고려대학교 기업지배연구소

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Published Papers

AICG researchers conduct researches on various topics in Finance such as General Corporate Finance, Asset Pricing, Investments, Financial Derivatives as well as Corporate Governance. The followings are the sample researches conducted by AICG researchers.

 

2016

  • Bumjean Sohn and Heungju Park, Early warning indicators of banking crisis and bank related stock returns, Finance Research Letters, Vol 18, 2016

  • Dowan Kim and Baeho Kim, ELW 시장에서 요구되는 위험프리미엄이란?, 한국증권학회지, 2016

  • Sunwoo Hwang and Woochan Kim, When Heirs Become Major Shareholders: Evidence on Tunneling and Succession Through Related-Party Transactions, Journal of Corporate Finance, 2016

2015

  • Bernard Black, Woochan Kim, Hasung Jang, and Kyung-Suh Park, How Corporate Governance Affects Firm Value: Evidence on Self-Dealing Channel from a Natural Experiment in Korea, Journal of Banking and Finance, Vol.51, 2015

  • Changki Kim, Dong-Hoon Shin,  Myeong-Hyeon Kim and Seung-Young Jeong, Pricing the Options in Housing Contracts and Risk Management, 국토연구, 2015

  • Changki Kim, Eyunghee Kim and SeungYoung Jeong, 주택가격 결정 요인들이 주택연금의 수익성에 미치는 영향 연구, 부동산학보, 2015

  • Dong Wook Lee, The Role of Trading Volume in the Volatility Puzzle, Asia-Pacific Journal of Financial Studies, Vol 44, 2015

  • Doowon Ryu, Doojin Ryu and Joonho Hwang, 제품시장경쟁이 주식수익률에 미치는 영향: 한-미 FTA를 통한 증거, 재무연구, 2015

  • Haehyun Jeon , So Yeun Kim and Changki Kim, 산업 부도의 동조화 현상 연구, 응용통계연구, 2015

  • Hee Sub Byun, Ji Hye Lee and Kyung Suh Park, Impact of Controlling Shareholders on Corporate Social Responsibility under External Financial Constraints, Seoul Journal of Business, Vol.21, 2015

  • Hosung Jung and Dongcheol Kim, Bank funding structure and lending under liquidity shocks: Evidence from Korea, Pacific-Basin Finance Journal, Vol.33, 2015

  • Hyun Il Lim and Joonghyuk Kim, 기업의 사회적 책임 활동, 조세회피와 기업가치, 금융연구, 2015

  • Inro Lee and Dongcheol Kim, 회계정보와 시장정보를 이용한 부도예측모형의 평가 연구, 재무연구, 2015

  • Jaiwoong Chung and Joonghyuk Kim, 주간사와 기관투자자간의 거래관계가IPO 배정(Allocation)에 미치는 영향, 금융연구, 2015

  • James Park, Equity Returns of Distressed Firms, Finance research letters, Vol. 14, 2015

  • Joonghyuk Kim and James L. Park, How do financial constraint and distress measures compare?, Investment Management and Financial Innovations, Vol. 12, 2015

  • Joon Ho Hwang, and Min-Su Kim, Misunderstanding of the binomial distribution, market inefficiency, and learning behavior: Evidence from an exotic sports betting market, European Journal of Operational Research, Vol. 243, 2015

  • Kyung Suh Park and Chan Shik Jung, 지배주주 지분율이 저축은행의 고위험 추구 행태에 미치는 영향에 관한 연구, 한국증권학회지, 2015

  • Min-Su Kim , Woojin Kim and Dong Wook Lee, Stock return commonality within business groups: Fundamentals or sentiment?, Pacific-Basin Finance Journal, Vol. 35, 2015

  • Sang Koo Kang, Hyung Cheol Kang, Joonghyuk Kim and Noolee Kim, Insiders' Pre-IPO Ownership, Underpricing, and Share-Selling Behavior: Evidence from Korean IPOs, Emerging Markets Finance and Trade , Vol 51, 2015

