corporate Investment and Financing

Soku Byoun1, Kai Wu2

1Baylor University; 2Central University of Finance and Economics; 


Discussion: Yongjin Kim, City University of Hong Kong

The Voice of Risk: Wall Street CEOs’ Vocal Masculinity and Financial Crisis in 2008

Andy (Y. Han) KIM1, Min Jung KANG2, Hyung Seok KIM3

1Sungkyunkwan University; 2University of Michigan-Flint; 3Konkuk University;


Discussion: James (Jin Kwan) Park, Korea University

Impact of Price Path on Disposition Bias

Avijit Bansal, Joshy Jacob

Indian Institute of Management Ahmedabad;


Discussion: Soosung Hwang, Sungkyunkwan University

Inertia of Institutional Investors: Rational or Behavioral?

Mohammad "Vahid" Irani, Hugh Hoikwang Kim

University of South Carolina;


Discussion: Sanghyun Kim, University of Texas at Dallas


9:30am - 11:30am

Session 07: Hedge Funds
Session Chair: Prof. Junesuh Yi, Dongguk University;



Does Portfolio Disclosure Make Money Smarter?

Byoung Uk Kang2, Andrew John Sinclair1, Stig J. Xeno2

1The University of Hong Kong; 2The Hong Kong Polytechnic University;


Discussion: Gene Ambrocio, Bank of Finland

Hedge Fund Awards: Do Investors and Managers Care, and Should They?

Hyung Kyu Choi, Byoung Uk Kang, Seongkyu “Gilbert" Park

The Hong Kong Polytechnic University


Discussion: Sun-Joong Yoon, Dongguk University

Rank, Sign, and Momentum

Chen, Tsung-Yu1, Chou, Pin-Huang2 Ko, Kuan-Cheng3, Rhee, S. Ghon4

1Shanghai Business School, 2National Central University, 3National Chi Nan University, 4University of Hawaii


Discussion: Taejin Kim, Korea University

Bear Market Risk and the Cross-section of Hedge Fund Returns

Thang Minh Ho, Anastasios Kagkadis, Jiaguo Wang

Lancaster University;


Discussion: Andrew John Sinclair, University of Hong Kong


9:30am - 11:30am

Session 08: Innovation
Session Chair: Prof. Hoje Jo, Santa Clara University;



How Creative are Professor Directors? The Impact of Academic Expertise on Corporate Innovation

Dong Chen1, Yanmin Gao2, Phyllis Mo2, Desmond Tsang3

1Wuhan University; 2City University of Hong Kong; 3McGill University;


Discussion: Junyoup Lee, UNIST

Property Rights and Debt Financing

Paula Suh

University of Georgia;


Discussion: Haehean Park, Southwestern University of Finance and Economics

A Dark Side of Corporate Venture Capital

Xuan Tian1, Kailei Ye2

1Tsinghua University; 2University of North Carolina at Chapel Hill


Discussion: Jong-Min Oh, Sungkyunkwan University

Information Transparency in Drug Development: Evidence from Mandatory Disclosure of Clinical Trials

Po-Hsuan Hsu1, Kyungran Lee2, S. Katie Moon3, Seungjoon Oh4

1National Tsing Hua University; 2University of Hong Kong; 3University of Colorado Boulder; 4 Peking University HSBC Business School;


Discussion: Kyoungwon Mo, Chung-Ang University


9:30am - 11:30am

Session 09: International Finance
Session Chair: Prof. Joon Chae, Seoul National University;



Credit Default Swaps around the World: Investment and Financing Effects

Sohnke Bartram1, Jennifer Conrad3, Jongsub Lee3, Marti Subramanyam4

1Warwick Business School; 2University of North Carolina; 3Seoul National University; 4NYU Stern School of Business;


Discussion: Baeho Kim, Korea University

Country Index Comovement

Sungjune Pyun, Johan Sulaeman

National University of Singapore;


Discussion: Bum Kim, Soongsil University

How Does Corporate Governance Affect Tax Avoidance?

