김우진

Corporate Finance, Corporate Governance, Security Analysts 교수


교수 소개

Woojin Kim joined Seoul National University Business School in 2011. He has previously worked at KDI School of Public Policy and Management and Korea University Business School. His main research focuses on corporate finance, particularly corporate governance and control-related issues in emerging market business groups. He has published in the Journal of Financial Economics, Review of Financial Studies, the Journal of Banking and Finance, the Journal of Corporate Finance, Financial Management, the Journal of Financial Markets, the Journal of Business Finance and Accounting, Corporate Governance: An International Review, Pacific-Basin Finance Journal, and European Journal of Finance in the areas of empirical corporate finance and security analysts. He has previously worked in the Korean government before joining the academia and currently serves in a government advisory committee for large business group policies. Professor Kim received a B.A. in Economics from Seoul National University and a Ph.D. in Finance from the University of Illinois at Urbana-Champaign.

경력사항

[학력]

University of Illinois at Urbana-Champaign, Ph.D. in Finance, 2006
University of Illinois at Urbana-Champaign, M.S. in Finance, 2003  

서울대학교 행정대학원 수료, 1998

서울대학교 경제학과 졸업 (경제학사), 1996



[주요연구분야]

    Corporate Finance; Control and Ownership, International Corporate Governance,
    Business Groups and Pyramids, Security Issues, External Financing & Investment, Mergers & Acquisitions
    Investment; Analysts, Emerging Markets


[경력]

  1. 제40회 행정고등고시
  2. 산업자원부(현 산업통상자원부) 행정사무관, 1998 - 2001
  3. KDI국제정책대학원 조교수, 2006 - 2007.8
  4. 고려대학교 경영대학 조교수, 2007.9 - 2011.8
  5. 서울대학교 경영(전문)대학(원) 조교수, 2011.9 - 2013.2
  6. 서울대학교 경영(전문)대학(원) 부교수, 2013.3 - 2018.2
  7. 미 Ohio State University 방문연구원, 2017.3 - 2018.2
  8. 서울대학교 경영(전문)대학(원) 교수, 2018.3 - 현재


[수상경력]

  1. IBK Best Paper Award (The Effect of SME Listing on Capital Expenditures and R&D" (in Korean)) 2017 Asia Pacific Journal of Small Business (중소기업연구), April 6, 2018, Seoul, Korean Association of Small Business Studies.
  2. Best Paper Award (An Empirical Study on Resale and Retirement of Treasury Shares: Evidence from Korea (in Korean), 2017 Korean Journal of Financial Studies (한국증권학회지), Feb. 23, 2018, Seoul, Korea Securities Association..
  3. Outstanding Paper Award (When Does Insider Sales Predict a Crash), 2017 Korean Journal of Finance(재무연구), Nov. 10, 2017, Seoul, Korea Finance Association.
  4. Outstanding Paper Award (Profitability of Trades from Tax Havens: Stock Picking Ability or Insider Information?), 10th International Conference on Asia-Pacific Financial Markets, Dec. 5, 2015, Seoul, Korea Securities Association / NH Investment & Securities Co. Ltd.
  5. Outstanding Paper Award (Default Probabilities and Interest Expenses of Privately Held Firms), 8th International Conference on Asia-Pacific Financial Markets, Dec. 7, 2013, Seoul, Korea Securities Association / Hana Daetoo Securities Co. Ltd.
  6. Outstanding Paper Award (Control Beyond Ownership: Subcontractors of Large Business Groups), 8th International Conference on Asia-Pacific Financial Markets, Dec. 7, 2013, Seoul, Korea Securities Association / Korea Investment and Securities Co. Ltd.
  7. Best Paper Award (Free Lunches for Insiders under Investor Inertia and Limited Arbitrage) 2013 Joint Conference Allied Korea Finance Associations, Chonan, Korea, May 31, 2013
  8. Distinguished Referee Award (sponsored by Cornerstone), Review of Financial Studies, SFS Finance Cavalcade Conference, May 15, 2013, University of Miami.
  9. Outstanding Paper Award (Flight to Quality and Correlation between Currency and Stock Returns), 7th International Conference on Asia-Pacific Financial Markets, Dec. 8, 2012, Seoul, Korea Securities Association / Woori Investments & Securities Co. Ltd.
  10. KFA Outstanding Paper Award (Acquire to Kill: Evidence from “Real” Corporate Raiders) 2012 KFA-TFA Joint Conference in Finance, Sep. 14, 2012, Seoul, Korean Finance Association / Taiwan Finance Association.
  11. Best Paper Award (The Effect of Disclosure Quality on Market Mispricing: Evidence from Derivative Related Loss Announcement) 2010 Korea Derivatives Association Conference, Nov. 26, 2010, Seoul.
  12. The 4th Financial News & Korea-America Finance Association (KAFA) Best Research Paper Award (Do Analysts Herd? An Analysis of Recommendations and Market Reactions) Oct 22, 2010, New York, NY.
  13. Outstanding Paper Award (Investor Protection and the Mode of Acquisition: An Implication for the Formation of Pyramids), 3rd International Conference on Asia-Pacific Financial Markets, Dec. 6, 2008, Seoul, Korea Securities Association / Korea Investment and Securities Co. Ltd.
  14. 고려대학교 석탑 강의상, 2008 1/2학기, 2010 1학기, 2011 1학기


