Members Activity in 2009


Following is a list of recent publications by KAFA members. Only those provided to the KAFA office by the authors and the paper published or accepted in year 2009, and forthcoming are listed here.

  • Bae , Sung C. and Taihyeup Yi, “Structural Breaks and the Fisher Hypothesis in Bond and Stock Markets” Applied Financial Economics. Forthcoming.
  • Bae , Sung C., Mingsheng Li, and Jing Shi, “Does the Law of One Price Hold Better under a Flexible Exchange System?” Journal of Multinational Financial Management 19 (2009), 306-322.
  • Bae , Sung C., “On the Interactions of Financing and Investment Decisions: Evidence from Chinese Industrial Companies.” Managerial Finance 35 (2009), No. 9, 691-699.
  • Bae , Sung C., Taek Ho Kwon, and Jong Won Park, “Derivatives Trading, Volatility Spillover, and Regulation: Evidence from the Korean Securities Markets.” Journal of Futures Markets 29 (2009), No. 6, 563-597.
  • Chang, Kiyoung, “Determinants of the Share of the Equity Sought in Cross-Border acquisitions”, forthcoming in Journal of International Business Studies, with Murali D.R. Chari.
  • Chang, Kiyoung, “Does National Culture Affect International Corporate Cash Holdings?”, forthcoming in Journal of Multinational Financial Management, with Abbas Noorbakhsh
  • Jongmoo Jay Choi and Cao Jiang, “Does multinationality matter? Implications of operational hedging for the exchange risk exposure”, Journal of Banking and Finance, World Bank/IMF special issue on financial globalization, risk measurement and management, forthcoming.
  • J. Jay Choi and Michael Papaioannou, eds., Credit, Currency or Derivatives: Instruments of Global Financial Stability or Crisis?, International Finance Review, vol. 10, Emerald Publishing, forthcoming 2009.
  • Yoon K. Choi, “A note on Monte Carlo analysis of convertible bonds with reset clauses,” (with Yang, Yu, and Li), European Journal of Operational Research , 2009, Forthcoming.
  • Kee H. Chung and Hao Zhang. “Corporate Governance and Institutional Ownership.”Journal of Financial and Quantitative Analysis, forthcoming.
  • Kee H. Chung and Chairat Chuwonganant. “Transparency and Market Quality: Evidence from SuperMontage.”  Journal of Financial Intermediation 18 (2009), 93-111.
  • Kee H. Chung, William Smith, and Tao Wu. “Time Diversification: Definitions and Some Closed-form Solutions.” Journal of Banking and Finance 33 (2009), 1101-1111.
  • Kaun Y. Lee and Kee H. Chung. “Information-based Trading and Price Improvement.”Journal of Business Finance and Accounting 36 (2009), 754-773.
  • Kee H. Chung and Youngsoo Kim. “Volatility, Market Structure, and the Bid-Ask Spread.”Asia-Pacific Journal of Financial Studies 38 (2009), 67-107.
  • Lawrence He, Sahn-Wook Huh, and Bong- Soo Lee, “Dynamic Factors and Asset Pricing,”Journal of Financial and Quantitative Analysis, accepted in September 2008.
  • T. Clifton Green and Byoung-Hyoun Hwang. "Price-Based Return Comovement." Journal of Financial Economics 93 (2009), 37-50.
  • Byoung-Hyoun Hwang and Seoyoung Kim. "It Pays to Have Friends." Journal of Financial Economics 93 (2009), 138-158.
  • Jo, Hoje, Na Dai, and John D. Schatzberg “The Quality and Price of Investment Banks’ Service: Evidence from the PIPE Market,” 2009, forthcoming at Financial Management.
  • Jo, Hoje and Carrie Pan, “Why are Firms with Entrenched Managers more likely to pay Dividends?” Review of Accounting and Finance 8 (2009), 87-116.
  • Jo, Hoje, Scott Fung, and Shih-Chuan Tsai “Agency Problems in Stock-Market driven Acquisitions,” 2009, forthcoming at Review of Accounting and Finance.
