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KIM, WOOJIN
KIM, WOOJIN
Professor of Finance(Samick Chaired Professor) / Finance
Contact
Phone02-880-5831 RoomBldg 59, Room 702 emailwoojinkim@snu.ac.kr

Professor Introduction

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 various government advisory committees. 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.
Download CV ↓

Education & Experiences

[Education]

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

Seoul National University, Graduate School of Public Administration, 1998

Seoul National University, B.A. in Economics (Magna Cum Laude), 1996



[PROFESSIONAL EXPERIENCE]

  1. Director, Institute of Management Studies, SNU Business School, Seoul National University, 2024.2 - present
  2. SAMICK Chaired Professor of Finance, SNU Business School, Seoul National University, 2023.5- present
  3. Associate Dean of Student Affairs, SNU Business School, Seoul National University, 2022.2 - 2024.2
  4. Professor of Finance, SNU Business School, Seoul National University, 2018.3 - present
  5. Visiting Scholar, Ohio State University, 2017.3 - 2018.2
  6. Associate Professor of Finance, SNU Business School, Seoul National University, 2013.3 - 2018.2
  7. Assistant Professor of Finance, SNU Business School, Seoul National University, 2011.9 - 2013.2
  8. Assistant Professor of Finance, Korea University Business School, 2007.9 - 2011.8
  9. Assistant Professor of Finance, KDI School of Public Policy and Management, 2006 - 2007.8
  10. Deputy Director, Ministry of Commerce, Industry & Energy, Republic of Korea, 1998 - 2001


[HONORS and AWARDS]

  1. 2023 AJFS Best Paper Award (Control Beyond Ownership: Open-book Accounting in Unbalanced Supply Chain Networks), 2023 Asia-Pacific Journal of Financial Studies, February 23, 2024, Seoul, Korea Securities Association.
  2. 2nd Korea Corporate Governance Award (제2회 한국기업거버넌스 대상), Dec. 5, 2023
  3. 53rd Maekyung Economist Award (제53회 매경 이코노미스트상), April 10, 2023
  4. Best Paper Award (The Capital Market Consequence of the External Audit Act Amendment: The Effect of Auditor Designation (회계제도 개혁이 자본시장에 미치는 영향: 감사인 지정의 효과를 중심으로, in Korean)), 2022 회계ㆍ세무와 감사 연구
  5. Best Paper Award (Effect of Including Treasury Shares in Market Capitalization, EPS, and PER: Evidence from Korea (자사주 포함 관행이 시가총액 및 주당지표에 미치는 영향, in Korean)), 2020 Korean Journal of Financial Studies (한국증권학회지), Feb. 26, 2021, Seoul, Korea Securities Association.
  6. Korea Exchange Outstanding Paper Award (Skew Preference and IPO Underpricing: International Evidence), 2020 Joint Conference with the Allied Korea Finance Associations, Seoul, Korea, August 7, 2020
  7. 2019 AJFS Samsung Asset Management Outstanding Paper Award (Price Deviation Supported by Arbitrage: Evidence from Family Business Groups), 2019 Asia-Pacific Journal of Financial Studies, February 21, 2020, Seoul, Korea Securities Association.
  8. Bong-Soo Lee Outstanding Paper Award (Do Bad Targets Become Worse Targets? Evidence from Sequential Transfers of Control Blocks), 2019 Joint Conference Allied Korea Finance Associations, Chonan, Korea, May 31, 2019
  9. IBK Best Paper Award (The Effect of SME Listing on Capital Expenditures and R&D" (중소기업의 상장이 유형자산 및 연구개발 투자에 미치는 영향, in Korean)) 2017 Asia Pacific Journal of Small Business (중소기업연구), April 6, 2018, Seoul, Korean Association of Small Business Studies.
  10. Best Paper Award (An Empirical Study on Resale and Retirement of Treasury Shares: Evidence from Korea (한국 기업의 자사주 처분 및 소각에 관한 실증 연구, in Korean), 2017 Korean Journal of Financial Studies (한국증권학회지), Feb. 23, 2018, Seoul, Korea Securities Association..
  11. Outstanding Paper Award (When Does Insider Sales Predict a Crash), 2017 Korean Journal of Finance(재무연구), Nov. 10, 2017, Seoul, Korea Finance Association.
  12. 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.
  13. 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.
  14. 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.
  15. 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
  16. Distinguished Referee Award (sponsored by Cornerstone), Review of Financial Studies, SFS Finance Cavalcade Conference, May 15, 2013, University of Miami.
  17. 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.
  18. 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.
  19. 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.
  20. 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.
  21. 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.
  22. Seok-Top Teaching Award, Korea University, 2008 Spring/Fall, 2010 Spring, 2011 Spring
  23. Excellence in Teaching Award, Seoul National University Business School, for 2015 academic year, 2018 academic year

