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)
 
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)
 
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
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
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 
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)
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)
 
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 
ESG Lending (2021) NEW 
(With Sehoon Kim, Nitish Kumar, and Junho Oh)
  • 2021 FiFi(Scheduled), City University of Hong Kong (Scheduled), FMA Special Session to Recent Research in Banking(Scheduled), Australian Banking and Finance Conference(Scheduled), CAFM(Scheduled), Australian National University, Hanyang University, University of Florida. 
Implied Asset Return Profiles, Firm Fundamentals, and Stock Returns (2021)
(with Andy Naranjo and Stace Sirmans)
  • Winner, Conference Best Paper, 2021 The Allied Korean Finance Association Annual Meeting
  • Second Place Winner, 2016 Chicago Quantitative Alliance (CQA) Fall Competition
  • 2021 Allied Korean Finance Association Meeting (Seoul); 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
Patent Litigation and Innovation Competition (2021)
(With Seungjoon Oh and Paula Suh)
The Information Value of Corporate Social Responsibility (2021)
(With Kose John and Ji Yeol Jimmy Oh)​
Control beyond Ownership: Open-book Accounting in Unbalanced Supply Chain Networks (2021) 
(With Woojin Kim and Yunxiao Liu)
In Search of Board Independence: Former Employees, Shades of Gray and Director Classifications Revisited (2019).
(with Joel F. Houston and Hongyu Shan)
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)​
Home Bias in U.S. Politics (2018)
(With Changhyun Ahn and Jaeyung Kim)
  • 2018 CICF, FMA, University of Florida
Family Feud: Succession Tournaments and Risk-taking in Family Firms (2016)
(with Hayong Yun and Hojong Shin)

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
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."