Hugh Hoikwang Kim
Email: hugh.kim 'at' moore.sc.edu
Research Interests:
Investment; Asset Pricing; Behavioral Finance; Financial Institutions (Banks, Mutual funds, Insurers); Household Finance; Lifecycle Portfolio Choice
CurriculumVitae (updated: July 2021)
Affiliations:
Associate Professor of Finance (with tenure), Darla Moore School of Business, University of South Carolina, 2019 - present
Assistant Professor of Finance, Darla Moore School of Business, University of South Carolina, 2016 - 2019
Visiting Scholar, The Pension Research Council, The Wharton School, University of Pennsylvania, 2013 - present
Assistant Professor of Finance, SKK Graduate School of Business, Sungkyunkwan University, Korea, 2013 - 2016
Visiting Scholar, Sloan School of Management, M.I.T., May - August 2015
Visiting Professor, KAIST Business School, KAIST, 2019-2021 (Summer)
Education:
University of Pennsylvania, The Wharton School, Ph.D. in Applied Economics, 2013
University of Pennsylvania, The Wharton School, M.S. in Applied Economics, 2011
Seoul National University, B.A. in Economics, 2004
Editorship:
Editorial Board, Journal of Pension Economics and Finance, 2019-present
Refereed Publications:
1. "The Impact of Shrouded Fees: Evidence from a Natural Experiment in the Indian Mutual Funds Market" (with Santosh Anagol), American Economic Review 102(1):576-93, February 2012.
2. "Time is Money: Rational Life Cycle Inertia and the Delegation of Investment Management", (with Raimond Maurer and Olivia S. Mitchell), Journal of Financial Economics 121(2): 424-447, August 2016.
3. "It Pays to Write Well" (with Byoung-Hyoun Hwang), Journal of Financial Economics 124(2): 373-394, May 2017.
* Media mention: Wall Street Journal, Harvard Law School Forum, Chief Executive
4. “Choosing a Financial Advisor: When and How to Delegate” (with Raimond Maurer, Olivia S. Mitchell) in Financial Decision Making and Retirement Security in Aging World. Eds. P. Brett Hammond, O. S. Mitchell, and S. Utkus. Oxford University Press, 2017.
5. "Information Spillover of Bailouts" Journal of Financial Intermediation, 43: 100807, July 2020.
* Best Paper Award, Semi-finalist, FMA Annual Meeting (2013, Chicago) / Best Doctoral Dissertation Award, Winner, The Korea-America Finance Association (2012, Atlanta, GA)
6. "Economic Policy Uncertainty and Bank Liquidity Hoarding" (with Allen Berger, Omrane Guedhami, Xinming Li), Journal of Financial Intermediation, Forthcoming
7. "How Financial Literacy Shapes the Demand for Financial Advice at Older Ages" (with Raimond Maurer and Olivia S. Mitchell), Journal of the Economics of Ageing, 20: 100329, June 2021.
* Media mention: TIAA Institute
Working Papers:
1. "Opaque Liabilities, Learning, and the Cost of Equity Capital for Insurers" (with Chia-Chun Chiang, Greg Niehaus)
We find insurers’ cost of equity capital increases after they report poor underwriting performance.
* Revise and Resubmit, Journal of Risk and Insurance
2. "Bank Management Sentiment and Liquidity Hoarding" (with Allen Berger and Xiaonan (Flora) Ma)
We find banks with more negative management sentiment hoard additional liquidity, rather than disbursing it to their customers.
* Revise and Resubmit, Contemporary Accounting Research
3. "Measuring (In)Attention to Mutual Fund Fees: Evidence from Experiments”(with Wenhao Yang)
We find, on average, investors allocate only 57% of their full attention to mutual fund fees.
* Media mention: Citywire
4. "Innovation Overload?" (with Byoung-Hyoun Hwang, Kai Wu)
Our analysis reveals that articles with one more writing fault per one hundred words receive 7% fewer citations.
5. "Inertia of Institutional Investors" (with Mohammad Irani)
"Inertia stocks" are likely to underperform in the future, hence undermining the overall performance of institutional investors.
* Media mention: Citywire
6. "Pessimistic Fund Managers" (with Yongqiang Chu)
We find that the pessimistic tone in managers’ letters to shareholders predicts superior future risk-adjusted returns
Teaching:
Investment Management (Undergrad. Honor/MBA/PMBA), University of South Carolina (2016, 2017, 2018)
Capital Budgeting (Full-time MBA/Professional MBA), SKK GSB (2015, 2016)
Managerial Economics (Full-time MBA/Professional MBA/Executive MBA), SKK GSB (2014, 2015, 2016)
Financial Management (Professional MBA), SKK GSB (2015)
Economic Analysis (Full-time MBA/Professional MBA), SKK GSB (2013, 2014)
Dataset and codes:
Online appendix for "The Impact of Shrouded Fees: Evidence from a Natural Experiment in the Indian Mutual Funds Market" (AER, 2012)
Online appendix for "Time is Money: Rational Life Cycle Inertia and the Delegation of Investment Management" (JFE, 2016)
Code for "It Pays to Write Well" (JFE, 2017)
Bank Liquidity Hoarding data for "Economic Policy Uncertainty and Bank Liquidity Hoarding" (JFI, Forthcoming)