황이석

Valuation, Corporate Governance 교수


교수 소개

Lee Seok Hwang is a Professor of Accounting at Seoul National University Business School. He was an Associate Professor in the Department of Accounting at the City University of New York, Baruch College. Professor Hwang was also a Visiting Scholar at Chinese University of Hong Kong. He did his undergraduate work in business administration at Yonsei University in Seoul and received his Ph.D. from Stern School of Business of New York University.


Professor Hwang’s current research is concerned with valuation using accounting information and costs of capital. He is also interested in corporate governance and ownership-related issues both in Korean businesses and international firms. His teaching activities reflect these research interests.


Professor Hwang has published his work in accounting and finance academic journals, including the Accounting Review, the Journal of Accounting and Economics, the Journal of Accounting Research, the Journal of Financial Economics, Review of Accounting Studies, the Journal of Business, the Journal of Accounting, Auditing and Finance. He is also a licensed CPA and a member of the Korean Institute of Certified Public Accountants (KICPA).

경력사항

[학력]
학력 Ph.D., New York University; MBA & BA, Yonsei University, Seoul, Korea
Licensed CPA, Korean Institute of Certified Public Accountants (KICPA)
강의경력

City University of New York (CUNY), Baruch College, 부교수(tenured)
Chinese University of Hong Kong (중문대학, 홍콩), Visiting Scholar

연구 및 강의분야

1. 관심분야: 기업가치평가, 재무제표분석, 자본비용, 기업지배구조
2. "CFO 강의노트: 회계정보를 활용한 신재무전략(제14판)," 서울경제경영출판사, 2018년1월



[교내활동]


    [현재]
  1. 회계학연구센타 센타장

    [과거]
  1. 경영대학 인사위원회
  2. 경영연구소 부소장
  3. 기숙사운영위원회
  4. 박사과정 주임교수
  5. 생활협동조합 감사
  6. 재경위원회
  7. 하나은행 석학교수
  8. 회계학연구센타 센타장
  9. CFO전략과정 주임교수
  10. Global MBA주임교수



[교외활동]


    [현재]
  1. 금융위원회(공적자금관리위원회)
  2. 크라운제과(사외이사)
  3. LG생활건강(사외이사)

    [과거]
  1. 공무원연금관리공단(기금운영자문위원회)
  2. 금융감독원(회계심의위원회)
  3. 금융위원회(감리위원회)
  4. 보건복지부(국민연금 성과평가보상전문위원회)
  5. 안전행정부(지방공기업 정책위원회)
  6. 통신위원회(방송평가위원회, 약관법령심의위원회)
  7. 한국공인회계사회(감사인증기준위원회)
  8. 한국기업지배구조원(연구위원회)
  9. 한국도로공사(투자 및 자금운용 심의위원회)
  10. 한국상장회사협의회(내부회계관리제도모범규준 실무위원회)
  11. 한국연구재단(전문위원)
  12. 한국회계연구원(국제회계기준 검토위원회)
  13. 한국회계정보학회(부회장)
  14. 한국회계학회(부회장)
  15. 행정안전부(지방공기업 경영진단위원회)
  16. 아모레퍼시픽(사외이사)
  17. 풀무원(사외이사)
  18. 하나UBS자산운용(사외이사)
  19. LG실트론(사외이사)

학술활동

[국외학술지]