  • Jo, Hoje, Nick Bratcher, Caroline Freytag, Martin Lewis, and Quinn Olson, all 2009 graduating senior of SCU, “Doing Well While Doing Good? Microfinancing and Social Responsibility,” 2009, forthcoming at International Journal of Business Research.
  • Jun-Koo Kang, "Local institutional investors, information asymmetries, and equity returns," (with Bok Baik and Jin-Mo Kim), 2009, forthcoming at Journal of Financial Economics.
  • Yong H. Kim, "The Magnet Effect of Price Limits: A Logit Approach," forthcoming in Journal of Empirical Finance, with P. Hsieh and J. Yang
  • Yong H. Kim, "The Effect of Price Limits: Initial Public Offerings vs. Seasoned Equity Offerings" International Review of Finance, 9 (3), 2009, 295-318, with J. Yang.
  • Hsu, K., Young Sang Kim, and Kyojik Song, 2009, “ The Relation among Targets’ R&D Activities, Acquirers’ Returns, and In-process R&D,” Journal of Business, Finance and Accounting, forthcoming.
  • Woojin Kim, “Do Analysts Herd? An Analysis of Recommendations and Market Reactions”, with Narasimhan Jegadeesh, Jan. 2009, forthcoming atReview of Financial Studies.
  • Woojin Kim, "Value of Outside Blockholder Activism: Evidence from the Switchers", with Woochan Kim and Kap-Sok Kwon, Sep. 2009, Journal of Corporate Finance, Volume 15, Issue 4, p505-522.
  • Sangwoo Lee, Kwangwoo Park, and Hyun-Han Shin, 2009,“Disappearing Internal Capital Markets: Evidence from Diversified Business Groups in Korea,” Journal of Banking and Finance 33 (2), 326-334.
  • Chen, Yenn-Ru, and Bong Soo Lee, "Growth Opportunities, Executive Stock Options, Capital Investment, and Performance: A Dynamic Setting," Journal of Corporate Finance(forthcoming).
  • Chuang, Alex, and Bong Soo Lee, "The Diverse Roles of Institutional Investors and Financial Analysts in Information Transmission," Journal of Financial Markets (forthcoming).
  • Lee, Bong Soo, and Jungwon Suh, "Exchange Rate Changes and the Performance of Multinationals," European Financial Management (forthcoming).
  • Jiang, John, and Bong Soo Lee, "Testing and Estimating the Intertemporal Risk-Return Relation in the Stock Market," Financial Review (forthcoming).
  • Inci , Ahmet Can, Bong Soo Lee, and Jungwon Suh, "Capital Investment and Earnings: International Evidence," Corporate Governance: An International Review (forthcoming).
  • Lee, Bong Soo, Wei Li, and Steven Shuye Wang, "The Dynamics of Individual and Institutional Trading on the Shanghai Stock Exchange," Pacific-Basin Finance Journal(forthcoming).
  • J. Barry Lin, Christos Pantzalis, and Jung Chul Park, 2009, “Derivatives Use, Information Asymmetry and MNC Post-acquisition Performance,” Financial Management, forthcoming.
  • Christos Pantzalis and Jung Chul Park, 2009, “Equity Market Valuation of Human Capital and Stock Returns,” Journal of Banking and Finance, Vol. 33, Issue 9, 1610-1623.
  • S. Ghon Rhee, "The Impact of Short Sales on the Speed of Price Adjustment: Evidence from the Hong Kong Stock Exchange" (co-authored with Crystal Xiaopei Chen) forthcoming inJournal of Banking and Finance.
  • S. Ghon Rhee, "Foreign Institutional Ownership and Stock Market Liquidity: Evidence from Indonesia" (co-authored with Jianxin Wang), 2009, Journal of Banking and Finance 33, 1312-1324.
  • S. Ghon Rhee, "Why Do Foreign Investors Underperform Domestic Investors in Trading Activities? Evidence from Indonesia" (co-authored with Sumit Agarwal, Sheri Faircloth, and Chunlin Liu), 2009, Journal of Financial Markets 12, 32-53.
  • S. Ghon Rhee, 2009, "Return Reversals, Idiosyncratic Risk and Expected Returns" (co-authored with Wei Huang, Qianqiu Liu, and Liang Zhang) forthcoming in Review of Financial Studies.

