최혁

Investments, Corporate Finance 교수


교수 소개

Hyuk Choe, Professor of Finance, is a former Dean of the Seoul National University Business School (2011.1~2013.1). He received his bachelor’s degree and master’s degree (Accounting) from Seoul National University and his Ph.D. (Finance) as well as MBA from the Booth School of Business, University of Chicago. Prior to joining Seoul National University Business School in 1996, he had taught at the Smeal College of Business Administration, Pennsylvania State University since 1989. Choe is a former president of the Association of Korean Business Schools, of the Korean Finance Association, and of the Korean Securities Association. He also served as a Commissioner of the Securities & Futures Commission in Korea. He holds a CPA license in Korea. In 2006, Choe won the Maekyung Economist Award from Maeil Business Newspaper and the Award for Capital Market Development from the Korea Securities Dealers Association. He also won Outstanding Teaching Awards from Seoul National University in 2008, 2009, and 2010. Choe’s research focuses on Investments, Market Microstructure, and Corporate Finance. His research has appeared in prominent journals such as the Journal of Financial Economics, the Journal of Finance, Review of Financial Studies, the Journal of Law and Economics, the Journal of Financial Intermediation, the Journal of Empirical Finance, the Journal of Financial Markets, the Journal of Banking and Finance, and the Journal of Futures Markets. He also served as an editor of the Asia-Pacific Journal of Financial Studies. In January 2009, he published a book, “2008 Global Financial Crisis” (in Korean).

경력사항

[학력]
박사 Ph.D. (Finance), University of Chicago, 1990
MBA MBA (Finance and statistics), University of Chicago, 1984
석사 경영학석사 (회계학), 서울대학교 경영대학, 1981
학사 학사 (경영학), 서울대학교 경영대학, 1979


  1. Pennsylvania State University 재무학과 초빙교수 (2001.8~2003.7)
  2. Pennsylvania State University 재무학과 교수 (1989.8~1996.8)


[보직 및 위원회 활동]

  1. 서울대학교 경영대학장 (2011.1~2013.1)
  2. 서울대학교 경영전문대학원장 (2011.1~2013.1)
  3. 서울대학교 재경위원회 위원 (2016.1~2017.12)
  4. 서울대학교 평의원회 의원 (2015.11~2017.10)
  5. 고급금융과정 주임교수 (2013.3~현재)
  6. 서울대학교 Global IB Academy 주임교수 (2007.8~2011.1)
  7. 서울대학교 산학협력재단 감사 (2007.3~2009.2)
  8. 서울대학교 경영연구소장 (2007.2~2009.2)
  9. 경영대학 교육연구재단 이사 (2007.2~2010.11)
  10. 서울대학교 재정위원회 위원 (2006.6~2008.5)
  11. 경영대학 교육연구재단 감사 (2005.2~2007.2)
  12. 서울대학교 경영도서관장 (2004.9~2005.9)
  13. 재단법인 서울대학교 발전기금 자문위원 (1999.6~2001.6)
  14. 경영대학 전산실장 (1999.2~2001.2)
  15. 증권금융연구소 연구부장 (1997.2~2001.6)
  16. 경영대학 박사과정 주임교수 (1999.2~2000.2)
  17. 조흥금융아카데미 주임교수 (1997.9~2000.2)
  18. 경영사례센터장 (1997.4~1999.1)


[학계봉사]

  1. 2012.3~2013.2, 한국경영대학대학원협의회 회장
  2. 2010.1~2010.12, 한국재무학회 회장
  3. 2006.3~2007.2, 한국증권학회 회장
  4. 2007.7~2008.6, 한국금융학회 부회장
  5. 2004.4~2006.3, 한국증권학회 증권학회지 편집위원장
  6. 2004.3~2006.2, 한국증권학회 이사
  7. 2004.3~2005.2, 한국재무학회 이사
  8. 2000.3~2001.2, 한국증권학회 간사
  9. 1999.2~2001.1, 한국선물학회 이사
  10. 1997.9~1998.12, 한국선물학회 간사
  11. 1997.1~1997.12, 한국재무관리학회 이사