  • Woochan Kim, Korea’s Capital Market Promotion Policies: IPOs and Other Supplementary Policy Experiences, 한국개발연구, 2015

  • Yunxiao Liu, Joonghyuk Kim and James L. Park, Bond Market Dynamics in East Asian Countries, 재무관리연구, 2015

2014

  • Bernard Black, Antonio Gledson de Carvalho, Vikramaditya Khanna, Woochan Kim and Burcin Yurtoglu, Methods for multicountry studies of corporate governance: Evidence from the BRIKT countries, Journal of Econometrics, Vol. 183, 2014

  • Bill Hu, Joonho Hwang and Christine Jiang, The Impact of Earnings Guidance Cessation on Information Asymmetry, Journal of Business Finance & Accouting, Vol. 41, 2014

  • Changki Kim, Seung-young Jeong, Soon-duk Kwon and Wonkyung Kim, 산지연금의 도입 필요성에 관한 연구, 한국산림휴양학회지, 2014

  • Changki Kim, Eyunghee Kim and Seungyoung Jung, Farmland-Based Reverse Mortgages for Aged Farmers, Asia-Pacific Journal of Risk and Insurance, Vol. 8, 2014

  • Changki Kim and Yangho Choi, A Method of Hedging Mortality Rate Risks in Endowment Product Development, 보험금융연구, Vol. 75, 2014

  • Guojun Chen, Jun-koo Kang, Jin-mo Kim and Hyunseung Na, Sources of value gains in minority equity investments by private equity funds: Evidence from block share acquisitions, Journal of Corporate Finance, Vol. 29, 2014

  • Heesub Byun, Jihye Lee and Kyungsuh Park, Corporate Governance, Product Market Competition, and Payout Policy, Seoul Journal of Business, Vol. 20, 2014

  • Hyungcheol Kang and Hasung Jang, 한국 대규모기업집단에서내부자본시장과 대리인 문제 : 그룹 현금보유의 역할, 금융연구, 2014

  • Jaiho Chung, Joonho Hwang and Joon-seok Kim, Block Premium and Shareholder Litigation, ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, Vol.43, 2014

  • Kyung-in Park and Dongcheol Kim, Sources of momentum profits in international stock markets, Accounting & Finance, Vol. 54, 2014

  • Soon-ho Kim and Dongcheol Kim, Investor sentiment from internet message postings and the predictability of stock returns, Journal of Economic Behavior & Organization, Vol. 107, 2014

  • Sukbong Kim, Kyungsuh Park and Chanshik Jung, 유상증자의 방식과 주간사 계약의 형태에 대한 연구, 재무연구, Vol. 27,2014

  • Taehan Bae, Ian Iscoe and Changki Kim, Valuing retail credit tranches with structural, double mixture models, Journal of Futures Markets, 2014

2013

  • Changki Kim and Seungyoung Jeong, 서울시 숙박 및 음식업체의 입지에 영향을 주는 요인에 관한 실증연구, 경영컨설팅연구, Vol. 13, 2013

  • Chanshik Jung, Woojin Kim and Dongwook Lee, Short selling by individual investors: Destabilizing or price discovering?, Pacific-Basin Finance Journal, Vol. 21, 2013

  • Eunjung Lee, Kyongshik Eom and Kyungsuh Park, Microstructure-based manipulation: Strategic behavior and performance of spoofing traders, Journal of Financial Market, Vol. 16, 2013

  • Eyunghee Kim and Changki Kim, 변액보험에 부과된 최저실적배당연금액 보증옵션에 대한 연구, 보험금융연구, Vol. 71, 2013

  • Heesub Byun, Jihye Lee and Kyungsuh Park, Ownership Structure, Intensive Board Monitoring, and Firm Value: Evidence from Korea, Asia-Pacific Journal of Financial Studies, Vol. 42, 2013