E. Han Kim1, Yao Lu2, Xinzheng Shi2, Dengjin Zheng3

1University of Michigan; 2Tsinghua University; 3Central University of Finance and Economics;


Discussion: Yenn-Ru Chen, National Chengchi University

Information Choice, Shock Transmission and Contagion

Adelina Barbalau

University of Alberta;


Discussion: Ryumi Kim, Chungbuk National University


11:30am - 1:30pm

Luncheon: Keynote Speech by Prof. Ronald W. Masulis (UNSW)

“Recent Evidence on Boards of Directors and CEO Incentives”


1:30pm - 3:30pm

Session 10: Debt Financing
Session Chair: Prof. Lilian K. Ng, York University;



Firm-level Political Risk and Bank Loan Contracting

Yang Wang

The Hong Kong Polytechnic University;


Discussion: Jonog Ho Han, Sungkyunkwan University 

Friends for the benefits: The effects of political ties on sovereign borrowing conditions

Gene Ambrocio1, Iftekhar Hasan2,1

1Bank of Finland; 2Fordham University;


Discussion: Donghyun Park, Asia Development Bank

Spillover Effects of IPOs along Supply Chains: Evidence on Debt Financing

Sung C Bae1, Iftekhar Hasan2,3, Liuling Liu1, Haizhi Wang4

1Bowling Green State University; 2Fordham University; 3Bank of Finland; 4Illinois Institute of Technology;


Discussion: Hyun Seung Na, Korea University

What Matters During Bad Times? Evidence from the Bond Market

Sadok El Ghoul1, Omrane Guedhami2, Sattar Mansi3, Hyo Jin Yoon2

1University of Alberta; 2University of South Carolina; 3Virginia Tech;


Discussion: Heungju Park, Sungkyunkwan University


1:30pm - 3:30pm

Session 11: Financial Intermediation
Session Chair: Prof. Kwangwoo Park, KAIST




Economic uncertainty and bank risk: Evidence from emerging economies

Ji Wu1, Yao Yao1, Minghua Chen1, Bang Nam Jeon2

1Southwestern University of Finance and Economics; 2Drexel University;


Discussion: Paul Brockman, Lehigh University

Dismembered Giants: Bank Divestitures and Local Lending

Yong Kyu Gam1, Yunqi Zhang2

1Southwestern University of Finance and Economics; 2Nankai University;


Discussion: Martin J. Dierker, KAIST

Securitization and Screening Incentives: Evidence from Mortgage Processing Time

Dong Beom Choi1, Jung-Eun Kim2

1Seoul National University; 2Federal Reserve Bank of Richmond;


Discussion: Ji Wu, Southwestern University of Finance and Economics

Market Microstructure Evidence of China’s Market-Wide Circuit Breakers

Xinru Wang1, Maria H. Kim1, Sandy Suardi1, Jing Zhao2

1University of Wollongong; 2La Trobe University;


Discussion: Cheolwon Yang, Dankook University


1:30pm - 3:30pm

Special Lectures on Recent Trends in Finance


“The Latest Trends on Investor Behavior, Information, and Investor Sentiment”

Prof. Diego Garcia (University of Colorado)


“Political Uncertainty and Finance”

Prof. Bohui Zhang (CUHK Shenzhen)

Cosmos & Violet 

3:30pm - 3:50pm

Coffee Break 3


3:50pm - 5:50pm

Session 12: Corporate Social Responsibility
Session Chair: Prof. Hyun-Han Shin, Yonsei University;



Universal Ethics or Ethical Relativism? Evidence from Firm Internationalization and Emissions

Jongmoo Jay Choi1, Hoje Jo2, Haehean Park3, Lingxia Sun4

1Temple University; 2Santa Clara University; 3Southwestern University of Finance and Economics; 4Nankai University;


Discussion: Hyo Jin Yoon, University of South Carolina

Terrorist Attack and Corporate Social Responsibility

Trung K. Do1,2, Hongren Huang1, Albert Tsang3

1National Central University; 2Danang Architecture University; 3York University;