  1. “Business Group Affiliation, Ownership Structure, and the Cost of Debt,” Hae-Young Byun, Sunhwa Choi, Lee-Seok Hwang and Robert G. Kim, Journal of Corporate Finance, 2013, vol. 23 (December), 311-331
  2. “Corporate Governance and Payout Policy: Evidence from Korean Business Groups,” Lee-Seok Hwang, Hakkon Kim, Kwangwoo Park and Raesoo Park, Pacific-Basin Finance Journal, 2013, vol. 24 (September), 179-198
  3. “Does Information Risk Affect the Implied Cost of Equity Capital? An Analysis of PIN and Adjusted PIN,” Lee-Seok Hwang, Woo-Jong Lee, Seung-Yeon Lim and Kyung-Ho Park, Journal of Accounting and Economics, 2013, vol. 55, no. 2-3, 148-167
  4. “Stock Return Predictability of Residual-Income-Based Valuation: Risk or Mispricing?” Lee-Seok Hwang and Woo-Jong Lee, Abacus, 2013, vol. 49, no. 2, 219-241
  5. "Do Takeover Defenses Impair Equity Investors' Perception of 'Higher Quality' Earnings?," Lee-Seok Hwang and Woo-Jong Lee, Journal of Accounting, Auditing, and Finance, 2012, vol. 27, no. 3, 325-358
  6. "How Does Ownership Concentration Exacerbate Information Asymmetry Among Equity Investors?," Hae-Young Byun, Lee-Seok Hwang, and Woo-Jong Lee, Pacific-Basin Finance Journal, 2011, vol. 19, no. 5, 511-534
  7. "Return Predictability and Shareholders' Real Options," Lee-Seok Hwang and Byungcherl Sohn, Review of Accounting Studies, 2010, vol. 15, no. 2, 367-402.
  8. "The Relation Between Changes in CEO compensation and Firm Performance: A Japanese/American Comparison," Toshiaki Mitsudome, Joseph Weintrop and Lee-Seok Hwang, Journal of the Japanese and International Economics, 2008, vol. 22, no. 4, 605-619.
  9. "Corporate Governance, Top Executive Compensation, and Firm Performance in Japan," Sudipta Basu, Lee-Seok Hwang, Toshi Mitsudome, and Joseph Weintrop, Pacific-Basin Finance Journal, 2007 (January) vol. 15, 56-79.
  10. "Auditor Conservatism and Analysts' Fourth Quarter Earnings Forecasts," Sudipta Basu, Lee-Seok Hwang and Ching-Lih Jan, Journal of Accounting and Finance Research, 2005 (December), vol. 13, no. 5, 211-235
  11. "CEO Compensation after Deregulation: The Case of Electric Utilities," Stephen Bryan, Lee-Seok Hwang and Steven Lilien, Journal of Business, 2005 (September), 1709-1752.
  12. "Determinants of Cross-border Listing of American Depository Receipts (ADRs) on Regulated and Less Regulated U.S. Stock Markets," Gordian Ndubizu and Lee-Seok Hwang, Advances in Investment Analysis and Portfolio Management, 2005, vol. 1, 247-266.
  13. "Ultimate Ownership, Income Management, and Legal and Extra-Legal Institutions," In-Mu Haw, Bingbing Hu, Lee-Seok Hwang, and Woody Wu, Journal of Accounting Research, 2004 (May), 423-462.
  14. “The Value Relevance of Foreign Income: an Australian, Canadian, and British Comparison,” Gordon Bodnar, Lee-Seok Hwang, and Joseph Weintrop, Journal of International Financial Management & Accounting, 2003 (October), 171-193.
  15. "Arbitrage Risk and the Book-to-Market Anomaly," Ashiq Ali, Lee-Seok Hwang, and Mark A. Trombley, Journal of Financial Economics, 2003 (August), 355-373.
  16. "Residual-Income-Based Valuation Predicts Future Stock Returns: Evidence on Mispricing vs. Risk Explanations," Ashiq Ali, Lee-Seok Hwang, and Mark A. Trombley, The Accounting Review, 2003 (Spring), 377-396.
  17. "The Use of Individualized Problems to Improve Students' Learning," Harry Z. Davis, Lee-Seok Hwang, and Victory Shoaf, Journal of Accounting Education 19, 2001, 189-210.
  18. "Assessment of Analysts' Target Prices," Stephen Bryan, Lee-Seok Hwang, and Steven Lilien, The CPA Journal, 2001 (July), 47-52.
  19. "CEO Stock-Based Compensation: An Empirical Analysis of Incentive-Intensity, Relative Mix, and Economic Determinants," Stephen Bryan, Lee-Seok Hwang, and Steven Lilien, Journal of Business, 2000 (October), 661-693.
  20. "Accruals and Future Stock Returns: Tests of the Naive Investor Hypothesis," Ashiq Ali, Lee-Seok Hwang, and Mark Trombley, Journal of Accounting, Auditing, and Finance, 2000 (Spring), 161-181.
  21. "Country Specific Factors Related to Financial Reporting and the Value Relevance of Accounting Data," Ashiq Ali and Lee-Seok Hwang, Journal of Accounting Research, 2000 (April), 1-21.
  22. "International Variation in Accounting Measurement Rules and Analysts' Earnings Forecast Errors," Sudipta Basu, Lee-Seok Hwang, and Ching-Lih Jan, Journal of Business, Finance, and Accounting, 1998 (November/December), 1207-1247.
  23. "Does the Ownership Structure of Debt and Equity Affect the Agency Costs of Debt? Japanese Evidence," Lee-Seok Hwang and Yong Kim, Journal of Accounting, Auditing, and Finance, 1998 (Winter), 37-66.
  24. "A Microsoft Excel Template to Estimate Stock Option Fair Value under FASB 123," Hugo Nurnberg and Lee-Seok Hwang, Journal of Corporate Accounting and Finance, 1998 (Autumn), 99-106.
  25. "CEO Compensation in a Regulatory Environment: An Analysis of The Electric Utility Industry," Stephen Bryan and Lee-Seok Hwang, Journal of Accounting, Auditing, and Finance, 1997 (Summer), 223-251.
  26. "Loss Firms and Analysts' Forecast Errors," Lee-Seok Hwang, Ching-Lih Jan, and Sudipta Basu, Journal of Financial Statement Analysis, 1996 (Winter), 18-30.
  27. "CEO Compensation and Control in Japanese Firms," Lee-Seok Hwang, Helen Snider, and Allan Bird, Emerging Markets in Asia, (edited by Kim, Liaw, and Chen), Center of Asian Studies, St. John's University, New York, 1995, 273-302.