Publications

[PUBLICATIONS]

[International Journals]

  1. “Control Beyond Ownership: Open-book Accounting in Unbalanced Supply Chain Networks”, with Jongsub Lee, and Yunxiao Liu, December 2023, Asia-Pacific Journal of Financial Studies, Volume 52, Issue 6, p. 857-1013.
  2. “Skewness Preference and IPO Underpricing: International Evidence”, with Eunyoung Cho, Oct. 2023, Research in International Business and Finance, Vol 66, p. 1-19.
  3. “Do Corporations Retain Too Much Cash? Evidence from a Natural Experiment”, with Brian Hwanki Kim, and Mathias Kronlund, July 2023, Review of Financial Studies, Vol 36 Issue 7, p. 2839-2877.
  4. “Corporate Executives’ Manipulative Tendencies and ESG Performance”, with Kathy G. Jang, and Hyoung-Goo Kang, Oct 2022, Financial Research Letters, Vol 49, p.1-8
  5. “Are Disposition Effect and Skew Preference Correlated? Evidence from Account-Level ELW Transactions”, with Youngsoo Choi and Eunji Kwon, Feb. 2020, Journal of Futures Markets, Vol 40 Issue 2, p. 228-246.
  6. "Debt Restructuring through Equity Issues”, with Young Kyung Ko, and Shu-Feng Wang, Jun. 2019, Journal of Banking and Finance, Vol 106, p.341-356.
  7. "Price Deviation Supported by Arbitrage: Evidence from Family Business Groups", with Shu-Feng Wang, Jun. 2019, Asia-Pacific Journal of Financial Studies, Vol 48 Issue 3, p. 362-385.
  8. “When and Why Do Takeovers Lead to Fraud?”, with Hee Sub Byun, Eun Jung Lee and Kyung Suh Park, Mar. 2019, Financial Management, Vol 48 Issue 1, p. 45-76.
  9. “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.
  10. “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.
  11. “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.
  12. “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.
  13. “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.
  14. “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
  15. “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.
  16. “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
  17. “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.
  18. "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.
  19. “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.
  20. “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.
  21. “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.
  22. “Investor Protection and the Mode of Acquisition: Implications for Ownership Dilution and Formation of Pyramids”, Spring 2012. Financial Management, Vol. 41 No. 1
  23. “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.
  24. "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.
  25. “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.
  26. “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.
  27. “Motivations for public equity offers: an international perspective”, with Michael S. Weisbach, Feb. 2008, Journal of Financial Economics, Volume 87 Issue 2, p291-307.
  28. “Value of Analyst Recommendation: International Evidence”, with Narasimhan Jegadeesh, Aug. 2006, Journal of Financial Markets, Volume 9 Issue 3, p274-309.