[기타경력]

  1. 한국증권학회 이사 2010-2016
  2. 한국재무학회 이사 2010
  3. Pacific-Basin Finance Journal 편집위원 2015 - 현재
  4. 한국증권학회지 편집위원 2009 - 2011
  5. Asia-Pacific Journal of Finance 편집위원 2012 - 현재
  6. 한국증권학회 간사 2009
  7. 기획재정부 공기업및준정부기관 경영평가단 2010, 2011, 2014
  8. 기획재정부 기금운용평가단 2015, 2016, 2018
  9. 공정거래위원회 경쟁정책 자문위원, 기업집단 분과위 2009 - 2013
  10. 공정거래위원회 공정거래법제 개선 특별위원회 위원 2018

학술활동

[PUBLICATIONS]

[International Journals]

  1. “Default Probabilities and Interest Expenses of Privately Held Firms”, with Jin-Chuan Duan, Baeho Kim, and Donghwa Shin, Sep. 2018, Journal of Banking and Finance, Vol 94, p.235-250.
  2. “When and Why Do Takeovers Lead to Fraud?”, with Hee Sub Byun, Eun Jung Lee and Kyung Suh Park, Jan. 2018, Financial Management, forthcoming. DOI: 10.1111/fima.12213
  3. “Who’s Leaving Money on the Table? Evidence from IPOs within Business Groups”, with Chan Lim, and Tae Jun Yoon, June 2017, Asia-Pacific Journal of Financial Studies Vol 46 Issue 3, p.413-444.
  4. “Too Big to Jail? Company Status and Judicial Bias in an Emerging Market” with Hansoo Choi, Hyung-Goo Kang, Changmin Lee, and Jongsik Park, March 2016, Corporate Governance: An International Review, Vol. 24 No.2, 85-104.
  5. “Flight to Quality and Correlation between Currency and Stock Returns” with Jin-Wan Cho, Jung-Hwa Choi, and Taeyong Kim, January 2016, Journal of Banking and Finance, Vol 62, p.191-212.
  6. “Evaluating Analysts’ Value: Evidence from Recommendations around Stock Price Jumps”, with George Jiang, January 2016, European Journal of Finance, Vol. 22 No. 3, 167-194.
  7. “Infant Firms in Emerging Market: An Analysis of Stand-Alones vs. Subsidiaries”, with Soo Jin Kim, and Dong Ryung Yang, Dec. 2015, Emerging Markets Review, Vol 25, p. 30-52
  8. “Stock Return Commonality within Business Groups: Fundamentals or Sentiment?”, with Min-Su Kim, and Dong Wook Lee, November 2015, Pacific-Basin Finance Journal, Vol 35, p. 198-224.
  9. “Is Cross-Listing a Commitment Mechanism? The Choice of Destinations and Family Ownership” with Jaiho Chung and Hyejin Cho, July 2015, Corporate Governance: An International Review, Vol 23 Issue 4, p. 307-330
  10. “Debt and Taxes: Evidence from Foreign vs. Domestic Subsidiaries in an Emerging Market” with Hyojung Lee, April 2015, Asia-Pacific Journal of Financial Studies, Vol 44 Issue 2, p.246-280.
  11. "Death spiral issues in emerging market: A control related perspective", with Woochan Kim and Hyung-Seok Kim, Apr. 2013, Pacific-Basin Finance Journal, Vol 22, p.14-36.
  12. “Short Selling by Individual Investors: Destabilizing or Price Discovering?” with Chan-Shik Jung and Dong Wook Lee, Jan 2013, Pacific-Basin Finance Journal, Vol 21 Issue 1, p.1232-1248.
  13. “Effects of Disclosure Quality on Market Mispricing: Evidence from Derivative Related Loss Announcement” with Jaiho Chung, Hyungseok Kim, and Yong Keun Yoo, Oct 2012, Journal of Business Finance and Accounting, Vol 39 No. 7 & 8, p. 936-959.