  • Jaiho Chung and Hasung Jang, 경제윤리의 관점에서 바라본 자본주의의 미래와 기업의 사회적 책임, 인사조직연구, 2013

  • Jinwan Cho, AiLian Bian and Kyungin Park, 외환위기와 환노출, 선물연구, Vol. 21, 2013

  • Joon Chae, Dongwook Lee and Shufeng Wang, Takeover vulnerability and the behavior of short-term stock returns, Journal of Corporate Finance, Vol.22, 2013

  • Seungyoung Jeong, Jinu Kim and Changki Kim, A Study of Modelling and Forecasting Korea’s Retail Rents with VAR Models, 부동산학보, 2013

  • Shin-ik Yoo and Dong-cheol Kim, 위기기간의 동안 국내 공모형 주식펀드의 수익률, 정보의 질, 정보의 비대칭성, 업종집중도 및 스타일간의 영향분석, 경영교육연구, 2013

  • Shin-ik Yoo and Dong-cheol Kim, 일반화 군집분석법을 이용한 국내 주식형펀드의 스타일 분석, 한국증권학회지, 2013

  • Sukbong Kim, Kyungsuh Park and Chanshik Jung, 시간외대량매매 및 유상증자에 있어 기업과 투자은행간 주간사 계약에 관한 연구, 재무연구, Vol. 26, 2013

  • Woochan Kim, Woojin Kim and Hyungseok Kim, Death spiral issues in emerging market: A control related perspective, Pacific-Basin Finance Journal, Vol. 22, 2013

2012

  • Ailian Bian and Jin-wan Cho, Foreign Ownership and Exchange Rate Risks: Evidence from Korean Stock Returns, 경영학연구, 2012

  • Bernard Black and Woochan Kim, The effect of board structure on firm value: A multiple identification strategies approach using Korean data, Journal of Financial Economics, Vol. 104, 2012

  • Changhui Choi, Donghoon Shin and Changki Kim, 날씨파생상품을 이용한 국내 도시가스 산업의 날씨 위험 관리, 선물연구, Vol. 20, 2012

  • Changki Kim, Eyunghee Kim, 생존율 옵션 부과 연금 상품 개발방안, 계리학연구, Vol. 4, 2012

  • Eyunghee Kim and Changki Kim, 주가수익률 추정 모델 선택에 따른 변액 연금 최저보증준비금 분석, 보험금융연구, Vol. 69, 2012

  • Heesub Byun, Jihye Lee and Kyungsuh Park, How Does Product Market Competition Interact with Internal Corporate Governance?: Evidence from the Korean Economy, Asia-Pacific Journal of Financial Studies, Vol. 41, 2012

  • Hyungcheol Kang, Dongwook Lee, Eunjung Lee and Kyungsuh Park, The role of the temporary component in spot prices in the revision of expected future spot prices: Evidence from index futures quotes, Journal of Futures Market, Vol. 32, 2012

  • Hyungseok Kim, Woojin Kim and Kyungsuh Park, The Effect of Structural Changes in the Organizational Form of Business Groups: Evidence from Korea, Asia-Pacific Journal of Financial Studies, Vol. 41, 2012

  • Jiwoong Chung, Berk A. Sensoy, Lea Henny Stern and Michael S. Weisbach, Pay for Performance from Future Fund Flows: The Case of Private Equity, Review of Financial Studies, Vol. 25, 2012

  • Jongil So, Heejung Choi and Minyoung Heo, 사외이사 초과선임의 결정요인과 기업가치에 관한 연구, 기업경영연구, Vol. 44, 2012

  • Jungseon Na and Joonho Hwang, 녹색인증 기업의 재무적 특성, 금융지식연구, Vol. 10, 2012

  • Keehong Bae, Seungbo Kim and Woochan Kim, Family Control and Expropriation at Not-for-Profit Organizations: Evidence from Korean Private Universities, Corporate Governance: An International Review, Vol. 20, 2012

