Published Papers

Does Increased Competition Affect Credit Ratings? A Reexamination of the Effect of Fitch’s Market Share on Credit Ratings in the Corporate Bond Market” with Jun-Koo Kang and Jin Wang, Journal of Financial and Quantitative Analysis, 50, 2015, 1011-1035.

Why Do Firms in Customer-Supplier Relationships Hold More Cash?” with Jin Wang, International Review of Finance, 15, 2015, 489-520.

“The Cost of Stock Market Integration in Emerging Markets” with Xin Zhang, Asia-Pacific Journal of Financial Studies, 44, 2015, 1-23.

Credit Rating Initiation and Accounting Quality for Emerging Market Firms” with Ligang Jong, Lynette Purda, and Mike Welker, Journal of International Business Studies, 44, 2013, 216-234.

Family Control and Expropriation at Not-for-Profit Organizations: Evidence from Korean Private Universities” with Seung-Bo Kim and Woochan Kim, Corporate Governance: An International Review, 20, 2012, 388-404.

What’s in a “China” Name? A Test of Investor Attention Hypothesis” with Wei Wang, Financial Management, 41, 2012, 429-455.

Do Controlling Shareholders’ Expropriation Incentives Imply a Link between Corporate Governance and Firm Value? Theory and Evidence” with Jaeseung Baek, Jun-Koo Kang, and Wei-Lin Liu, Journal of Financial Economics, 105, 2012, 412-435.

Do Foreigners Facilitate Information Transmission in Emerging Markets?” with Arzu Ozoguz, Hongping Tan, and Tony Wirjanto, Journal of Financial Economics, 105, 2012, 209-227.

Equity Market Liberalization and Corporate Governance” with Vidhan Goyal, Journal of Corporate Finance, 16, 2010, 609-621.

Employee Treatment and Firm Leverage: A Test of the Stakeholder Theory of Capital Structure” with Jun-Koo Kang and Jin Wang, Journal of Financial Economics, 100, 2011, 130-153.

Creditor Rights, Contract Enforcement, and Costs of Loan Financing” with Vidhan Goyal, Journal of Finance, 84, 2009, 823-860.

Interaction of Investor Trades and Market Volatility: Evidence from the Tokyo Stock Exchange” with Takehi Yamada and Keiichi Ito, Pacific Basin Finance Journal, 16, 2008, 370-388.

The Impact of the Short-Short Rule Repeal on the Timing Ability of Mutual Funds” with Junesuh Yi, Journal of Business Finance and Accounting, 35, 2008, 969-997.

Do Local Analysts Know More? A Cross-country Study of the Performance of Local Analysts and Foreign Analysts” with René M. Stulz and Hongping Tan, Journal of Financial Economics, 88, 2008, 581-606.

International GAAP Differences – Impact on Foreign Analysts” with Hongping Tan and Michael Welker, The Accounting Review, 83, 2008, 593-628.

The Value-Relevance of Earnings and Book Value, Ownership Structure, and Business Group Affiliation: Evidence from Korean Business Groups” with Seokwoo Jeong, Journal of Business Finance and Accounting, 34, 2007, 740-766.

How do Individual, Institutional, and Foreign Investors Win and Lose in Equity Trades? Evidence from Japan” with Takeshi Yamada and Keichi Ito, International Review of Finance, 6, 2006, 129-155.

Corporate Governance and Conditional Skewness in the World’s Stock Markets” with Chanwoo Lim and John Wei, Journal of Business, 79, 2006, 2999-3028.

Stock Market Liberalization and the Information Environment” with Warren Bailey and Connie Mao, Journal of International Money and Finance, 25, 2006, 404-428.

Investibility and Return Volatility” with Kalok Chan and Angela Ng, Journal of Financial Economics, 71, 2004, 239-263.

Trader’s Choice between Market and Limit Orders: Evidence from NYSE stocks” with Hasung Jang and Kyung Suh Park, Journal of Financial Markets, 6, 2003, 517-538.

A New Approach to Measuring Financial Contagion” with G. Andrew Karolyi and René M. Stulz, Review of Financial Studies, 16, 2003, 717-763.

Tunneling or Value Added: Evidence from Mergers by Korean Business Groups” with Jun-Koo Kang and Jin-Mo Kim, Journal of Finance, 62, 2002, 2695-2740.

The Value of Durable Bank Relationships: Evidence from Korean Banking Shocks” with Jun-Koo Kang and Chanwoo Lim, Journal of Financial Economics, 64, 2002, 181-214.

Limit Orders, Depth and Volatility: Evidence from the Stock Exchange of Hong Kong” with Hee-Joon Ahn and Kalok Chan, Journal of Finance, 56, 2001, 769-790.

The Transmission of Pricing Information of Dually-listed Stocks”, with Baekin Cha and Y. L. Cheung, Journal of Business Finance and Accounting, 26, 1999, 709-723.

The Profitability of Index Futures Arbitrage: Evidence from Bid-Ask Quotes” with Kalok Chan and Y. L. Cheung, Journal of Futures Markets, 18, 1998, 743-763 (lead article).

The Usefulness of Earnings versus Book Value for Predicting Stock Returns and Cross Corporate Ownership in Japan” with J. B. Kim, Japan and the World Economy, 10, 1998, 467-485.

“Price Changes, Trading Volume and Price Limits” with Baekin Cha, Advances in the Pacific-Basin Financial Markets, 3, 1997, 21-37.

Market Segmentation and Time Variation in the Price of Risk: Evidence on the Korean Stock Market”, Pacific-Basin Finance Journal 3, 1995, 1-29 (lead article).

Good News, Bad News and International Spillovers of Stock Return Volatility between Japan and the U.S.” with G. Andrew Karolyi, Pacific-Basin Finance Journal 2, 1994, 405-438.