[Local Journals]

  1. “Related Party Transactions (RPTs) with Wholly-Owned Subsidiaries: Should They be Regulated or Not?” (완전자회사와의 내부거래 규제 실효성 분석, in Korean) with Jieun Im, and Joon Hyug Chung , April 2024, Korean Journal of Law and Economics (법경제학연구) Vol 21 No 1, p. 1-24.
  2. “Re-evaluation of Comply or Explain Rule: Testing Credibility of Self-Disclosed Corporate Governance Reports in Korea” (Comply or Explain 원칙 재검토: 기업지배구조 보고서상 핵심지표 준수 여부 신뢰도검증, in Korean) with Min-Hyung Lee, and You-Kyoung Kate Kim, December 2023, Korean Journal of Law and Economics (법경제학연구) Vol 20 No 3, p. 305-332.
  3. “Auditors’ Audit Adjustment Decisionsand Financial Reporting Quality: Comparative Analysis on Pre- and Post-Audit Financial Information” (외부감사인의 감사조정 결정과 회계품질:감사 전·후 재무제표 비교를 통한 실증분석, in Korean) with Bok Baik, Seung-youb Han, Chanseok Lee, December 2023, Korean Accounting Review (회계학연구), Vol 48 No 6, p.121-162.
  4. “The Effect of Treasury Shares on Firm Value: Evidence from Korea” (자사주 보유가 기업가치에 미치는 영향, in Korean), with Jieun Lim, April 2022, Korean Journal of Financial Studies (한국증권학회지), forthcoming.
  5. “The Capital Market Consequence of the External Audit Act Amendment: The Effect of Auditor Designation” (회계제도 개혁이 자본시장에 미치는 영향: 감사인 지정의 효과를 중심으로, in Korean), with Bok Baik, Sehee Kim, and Woo-Jong Lee, September 2022, 회계ㆍ세무와 감사 연구 Vol 64 No 3, p. 387-425.
  6. “Measuring Cash Flow Rights of the Controlling Shareholder at the Business Group Level: A Critical Evaluation of KFTC’s Current Practice” (기업집단 소유지배구조 측정방식 재검토: 주식소유현황 공시제도 개선 방안, in Korean) with Eun Jung Lee, April 2022, Korean Journal of Law and Economics (법경제학연구) Vol 19 No 1, p. 57-82.
  7. “Does Analyst Coverage Encourage Firm Innovation? Evidence from Korea”, with Yoon Young Choy, December 2021, Seoul Journal of Business Vol 27 No 2, p.73-117.
  8. “Critical Evaluation of ‘Same Person’ Concept in the Korean Fair Trade Act: Empirical Analysis Based on Centrality and a New Policy Direction” (동일인 지정 제도에 대한 비판적 검토: Centrality 적용 실증분석 및 제도 개선 방향, in Korean) with Eun Jung Lee and Nansulhun Choi, December 2020, Korean Journal of Law and Economics (법경제학연구) Vol 17 Issue 3, p. 563-586.
  9. “Holding Period and Investor Performance: An Analysis of Account-Level ELW Transactions”, with Youngsoo Choi and Eunji Kwon, December 2020, Seoul Journal of Business Vol 26 Issue 2, p. 1-47.
  10. “The Effect of Pension Fund Activism on the Stock Market and the Role of Media: Evidence from Korea”, with Kyung Ryang Ko, August 2020, Korean Journal of Financial Studies (한국증권학회지) Vol 49 Issue 4, p.489-513.
  11. “Effect of Including Treasury Shares in Market Capitalization, EPS, and PER: Evidence from Korea” (자사주 포함 관행이 시가총액 및 주당지표에 미치는 영향, in Korean), with Youngsoo Choi and Jieun Lim, December 2019, Korean Journal of Financial Studies (한국증권학회지) forthcoming.
  12. "The Effect of SME Listing on Capital Expenditures and R&D" (중소기업의 상장이 유형자산 및 연구개발 투자에 미치는 영향, in Korean) with Euna Cho, September 2017, Asia Pacific Journal of Small Business (중소기업연구) Vol 39 Issue 3, p.1-29.
  13. "CEO's Background and Stock Performance: Evidence from SOE's in Korea"(국내 상장 공기업 CEO의 출신별 기업 성과에 관한 실증 연구, in Korean), with Daegun Ko, and Changmin Lee, August 2017, Korean Journal of Law and Economics (법경제학연구) Vol 14 Issue 2, p.339-360.
  14. “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.