  • Kyungsuh Park, Heesub Byun and Jihye Lee, 내생성(Endogeneity) 문제를 통제한 환경경영과 기업가치 간의 관계에 관한 연구, 재무연구, Vol. 25, 2012

  • Minsu Kim, Inmo Sung and Jongil So, 출자총액제한제도가 대기업 자산구성에 미치는 효과에 관한 연구, 금융연구, Vol. 26, 2012

  • Seokkwan Koh and Jongil So, 통화파생상품을 이용한 환위험 헤지가 기업가치 및 환노출에 미치는 영향, 재무관리연구, Vol. 29, 2012

  • Seungyoung Jeong, Jinu Kim and Changki Kim, The Effect of Spatial and Physical Factors on Retail Unit’s Sale Prices in Seoul, 부동산학보, 2012

  • Shinik Yoo and Dongcheol Kim, 국내 주식형 뮤추얼펀드의 스타일, 성과 및 시장예측 능력에 대한 분석, 재무연구, Vol. 25, 2012

  • Soon-ho Kim, Dongcheol Kim and Hyun-soo Shin, Evaluating asset pricing models in the Korean stock market, Pacific-Basin Finance journal, Vol. 20, 2012

  • Sunwoo Hwang and Woochan Kim, Managerial entrenchment of anti-takeover devices: Quasi-experimental evidence from Korea, Pacific-Basin Finance Journal, Vol. 20, 2012

  • Woochan Kim, Korea investment corporation: its origin and evolution, Journal of the Asia Pacific Economy, Vol. 17, 2012

2011

  • Changki Kim, The Impacts of Guaranteed Minimum Death Benefit Options on the Profit Margins of Unit Linked Products, Journal of Acturial Science, Vol. 3, 2011

  • Changki Kim and Eyunghee Kim, 국내 연금시장의 발전 방향에 관한 연구, 계리학연구, Vol. 3, 2011

  • Changki Kim and Yangho Choi, SECURITIZATION OF LONGEVITY RISK USING PERCENTILE TRANCHING, Journal of Risk & Insurance, Vol. 78, 2011

  • Dongwook Lee and Mark H. Liu, Does more information in stock price lead to greater or smaller idiosyncratic return volatility?, Journal of Banking & Finance, Vol. 35, 2011

  • Eyunghee Kim and Changki Kim, 변액 연금 상품의 보증 옵션 분석, 보험금융연구, Vol. 63, 2011

  • Hyungcheol Kang and Kyungsuh Park, 가족기업의 상장의사결정에 관한 연구, 재무연구, Vol. 24, 2011

  • Kay Giesecke and Baeho Kim, Systemic Risk: What Defaults Are Telling Us, Management Science, Vol. 57, 2011

  • Kay Giesecke and Baeho Kim, Risk Analysis of Collateralized Debt Obligations, Operations Research, Vol. 59, 2011

  • Kay Giesecke, Baeho Kim and Shilin Zhu, Monte Carlo Algorithms for Default Timing Problems, Management Science, Vol. 57, 2011

  • K. Sam Park and Jinwan Cho, Pro-efficiency: Data speak more than technical efficiency, European Journal of Operational Research, Vol. 215, 2011

  • Kyungsuh Park and Chanshik Jung, 기업집단의 분리를 통한 기업집단의 순기능과 역기능에 관한 연구, 한국증권학회지, Vol. 40, 2011

  • Kyungsuh Park, Heesub Byun and Jihye Lee, 상품시장에서의 경쟁과 기업지배구조의 상호작용이 투자와 배당에 미치는 영향, 재무연구, Vol. 24, 2011

  • Joonho Hwang, Donghan Kim and Sehak Chun, Corporate social responsibility and its performances: Application to SRI (Socially Responsible Investing) mutual funds, Communications in Computer and Information Science, Vol. 184, 2011