  14. “The Effect of Structural Changes in Organizational Form of Business Groups: Evidence from Korea” with Hyungseok Kim and Kyung Suh Park, June 2012, Asia-Pacific Journal of Financial Studies, Vol 41, p. 286-312.
  15. “Investor Protection and the Mode of Acquisition: Implications for Ownership Dilution and Formation of Pyramids”, Spring 2012. Financial Management, Vol. 41 No. 1
  16. “Macroeconomic Conditions and Capital Raising” with Isil Erel, Brandon Julio and Michael Weisbach, Feb 2012, Review of Financial Studies, Vol.25 No.2, p.341-376.
  17. "The Informational Quality of Implied Volatility and the Volatility Risk Premium", with Stephen Ferris and Kwangwoo Park, Mar. 2010, Applied Economics Letters, Vol. 17 Issue 5, p. 445 - 450.
  18. “Do Analysts Herd? An Analysis of Recommendations and Market Reactions”, with Narasimhan Jegadeesh, Feb. 2010, Review of Financial Studies, Vol 23 Issue 2, p.901-932.
  19. “Value of Outside Blockholder Activism: Evidence from the Switchers”, with Woochan Kim and Kap-Sok Kwon, Sep. 2009, Journal of Corporate Finance, Volume 15 Issue 4, p505-522.
  20. “Motivations for public equity offers: an international perspective”, with Michael S. Weisbach, Feb. 2008, Journal of Financial Economics, Volume 87 Issue 2, p291-307.
  21. “Value of Analyst Recommendation: International Evidence”, with Narasimhan Jegadeesh, Aug. 2006, Journal of Financial Markets, Volume 9 Issue 3, p274-309.


[Local Journals]

  1. "The Effect of SME Listing on Capital Expenditures and R&D" (in Korean) with Euna Cho, September 2017, Asia Pacific Journal of Small Business (중소기업연구) Vol 39 Issue 3, p.1-29.
  2. "CEO's Background and Stock Performance: Evidence from SOE's in Korea"(in Korean), with Daegun Ko, and Changmin Lee, August 2017, Korean Journal of Law and Economics (법경제학연구) Vol 14 Issue 2, p.339-360.
  3. “Congruence within Top Management: How “Old Boy Network” Affects Executive Appointment and Performance", with Daemin Ahn, Eun Jung Lee, and Kyung Suh Park, June 2017, Seoul Journal of Business Vol. 23 No. 1, p. 59-90.
  4. “When Does Insider Sales Predict a Crash?”, with Eun-young Cho, and Jongoh Kim, February 2017, Korean Journal of Finance (재무연구) Vol. 30 No. 1, p.47-68.
  5. “An Empirical Study on Resale and Retirement of Treasury Shares: Evidence from Korea” (in Korean), with Jieun Lim, February 2017, Korean Journal of Financial Studies (한국증권학회지) Vol.46, No. 1., p. 35-60.
  6. “CEO to the Rescue: Residential Proximity of Private Firm CEOs and Evolution of Corporate Profitability” with Dong-Ryung Yang, November 2016, KDI Journal of Economic Policy, Vol. 38, No. 4, p. 1-21.
  7. “Analyst recommendations and option market reactions”, Mar. 2008, Korean Journal of Finance(재무연구), Volume 21 Issue 1, p131-180.
  8. “Investor Sophistication and Patterns in Analysts’ Earnings Forecasts”, with Sam Han & Sang Lyong Joo, Mar. 2005, Asia-Pacific Journal of Financial Studies , Vol 34 No 1, p195-226.