  15. “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.
  16. “An Empirical Study on Resale and Retirement of Treasury Shares: Evidence from Korea” (한국 기업의 자사주 처분 및 소각에 관한 실증 연구, in Korean), with Jieun Lim, February 2017, Korean Journal of Financial Studies (한국증권학회지) Vol.46, No. 1., p. 35-60.
  17. “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.
  18. “Analyst recommendations and option market reactions”, Mar. 2008, Korean Journal of Finance(재무연구), Volume 21 Issue 1, p131-180.
  19. “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. “Internal Capital Markets of Korean Chaebols”, with Jieun Im and Inmoo Lee, in Franklin Allen and Meijun Qian, Research Handbook of Alternative Finance, Edward Elgar Publishing Ltd., July 2023, forthcoming.
  2. “A Survey of Research on the Corporate Governance of Korean Firms”, with Woochan Kim and Kyungsuh Park, Feb. 2022, Asian Review of Financial Research (재무연구), Vol 35 No 1, p. 151-213.
  3. “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. “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)
  2. “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)
  3. “Electricity Consumption, Future Earnings, and Stock Returns”, with Bok Baik, and Jung Min Kim, Nov. 2016 (presented at 2017 AAA Annual Meetings, San Diego, Aug. 2017 (by co-author), and at FMA Annual Meetings, Boston, Oct. 2017)
  4. “Do Bad Targets Become Worse Targets? Evidence from Sequential Transfers of Control Blocks”, with Euna Cho, May 2019, (presented at 2019 Joint Conference Allied Korea Finance Associations, Chonan, Korea, May 2019, received Bong-Soo Lee Outstanding Paper Award)
  5. “Bribes and Corporate Performance: Causal Evidence from a Quasi-Natural Experiment”, with Jieun Im, Sep 2020, European Corporate Governance Institute R11; Finance Working Paper No. 699/2020, SSRN's Top Ten download list for: ERN: Experimental Economics (Topic) Oct 2020 (presented at 2019 Joint Conference Allied Korea Finance Associations, Chonan, Korea, May 2019, 2020 Korean Finance Association Annual Meeting, Seoul, Korea, Nov 2020, and at 15th CAFM Meeting, Seoul, Korea, Dec 2020)
  6. “De-SPAC Performance Under Better Aligned Sponsor Contracts”, with Yao-Min Chiang, Woojin Kim, Bokyung Park, and Tae Jun Yoon, Feb. 2024, SSRN's Top Ten download list for: CGN: Hedge Funds & Alternative Investment Firms (Topic) and Corporate Governance: Governance of Special Types of Firms eJournal (presented at 2024 TFA-KFA Joint Conference, Taipei, Taiwan, Apr 2024)
  7. “Supply Chain within Business Groups: Do Families Prefer Upstream or Downstream Firms?”, with Jieun Im, Feb. 2024, SSRN's Top Ten download list for: ERPN: Family Business (Topic), ERPN: Other Entrepreneurs (Finance) (Sub-Topic), ERPN: Other Family Business (Sub-Topic) and Entrepreneurship & Management eJournal, CGN: Conglomerates & Business Groups (Topic), ERPN: Entrepreneurs (Finance) (Topic), Corporate Governance: Governance of Special Types of Firms eJournal (presented at Korea-Japan Finance Workshop, Tokyo, Japan, Aug 2023, to be presented at 2024 FMA Asia/Pacific Conference, Seoul, Korea, Jul 2024) .
  8. “Positive Feedback Trading in Meme Stocks: Swing Trading or Betting on Lotteries?”, with Eunyoung Cho and Mincheol Woo, Feb. 2024 (to be presented at 2024 Asian Finance Association Annual Conference, Macau, Jun 2024)
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