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Research

Publications

* (with) Kang, ChoongOh. 2009. The effect of credit risk on stock returns. Journal of Economic Research. 14 (2). 49 -- 67. 
* Time-varying macroeconomic exposures in the Indian stock market. Journal of South Asian Studies. 15 (1). 209 -- 238.
 

Submitted

 
* How Firms’ Boundaries and Focus Differ As Agency Hazards and Capability Extendability Vary: Organizational Economics and Organizational Capabilities Are Both Right, Sometimes (with Rich Burton and Will Mitchell)
* How Firms' Capital Budgeting Methods Differ as Knightian Uncertainty and Controversy Vary: Bower and Brealey & Myers Are Both Right, Sometimes (with Rich Burton and Will Mitchell)
* How Knowledge Spillovers between Venture Capitalists and Entrepreneurs Affect the Specialization and Diversification of Venture Capital Funds -- and Why it Matter (with Rich Burton and Will Mitchell)
* Dynamic asset allocation under alpha, predictability and short selling constraints (revise and resubmit) link
* Entropy and asset pricing (revise and resubmit)

Working papers

Theoretical research
* Competition for internal resources and optimal diversification (with Fei Ding, got grant from HK government) link
* Competition for internal resources and optimal diversification under privately observed correlated signals and cash flows link
* The heterogeneity in the organization of venture capital fund (with Rich Burton) link
* Disclosure-risk premium: asset pricing under asymmetric information,manipulation and ambiguity link
* Relatedness and the Efficient Organization of Internal Capital Market (with Rich Burton) link
* Optimal Diversification and Boundary of the Firm (with Rich Burton) link

Empirical research
* LBO Risk and Expected Stock/Bond Returns (with Jinyong Kim and Hui Ou-Yang, under review) link
* The organizational process of caital budgeting under Knightian uncertainties (with Rich Burton and Will Mitchell) link
* Multinational Affiliates and Local Financial Markets (with Alex Lehmann and Selin Sayek) link
* Risk profile irrelevancy to relative performance evaluation link

Other papers
* Thesis link
* The birth and the regression of the firm theory in economics: why we have only incomplete theories about firms yet? link

In progress
* Goal and Interaction in Internal Capital Market link
* How firms conduct valuation under severe Knightian uncertainty? link
* Deconstructing momentum strategy in Japanese stock market
* Mutual fund advertisement under competition (with Fei Ding)
* Endogenous information production and internal capital market (with Fei Ding)
* How to evaluate the performance of multi-factor asset pricing model with out-of-sample testing?

Organizational Capital Budgeting Model (Thesis) link

Referee service
* Journal of International Money and Finance
* Organization Science
* Strategic management journal

Research interests: strategy, organization, corporate finance, internal capital market, game theory (mechanism/ organization design), qualitative studies, behavioral economics, etc.

Presentations

* 2009 Strategic Management Society Conference (Washington D.C., 2009/10/12) -- Honorable mention (for best paper award)
* Management Innovation Conference at Copenhagen Business School (Copenhagen, 2009/09/03)
* Capability Conference, Rotterdam School of Management (Rotterdam, Netherlands, 2009/06/13)
* 2009 DoGo Finance Conference, Korea Financial Associations (2009/05/23)
* EIASM (Brussels, Belgium, 2009/04/21) program
* WCSS-08 (Washington DC, 2008/07/16)
* CCC (Carnegie Mellon University, 2008/04)
* Trans-Atlantic doctoral consortium (London Business School, 2005/05)

Funding

* The Korea Research Foundation Grant funded by the Korean Government (KRF-2009-332-B00198): 2009년도 신진교수지원(인문사회분야)

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