CAFM

CAFM Program 2019

Program of Conference


Friday, December 6, 2019

  13:00 - 14:00      Registration

  14:00 - 15:30      Academic Session 1, 2, Special Lecture 1 (2F)

  15:50 - 17:50      Academic Session 3, 4, Doctoral Student Consortium (2F)

  18:00 - 19:30      Welcome Reception (2F, Orchid Room)

                               Welcome Address: Dr. Jhinyoung Shin

                                                                President, Korean Securities Association

 

Saturday, December 7, 2019

  08:30 - 09:30      Registration / Continental breakfast

  09:30 - 11:30      Academic Session 5, 6, 7, 8 (2F)

  11:30 - 13:30      Luncheon (2F, Orchid Room)

                               Welcome Address : Dr. Jhinyoung Shin

                                                               President, Korean Securities Association

                               Keynote Speech : Dr. Ronald W. Masulis

                                                             University of New South Wales

  13:30 - 15:30       Academic Session 9, 10, Special Lectures 2, 3 (2F)

  15:50 - 17:50       Academic Session 11, 12, 13, 14 (2F)

  18:00 - 21:00       Farewell Dinner (2F, Orchid Room)

                                Keynote Speech : Mr. Jiwon jung

                                                             Chairman and CEO, Korea Exchange

                                Best Paper Award: Dr. Hee-Joon Ahn

                                                               Program Chair                 

 

2019 CAFM Program



At-a-glance Program Schedule

Friday, December 6, 2019

TIME & Room 2F Lilac Tulip Cosmos Violet
13:00 - 14:00 Registration
(2F, The Westin Chosun Hotel)
14:00 - 15:30 Session 1
CorporateInvestment
Session 2
Liquidity
Tutorial 1
The Role of Digitization in Asia
(Sumit Agarwal)
15:30 - 15:50 Coffee Break
15:50 - 17:50 Session 3
Labor and HumanCapital
Session 4
Managerial Incentives
Session 5
Return Predictability
Doctoral Student Session
(Led by Xuan Tian)
18:00 - 19:30 Welcome Reception
(2F, Orchid Room)

 

Saturday, December 7, 2019 

TIME & Room 2F Lilac Tulip Cosmos Violet
08:30 - 09:30 Registration / Continental Breakfast
(2F, The Westin Chosun Hotel)
09:30 - 11:30 Session 6
BehavioralFinance
Session 7
Hedge Funds
Session 8
Innovation
Session 9
InternationalFinance
11:30 - 13:30 Luncheon & Keynote Speech
(Ronald W. Masulis, University of New South Wales) (2F, Orchid Room)
13:30 - 15:30 Session 10
Debt Financing
Session 11
Financial Intermediation
Special Lecture 2
The Latest Trends on Investor Behavior,
Information, and Investor Sentiment
(Diego Garcia)

Special Lecture 3
Political Uncertainty and Finance
(Bohui Zhang)
15:30 - 15:50 Coffee Break
15:50 - 17:50 Session 12
Corporate SocialResponsibility
Session 13
Information Transmission and Market Frictions
Session 14
Korean Capital Market
Session 15
Law and TAx
18:00 - 21:00 Award Ceremony & Farewell Dinner
(2F, Orchid Room)



Program Details


December 6, 14:00 - 15:30


Session 1: Corporate Investment 

Chair: Kyojik Roy Song (Sungkyunkwan Univ.)

Room: Lilac


Title Author Discussant

Corruption, Dodd-Frank Whistleblowing, and Corporate Investment

Qingjie Du
(Hong Kong Polytechnic Univ.)*
Yuna Heo
(Hong Kong Polytechnic Univ.)

Seungjoon Oh
(Peking Univ. HSBC Business School)
Does Corporate Investment Respond to the Time-Varying Cost of Capital? Empirical Evidence Yongjin Kim
(City Univ. of Hong Kong)
Hope Hyeun Han
(UNIST)
Capitalizing on Sustainability:
Value of Going Green
Taehyun Kim (UNIST)*
Yongjun Kim (Univ. of Seoul)
Jeewon Jang
(Ajou Univ.)

