Members Activity in 2011


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 2011 are listed here.

  • Kee-Hong Bae and Jun-koo Kang “Do Controlling Shareholders’ Expropriation Incentives Imply a Link between Corporate Governance and Firm Value? Theory and Evidence” with Jaeseung Baek and Wei-Lin Liu, Journal of Financial Economics, forthcoming.
  • Kee-Hong Bae “Do Foreigners Facilitate Information Transmission in Emerging Markets?” with Arzu Ozoguz, Hongping Tan, and Tony Wirjanto, Journal of Financial Economics, forthcoming.
  • Bae, Sung C., Kiyoung Chang, Eun Kang, “Culture, Corporate Governance, and Dividend Policy: International Evidence.” Journal of Financial Research (forthcoming).
  • Bae, Sung C., Taek Ho Kwon, Jang Woo Lee, “Does Corporate Diversification by Business Groups Create Value? Evidence from Korean Chaebols.” Pacific-Basin Finance Journal(forthcoming).
  • Bae, Sung C., Jae Hoon Min, Sunbong Jung, “Trading Behavior and Performance of Foreigners, Local Institutions, and Individual Investors: Evidence from the Korean Stock Market.” Asia-Pacific Journal of Financial Studies 40 (2011), No. 3, 199-239.
  • Bae, Sung C., Mingsheng Li, Jing Shi, “Heterogeneous Investor's Reaction to Exchange Rate Movement: New Evidence from a Unique Emerging Market.” Emerging Market Finance and Trade 47 (January-February 2011), Supplement 1. 7 - 22
  • Byoung-Hyoun Hwang “IPOs as Lotteries: Expected Skewness and Underpricing” (with T. Clifton Green), 2011, Management Science (Special Issue: Behavioral Finance), forthcoming.
  • Hwang, Byoung-Hyoun, 2011. “Country-specific sentiment and security prices,” Journal of Financial Economics 100, 382-401.
  • Jin Q Jeon, James A. Ligon, 2011, How Much Is Reasonable? The Size of Termination Fees in Mergers and Acquisitions, Journal of Corporate Finance 17, 959-981.
  • Kewei Hou, G. Andrew Karolyi, and Bong-Chan Kho, “What Factors Drive Global Stock Returns?” Review of Financial Studies (2011) 24(8): 2527-2574
  • Kim, E. Han and Yao Lu, 2011. "CEO Ownership, External Governance, and Risk-taking," forthcoming in Journal of Financial Economics.
  • Jaehoon Kim, 2011, "Time series analysis of going private transactions: before and after the Sarbanes Oxley Act", Research in Finance, Vol. 27. forthcoming.
  • Jirapo‌rn P., Jang-Chul Kim, and Young Sang Kim. 2011. “Dividend payouts and corporate governance quality: An empirical investigation,” The Financial Review 46, 251-279.   
  • Woo Jin Kim, “Macroeconomic Conditions and Capital Raising” with Isil Erel, Brandon Julio and Michael Weisbach, June 2011, Review of Financial Studies, forthcoming
  • Woo Jin Kim, “Investor Protection and the Mode of Acquisition: Implications for Ownership Dilution and Formation of Pyramids” Jan. 2011. Financial Management, forthcoming
  • Lee, Kuan.-Hui., 2011, "The world price of liquidity risk," Journal of Financial Economics 99, 136-161.
  • G. A. Karolyi, Lee, K.-H., M. van Dijk, “Understanding commonality around the world”, forthcoming, Journal of Financial Economics
  • Suzanne S. Lee "Jumps and Information Flow in Financial Markets", forthcoming Review of Financial Studies
  • Donald Flagg, Otis W. Gilley, and Jung Chul Park, 2011, “Job Market Signaling: What Drives the Productivity of Finance PhDs?” Financial Management, Volume 40, Issue 2, 483-513.
  • Ali F. Darrat, Bin Li, and Jung Chul Park, 2011, “Consumption-based CAPM Models: International Evidence,” Journal of Banking and Finance, Volume 35, Issue 8, 2148-2157.
  • Hui Liang, Laura Moreau, and Jung Chul Park, 2011, “Investment Opportunities and Dividend Omissions,” Journal of Business Research, Volume 64, Issue 10, 1108-1115.
  • Osamah M. Al-Khazali, Chong Soo Pyun and Daewon Kim, “Are Exchange Rate Movements Predictable in Asia-Pacific Markets? Evidence of Random Walk and Martingale Difference Processes,” International Review of Economics and Finance, Forthcoming
  • Osamah M. Al-Khazali, Guillaume Leduc and Chong Soo Pyun, “Market Efficiency of Floating Exchange Rate Systems: Some Evidence from Pacific-Asian Countries,” Global Finance Journal. Forthcoming
  • Yoon S. Shin, “Rating agency reputation, the global financial crisis, and the cost of debt,” with M. Pagano and S. Han, Financial Management
  • Kyojik “Roy” Song, “Long-Term Effects of a Financial Crisis: Evidence from Cash Holdings of East Asian Firms,” with Youngjoo Lee, Journal of Financial and Quantitative Analysis, forthcoming
  • Moon H. Song, "Anticipation, Acquisition, and Bidder Returns: Industry Shocks and the Transfer of Information across Rivals"  with Jie Cai and Ralph Walking, Review of Financial Studies, vol 24 issue 7 July 2011,  p2242 - p2285


New Position:

  • Prof. Haemi Choi joined faculty at Loyola University at Chicago as an assistant professor in finance.
  • Prof. Won Yong Kim started to work at Dickinson College and new email address
  • Prof. Dong Hyun Kim joined faculty at Ohio Northern University in Ada, Ohio as an assistant professor of finance.  His e-mail address is:
  • Prof. Woo Jin Kim relocated to Seoul National University Business School and new email address is
  • Choonsik (Chris) Lee joined Quinnipiac University as an Assistant Professor of Finance
  • Prof. Kuan-Hui Lee is now at Seoul National University Business School.
  • Byoung-Kyu Min joined faculty at University of Neuchâtel in Switzerland as an Assistant Professor of Finance in June 2011 and new email is
  • Frederick Dongchuhl Oh is working as an Economist at Bank of Korea. New email
  • Prof. Jung Chul Park moved to Auburn University as an assistant professor of finance. New email address is
  • Yang-Ho Park is working as an Economist for the Board of Governors of the Federal Reserve System, New email is

Professorship, Award & Recognition:

  • Seungdong You at UBC won the ICSC (International Council of Shopping Centers) best paper award at the AREUEA(American Real Estate and Urban Economics Association) and AsRES(Asian Real Estate Society) Joint International Conference.  The title of the paper is "The Leveraged City: The Timing of Development in the Presence of a Defaultable Mortgage".



  • Professor Jang-Chul Kim is promoted to Associate professor and tenured at Northern Kentucky University.


  • Professor Young Sang Kim at Northern Kentucky University donated KRW 1,000,000 of travel support for presentation at the Allied KFAs meeting in Dogo, Korea.

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 (