Discussion: Hyoseok Hwang, University of Wisconsin at Eau Claire

Brain Drain: The Impact of Air Pollution on Firm Performance

Shuyu Xue1, Bohui Zhang2, Xiaofeng Zhao3

1Singapore Management University; 2The Chinese University of Hong Kong; 3Lingnan University;


Discussion: Taehyun Kim, UNIST

Local Shareholders, Corporate Community Responsibility, and Shareholder Value

Hyoseok Hwang1, Hyun Gon Kim2, Jung Yeun Kim2

1University of Wisconsin at Eau Claire; 2Rutgers University at Camden;


Discussion: Jong-Min Oh, Sungkyunkwan University


3:50pm - 5:50pm

Session 13: Information Transmission and Market Frictions
Session Chair: Prof. Diego Garcia, University of Colorado;



Shorting Costs and Profitability of Long–Short Strategies

Dongcheol Kim, Byeung-Joo Lee

Korea University;


Discussion: Yanbo Wang, Sungkyunkwan University

Withholding Bad News When Competing Peers Have Common Customers

Rui Dai1, Rui Duan2, Lilian Ng2

1University of Pennsylvania; 2York University;


Discussion: Doowon Lee, University of New Castle


Machine Invasion: Automation in Information Processing and the Cross Section of Stock Returns

Yanbo Wang, Raunaq Pungaliya

Sungkyunkwan University;


Discussion: Donghyun Kim, Chung-Ang University


3:50pm - 5:50pm

Session 14: Korean Capital Market
Session Chair: Prof. E. Han Kim, Univ. of Michigan;



The Rise of a Network: The Spillover of Political Patronage and Cronyism to the Private Sector

David Schoenherr1, Terry Moon2

1Princeton University; 2University of British Columbia;


Discussion: Andy (Y. Han) Kim, Sungkyunkwan University

Board Diversity, Director Dissent, and Monitoring Effectiveness

Jun-Koo Kang1, Seil Kim2, Seungjoon Oh3

1Nanyang Technological University; 2Baruch College, CUNY; 3Peking University HSBC Business School;


Discussion: Saeyeul Park, Yonsei University

Uncoordinated Hedging and Price Chain Reaction

Jun Kyung Auh, Wonho Cho

Yonsei University;

Discussion: Dahae Kim, Sungkyunkwan University

Do Bad Targets Become Worse Targets? Evidence from Sequential Transfers of Control Blocks

Euna Cho1, Woojin Kim2

1Bank of Korea; 2Seoul National University;


Discussion: Desmond Tsang, McGill University


3:50pm - 5:50pm

Session 15: Law and Tax
Session Chair: Prof. Woochan Kim, Korea University;



The Estate Tax and Payout Policy in Family Firms

Yeejin Jang1, So-Yeon Lim2

1University of New South Wales, 2Xiamen University;


Discussion: Yao Lu, Tsinghua University

Financial Liberalization, Investor Protection and Corporate Cash

Yenn-Ru Chen, Robin K Chou, Johnny Chou

National Chengchi University;


Discussion: Yunxiao Liu, Shanghai University

Does Shareholder Litigation Risk cause Public Firms to Delist? Evidence from Securities Class Action Lawsuits

Jonathan Brogaard1, Nhan Le2, Duc Duy (Louis) Nguyen3, Vathynyoo (Ben) Sila4

1University of Utah, 2Australian National University; 3King’s College London; 4University of Edinburgh;


Discussion: Paula Suh, University of Georgia

Can Stakeholder Orientation Improve Inventory Efficiency? Evidence from a Quasi-Natural Experiment

Yunxiao Liu1, Woochan Kim2

1Shanghai University; 2Korea University;


Discussion: Kyeong Hun Lee, Norwegian School of Economics


6:00pm - 9:00pm

Awards Dinner: Awards Ceremony and Farewell Dinner