명예교수

황이석 Hwang, Leeseok

교수 / Valuation, Corporate Governance

회계학

Contact

02-880-5075

58동 404호

Lshwang@snu.ac.kr

교수소개

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(NYU), Stern School of Business; 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(제17판, 공저)," 서울경제경영출판사, 2025년 2월 3. 경영자 재무회계 코칭

[다른 연구자의 논문 내용 소개]

“The Cost of Regulatory Compliance in the United States,” Review of Financial Studies, 2026, 39-9, September, 2901-2962 (by Trebbi, Zhang and Simkovic)
1. ● 기업 역동성(business dynamism)에 대한 연구에서의 핵심 질문은 규제 준수(regulatory compliance) 비용이 중소기업과 대기업 사이에 균등하게 부담되는지 여부임
2. ● 본 연구는 미국 기업의 사업장별 자료와 직무 정보를 활용해 규제 준수 업무에 필요한 임직원의 임금 비중(RegIndex)으로 규제 준수 비용을 측정했음
3. ● 중견기업(임직원 규모 500명 정도)의 규제 준수 비용이 소규모 기업에 비해서는 평균 47% 높고 대기업보다는 18% 높아, 기업 규모와 규제 준수 비용 사이에 역 U자형 관계가 있음을 보여줌
5. [Abstract]
  A key question for studying business dynamism is whether the costs of regulatory compliance fall homogeneously on small and large businesses. Using comprehensive establishment-level occupational microdata and occupation task information, we quantify a firm’s compliance costs as the share of wage bill for performing regulatory compliance tasks (RegIndex). We reveal an inverted-U relationship between firms’ RegIndex and their size: On average, RegIndex for mid-sized firms with around 500 employees is about 47% greater than that of the smallest firms and 18% greater than that of the largest firms. We further develop a shift-share methodology to disentangle the influence of regulatory requirements and enforcement on driving firms’ compliance costs.
“Nobel Lecture: The Economics of Creative Destruction,” American Economic Review, 2026, 116-7, July, 2324-2356 (by Aghion)
1. ● 창조적 파괴(creative destruction)를 통한 성장 모델은 세 가지 주요 개념에 기반함
2. ● 첫째, 혁신과 지식의 확산이 성장 과정의 핵심임
3. ● 둘째, 혁신은 경제적 유인과 재산권 보호에 의존함
5. ● 셋째, 새로운 혁신이 기존 혁신을 쓸모없게 만드는 창조적 파괴가 일어남
6. [Abstract]
  Our model of growth through creative destruction rests on three main ideas. The first idea is that innovation and the diffusion of knowledge are at the heart of the growth process. The second idea is that innovation relies on incentives and protection of property rights. The third idea is creative destruction: New innovations render former innovations obsolete.
“The incentives of SPAC sponsors,” Journal of Financial Economics, 2026, 177, March, Article 104220 (by Feng, Nohel, Tian, Wang, and Wu)
1. ● 기업인수목적회사(SPAC, special purpose acquisition companies)는 2020년과 2021년 월가에서 매우 유행했으며, 현재 자본시장에서도 중요한 역할을 하고 있음
2. ● 실증 자료를 활용해 추정한 결과, SPAC은 잠재력이 높은 사기업을 발굴해 공개시장에 진입시킴으로써 가치를 창출함(약 24% 증가)
3. ● 다만, 계약구조 특성상 이익 배분이 SPAC 주주보다는 SPAC경영진과 인수대상 기업의 주주에게 치우치는 경향이 있음
5. ● 성과연동지급조항(earnout provisions)을 활용해 SPAC 경영진과 주주의 경제적 이익을 보다 일치시킬 때 더욱 높은 가치를 창출함
6. [Abstract]
  Special Purpose Acquisition Companies (SPACs) took Wall Street by storm in 2020/2021 and continue to play a significant role in today’s capital markets. Estimating a structural model using a hand-collected comprehensive dataset, we find that SPACs add value by identifying and bringing high-potential firms to public markets, though contractual frictions skew the distribution of spoils away from SPAC shareholders and towards sponsors and target owners. Nonetheless, shareholder excess returns are positive once redemptions are accounted for. Policy analyses reveal that earnout provisions enhance welfare, while modest improvements in disclosure and limits on warrant usage have minimal impact on improving outcomes.
“Critical audit matters and internal control quality: The disciplining role of CAM reporting,” Journal of Accounting and Economics, 2026, 81-2, April, Article 101834 (by Dee, Luo, Wang, and Zhang)
1. ● 본 연구는 핵심감사사항(核心監査事項, critical audit matter (CAM)) 보고가 재무 보고에 대한 내부 통제를 개선하는지를 검토한 논문으로, CAM 보고가 내부 통제 품질을 향상시킨다는 것을 실증 연구를 통해 보여줌