 

Session 2: Liquidity

Chair:Bohui Zhang (Chinese Univ. of Hong Kong Shenzhen)

Room: Tulip


Title Author Discussant
U.S. Monetary Policy Transmission and Liquidity Risk Premia around the World G. Andrew Karolyi (Cornell Univ.)
Kuan-Hui Lee (Seoul National Univ.)*
Mathijs A. van Dijk (Erasmus Univ.)
Daejin Kim
(UNIST)
Stock Prices, Changes in Liquidity, and Liquidity Premia Bong-Gyu Jang (POSTECH)
Bong-Soo Lee (Florida State Univ.)
Hyun-Tak Lee
(Korea Asset Management Corporation, National Univ. of Singapore)*
Joonki Noh
(Case Western Reserve Univ.)
Bond Market Development, Bank Portfolio Structure and Liquidity Risk: Evidence from Emerging Markets Marie Anne Cagas
(Asian Development Bank)
Donghyun Park
(Asian Development Bank)
Shu Tian
(Asian Development Bank)*
Hae Jin Chung
(Sejong Univ.)


Special Lecture on Recent Research Trends
The Role of Digitization in AsiaSumit Agarwal (National Univ. of Singapore)

Room : Cosmos



December 6, 15:50-17:50


Session 3: Labor and Human Capital

Chair:Sumit Agarwal (National Univ. of Singapore)

Room: Lilac


Title Author Discussant
Labor Leverage, Financial Leverage, and the Dissection of Expected Returns Jaewon Choi
(Univ. of Illinois at Urbana-Champaign)
Andres Donangelo (Univ. of Texas at Austin)
Yongjun Kim (Univ. of Seoul)*
Jae-Ram Lee
(Gachon Univ.)
Firm Uncertainty and Household Spending Iváan Alfaro (BI Norwegian Business School)
Hoonsuk Park (Nanyang Technological Univ.)*
Hyun-Soo Choi
(KAIST)
How Seasoned Equity Offering Affect Firms : Evidence on Technology, Employment, and Performance E. Han Kim (Univ. of Michigan)*
Yuan Li (Univ. of Southern California)
Yao Lu (Tsinghua Univ.)
Xinzheng Shi (Tsinghua Univ.)
Soo Young Song
(Chung-Ang Univ.)
Local Employment Opportunities and Corporate Retention Policies Kyeong H. Lee (Norwegian School of Economics)*
Karin S. Thorburn (Norwegian School of Economics)
Emma Q. Xu (Univ. of Texas at El Paso)
So-Yeon Lim
(Xiamen Univ.)

 

Session 4: Managerial Incentives

Chair:Woojin Kim (Seoul National Univ)

Room: Tulip


Title Author Discussant
Bond Funds and Credit Risk Jaewon Choi
(Univ. of Illinois at Urbana-Champaign)
Amil Dasgupta
(London School of Economics)
Ji Yeol Jimmy Oh (Hanyang Univ.)*
Jaehoon Lee
(DeepSearch Analytics)
Tournament Incentives and Firm Performance: Does Gender Matter? Bobae Choi (Univ. of Newcastle)
Md Reiazul Haque (Univ. of Newcastle)
Doowon Lee (Univ. of Newcastle)*
Sue Wright (Univ. of Technology Sydney)
Ryoonhee Kim
(Soongsil Univ.)
Can Short Selling Constrain the Shift Between Accrual-based and Real Earnings Management? Tianyu Cai (Univ. of New South Wales)*
Lixiong Guo (Univ. of Alabama)
Rik Sen (Univ. of New South Wales)
Hyeongsop Shim
(Gachon Univ.)
Do Mutual Fund Managers Care About Star Rating? Evidence from Portfolio Pumping Sanghyun (Hugh) Kim
(Univ. of Texas at Dallas)
Kyounghun Bae
(Hanyang Univ.)


December 6, 15:50-17:50


Session 5:Return Predictability

Chair : Kuan-Hui Lee (Seoul National Univ.)

Room: Cosmos


Title Author Discussant
Information Glitters on China’s connected Market Keqi Chen (Tsinghua Univ.)
Yuehan Wang (Tsinghua Univ.)*
Xiaoquan Zhu (Tsinghua Univ.)
Woo Hwa Koh
(KAIST)
Bank Lending Cycle and Expected Stock Returns Heungju Park (Sungkyunkwan Univ.)*
Bumjean Sohn (Korea Univ.)
Dong Beom Choi
(Seoul National Univ.)
Splitting and Shuffling: Institutional Trading Motives and Order Submissions Across Brokers Munhee Han
(Univ. of Texas at Dallas)
Sang-Ook Shin
(UNIST)
The Pricing of the Illiquidity Factor’s Conditional Risk with Time-varying Premium Sanghyun (Hugh) KimYakov Amihud (New York Univ.)
Joonki Noh(Case Western Reserve Univ.)*
Shu-Feng Wang
(Ajou Univ.)

 

Doctoral Session

Chair: Xuan Tian (Tsinghua Univ.)

