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Research Papers and Books

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), 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 
The Wisdom of Crowds in FinTech: Evidence from Initial Coin Offerings (2022), Review of Corporate Finance Studies 11(1), 1-46 (Lead Article).
(With Tao Li and Donghwa Shin)
Credit Default Swaps around the World: Investment and Financing Effects (2022),
The Review of Financial Studies (RFS) 35 (5), 2464-2524.
(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)
Family Feud: Succession Tournaments and Risk-taking in Family Firms (2023), Asia-Pacific Journal of Financial Studies 52(3), 324-353.
(with Hayong Yun and Hojong Shin)
Control beyond Ownership: Open-book Accounting in Unbalanced Supply Chain Networks (2023), Asia-Pacific Journal of Financial Studies, forthcoming. 
(With Woojin Kim and Yunxiao Liu)
Sustainable Private Capital Markets (With Sehoon Kim, Nitish Kumar, and Junho Oh), Climate Change and Climate Finance: Current Experience and Future Directions (2023), Asian Development Bank (Edited by Moshirian, Fariborz and Cyn-Young Park).
  • Invited book chapter contribution, pages 165-179.
  • Based on our working paper, ESG Lending (2022).
ESG Lending (2022)
(With Sehoon Kim, Nitish Kumar, and Junho Oh) 
R&R at the Journal of Financial Economics (JFE)
  • 2023 Cornell University ESG Investing Research Conference, WFA; 2022 UN PRI Academic Network Week, University of Melbourne, KAIST, Yonsei, University of Delaware Weinberg Center/ECGI Corporate Governance Symposium, MFA (Chicago), University of Hawai/Dongbei University Joint Seminar Series; 2021 Paris December Finance Meeting, FiFi, City University of Hong Kong, FMA Special Session to Recent Research in Banking, Australian Banking and Finance Conference, CAFM, Australian National University, Hanyang University, University of Florida. 
DAO Governance (2023) NEW 
(With Jungsuk Han and Tao Li)
Invited to a dual submission review at the Review of Financial Studies (RFS)
  • Winner, Conference Best Paper, 2023 The Allied Korean Finance Association Annual Meeting
  • 2023 Global AI Conference (scheduled), Warwick Business School Gillmore Centre Conference on DeFi & Digital Currencies (scheduled), 28th Finance Theory Group Meeting, CBER Symposium on DAOs and DEXs, Seoul National University Economics Department, NUS-SKKU FinTech Seminar, the Allied Korean Economic Association Annual Conference
Implied Asset Return Profiles, Firm Fundamentals, and Stock Returns (2023)
(with Andy Naranjo and Stace Sirmans), Reject & Resubmit at Management Science (MS)
  • 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
 
Competition, Capital Market Feedback, and Earnings Management: Evidence from Economic Deregulation (2016), Reject & Resubmit at JFQA.
(with Xiaoding Liu)
  • Best Paper Award, Semi-finalist, FMA Asia
  • 2016 FMA; 2014 CICF, AAA, FMA Asia; 2013 Chulalongkorn Accounting and Finance Symposium, CAFM 
In Search of Board Independence: Former Employees, Shades of Gray and Director Classifications Revisited (2022), R&R at Financial Management.
(with Joel F. Houston and Hongyu Shan)
Learning Production Process Heterogeneity Across Industries: Implications of Deep Learning for Corporate M&A Decisions (2023) NEW 
(With Hayong Yun)
  • Best Paper in Corporate Finance, Semi-finalist, 2023 FMA Annual Meeting
  • Winner, Conference Best Paper, 2023 The Allied Korean Finance Association Annual Meeting
  • 2023 Capital Market Research in the Era of AI Conference at HKUST (scheduled), CICF, ABFER at NUS
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)​
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
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."
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