2. ● 이는 CAM 보고가 감사인, 경영진, 감사 위원회 간 내부 통제 문제를 조기에 식별, 전달하도록 장려하고, 고위험 CAM 분야에 대한 그들의 관심과 노력을 높이기 때문임
3. ● CAM 보고 제도 도입 후, 기업의 내부 통제에 대한 중대한 약점 발생 가능성이 크게 감소했으며, 내부 통제 품질 향상은 주로 기업 전사 수준 통제보다는 개별 계정 수준에서 이루어지고 있음을 발견했음
5. ● 또한 CAM 보고가 회계 허위 진술 가능성을 크게 낮춘다는 점도 발견했음
6. [Abstract]
  We examine whether critical audit matter (CAM) reporting improves internal controls over financial reporting. We propose that CAM reporting improves internal control quality. This is because CAM reporting incentivizes early identification and communication of internal control issues among auditors, management, and audit committees, and increases their attention and effort in high-risk CAM areas. We find that, compared to control companies, companies that implement CAM reporting experience a significant decrease in the likelihood of internal control material weaknesses (ICMWs), and the improvement in internal control quality is primarily at account-level rather than entity-level controls. We also find that CAM reporting significantly lowers the likelihood of accounting misstatements. Cross-sectional analyses suggest that the benefit of CAM reporting on internal control quality depends on audit committee quality and auditor effort. The survey results of audit partners and CFOs provide further support for our theory.
“Mitigating risk-shifting in corporate pension plans: Evidence from stakeholder constituency statutes,” Journal of Accounting and Economics, 2025, 79-1, February, Article 101704 (by Garman and Kubick)
1. ● 본 논문은 미국의 여러 주에서 제정한 이해관계자(stakeholder constituency) 법률이 기업의 확정급여연금(defined benefit pension plans) 정책의 위험 전가에 미치는 영향을 조사함
2. ● 경영진이 연금 위험을 조정하는 지를 적립 위험(funding risk), 투자 위험(investment risk), 급여 축소 위험(benefit risk)으로 나누어 분석함
3. ● 이해관계자 법률 제정 이후 위 세 위험이 모두 감소한 것으로 나타남
5. ● 또한 투자 기회가 적은 기업일수록 제정 후 연금 위험 전가의 감소 폭이 더 컸음
6. [Abstract]
  We use staggered enactments of state stakeholder constituency laws as a natural experiment to examine the effect of such laws on corporate pension risk shifting. Our analysis encompasses three components of pension risk shifting: funding risk, investment risk, and benefit risk. We observe a reduction in all three elements of pension risk shifting following the enactment of stakeholder orientation laws that promote greater consideration of stakeholder interests. We also find that the post-enactment reduction in pension risk-shifting is greater for firms with fewer investment opportunities. Overall, our results provide insight into how stakeholder constituency can mitigate an important form of risk-shifting.
“Mitigating risk-shifting in corporate pension plans: Evidence from stakeholder constituency statutes,” Journal of Accounting and Economics, 2025, 79-1, February, Article 101704 (by Garman and Kubick)
1. ● 본 논문은 퇴직연금 의무 납입금이 늘수록 기업의 가중평균자본비용 및 자본적지출(capital expenditure)이 감소함을 보여줌
2. ● 이 같은 현상은 외부 자금 조달에 더욱 큰 어려움을 겪은 기업에서만 나타남
3. ● 퇴직연금 의무납입금이 기업 투자에 부정적인 영향을 미친다는 기존 연구 결과는 연금 의무 납입으로 인해 자본비용이 증가했기 때문이었음을 보여줌
5. [Abstract]
  We investigate the relation between firms’ weighted average cost of capital and internal financial resources, using mandatory pension contributions as a proxy for internal financial resources. Rauh (2006) documents a negative association between mandatory pension contributions and capital expenditures. We find that an increase in mandatory pension contributions increases the cost of capital, but only for firms facing greater external financing constraints. Our results suggest that firms’ cost of capital is an intervening variable that can explain Rauh’s finding that mandatory pension contributions (i.e., internal financing constraints) result in foregone investment. Overall, we provide evidence consistent with recent studies (Rauh 2006; Almeida and Campello 2007) that conclude that financial market frictions affect real economic activity and, in particular, corporate investment.