Room: Violet


Title Author
Incorporating Financial Big Data in Small Portfolio Risk Analysis: Market Risk Management Approach Donggyu Kim (KAIST)
Seunghyeon Yu (KAIST)*
Does Diversification of Share Classes Increase Firm Value? Sojung Kim (Korea Univ.)*
Sunwoo Hwang (UNC Kenan-Flagler Business School)
Woochan Kim (Korea Univ.)
Anti-Takeover Provisions and Shareholders Wealth: Evidence from a Natural Experiment on the Supermajority Provision Hyeong Joon Kim (KAIST)*
Seung Hun Han (KAIST)
The Impact of Investment Grade Cut-offs on Firms’ Investment Decisions and Performance Seonhyeon Kim (Korea Univ.)

 

December 7, 09:30-11:30

 

Session 6: Behavioral Finance

Chair: Joonghyuk Kim (Korea Univ.)

Room: Lilac


Title Author Discussant
Understanding the Effects of Alternative Cost-of-Equity Proxies on Corporate Investment and Financing Soku Byoun (Baylor Univ.)
Kai Wu (Central Univ. of Finance and Economics)*
Yongjin Kim
(City Univ. of Hong Kong)
The Voice of Risk: Wall Street CEOs’ Vocal Masculinity and Financial Crisis in 2008 Min Jung Kang (Univ. of Michigan-Flint)
Andy (Y. Han) Kim (Sungkyunkwan Univ.)*
Hyung Seok Kim (Konkuk Univ.)
Sang Ok Koo (Konkuk Univ.)
James(Jin Kwan) Park
(Korea Univ.)
Impact of Price Path on Disposition Bias Avijit Bansal (Indian Institute of Management Ahmedabad)
Joshy Jacob (Indian Institute of Management Ahmedabad)*
Soosung Hwang
(Sungkyunkwan Univ.)
Inertia of Institutional Investors: Rational or Behavioral? Mohammad (Vahid) Irani (Univ. of South Carolina)
Hugh H. Kim (Univ. of South Carolina)*
Sanghyun (Hugh) Kim
(Univ. of Texas at Dallas)

 

Session 7: Hedge Funds

Chair: Junesuh Yi (Dongguk Univ.)

Room: Tulip


Title Author Discussant
Does Portfolio Disclosure Make Money Smarter? Byoung Uk Kang
(Hong Kong Polytechnic Univ.)
Andrew J. Sinclair (Univ. of Hong Kong)*
Stig J. Xeno (Hong Kong Polytechnic Univ.)
Gene Ambrocio
(Bank of Finland)
Hedge Fund Awards: Do Investors and Managers Care, and Should They? Hyung Kyu Choi
(Hong Kong Polytechnic Univ.)
Byoung Uk Kang
(Hong Kong Polytechnic Univ.)
Seongkyu (Gilbert) Park
(Hong Kong Polytechnic Univ.)*
Sun-Joong Yoon
(Dongguk Univ.)
Rank, Sign, and Momentum Tsung-Yu Chen (Shanghai Business School)
Pin-Huang Chou (National Central Univ.)
Kuan-Cheng Ko (National Chi Nan Univ.)
S. Ghon Rhee (Univ. of Hawaii)*
Taejin Kim
(Korea Univ.)
Bear Market Risk and the Cross-section of Hedge Fund Returns Thang Ho (Lancaster Univ.)*
Anastasios Kagkadis (Lancaster Univ.)
Jiaguo (George) Wang (Lancaster Univ.)
Andrew J. Sinclair
(Univ. of Hong Kong)

 

December 7, 09:30-11:30

 

Session 8: Innovation

Chair: Hoje Jo (Santa Clara Univ.)

Room: Cosmos


Title Author Discussant
How Creative are Professor Directors? The Impact of Academic Expertise on Corporate Innovation Dong Chen (Wuhan Univ.)
Yanmin Gao (City Univ. of Hong Kong)
Phyllis Mo (City Univ. of Hong Kong)
Desmond Tsang (McGill Univ.)*
Junyoup Lee
(UNIST)
Property Rights and Debt Financing Paula Suh (Univ. of Georgia) Haehean Park (Southwestern Univ. of Finance and Economics)
A Dark Side of Corporate Venture Capital Xuan Tian (Tsinghua Univ.)*
Kailei Ye (Univ. of North Carolina at Chapel Hill)
Jong-Min Oh
(Sungkyunkwan Univ.)
Information Transparency in Drug Development: Evidence from Mandatory Disclosure of Clinical Trials Po-Hsuan Hsu (National Tsing Hua Univ.)
Kyungran Lee (Univ. of Hong Kong)*
S. Katie Moon (Univ. of Colorado Boulder)
Seungjoon Oh
(Peking Univ. HSBC Business School)
Kyoungwon Mo
(Chung-Ang Univ.)

