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
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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 (2020),
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 (2020), Revise & Resubmit.
(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 
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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)
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The Information Value of Corporate Social Responsibility (2021)
(With Kose John and Ji Yeol Jimmy Oh)​
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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)
 
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)​
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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)
 
Family Feud: Succession Tournaments and Risk-taking in Family Firms (2016)
(with Hayong Yun and Hojong Shin)
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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."