Research Interest

• Valuation
• Accounting for Financial Instruments
• Disclosures
• Derivatives

Education

• PhD in Business Administration, Seoul National University
• Master of Financial Engineering, University of California, Berkeley
• Master of Science in Financial Mathematics, University of Chicago
• B.A. Yonsei University

Academic Position

• 한국외국어대학교 경영대학, Associate Professor
• Columbia University, Graduate School of Business, Visiting Scholar (2023)

Professional Acivities

• Samsung Asset Management

Selelcted Papers

• “파생상품거래손실공시 현황 및 진단” 2023, 한국증권학회지, 52(2) 239-273.
• “Perpetual Securities and Stock Prices: Korean Evidence”, 2023, Journal of Contemporary Accounting and Economics. 19(1), 2023, 100340 [SSCI].
• “교환사채 회계처리에 관한 현황 조사연구”, 2023, 회계저널, 32(1), 253-281.
• “영구전환사채와 기업구조조정: HMM사례”, 2023, 회계저널, 32(1), 219-252.
• “콜옵션 전환사채와 경영권 강화: 현대엘리베이터 사례” , 2022, 회계저널, 31(2) 179-212.
• “Fundamental Analysis, Low Accruals, and the Accrual Anomaly: Korean Evidence”, 2021, Investment Analysts Journal, 50(3), 145-160. [SSCI]
• “Fixed Asset Revaluation and External Financing during the Financial Crisis: Evidence from Korea”, 2021, Pacific-Basin Finance Journal, Vol 67(3) [SSCI].
• “Do Analysts Account for Accruals? Evidence from Insurance Industry”, 2021, Asia-Pacific Journal of Financial Studies, 50 (1), 79-109 [SSCI].
• “전환금융상품에 내재된 전환권의 부채·자본 분류 사례연구”, 2021, 회계저널, 30권 2호, 315-340.
• “금융자산의 재분류를 이용한 자본관리: H생명 사례”, 2020, 회계저널, 6월, 29권 제3호, 265-300.
• “전환금융상품 관련 파생상품평가손실 공시에 대한 시장반응” , 2020, 선물연구, 28권 제1호, 35-61.
• “Value relevance of add-back of loan loss reserves”, Seoul Journal of Business, 2019, 25(2). 93-114.
• “Bad News Withholding and Stock Price Crash Risk of Banks”, 2019, Asia-Pacific Journal of Financial Studies, 48 (6), 777-807 [SSCI].
• “전환사채 발행자의 회계처리와 주가 변화에 따른 재무적 영향: 전환권 분류를 중심으로” , 2019, 회계저널, 28권 제5호, 117-156.
• “총수익스왑에 대한 이해: 활용 사례와 회계처리”, 2019, 회계저널, 28권 제2호, 207-239.
• “금융자산의 인식과 제거에 대한 비대칭적 회계처리 : 총수익스왑을 활용한 지분증권 거래에 관한 사례 연구", 2018, 회계저널, 27권 제4호, 145-183.
• "Implications of Firms Having Both Highly Negative Accruals and Cash Flows for Test of Accruals Anomaly", 2017, Accounting Horizons, Vol. 31, No. 1, 1-22 [SSCI].
• "Percent Accruals and the Accrual Anomaly: Korean Evidence", 2015, Pacific-Basin Finance Journal, Vol 35, Part A: 340-366 [SSCI].
• "Usefulness of Earnings in Credit Markets: Korean Evidence", 2015, Pacific-Basin Finance Journal, Vol 33, 93-113 [SSCI].
• "The Changes in Value Relevance in Korean Capital Market over 20 Years", 2015, Studies on Accounting, Taxation, and Auditing 57(1): 1-39.
• "Value Relevance of Earnings News, Accruals News, and Cash Flows News: Evidence from Korea", 2014, The Korean Accounting Journal 23(3):1-32.
• "The Effect of Asset Revaluation on Cost of Debt: Evidence from Korea", 2014, The Korean Accounting Journal 23(3): 61-94.
• "Volatility Arbitrage around Earnings Announcements: Evidence from the Korean Equity Linked Warrants Market", 2013, Pacific-Basin Finance Journal Volume 23: 109-130 [SSCI].
• "The Tunneling Effect through Merger between Affiliated Firms: The Case of WooWon Development", 2013, The Korean Accounting Journal 22(2): 336-363.
• "Usefulness of Accounting Information from the Viewpoint of Financial Analysts Before and After Asset Revaluation", 2013, The Korean Accounting Review 38(1): 247-281.
• "A Study on the Exact Timing of Annual Earnings Announcement", 2012, The Korean Accounting Review 37(4): 253-293.
• "The Earnings Management around Backdoor Listing: The Case of Neosemitech", 2011, The Korean Accounting Journal 20(5): 203-230.

Conference Presentation

• 2016: AAA Annual Meeting (U.S.) Asia-Pacific Association of Derivatives Financial Markets & Corporate Governance Conference (Australia)
• 2015: AAA Annual Meeting (U.S.) Asian-Pacific Conference on Accounting Issues Financial Management Association-Asia Conference on Asian Pacific Financial Markets (CAFM)
• 2014: AAA Annual Meeting (U.S.) Korean Academic Society of Business Admistration Financial Markets & Corporate Governance Conference (Australia)
• 2013: AAA Annual Meeting (U.S.) Korean Academic Society of Business Administration
• 2011: Asia-Pacific Association of Derivatives Korean Accounting Association Winter Conference

Honors

• KRX Best Paper in Securities·Derivatives 2023
• Best Paper in Asia–Pacific Journal of Financial Studies 2021
• Best Paper Award for Korean Accounting Journal 2021
• Best Paper Award for Korean Accounting Journal 2019
• Best Paper Award for Financial Accounting in the 5th Financial Market & Corporate Governance Conference
• Maekyung Outstanding Paper Award for 2013 Korean Academic Society of Buisness Admistration
• Best Paper Award for 7th Conference of Asia-Pacific Association of Derivatives

Academic Membership

• Korean Accounting Association
• Korean Securities Association
• American Accounting Association