[국내학술지]

  1. “Asset Growth and Analysts' Multi-Period Earnings Forecasts,” Hyungjin Cho, Sunhwa Choi, Lee-Seok Hwang and Woo-Jong Lee, Korean Accounting Review (회계학연구), 2018, vol. 43, no. 2, 89-127
  2. “재벌의 소유구조와 원가 하방탄력성: 중핵기업을 중심으로,” 황이석, 이문영, 최세라, 회계학연구, 2018년8월, vol. 43, no. 4, 161-199
  3. “Does Managerial Ability Matter in Private Firms? Evidence from Korea,” Lee-Seok Hwang, Taejin Jung, Seunghee Yang, and Kyunghwa Yu, Asia-Pacific Journal of Financial Studies (증권학회지), 2018.4., vol. 47, no. 2, 213-247
  4. “전환조정이익의 미래이익 예측력,” 남혜정, 황이석, 회계저널, 한국회계학회, 2016년 8월, vol. 25, no. 4, 397-431
  5. “A New Value-to-Price Anomaly and the Idiosyncratic Risk,” Lee-Seok Hwang and Byungcherl Charlie Sohn, Korean Accounting Review (회계학연구), 2014, vol. 39, no. 2 (April), 35-76
  6. “Earnings Components, Stock Return Variability, and the Impact of Corporate Governance,” Seung-Yeon Lim, Lee-Seok Hwang, Jay Junghun Lee and Woo-Jong Lee, Korean Accounting Review (회계학연구), 2014, vol. 39, no. 2 (April), 109-142
  7. “Do Investors Price Accruals Quality? A Reexamination of the Implied Cost of Equity Capital?,” Lee-Seok Hwang and Seung-Yeon Lim, Asia-Pacific Journal of Financial Studies (증권학회지), 2012, vol. 41, no. 4, 458-490
  8. "풋백옵션(주식매도청구권)의 가치평가 및 위험관리,” 조형진, 이문영, 황이석, 회계저널, 한국회계학회, 2011년 12월, vol. 20, no. 5, 275-301
  9. "Value Information of Corporate Decisions and Corporate Governance Practices," Hae-Young Byun, Lee-Seok Hwang, and Woo-Jong Lee, Asia-Pacific Journal of Financial Studies (증권학회지), 2011, vol. 40, no. 1, 69-108
  10. "IFRS채택 이후 회계기준제정기구의 역할," 곽수근, 박경호, 이문영, 황이석, 회계저널, 한국회계학회, 2010년 5월, vol. 19, no. 2, 505-541
  11. "채권관리권한(Mortgage Servicing Rights)에 대한 회계제도 개선을 위한 연구," 임승연, 최선화, 이우종, 황이석, 회계저널, 한국회계학회, 2008년9월, vol. 17, no. 3, 229-253
  12. "Conditional Conservatism, Listing Status, and Auditor Quality," Lee-Seok Hwang, Woo-Jong Lee, Hye-Jeong Nam, and Kyung-Ho Park, Korean Accounting Review (회계학연구), 2008년6월, vol. 33, no. 2, 145-183.
  13. "국민연금기금의 주식시장왜곡에 관한 연구," 고봉찬, 이병희, 이우종, 황이석, 증권학회지, 2008년6월, vol. 37, no. 465-500.
  14. "Korean Evidence on the Implied Cost of Equity," Lee-Seok Hwang, Woo-Jong Lee, and Seung-Yeon Lim, Korean Accounting Review (회계학연구), 2008년 3월, vol. 33, no. 1, 97-125.
  15. "회계전문인력 양성을 위한 우리나라 회계교육 강화 방안," 주인기, 송인만, 권수영, 황이석, 심태섭, 회계저널, 한국회계학회, 2008년 3월, vol. 17, no. 1, 27-59.
  16. "The Implied Cost of Equity Capital and Corporate Governance Practices," Hae-Young Byun, Lee-Seok Hwang, and Su-Keun Kwak, Asia-Pacific Journal of Financial Studies (증권학회지), 2008년 2월, Vol. 37, no. 1, 139-184.
  17. "Stock Price Synchronicity and Corporate Governance Practices," Hae-Young Byun and Lee-Seok Hwang, Korean Management Review (경영학연구), 2007, vol. 36, no. 4, 939-979.
  18. "Digital e-Accounting: 삼성전자 회계프로세스의 혁신," 이창우, 정운오, 최외홍, 황이석, 회계저널, 한국회계학회, 2006년9월, 85-108.
  19. "국제교육기준에 따른 우리나라 회계교육과 공인회계사 선발 및 교육제도개선방안," 주인기, 권수영, 황이석, 심태섭, 회계저널, 한국회계학회, 2006년9월, 135-164.
  20. "기업지배구조와 주주부의 배분에 관한 연구," 박광우, 박래수, 황이석, 증권학회지, 한국증권학회, 2005, vol. 34, 149-188.
  21. "Investor Sophistication, Arbitrage Risk, and the Mispricing of Accruals in Korean Listed Firms," Lee-Seok Hwang, Moon Hyun Kym, Woo-Jong Lee, and ByungCherl Sohn, Korean Accounting Review (회계학연구), 2005 (Supplement), 59-91.