  • Shahriar Azizpour, Kay Giesecke and Baeho Kim, Premia for correlated default risk, Journal of Economic Dynamics and Control, Vol. 35, 2011

2010

  • Dongcheol Kim and Yaxuan Qi, Accruals Quality, Stock Returns, and Macroeconomic Conditions, The Accounting Review, Vol. 85, 2010

  • Dongcheol Kim, Darius Palia and Anthony Saunders, Are Initial Returns and Underwriting Spreads in Equity Issues Complements or Substitutes?, Financial Management, Vol. 29, 2010

  • Dongcheol Kim, Information Uncertainty Risk and Seasonality in International Stock Markets, Asia-Pacific Journal of Financial Studies, Vol. 39, 2010

  • Hyungcheol Kang, Dongwook Lee and Kyungsuh Park, Does the difference in valuation between domestic and foreign investors help explain their distinct holdings of domestic stocks?, Journal of Banking and Finance, Vol. 34, 2010

  • Jaiho Chung and Joonho Hwang, An Empirical Examination of the Parimutuel Sports Lottery Market versus the Bookmaker Market, Southern Economic Journal, Vol. 76, 2010

  • Jaiho Chung and Joonho Hwang, Pricing of Private Placements of Equity, Asia-Pacific Journal of Financial Studies, Vol. 39, 2010

  • Kyungsuh Park and Younghyun Cho, 데이트레이더의 성과지속성과 시장효율성, 한국증권학회지, Vol. 39, 2010

  • Stephen P. Ferris, Woojin Kim and Kwangwoo Park, The informational quality of implied volatility and the volatility risk premium, Applied Economics Letters, Vol. 17, 2010

  • Woojin Kim and Narasimhan Jegadeesh, Do Analysts Herd? An Analysis of Recommendations and Market Reactions, Review of Financial Studies, Vol. 23, 2010

  • Yu-hua An, Juwan Kim and Dongcheol Kim, Is Accounting Information Quality Priced in the Korean Markets?, 한국증권학회지, Vol. 39, 2010

2009

  • Bill Hu and JoonHo Hwang, Private Benefits: Ownership vs. Control, Journal of Financial Research, Vol. 32, 2009

  • Brent W. Ambrose and Dongwook Lee, REIT Capital Budgeting and Equity Marginal q, Real Estate Economics, Vol. 37, 2009

  • Chanshik Jung, Dongwook Lee and Kyungsuh Park, Can investor heterogeneity be used to explain the cross-section of average stock returns in emerging markets?, Journal of International Money & Finance, Vol. 28, 2009

  • Dongwook Lee and Kyungsuh Park, Does institutional activism increase shareholder wealth? Evidence from spillovers on non-target companies, Journal of Corporate Finance, Vol. 15, 2009

  • Dongwook Lee, How Do Employees View Their Underwater Stock Options?: Evidence from the Stock Option Exchange Program, Journal of Financial Services Research, Vol. 35, 2009

  • Joonho Hwang and Sehak Chun, A Decision Model for Advertising Expense: From the Perspective of the Blockholder’s Private Benefit, 상품학연구, 2009

  • Karl B. Diether, Ingrid M. Werner and Kuanhui Lee, Short-Sale Strategies and Return Predictability, Review of Financial Studies, Vol. 22, 2009

  • Karl B. Diether, Kuanhui Lee and Ingrid M. Werner, It's SHO Time! Short-Sale Price Tests and Market Quality, Journal of Finance, Vol. 64, 2009

  • Kyungsuh Park, Heesub Byun and Eunjung Lee, 지배주주의 존재가 기업경영에 미치는 영향: 소유구조와 임금의 관계, 재무연구, Vol. 22, 2009

  • Kyungsuh Park, Heesub Byun and Eunjung Lee, 한국주식시장에 사후적 지배구조 프리미엄이 존재하는가?, 한국증권학회지 Vol. 38, 2009