[사회봉사]

  1. 2017.3~2020.3, 현대중공업 사외이사(감사위원장)
  2. 2013.3~2016.3, GS건설 사외이사
  3. 2010.4~2016.3, SK이노베이션 사외이사(감사위원장)
  4. 2010.4~2012.3, 우리은행 사외이사
  5. 2007.4~2010.3, 증권선물위원회 위원
  6. 2011.10~2013.3, 법제처 자체평가위원회 위원
  7. 2008.11~2010.11, 조달청 조달행정자문위원회 위원
  8. 2008.5~2012.4, 한국상장협의회 금융재무자문위원회 위원
  9. 2006.9~2007.1, 한국증권선물거래소 상장추진위원회 위원장
  10. 2006.8~2008.2, 재정경제부 금융발전심의회 증권분과위원장
  11. 2006.3~2007.4, 한국증권선물거래소 분쟁조정심의위원회 위원
  12. 2000.10~2001.6, 코스닥 지수위원회 위원장
  13. 2000.7~2002.4, 삼성증권 자문교수
  14. 2000.12~2001.7, 한국감정원 사외이사
  15. 1999.6~2004.12, 한국증권거래소 선물옵션시장발전위원회 위원
  16. 1999.3~2000.12, 한국선물거래소 시장위원회 위원


[자격증, 수상]

  1. 공인회계사
  2. 매경 이코노미스트상(2006)
  3. 증권업협회 증권인상 자본시장발전 공로상(2006)
  4. 우수논문상 (Asia-Pacific Journal of Financial Studies, 재무연구, 재무관리연구 등)
  5. 우수연구상(서울대학교)

학술활동

[학술논문]