[BOOK CHAPTERS]

  1. “Differences in Ownership Structures Across Countries”, Chapter 27, In H. Kent Baker and Leigh A. Riddick, International Finance A Survey. Oxford University Press, Feb, 2013


[WORKING PAPERS]

  1. "Equity Issues and Debt Restructuring: Evidence from an Emerging Market”, with Young Kyung Ko, and Shu-Feng Wang, Sep. 2017 (under revision for 3rd round review at Journal of Banking and Finance, formerly, “Equity Issues in Distress: An Emerging Market Perspective” and “ New Equity Issues in Emerging Economy: Do They Lead to Real Investments?”, presented at 11th Korean Academic Society of Business Administration Conference, Yongpyong, Korea, August 2009, 2009 Korean Finance Association Annual Meeting, Seoul, Korea, Nov. 2009, 2010 China International Conference in Finance(CICF), Beijing, July 2010, 2010 FMA Asian Conference, Singapore, July 2010, 2013 FMA Annual Meetings, Chicago, Oct. 2013, and at 2017 FMA Annual Meetings (KAFA Asia Session))
  2. “Does Buy-and-Hold Pay Off in Structured Products? An Analysis of Account-Level Transactions”, with Youngsoo Choi and Eunji Kwon, Jan. 2014 (under revision for 2nd round resubmission at Journal of Futures Markets, presented at 2014 Korean Securities Association Annual Meeting, Seoul, Korea, Feb 2014, and at the 10th Annual Conference of the Asia-Pacific Association of Derivatives, Busan, August 2014)
  3. “Control Beyond Ownership: Subcontractors of Large Business Groups”, with Jongsub Lee, and Yunxiao Liu, Sep. 2017 (presented at 2013 Joint Conference Allied Korea Finance Associations, Chonan, Korea, May 2013, Korea University Business School, 8th CAFM, Seoul, Korea, Dec 2013, received Outstanding Paper Award, 2014 China International Conference in Finance, Chengdu, China, July 2014, 2014 FMA Annual Meeting, Nashville, Oct 2014, Korean Financial Management Association Annual Meeting, Cheongju, November 2014, 2015 FMA Asian Conference, Seoul, Korea, June 2015, 2015 FMA Annual Meeting, Orlando, Oct 2015, 2016 Asian Finance Association Annual Conference, Bangkok, June 2016, and at World Finance Conference, New York, July 2016)
  4. “Free Lunches for Insiders under Investor Inertia and Limited Arbitrage”, with Shu-Feng Wang, Mar. 2013 (presented at 2013 Joint Conference Allied Korea Finance Associations, Chonan, Korea, May 2013, received Best Paper Award, KAIST Graduate School of Finance and Accounting, Dankook University, SKK Graduate School of Business, 8th CAFM, Seoul, Korea, 2014 China International Conference in Finance, Chengdu, China, July 2014, 2015 KCMI(Korea Capital Market Institute) R11; KAFA(Korea-America Finance Association) Joint Seminar, Dec 2015, 2016 FMA Asia Pacific Conference, Sydney, July 2016, 2016 Korean Finance Association Annual Meeting, Gwangju, Korea, Nov 2016, and at 2017 FMA Annual Meetings, Boston, Oct. 2017)
  5. “Profitability of Trades from Tax Havens: Stock Picking Ability or Insider Information?”, with Cheol-Won Yang, Feb. 2015, (presented at 2015 FMA Annual Meetings, Orlando, Oct. 2015, 10th CAFM, Seoul, Korea, Dec 2015, received Outstanding Paper Award, and at 2016 Korean Finance Association Annual Meeting, Gwangju, Korea, Nov 2016)
  6. “Electricity Consumption, Future Earnings, and Stock Returns”, with Bok Baik, and Jung Min Kim, November 2016 (presented at 2017 AAA Annual Meetings, San Diego, Aug. 2017 (by co-author), FMA Annual Meetings, Boston, Oct. 2017)
  7. "Mispricing Assisted by Arbitrage: Evidence from Family Business Groups", with Shu-Feng Wang, March 2017