Research Areas
Fixed Income Securities, Corporate Governance, Credit Risk Models, and Wealth Management.
Academic Degrees
Ph D, University of South Carolina
MS, Texas A&M University
BBA, Kookmin University
Teaching
Fixed Income Securities, Financial Modeling
Service
Associate Editor, The Financial Review
Faculty Moderator, Loyola Fixed Income Society
Representative Publications
“Do Market-Based Models Outperform Subscriber-Paid Ratings? Evidence from the Bond and CDS Markets,” co-authored with L. Fairchild, 2026, Journal of Fixed Income, Forthcoming.
“Do Customized Index Portfolios Beat Target-Date Funds? Evidence from Total Return Analysis,” 2026, Journal of Retirement 13(4), 30-55
“The Role of Unique Japanese Corporate Governance Features in Explaining Rating Differences between Global and Japanese Rating Agencies,” co-authored with Y. Arikawa, S. Byoun, S. Han, and M. Pagano, July 2024, Journal of Banking and Finance 164. 1-17
“Is Bloomberg's Credit Default Swaps Model Superior in Predicting Defaults?” Co-authored with K. Leggio and S. Han, 2023, Journal of Fixed Income 33(3), 24-44
“Does the Nationally Recognized Statistical Rating Organization (NRSRO) Certification Matter for Japanese Credit Rating Agencies?” Co-authored with S. Byoun and S. Han, November 2021, Journal of Financial Markets 56, pp. 1-15
“Assessment of Credit Ratings and Credit Risk Models on Public Bonds,” Co-authored with K. Leggio and Y. Yan, Spring 2021, Journal of Fixed Income 30 (4), pp. 65-80
“The Evolving Nature of Japanese Corporate Governance: Guaranteed Bonds vs. Rated Bonds,” Co-authored with S. Han and M. Pagano, January 2019, Journal of International Financial Markets, Institutions & Money 58, pp. 162-183
“Assessment of Credit Risk Models on Rule 144A Corporate Bonds,” Co-authored with M. Johnson and K. Leggio, Fall 2018, Journal of Fixed Income 28 (2), pp. 65-83
“Determinants of Yields in Private Colleges’ Revenue Bonds,” Co-authored with M. Johnson, Summer 2018, Journal of Wealth Management 21(1), pp. 88-109
“Are unsolicited ratings biased? Evidence from long-run stock performance,” Co-authored with S. Byoun, J. Fulkerson, and S. Han, volume 42, 2014, Journal of Banking and Finance, pp. 326-338
"Insider Trading and Firm-Specific Return Volatility," Co-authored with P. Gangopadhyay and K. Yook, volume 43 (1), 2014, Review of Quantitative Finance and Accounting, pp. 1-19
“Unsolicited Versus Solicited: Credit Ratings and Bond Yields,” Co-authored with S. Han, W. Moore, and S. Yi, volume 43 (3), 2013, Journal of Financial Services Research, pp. 293-319
“Rating Agency Reputation, the Global Financial Crisis, and the Cost of Debt,” Co-authored with S. Han and M. Pagano, Volume 41 (4), 2012, Financial Management, pp. 849-884
Book Publication
Biblical Wealth Management, First Edition, 2025, BookBaby
Professional Memberships
Member, Financial Management Association (FMA) International
Member, Korea America Finance Association (KAFA)
Member, Korea America Economic Association (KAEA)
Awards and Honors
Travelers Faculty Scholar, The Sellinger School of Business and Management,
鶹Porn: 2024-2027
Honorable Mention, 2025 International Book Awards, “Biblical Wealth Management,” Non-Fiction (Retirement category)
Travelers Faculty Scholar, The Sellinger School of Business and Management,
鶹Porn: 2017-2020
STAR Award, Outstanding Research, The Sellinger School of Business and Management, Loyola University Maryland: 2009
Board of Sponsors Research Paper of the Year, The Sellinger School of Business and Management, 鶹Porn: 2005
FMA (Financial Management Association) Best Paper Award in Fixed Income Research, “Unsolicited Credit Ratings: Theory and Empirical Analysis,” Co-authored with S. Byoun: 2003