  1. “한국 주식시장 외국인의 주문선택 행동 분석” (공저자: 윤선흠), 한국증권학회지 43(3), 461-497 (2014).
  2. “한국 주식시장의 유동성과 일중 주문불균형의 단기 수익률예측력” (공저자: 윤선흠), 재무관리연구 31(2), 49-75 (2014).
  3. “전략적 반복주문을 통한 고빈도거래가 한국 주식시장에 미치는 영향” (공저자: 정재만, 전용호), 재무연구 27(2), 177-211 (2014).
  4. “Individuals’ return predictability in market and limit trades” (with Hyo-Jeong Lee), AsiaR11;Pacific Journal of Financial Studies 43(1), 59-88 (2014).
  5. “Fund size and performance in a market crowded with many small funds” (with Juil Ban), Asia-Pacific Journal of Financial Studies 42(2), 340-372 (2013).
  6. “고빈도거래자의 매매양태 분석” (공저자: 우민철), 한국증권학회지 42(4), 699-732 (2013).
  7. “기관투자자 및 외국인투자자의 단기 군집거래” (공저자: 전용호), 재무관리연구 30(1), 1-37 (2013).
  8. “주식수익률의 가격대별 동조화 현상과 개인투자자의 거래행태: 한국 주식시장의 주식분할 사건을 중심으로” (공저자: 전용호), 한국증권학회지 42(2), 373-420 (2013).
  9. “Convertible bond arbitrage and short sales: Evidence from the Korean stock market” (with Cheol-Won Yang, Asian Review of Financial Research 25(3), 357-407 (2012).
  10. “The herding behavior of professionals and its impact in the Korean stock market” (with Jee-Hyun Kim), Korean Journal of Financial Studies 41(3), 463-495 (2012).
  11. “데이트레이딩 전략의 수익성 분석: ETF 시장을 대상으로” (공저자: 우민철), 한국증권학회지 41(5), 677-704 (2012).
  12. “개인투자자의 거래행태가 실적공시에 대한 주가지연반응(PEAD)에 미치는 영향” (공저자: 이효정), 한국증권학회지 41(3), 393-436 (2012).
  13. “공개주문집계장 가격발견의 횡단면 분석” (공저자: 이우백), 재무관리연구 29(3), 131-176 (2012).
  14. “공매도 제한효과와 공매도 금지효과의 비교: 유동성과 정보성에 미치는 영향을 중심으로” (공저자: 이효정), 재무연구 25(2), 161-202 (2012).
  15. “국내 능동적 펀드의 운용 능력과 펀드매니저의 군집 행동” (공저자: 김지현), 재무연구 24(2), 411-453 (2011).
  16. “유동성공급자 제도의 도입 효과 분석: ELW 시장을 대상으로” (공저자: 우민철). 한국증권학회지 40(1), 19-55 (2011).
  17. “Liquidity commonality and its causes: Evidence from the Korean stock market” (with Cheol-Won Yang), Asia-Pacific Journal of Financial Studies 39, 626-658 (2010).
  18. “적립식 투자전략이 투자성과를 개선하는가? ” (공저자: 반주일), 한국증권학회지 39(4), 573-609 (2010).
  19. “ELW 시장에서의 유동성공급자 간 차이”(공저자: 우민철), 한국증권학회지 39, 161-190 (2010).
  20. “Liquidity risk and asset returns: The case of the Korean stock market” (with Cheol-Won Yang), 재무관리연구 26, 103-140 (2009).
  21. “The disposition effect and investment performance in the futures market” (with Yunsung Eom), Journal of Futures Markets 29, 496-522 (2009).
  22. “The impact of day-trading on volatility and liquidity” (with Jay M. Chung, Bong-Chan Kho), Asia-Pacific Journal of Financial Studies 38, 237-275 (2009).
  23. “Distribution of private information across investors: Evidence from the Korea Stock Exchange” (with Jay M. Chung, Woo-baik Lee), Asia-Pacific Journal of Financial Studies 37, 101-137 (2008).
  24. “공개주문원장 정보의 단기수익률 예측력 분석,” (공저자: 이우백), Asia-Pacific Journal of Financial Studies 36(6), 963-1007 (2007).
  25. “하나투어의 성장과 도전,” 경영사례연구 41(2), 177-195 (2007).
  26. “한국 주식시장에서의 정보위험과 수익률의 관계,” (공저자: 양철원), Asia-Pacific Journal of Financial Studies 36(4), 567-620 (2007).
  27. “주가지수 선물과 옵션의 만기일이 주식시장에 미치는 영향 R11; 개별 종목 분석을 중심으로,” (공저자: 엄윤성), 재무관리연구 24(2), 41-79 (2007).
  28. “프로그램매매가 주식가격에 미치는 영향,” (공저자: 윤선흠), Asia-Pacific Journal of Financial Studies 36(2), 281-320 (2007).
  29. “하루 중 유동성 형성과정과 가격발견,” (공저자: 이우백), 재무연구 19(2), 1-38 (2006).
  30. “한국 주식시장에서의 정보비대칭 측정치 비교,” (공저자: 양철원), Asia-Pacific Journal of Financial Studies 35(5), 1-44 (2006).