[학술지 편집]

    [현재]
  1. 중소기업학회지(편집위원)
  2. 회계와감사연구(편집위원)

  3. [과거]
  4. 회계학연구(편집위원)
  5. 회계학연구(편집장)
  6. Asia-Pacific Journal of Financial Studies(편집위원)
  7. POSRI경영경제연구(편집위원)

[박사학위 논문지도]

  1. 김경태 박사(서울시립대학교 교수)
  2. 김명인 박사(인하대학교 교수)
  3. 김영준 박사(한국외국어대학교 교수)
  4. 남혜정 박사(동국대학교 교수)
  5. 박경호 박사(숭실대학교 교수)
  6. 변혜영 박사(강원대학교 교수)
  7. 손병철 박사(University of Macau 교수)
  8. 오승빈 박사(University of Wisconsin-Eau Claire교수)
  9. 이문영 박사(덕성여대 교수)
  10. 이병희 박사(NEOMA Business School교수)
  11. 이우종 박사(서울대학교 교수)
  12. 이정훈 박사(University of Massachusetts-Boston 교수)
  13. 임상균 박사(국민대학교 교수)
  14. 임승연 박사(국민대학교 교수)
  15. 조형진 박사(Universidad Carlos III de Madrid 교수)
  16. 최선화 박사(성균관대학교 교수)

[경영서]

  1. "CFO 강의노트: 회계정보를 활용한 신재무전략(제14판)," 서울경제경영출판사, 2018년1월
  2. "Changes in Value Relevance, Timeliness, and Transparency of Reported Accounting Information: An Analysis of Korean Listed Firms," Lee-Seok Hwang, Moon Hyun Kym, ByungCherl Sohn, and Woo-Jong Lee, The Institute of Management Research (경영연구소), Seoul National University, June 2007.

[연구용역 및 감정업무]

  1. 자산양수도 양수도 대금의 정산방법
  2. 자산유동화증권에 대한 위험회피회계
  3. 영업권 내용연수 평가검토
  4. 부의 영업권 회계처리
  5. 지분법회계에 대한 타당성 검토
  6. 규제회계용 투자보수율 모형개선을 위한 연구
  7. 사회기반시설 민간투자사업의 위험관리방안
  8. 감리제도에 대한 사실조회
  9. 한국증권거래소(KRX) 상장을 위한 연구
  10. 사회기반시설 민간투자사업의 위험측정 및 분석연구
  11. 국민연금기금과 국내 주식시장 투자자별 거래행태 연구
  12. 회계기준제정기구의 현재와 미래비전
  13. 프리보드 발전방향
  14. 채권관리권한(mortgage servicing rights) 관련 회계처리방안
  15. 에너지회사 주식매수가격감정
  16. 현금보유정책분석과 최적현금보유수준
  17. IFRS채택 이후 회계기준제정기구의 역할
  18. 회계투명성과 국가경쟁력: 자본비용을 중심으로
  19. 발생액의 주식수익률 예측가능성
  20. 은행 자본감소결의 관련 주주손해금액 감정
  21. 저축은행 대출채권에 대한 감정
  22. 바이오회사 주식가치 감정
  23. 지주사의 연결재무제표 작성 적절성 검토
  24. 합작 바이오사의 연결 적절성 검토
  25. 전환사채 전환가격의 적절성 감정
  26. 민간투자사업 자금재조달 및 공유이익 평가
  27. 비상장주식 가치평가시 공정가치 평가방법의 적절성 평가
  28. 레저기업의 주식가치 평가방법에 관한 회계적 검토
  29. 연결재무제표 작성의 적절성 평가
  30. 민간투자사업 자금재조달 및 공유이익 적절성 평가
  31. 해외 기업의 현금성자산 실재성 검토
  32. 비상장사 주식가치평가시 현금흐름할인법(DCF)의 적절성 평가