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
Faculty Moderator, Loyola Fixed Income Society
Representative Publications
“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, 2024, Forthcoming, Journal of Banking and Finance.
“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(2).
“Capital Structure Decisions Following Credit Rating Changes: Evidence from Japan,” Co-authored with L. Fairchild and S. Han, 2022, Journal of Asian Finance, Economics and Business 9 (4), pp. 1-12
“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, The 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
“Influence of Global vs. Local Rating Agencies to Japanese Financial Firms,”,” Co-authored
with S. Han and W. Reinhart, 2018, Journal of Asian Finance, Economics and Business
5 (4), pp. 9-20
“Assessment of Credit Risk Models on Rule 144A Corporate Bonds,” Co-authored with
M. Johnson and K. Leggio, Fall 2018, The Journal of Fixed Income 28 (2), pp. 65-83
“Determinants of Yields in Private Colleges’ Revenue Bonds,” Co-authored with M. Johnson,
Summer 2018, The Journal of Wealth Management 21(1), pp. 88-109
“Bond Ratings, Corporate Governance, and Cost of Debt: The Case of Korea,” Co-authored
with S. Han and K. Kang, 2016, Journal of Asian Finance, Economics and Business, pp.
5-15
“Is the Korea-Chile FTA a ‘Stepping Stone’ for Korean Exports to other countries in
South America?” Co-authored with K. Kang, and P. Keys, 2016, The Singapore Economic
Review, 61 (5), pp. 1-17
“The Information Value of Credit Rating Withdrawals,” Co-authored with S. Yi, L. Fairchild,
and Y. Shin, volume 2 (2), 2016, International Journal of Bonds and Derivatives, pp.
108-132
“Does SEC Rating Agency Certification Matter? The Case of A.M. Best,” Co-authored
with L. Fairchild and Y. Yan, volume 6 (4), 2015, International Journal of Financial
Research, pp. 10-21
“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
“Information Content of Unsolicited Credit Ratings: Evidence from Japanese Firms,”
Co-authored with S. Byoun, Volume 42 (1), 2012, Asia-Pacific Journal of Financial
Studies, pp. 59-86
Professional Memberships
Member, Financial Management Association (FMA) International
Member, Korea America Finance Association (KAFA)
Member, Korea America Economic Association (KAEA)
Awards and Honors
2024-Present, Travelers Faculty Scholar, The Sellinger School of Business and Management, 鶹Porn
2017-2020 Travelers Faculty Scholar, The Sellinger School of Business and Management, 鶹Porn
2009 STAR Award, Outstanding Research, The Sellinger School of Business and Management,
鶹Porn
2005 Board of Sponsors Research Paper of the Year Award, The Sellinger School of Business
& Management, 鶹Porn
2003 Best Paper Award in the area of Fixed Income Research, FMA (Financial Management
Association) International