  31. “거래 전 정보공개와 가격발견,” (공저자: 이우백), Asia-Pacific Journal of Financial Studies 35(4), 143-190 (2006).
  32. “Do domestic investors have an edge? The trading experience of foreign investors in Korea” (with Bong-Chan Kho, Rene M. Stulz), Review of Financial Studies 18, 795-829 (2005).
  33. “한국주식시장에서의 은닉거래,” (공저자: 정재만, 이우백), 재무연구 16(2), 1-29 (2003).
  34. “Panasia Bank,” (공저자: 이우백), 경영사례연구 37(1), 1-23 (2003).
  35. “주문 공격성의 비용,” (공저자: 이우백), 경영논집 36, 61-114 (2002).
  36. “Share repurchase tender offers and bid-ask spreads” (with Hee-Joon Ahn and Charles Cao), Journal of Banking and Finance 25, 445-478 (2001).
  37. “Evolution of transitory volatility over the week” (with Charles Cao), Annals of Economics and Finance 1, 49-77 (2000).
  38. “정보의 유입과 정보에 대한 해석의 차이가 주식과 선물 거래량에 미치는 영향,” (공저자: 이헌복), 증권금융연구 5, 87-114 (2000).
  39. “Buy-sell dependence and classification error in market microstructure time-series models: A Markov switching regression approach,” Seoul Journal of Business 5, 85-116 (1999).
  40. “Do foreign investors destabilize stock markets? The Korean experience in 1997” (with Bong-Chan Kho, Rene M. Stulz), Journal of Financial Economics 54, 227-264 (1999).
  41. “Decimalization and competition among stock markets: Evidence from the Toronto Stock Exchange cross-listed securities”, (with Hee-Joon Ahn, Charles Cao), Journal of Financial Markets 1, 51-87 (1998)
  42. “배당통제기간 중의 자사주재매입 활동에 관한 연구”, 경영논집 32, 310-327 (1998.12).
  43. “Does the specialist matter? Differential execution costs and inter-security subsidization on the NYSE” (with Charles Cao, Frank Hatheway), Journal of Finance 52, 1615-1640 (1997).
  44. “What is special about the opening?: Evidence from the NASDAQ” (with Charles Cao, Frank Hatheway), Seoul Journal of Business 3, 1-36 (1997).
  45. “한국주가지수 선물시장에서 시장조성활동이 수익성이 있는가?”(공저자: 오규택, 오세경), 선물연구 5, 85-112 (1997).
  46. “KOSPI200 종목의 시장충격비용 측정과 그 결정요인 분석”(공저자: 이준행). 한국증권학회지 20, 205-232 (1997).
  47. “Contract costs and priority structure of debt” (with Jae-Sun Yi), 증권금융연구 3, 111-142 (1997).
  48. “Tick size, spread, and volume” (with Hee-Joon Ahn, Charles Cao), Journal of Financial Intermediation 5, 2-22 (1996).
  49. “지정가주문형 시장에서의 유동성분석: 한국증권거래소의 경우”, 증권금융연구 2, 29-46 (1996).
  50. “주가지수관련 파생상품과 주식거래의 비동시성”, 선물의 세계, 60-63 (1996).
  51. “Block versus nonblock trading patterns” (with Thomas McInish, Robert A. Wood); Review of Quantitative Finance and Accounting 5, 355-363 (1995).
  52. “Pricing errors at the open and close for foreign stocks traded on the NYSE,” The Pacific-Basin Finance Journal 2, 481-495 (1994).
  53. “The effects of golden parachutes on takeover activity” (with Judith C. Machlin, James Miles), Journal of Law and Economics 36, 861-876 (1993).
  54. “Common stock offerings across the business cycle: Theory and evidence” (with Ronald W. Masulis, Vikram Nanda), Journal of Empirical Finance 1, 3-31 (1993).
  55. “An analysis of interday and intraday return volatility: Evidence from the Korea Stock Exchange” (with Hung S. Shin), The Pacific-Basin Finance Journal 1, 175-188 (1993).
  56. “Characteristics of the Korea Fund premium” (with Hung S. Shin), Rising Asian Capital Markets: Empirical Studies (eds. T. Bos and T. Fetherston), JAI Press, 161-179 (1993).