[교내활동]

[과거]

경영대학 인사위원회
경영연구소 부소장
기숙사운영위원회
박사과정 주임교수
생활협동조합 감사
서울대학교 산학협력단 감사
재경위원회
하나은행 석학교수
회계학연구센타 센타장
CFO전략과정 주임교수
Global MBA주임교수

[교외활동]

[현재]

한국회계기준원(회계기준위원회)
주식회사 동양(사외이사)
삼성증권(사외이사)

[과거]

공무원연금관리공단(기금운영자문위원회)
금융감독원(회계심의위원회)
금융위원회(감리위원회)
금융위원회(공적자금관리위원회)
보건복지부(국민연금 성과평가보상전문위원회)
안전행정부(지방공기업 정책위원회)
통신위원회(방송평가위원회, 약관법령심의위원회)
한국공인회계사회(감사인증기준위원회)
한국기업지배구조원(연구위원회)
한국도로공사(투자 및 자금운용 심의위원회)
한국상장회사협의회(내부회계관리제도모범규준 실무위원회)
한국연구재단(전문위원)
한국회계연구원(국제회계기준 검토위원회)
한국회계정보학회(부회장)
한국회계학회(부회장)
행정안전부(지방공기업 경영진단위원회)
금호석유화학(사외이사)
아모레퍼시픽(사외이사)
크라운제과(사외이사)
풀무원(사외이사)
하나UBS자산운용(사외이사)
CJ CGV(사외이사)
LG생활건강(사외이사)
LG실트론(사외이사)

학술활동

[국외학술지]

“Chaebol-Affiliated Analysts and Biases in Interpreting Accruals,” Seunghee Yang, Lee-Seok Hwang, and Yewon Kim, Journal of Contemporary Accounting and Economics, 2024, vol. 24 (April), Article 100402
“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
“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
“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
“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
"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
"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
"Return Predictability and Shareholders' Real Options," Lee-Seok Hwang and Byungcherl Sohn, Review of Accounting Studies, 2010, vol. 15, no. 2, 367-402.
"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.
"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.
"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
"CEO Compensation after Deregulation: The Case of Electric Utilities," Stephen Bryan, Lee-Seok Hwang and Steven Lilien, Journal of Business, 2005 (September), 1709-1752.
"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.
"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.
“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.
"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.
"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.
"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.
"Assessment of Analysts' Target Prices," Stephen Bryan, Lee-Seok Hwang, and Steven Lilien, The CPA Journal, 2001 (July), 47-52.
"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.
"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.
"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.
"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.
"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.
"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.
"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.
"Loss Firms and Analysts' Forecast Errors," Lee-Seok Hwang, Ching-Lih Jan, and Sudipta Basu, Journal of Financial Statement Analysis, 1996 (Winter), 18-30.
"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]

"연구개발비 비정상 자본화율의 추정,” 양승희, 박현준, 이우종, 황이석, 회계학연구, 한국회계학회, 2026년 vol. 51, no. 3, 153-190
“Assessing the Investment Impact of IFRS Adoption with an Investment Euler Equation,” Lee-Seok Hwang, Yewon Kim and Woo-Jong Lee, Korean Accounting Review (회계학연구), 2024, vol. 49, no. 5, 1-35
“Re-examining the Relation between Financial and Tax Reporting Aggressiveness,” Hyungjin Cho, Heesun Chung, Lee-Seok Hwang and Seunghee Yang, Seoul Journal of Business, 2024, June.
“법인세 주석을 활용한 기업의 조세부담 분석: 글로벌 반도체 기업 사례를 중심으로,”최선화, 김예원, 황이석, 김경준, 회계저널, 한국회계학회, 2023년 vol. 32, no. 4, 125-162
“Earnings Conservatism and Repatriation Tax Costs,” Lee-Seok Hwang and Myung-In Kim, Korean Accounting Review (회계학연구), 2022, vol. 47, no. 3, 103-138
“Conditional Conservatism: An Analysis of Nonlinearity and Lead-Lag Relations,” Bok Baik and Lee-Seok Hwang, Seoul Journal of Business, 2019, vol. 25, no. 1, 51-80
“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
“재벌의 소유구조와 원가 하방탄력성: 중핵기업을 중심으로,” 황이석, 이문영, 최세라, 회계학연구, 2018년8월, vol. 43, no. 4, 161-199
“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
“전환조정이익의 미래이익 예측력,” 남혜정, 황이석, 회계저널, 한국회계학회, 2016년 8월, vol. 25, no. 4, 397-431
“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
“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
“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
"풋백옵션(주식매도청구권)의 가치평가 및 위험관리,” 조형진, 이문영, 황이석, 회계저널, 한국회계학회, 2011년 12월, vol. 20, no. 5, 275-301
"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
"IFRS채택 이후 회계기준제정기구의 역할," 곽수근, 박경호, 이문영, 황이석, 회계저널, 한국회계학회, 2010년 5월, vol. 19, no. 2, 505-541
"채권관리권한(Mortgage Servicing Rights)에 대한 회계제도 개선을 위한 연구," 임승연, 최선화, 이우종, 황이석, 회계저널, 한국회계학회, 2008년9월, vol. 17, no. 3, 229-253
"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.
"국민연금기금의 주식시장왜곡에 관한 연구," 고봉찬, 이병희, 이우종, 황이석, 증권학회지, 2008년6월, vol. 37, no. 465-500.
"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.
"회계전문인력 양성을 위한 우리나라 회계교육 강화 방안," 주인기, 송인만, 권수영, 황이석, 심태섭, 회계저널, 한국회계학회, 2008년 3월, vol. 17, no. 1, 27-59.
"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.
"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.
"Digital e-Accounting: 삼성전자 회계프로세스의 혁신," 이창우, 정운오, 최외홍, 황이석, 회계저널, 한국회계학회, 2006년9월, 85-108.
"국제교육기준에 따른 우리나라 회계교육과 공인회계사 선발 및 교육제도개선방안," 주인기, 권수영, 황이석, 심태섭, 회계저널, 한국회계학회, 2006년9월, 135-164.
"기업지배구조와 주주부의 배분에 관한 연구," 박광우, 박래수, 황이석, 증권학회지, 한국증권학회, 2005, vol. 34, 149-188.
"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]