 

Session 9: International Finance

Chair: Joon Chae (Seoul National Univ.)

Room: Violet


Title Author Discussant
Credit Default Swaps around the World: Investment and Financing Effects Sohnke M. Bartram (Warwick Business School)
Jennifer Conrad (Univ. of North Carolina)
Jongsub Lee (Seoul National Univ.)*
Marti G. Subramanyam (New York Univ.)
Baeho Kim
(Korea Univ.)
Country Index Comovement Sungjune Pyun (National Univ. of Singapore)*
Johan Sulaeman (National Univ. of Singapore)
Bum Kim
(Soongsil Univ.)
How Does Corporate Governance Affect Tax Avoidance? Evidence from China E. Han Kim (Univ. of Michigan)
Yao Lu (Tsinghua Univ.)*
Xinzheng Shi (Tsinghua Univ.)
Dengjin Zheng
(Central Univ. of Finance and Economics)
Yenn-Ru Chen
(National Chengchi Univ.)
Information Choice, Shock Transmission and Contagion Adelina Barbalau (Univ. of Alberta) Ryumi Kim
(Chungbuk National Univ.)


December 7, 13:30-15:30

 

Session 10: Debt Financing

Chair: Lilian Ng (York Univ.)

Room: Lilac


Title Author Discussant
Firm-Level Political Risk and Bank Loan Contracting Walid SAFFAR(Hong Kong Polytechnic Univ.)
Yang Wang*
(Hong Kong Polytechnic Univ.)
K. C. John WEI
(Hong Kong Polytechnic Univ.)
Joongho Han
(Sungkyunkwan Univ.)
Friends for the Benefits: The Effects of Political Ties on Sovereign Borrowing Conditions Gene Ambrocio (Bank of Finland)*
Iftekhar Hasan
(Fordham Univ. & Bank of Finland)
Donghyun Park
(Asia Development Bank)
Spillover Effects of IPOs along Supply Chains: Evidence on Debt Financing Sung C. Bae (Bowling Green State Univ.)*
Iftekhar Hasan (Fordham Univ. Bank of Finland)
Liuling Liu (Bowling Green State Univ.)
Haizhi Wang (Illinois Institute of Technology)
Hyun Seung Na
(Korea Univ.)
What Matters During Bad Times? Evidence from the Bond Market Sadok El Ghoul (Univ. of Alberta)
Omrane Guedhami (Univ. of South Carolina)
Sattar Mansi (Virginia Tech)
Hyo Jin Yoon (Univ. of South Carolina)*
Heungju Park
(Sungkyunkwan Univ.)

 

Session 11: Financial Intermediation

Chair: Kwangwoo Park (KAIST)

Room: Tulip


Title Author Discussant
Economic Uncertainty and Bank Risk: Evidence from Emerging Economies Ji Wu (Southwestern Univ. of Finance and Economics)*
Yao Yao (Southwestern Univ. of Finance and Economics)
Minghua Chen (Southwestern Univ. of Finance and Economics)
Bang Nam Jeon (Drexel Univ.)
Paul Brockman
(Lehigh Univ.)
Dismembered Giants: Bank Divestitures and Local Lending Yong Kyu Gam (Southwestern Univ. of Finance and Economics)*
Yunqi Zhang (Nankai Univ.)
Martin J. Dierker
(KAIST)
Securitization and Screening Incentives: Evidence from Mortgage Processing Time Dong Beom Choi (Seoul National Univ.)*
Jung-Eun Kim (Federal Reserve Bank of Richmond)
Ji Wu
(Southwestern Univ. of Finance and Economics)
(York University)
Market Microstructure Evidence of China’s Market-Wide Circuit Breakers Xinru Wang (Univ. of Wollongong)*
Maria H. Kim (Univ. of Wollongong)
Sandy Suardi (Univ. of Wollongong)
Jing Zhao (La Trobe Univ.)
Cheolwon Yang
(Dankook Univ.)