  • Woochan Kim, Woojin Kim and Kapsok Kwon, Value of outside blockholder activism: Evidence from the switchers, Journal of Corporate Finance, Vol. 15, 2009

2008

  • Dongcheol Kim, Darius Palia and Anthony Saunder, The Impact of Commercial Banks on Underwriting Spreads: Evidence from Three Decades, Journal of Financial & Quantitative Analysis, Vol. 43, 2008

  • Eunjung Lee and Kyungsuh Park, Determinants of the corporate governance of Korean firms, Corporate Ownership and Control, Vol. 5, 2008

  • Hyungcheol Kang, Kyungsuh Park and Hasung Jang, 한국의 기업집단에 있어서 피라미드 내 계열사 위치의 결정요인, 한국경제의 분석, Vol. 14, 2008

  • Kyungsuh Park, Why do Shareholders Allow Their Managers to be Gatekeepers in Corporate Control Contests?, Asia-Pacific Journal of Financial Studies, Vol. 37, 2008

  • Woojin Kim, Analyst recommendations and option market reactions, 재무연구, Vol. 21, 2008

  • Woojin Kim and Michael S. Weisbach, Motivations for public equity offers: An international perspective, Journal of Financial Economics, Vol. 87, 2008

2007

  • Brent W. Ambrose, Dongwook Lee and Joe Peek, Comovement after joining an index: Spillovers of nonfundamental effects, Real Estate Economics, Vol. 35, 2007

  • Dongcheol Kim and Dongsoon Kim, Return-volatility spillover and foreign operations of dually-listed global firms, Hitotsubashi Journal of Economics, Vol. 48, 2007

  • Dongwook Lee, Do corporate managers manipulate the stock price to have a lower exercise price for their stock options?: Some evidence from the U.S. stock market, 재무연구, Vol. 20, 2007

  • Eunjung Lee, Kyungsuh Park and Hasung Jang, How profitable is day-trading?: A study on day-trading in Korean stock market, Asia-Pacific Journal of Financial Studies, Vol. 36, 2007

2006

  • Bernard S. Black, Hasung Jang and Woochan Kim, Does Corporate Governance Predict Firms' Market values? Evidence from Korea 2006, Journal of Law, Economics and Organization, Vol. 22, 2006

  • Dongcheol Kim and Seongho Shin, The Risk of Earnings Information Uncertainty and the January Effect in Korea, Asia-Pacific Journal of Financial Studies, Vol. 35, 2006

  • Dongcheol Kim, On the Information Uncertainty Risk and The January Effect, Journal of Business, Vol. 79, 2006

2005

  • Bernard S. Black, Hasung Jang and Woochan Kim, Predicting firms' corporate governance choices : Evidence from Korea, Journal of Corporate Finance, Vol. 12, 2005

  • Bernard S. Black, Woochan Kim, Hasung Jang and Kyungsuh Park, Does Corporate Governance Predict Firms' Market Values?: Time Series Evidence from Korea 2005, University of Texas School of Law, Law and Economics Working Paper No. 51, 2005

  • Sam Han, sanglyong Joo and Woojin Kim, Investor Sophistication and Patterns in Analysts' Earnings Forecasts, Asia-Pacific Journal of Financial Studies, Vol. 34, 2005

2004

  • The Generality of Spurious Predictability
    Jinwan Cho, J. Shin, R. Singh(Finance Research Letters Volume 1, Issue 4 , 2004)

  • Jinwan Cho, Jhinyoung Shin and Rajdeep Singh, The Generality of Spurious Predictability, Finance Research Letters, Vol. 1, 2004

  • Narasimhan Jegadeesh, Joonghyuk Kim, Susan D. Krische and Charles M. C. Lee, Analyzing the analysts: When do recommendations add value?, Journal of Finance, Vol. 59, 2004

2002

  • Bernard S. Black, Hasung Jang, and Woochan Kim, Does Corporate Governance Affect Firm Value? Evidence from Korea, Second Asian Conference on Corporate Governance, 2002