Research Papers (With Links)

 Birds of a Feather: Value Implications of Political Alignment between Top Management and Directors (2014) Journal of Financial Economics 112, 232-250.

(with Kwang J. Lee and Nandu J. Nagarajan)

• Best Paper in Corporate Finance, Semi-finalist, FMA

• Media Coverage: The Boston Globe (Mar 2014), Harvard Business Review (May 2014), Board Alert (July 2014), Business News Daily (Aug 2016)

• 2012 FARS, AAA, MFA, FMA 

Exodus from Sovereign Risk: Global Asset and Information Networks in the Pricing of Corporate Credit Risk (2016) Journal of Finance 71, 1813-1856.

(with Andy Naranjo and Stace Sirmans)

• WRDS Best Empirical Paper, Winner, SFA, Featured in Research with Thomson Reuters Worldscope

• 2013 SFS Finance Cavalcade, WU Gutmann Center Symposium, CICF, SFA

• Based on the working paper titled "Exodus from Sovereign Risk: Sovereign Ceiling Violations in Credit Default Swap Markets (2013)"

Social Networks in the Global Banking Sector (2018), Journal of Accounting and Economics 65, 237-269.

(with Joel F. Houston and Felix Suntheim)

• 2015 CICF, CAFM; 2014 Fordham-JBF Banking Conference; 2013 SFS Finance Cavalcade, EFA, CAREFIN-Bocconi Conference, FDIC/JFSR Conference

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When Do CDS Spreads Lead? Rating Events, Private Entities, and Firm-Specific Information Flows (2018), Journal of Financial Economics 130, 556-578.

(with Andy Naranjo and Guner Velioglu)

• Best Paper in Investment, Semi-finalist, FMA

• 2017 Basel Workshop on Credit Risk, FMA

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CDS Momentum: Slow Moving Credit Ratings and Cross-Market Spillovers (2021), The Review of Asset Pricing Studies 11(2), 352-401.

(with Andy Naranjo and Stace Sirmans)

• Best Paper in Investment, Semi-finalist, FMA

• 2015 ASSA (AEA), AFFI; 2014 FMA 

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Credit Default Swaps around the World: Investment and Financing Effects (2021),

The Review of Financial Studies (RFS), Forthcoming.

(With Sohnke Bartram, Jennifer Conrad, and Marti Subrahmanyam)

• 2019 EFA, CICF, ABFER National University of Singapore; 2018 The Federal Reserve Board of Governors, C.R.E.D.I.T., Venice, UVA Darden, AFA, NFA; 2017 INSEAD, NYU STERN, Copenhagen, HEC Montreal, IRMC (Florence)

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The Wisdom of Crowds in FinTech: Evidence from Initial Coin Offerings (2021), Review of Corporate Finance Studies (RCFS), Forthcoming.

(With Tao Li and Donghwa Shin)

• Best Paper Award, Winner, The 13th CAFM

• Media Coverage: Digital Asset Research, Investopedia, Duke Law School FinReg Blog

• 2020 ASSA, KAIST; 2019 Princeton University, WFA, FIRS; ​2018 FDIC/JFSR Banking Research Conference, ADBI FinTech Conference, CAFM

Competition, Capital Market Feedback, and Earnings Management: Evidence from Economic Deregulation (2016), Reject & Resubmit.

(with Xiaoding Liu)

• Best Paper Award, Semi-finalist, FMA Asia

• 2016 FMA; 2014 CICF, AAA, FMA Asia; 2013 Chulalongkorn Accounting and Finance Symposium, CAFM 

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ESG Lending (2021) NEW 

(With Sehoon Kim, Nitish Kumar, and Junho Oh)

• 2021 City University of Hong Kong (Scheduled), Seoul National University (Scheduled)

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Patent Litigation and Innovation Competition (2020)

(With Seungjoon Oh and Paula Suh)

• Best Paper in Corporate Finance and Financial Institution, Winner, 2019 FMA Asia/Pacific Meeting

• 2020 EFA, Texas A&M Young Scholars Finance Conference; 2019 AIEA-NBER Conference (NUS Singapore), FMA Asia/Pacific Meeting; 2018 SFS Cavalcade Asia-Pacific, CAFM, MFA; 2017 Colorado Finance Summit, Korea Capital Market Institute (KCMI) Symposium 

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The Information Value of Corporate Social Responsibility (2021)

(With Kose John and Ji Yeol Jimmy Oh)​

• Best Paper Award, Winner, The 15th CAFM

• Media Coverage: Harvard Law School Forum on Corporate Governance and Financial Regulation (April 11, 2018)

• 2020 CAFM, ACFOW; 2019 Paris December Finance Meeting, AEA Annual Meeting, Atlanta, HKU-CBI Conference on Green Bonds and ESG, Hong Kong

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In Search of Board Independence: Former Employees, Shades of Gray and Director Classifications Revisited (2019).