New Position

  • Dr. Sojung Park. graduated from Upenn in May and joined the finance department at Cal State, Fullerton from 2009. New email address is:
  • Dr. Jung Min Kim (OSU Ph.D.) is starting to teach at University of Connecticut as an Assistant Professor of Finance from 2009.
  • Dr. Huh Sahn-Wook is now at School of Management, State University of New York at Buffalo from Brock University. .
  • Dr. Seoungpil Ahn is now at Sogang Business School, Sogang University in Korea.
  • Dr. Kyojik Song (SKKU) is visiting at Baylor University for Fall semester.
  • Dr. Kwangwoo Park (KAIST) is visiting at University of Illinois.
  • Dr. Jaewon Choi is now at Penn State University at University Park as an assistant professor from Sep 2009. Previously he was at NYU phd program. The new email address .
  • Dr. Hyuna Park, Assistant Professor of Finance Minnesota State University, Mankato.
  • Dr. Jang Hyung Cho, Assistant Professor of Finance, San Jose State University
  • Dr. Byoung-Hyoun Hwang is teaching at Krannert School of Management, Purdue University as an Assistant Professor of Finance from 2009. Email:
  • Dr. Seoyoung Kim is teaching at Krannert School of Management, Purdue University as an Assistant Professor of Finance from 2009. Email:
  • Dr. Sangwoo Lee has recently moved from City University of Hong Kong to Loyola University Maryland.

Professorship: Award & Recognition:

  • Professor Sung C. Bae at Bowling Green State University was appointed to the Ashel G. Bryan/Huntington Bank Professor for a three-year term starting Fall 2008.
  • Professor Kee H. Chung awarded Dean’s Faculty Research Fellowship, SUNY at Buffalo, 2009.
  • Professor Sahn-Wook Huh received Early Researcher Award ($190,000), Ministry of Research and Innovation of the Ontario Government, February 2009.
  • Professor Sahn-Wook Huh received Best Paper Award in the Finance Division, “Illiquidity as a Priced Factor: Evidence from Intradaily Data,” Administrative Sciences Association of Canada (ASAC), Niagara Falls, June 2009
  • Professor Yong H. Kim is serving as Head of Department of Finance and Real Estate at the University of Cincinnati beginning 2009-10 academic year.
  • Professor Chong Soo Pyun has been named as Suzanne Downs Professor of Finance.
  • Professor Seung H. Kim, Director of The Boeing Institute of International Business at the John Cook School of Business, St. Louis University hosted the U.N. Secretary General, Ban, Ki-Moon as the Distinguished Guest Lecturer this year.
  • The following KAFA members are included in the list of top 1,000 authors in a recent study by Jean L. Heck and Philip L. Cooley. “Most Prolific Authors in the Finance Literature: 1959-2008.” : E. Han Kim, Kee H. Chung, Jun-Koo Kang, Bong- Soo Lee, Cheol S. Eun, Peter Y. Chung, Jongmoo Jay Choi, Dongcheol Kim, S. Ghon Rhee, Dong-Hyun Ahn, Insup Lee, Sung C. Bae, Yong H. Kim, Sang Bin Lee, Dosoung Choi, In Joon Kim, Kenneth Kim, Kee-Hong Bae, Jae Ha Lee, Hoje Jo, Moon K. Kim, Moon H. Song, Hyuk Choe, and Hee-Joon Ahn. Congratulations!


  • Professor Soku Byoun promoted to Associate Professor (Tenured) at Baylor University and visiting SKKU in this year.

Submit Your Good News

Due to the limited information, not all the activities are listed. Please send your good news (e.g., new publications, promotion, new job, etc.) to KAFA (