Research

RESEARCH INTERESTS 

Empirical Financial Accounting, Fundamental Analysis and Valuation, Aggregate Earnings, Macro-accounting, Management Forecasts

PUBLICATIONS

7.  “The Accruals-Cash Flow Relation and the Evaluation of Accrual Accounting” (2024) Abacus. (with Stephen Penman)

6. “Income Statement Mismatching Has Not Reduced the Informativeness of Earnings Over Time” (2024) Journal of Business Finance and Accounting.  (with Stephen Penman)

5. “Do Firms Learn from Pre-Announcement Experience? Evidence from Optimistic Pre-Announcements and Market Responses” (2022) Abacus.  (with Youngdeok Lim) 

4. “Overproduction, Aggregate Accounting Performance, and Gross Domestic Product” (2021) Seoul Journal of Business.  (with Bjorn Jorgensen and Yong Gyu Lee)  

3. “Corporate Social Responsibility and Operating Cash Flows Management: An Examination of Credit Market Incentives” (2021) Journal of Business Finance and Accounting.  (with Hyunpyo Kim, Jeong-Bon Kim, and Yong Gyu Lee) 

2. “Classification Shifting within Non-recurring Items” (2019) Asia-Pacific Journal of Accounting and Economics.  (with Masako Darrough and Yong Gyu Lee) 

1. “Does Customer Satisfaction Matter to Managers' Earnings Forecasts and Stock Returns?” (2018)  European Journal of Marketing. (with Jenny Lee and Youngdeok Lim)

WORKING PAPERS (SSRN)

9. “Customers on the Board and Management Sales Forecasts” with Seong Jin Ahn and Wonhyeong Kim 

8. “Monetary Policy and Corporate Disclosures: Evidence from Capital Expenditure Forecasts Ahead of FOMC Meetings” with Jaewoo Kim and Yongtae Kim

7.“ Local Newspaper Closures and Audit Pricing” with Wonhyeong Kim, Yongtae Kim, and Chang Lee

6. “The Change in the Channel for the Predictability of Aggregate Earnings for Gross Domestic Products” with Ingoo Han and Sun Young Hwang 

5. “Political Cycles, Earnings Dispersion, and the Labor Market” with Jose Carabias-Palmeiro, Bjorn Jorgensen, and Yong Gyu Lee 

4. “Why Are Aggregate Investing Activities Negatively Associated with Future Market Returns? The Role of Intangible Investments” with Asher Curtis

3. “The Change in the Aggregate Earnings-Returns Relation and the Great Moderation” with Asher Curtis and Chang-Jin Kim

2. “Different Effects of Expected and Unexpected Earnings Dispersion on Aggregate Stock Returns” with Chang-Jin Kim

1. “Speculative Components in M&A Purchase Prices, Acquirers' Long-Term Performance, and Goodwill Estimation”