[학술발표]

  1. Hyuk Choe, Bong-Chan Kho, J. M. Chung, The impacts of day-trading on volatility and liquidity, Presented at the Stephen A. Buser Colloquium Series in Financial Economics, The Ohio State University, 2004.4
  2. Hyuk Choe, Bong-Chan Kho, J. M. Chung, The impacts of day-trading on volatility and liquidity, Presented at the Finance Workshop, Bowling Green State University, 2004.4.
  3. Hyuk Choe, Bong-Chan Kho, Rene M. Stulz, Do domestic investors have more valuable information about individual stocks than foreign investors?, Presented at the American Economic Association Annual Conference in Washington D.C., 2003.1
  4. Hyuk Choe, Bong-Chan Kho, Rene M. Stulz, Do domestic investors have an edge? The trading experience of foreign investors in Korea, 한국금융학회 2003년 춘계 학술발표회, 2003.5
  5. Hyuk Choe, Bong-Chan Kho, J. M. Chung, The impacts of day-trading on volatility and liquidity, 한국재무학회 2002년 통합학술대회 발표, 2002.6
  6. Hyuk Choe, Bong-Chan Kho, Do international investors perform better?, Presented at the Financial Management Association Annual Conference in Chicago, 1998.10
  7. Hyuk Choe, Bong-Chan Kho, Rene M. Stulz, Do foreign investors destabilize stock markets? The Korean experience in 1997, 한국재무학회 1998년 통합학술대회 발표, 1998.5
  8. Hee-Joon Ahn, Charles Cao, Hyuk Choe, Share repurchase tender offers and bid-ask spreads, European Finance Association, 1998
  9. Hee-Joon Ahn, Charles Q. Cao, Hyuk Choe, Decimalization and competition among stock markets: Evidence from the Toronto Stock Exchange, American Finance Association, Chicago, 1998
  10. Hee-Joon Ahn, Charles Q. Cao, Hyuk Choe, Decimalization and competition among stock markets: Evidence from the Toronto Stock Exchange, Financial Management Association, Hawaii, 1997
  11. Hee-Joon Ahn, Charles Cao, Hyuk Choe, Share repurchase tender offers and bid-ask spreads, Financial Management Association, 1997
  12. Charles Cao, Hyuk Choe, and Frank Hatheway, Does the specialist matter? Differential execution costs and inter-security subsidization on the NYSE, Utah Winter Finance Conference, 1996
  13. Charles Cao, Hyuk Choe, and Frank Hatheway, Does the specialist matter? Differential execution costs and inter-security subsidization on the NYSE, University of Maryland Finance Conference, 1995
  14. Hee-Joon Ahn, Charles Q. Cao, Hyuk Choe, Tick Size, Spread, and Volume, Financial Management Association, New York, 1995
  15. Hyuk Choe, Buy-sell dependence and classification error in market microstructure time-series models: A Markov switching regression analysis, Western Finance Association, Santa Fe, 1994
  16. Hyuk Choe, Buy-sell dependence and classification error in market microstructure time-series models: A Markov switching regression analysis, Financial Management Association, St. Louis, 1994
  17. Charles Cao, Hyuk Choe, and Frank Hatheway, What is special about the opening? Evidence from the NASDAQ, Financial Management Association, St. Louis, 1994
  18. Hyuk Choe, Pricing errors at the open and close for foreign stocks traded on the NYSE, The 6th Pacific-Basin Finance Conference, Jakarta, 1994
  19. Hyuk Choe, Thomas McInish, Robert A. Wood, Block versus nonblock trading patterns, Financial Management Association, San Francisco, 1992
  20. Hyuk Choe, Hung S. Shin, An analysis of interday and intraday return volatility: Evidence from the Korea Stock Exchange, The 4th Pacific-Basin Finance Conference, Hong Kong, 1992
  21. Hyuk Choe, Hung S. Shin, Characteristics of the Korea Fund premium, The 3th Pacific-Basin Finance Conference, Seoul, 1991
  22. Hyuk Choe, Ronald W. Masulis, Vikram Nanda, Common stock offerings across the business cycle: Theory and evidence, Western Finance Association, Settle, 1989
  23. Hyuk Choe, Ronald W. Masulis, Vikram Nanda, Common stock offerings across the business cycle: Theory and evidence, American Finance Association, Atlanta, 1989


[단행본]

  1. 최혁, 2008 글로벌 금융위기: 현대인을 위한 금융특강, 케이북스, 2009
  2. 최혁, 김종오, 투자론, 한국방송통신대학교 출판부, 2002
  3. 최혁, 김종오, 재무관리, 한국방송통신대학교 출판부, 2002
  4. 최혁, 전자증권거래, 서울대학교 경영대학 전자상거래지원센터 전자상거래 교재개발 시리즈, 1999