(with Joel F. Houston and Hongyu Shan)

• Best Paper Award, Winner, The 11th CAFM

• Media Coverage: Columbia Law School's Blog on Corporations and the Capital Markets, "Shades of Gray in Board Independence"

• 2017 CICF, FIRS, NYU POLLACK CENTER Law & Finance Seminar, MFA Annual Meeting, Chicago; 2016 CAFM

Implied Asset Return Profiles, Firm Fundamentals, and Stock Returns (2021)

(with Andy Naranjo and Stace Sirmans)

• Second Place Winner, 2016 Chicago Quantitative Alliance (CQA) Fall Competition

• Formerly titled "Related Securities and the Cross-section of Stock Return Momentum: Evidence from Credit Default Swaps (CDS)"

• 2018 Conference on Derivatives and Volatility (Chicago); 2016 Paris December Finance Meeting EUROFIDAI-AFFI-ESSEC, CQA Fall Competition Chicago, NFA, FMA, Financial Econometrics and Empirical Asset Pricing Conference (SoFiE Co-sponsored Joint Conference), Ninth IRMC (Jerusalem, Israel), EFMA

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Going Abroad in a Risky World: Cash Flow Diversification, Institutional Frictions, and Corporate Leverage (2017).

(with Leming Lin and Andy Naranjo)

• 2017 CICF

Credit Default Swaps, Agency Problems, and Management Incentives (2017), NBER Working Paper No. 24064.

(With Junho Oh and David Yermack)​

• Media Coverage: Bloomberg, "Agency Costs and Hedge-Fund Size" (December 5, 2017), Harvard Law School Forum on Corporate Governance and Financial Regulation (December 30, 2017)

• 2019 NYU/Penn Conference on Law and Finance; 2018 NFA; 2017 University of Florida

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Home Bias in U.S. Politics (2018)

(With Changhyun Ahn and Jaeyung Kim)

• 2018 CICF, FMA, University of Florida

Control beyond Ownership: Subcontractors of Large Business Groups (2017) 

(With Woojin Kim and Yunxiao Liu)

• Best Paper Award, Winner, The 8th CAFM

• 2016 KAFA 25th Anniversary Conference, Seoul, AsianFA; 2015 FMA Asian Meeting; 2014 CICF, FMA; 2013 CAFM

Family Feud: Succession Tournaments and Risk-taking in Family Firms (2016)

(with Hayong Yun and Hojong Shin)

• Outstanding Paper Award, Winner, The 11th Annual Mid-Atlantic Research Conference in Finance (MARC)

• Featured in Prof. Andrew Karolyi's Lecture on "What's Hot in Research in Emerging Markets?" (1:03:30~1:07:31)

• 2017 Olso Corporate Finance and Executive Compensation Workshop (NHH Norwegian School of Economics), Family Business Research Workshop (Martindale Center Family Business Institute, Lehigh University); 2016 FMA, Fifth Symposium on Emerging Financial Markets: China and Beyond, ASU Sonoran Winter Finance Conference, MARC; 2015 Korea Capital Market Institute (KCMI) Symposium

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Director Connections, Board Appointments, and Director Reputation (2014)

(With Diane K. Denis and Kwang J. Lee)

• 2014 SEC, Temple University, Duquesne University, FMA Asian Meeting

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On the Financial Efficiency and Control in Business Groups (2011)

• Best Ph.D. Paper, Finalist, EFA; Best Ph.D. Paper, Winner, FMA European Meeting; Best Dissertation Proposal Award in International Finance, Winner, FMA

• 2010 EFA, FMA European Meeting

• Based on the doctoral dissertation at Stern, titled "Corporate Finance in Family Business Groups."