[과거]

중소기업학회지(편집위원)
회계와감사연구(편집위원)
회계학연구(편집위원)
회계학연구(편집장)
Asia-Pacific Journal of Financial Studies(편집위원)
POSRI경영경제연구(편집위원)

[박사학위 논문지도]

김경태 박사(서울시립대학교 교수)
김명인 박사(인하대학교 교수)
김영준 박사(한국외국어대학교 교수)
김예원 박사(세종대학교 교수)
남혜정 박사(동국대학교 교수)
박경호 박사(숭실대학교 교수)
변혜영 박사(강원대학교 교수)
손병철 박사(University of Macau 교수)
오승빈 박사(University of Wisconsin-Eau Claire교수)
유경화 박사(National Chengchi University교수)
양승희 박사(세종대학교 교수)
이문영 박사(덕성여대 교수)
이병희 박사(고려대학교(세종캠퍼스) 교수)
이우종 박사(서울대학교 교수)
이정훈 박사(University of Massachusetts-Boston 교수)
임상균 박사(국민대학교 교수)
임승연 박사(국민대학교 교수)
정태진 박사(한양대학교 교수)
조형진 박사(가천대학교 교수)
최선화 박사(서울대학교 교수)

[경영서]

"CFO 강의노트: 회계정보를 활용한 신재무전략(제17판, 황이석, 이우종, 이문영 공저)," 서울경제경영출판사, 2025년2월
"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.

[수상]

대한민국 녹조근정훈장
자랑스런 연세상경인상
서울대학교 교육상
경영대학 우수강의상
한국회계학회 우수논문상

[연구용역 및 감정업무]

자산양수도 양수도 대금의 정산방법
자산유동화증권에 대한 위험회피회계
영업권 내용연수 평가검토
부의 영업권 회계처리
지분법회계에 대한 타당성 검토
규제회계용 투자보수율 모형개선을 위한 연구
사회기반시설 민간투자사업의 위험관리방안
감리제도에 대한 사실조회
한국증권거래소(KRX) 상장을 위한 연구
사회기반시설 민간투자사업의 위험측정 및 분석연구
국민연금기금과 국내 주식시장 투자자별 거래행태 연구
회계기준제정기구의 현재와 미래비전
프리보드 발전방향
채권관리권한(mortgage servicing rights) 관련 회계처리방안
에너지회사 주식매수가격감정
현금보유정책분석과 최적현금보유수준
IFRS채택 이후 회계기준제정기구의 역할
회계투명성과 국가경쟁력: 자본비용을 중심으로
발생액의 주식수익률 예측가능성
은행 자본감소결의 관련 주주손해금액 감정
저축은행 대출채권에 대한 감정
바이오회사 주식가치 감정
지주사의 연결재무제표 작성 적절성 검토
합작 바이오사의 연결 적절성 검토
전환사채 전환가격의 적절성 감정
민간투자사업 자금재조달 및 공유이익 평가
비상장주식 가치평가시 공정가치 평가방법의 적절성 평가
레저기업의 주식가치 평가방법에 관한 회계적 검토
연결재무제표 작성의 적절성 평가
민간투자사업 자금재조달 및 공유이익 적절성 평가
해외 기업의 현금성자산 실재성 검토
비상장사 주식가치평가시 현금흐름할인법(DCF)의 적절성 평가
인수합병시 적정 기업가치 평가
사업부 가치평가 방법의 적절성 평가