 

Special Lectures on Recent Research Trends

Room: Cosmos

The Latest Trends on Investor Behavior, Information and Investor Sentiment Diego Garcia (Univ. of Colorado)
Political Uncertainty and Finance Bohui Zhang (Chinese Univ. of Hong Kong Shenzhen)




December 7, 15:50-17:50

 

Session 12: Corporate Social Responsibility

Chair: Hyun-Han Shin (Yonsei Univ)

Room: Lilac


Title Author Discussant
Universal Ethics or Ethical Relativism? Evidence from Firm Internationalization and Emissions Jongmoo Jay Choi (Temple Univ.)
Hoje Jo (Santa Clara Univ.)*
Haehean Park
(Southwestern Univ. of Finance and Economics)
Lingxia Sun (Nankai Univ.)
Hyo Jin Yoon
(Univ. of South Carolina)
Terrorist Attack and Corporate Social Responsibility Trung K. Do (National Central Univ.)
Henry Hongren Huang (National Central Univ.)
Albert Tsang (York Univ.)*
Hyoseok Hwang
(Univ. of Wisconsin at Eau Claire)
Brain Drain: The Impact of Air Pollution on Firm Performance Shuyu Xue (Singapore Management Univ.)
Bohui Zhang
(The Chinese Univ. of Hong Kong)*
Xiaofeng Zhao (Lingnan Univ.)
Taehyun Kim
(UNIST)
Local Shareholders, Corporate Community Responsibility, and Shareholder Value Hyoseok Hwang
(Univ. of Wisconsin at Eau Claire)*
Hyun Gon Kim (Rutgers Univ. at Camden)
Jung Yeun Kim (Rutgers Univ. at Camden)
Jong-Min Oh
(Sungkyunkwan Univ.)

 

Session 13: Information Transmission and Market Frictions

Chair: Diego Garcia (Univ. of Colorado)

Room: Tulip


Title Author Discussant
Shorting Costs and Profitability of Long–Short Strategies Dongcheol Kim (Korea Univ.)*
Byeung-Joo Lee (Korea Univ.)
Yanbo Wang
(Sungkyunkwan Univ.)
Withholding Bad News When Competing Peers Have Common Customers Rui Dai (Univ. of Pennsylvania)
Rui Duan (York Univ.)
Lilian Ng (York Univ.)*
Doowon Lee
(Univ. of New Castle)
Machine Invasion: Automation in Information Processing and the Cross Section of Stock Returns Raunaq S. Pungaliya (Sungkyunkwan Univ.)
Yanbo Wang (Sungkyunkwan Univ.)*
Donghyun Kim
(Chung-Ang Univ.)

 

December 7, 15:50-17:50

 

Session 14: Korean Capital Market

Chair: E. Han Kim (Univ. of Michigan)

Room: Cosmos


Title Author Discussant
The Rise of a Network: Spillover of Political Patronage and Cronyism to the Private Sector David Schoenherr (Princeton Univ.)*
Terry Moon (Univ. of British Columbia)
Andy (Y. Han) Kim
(Sungkyunkwan Univ.)
Board Diversity, Director Dissent, and Monitoring Effectiveness Jun-Koo Kang (Nanyang Technological Univ.)
Seil Kim (Baruch College)
Seungjoon Oh
(Peking Univ. HSBC Business School)*
Saeyeul Park
(Yonsei Univ.)
Uncoordinated Hedging and Price Chain Reaction Jun Kyung Auh (Yonsei Univ.)
Wonho Cho (Yonsei Univ.)*
Dahae Kim
(Sungkyunkwan Univ.)
Do Bad Targets Become Worse Targets? Evidence from Sequential Transfers of Control Blocks Euna Cho (Bank of Korea)
Woojin Kim (Seoul National Univ.)*
Desmond Tsang
(McGill Univ.)

 

Session 15: Law and Tax

Chair: Woochan Kim (Korea Univ.)

Room: Violet


Title Author Discussant
The Estate Tax and the Payout Policy in Family Firms Yeejin Jang (Univ. of New South Wales)
So-Yeon Lim (Xiamen Univ.)*
Yao Lu
(Tsinghua Univ.)
Financial Liberalization, Investor Protection and Corporate Cash Yenn-Ru Chen (National Chengchi Univ.)*
Robin K. Chou (National Chengchi Univ.)
Johnny Chou (National Chengchi Univ.)
Yunxiao Liu
(Shanghai Univ.)
Does Shareholder Litigation Risk Cause Public Firms to Delist? Evidence from Securities Class Action Lawsuits Jonathan Brogaard (Univ. of Utah)
Nhan Le (Australian National Univ.)*
Duc Duy (Louis) Nguyen
(King’s College London)
Vathynyoo (Ben) Sila
(Univ. of Edinburgh)
Paula Suh
(Univ. of Georgia)
Can Stakeholder Orientation Improve Inventory Efficiency? Evidence from a Quasi-Natural Experiment Yunxiao Liu (Shanghai Univ.)*
Woochan Kim (Korea Univ.)
Kyeong Hun Lee
(Norwegian School of Economics)