Jay Hyun

Welcome! 

I am an Assistant Professor of Business Economics & International Business in the Department of Marketing, Business Economics & Law (MBEL) at the Alberta School of Business - University of Alberta in Edmonton, Canada. Prior to joining the Alberta School of Business, I was an Assistant Professor at HEC Montreal - University of Montreal affiliated business school. I received a Ph.D. and an M.A. in Economics from Columbia University, and a B.A. in Economics from Seoul National University with the presidential award for graduating first in class. I  serve as a member of the Editorial Board for Corporate Governance: An International Review (Impact Factor: 5.4, CiteScore: 8.7, ABDC JQL: A).

My area of specialization is International Economics and its broad intersections with Macroeconomics, Corporate Finance, and International Business. My research uses a combination of micro-level data and structural models to understand shock propagation mechanisms and network spillovers, with a particular emphasis on the role played by firms. I am also interested in understanding global supply chain formation and reorganization, multinational activities, and their interactions with various economic factors.

Here is a brief interview with the Alberta School of Business, where I share my passion for research and my life experiences.

Application now open for a PhD specialization in Business Economics

We are delighted to share that the Alberta School of Business is launching a new PhD specialization in Business Economics. We are now accepting applications for the inaugural cohort entering in Fall 2027. 

The Business Economics specialization will focus on two core areas: Urban and Real Estate Economics and International Economics. Both fields emphasize the spatial dimensions of economic activity and represent important pillars of our Business Economics group. Students will receive rigorous training in economic theory and empirical methods while engaging with faculty conducting research at the intersection of economics, business, and public policy.

More information about the Business Economics specialization and the application process is available here: Link

You can find a letter of invitation from the department chair and the PhD program director here: Link

Recent Updates

Research & Grants

• • Aug 2026 - "The Real Cost of FX Hedging" is now available (New Working Paper).

  • Aug 2026 - "Is Public Capital Productive? Evidence from Major Bridge Collapses" is now available (New Working Paper).

  • Apr 2026 - I have been awarded the SSHRC Insight Grant for 2026-2030 from the Government of Canada.

  • Apr 2026 - RMURE Conference organizing team has been awarded the SSHRC Connection Grant for 2026-2027 from the Government of Canada.

  • Apr 2026 - "Spillovers through Multimarket Firms" is accepted at the Review of Economics and Statistics.

  • Nov 2025 - "Specialization Enables Diversification: Country Expertise and the Structure of Loan Syndicates" is now available (New Working Paper).

  • Nov 2025 - "Shock Propagation within Multisector Firms" is published at the Journal of Money, Credit and Banking.

  • Oct 2025 - "When Regulation Travels: Supply Chain Disruptions and Environmental Responses under the Clean Air Act" is now available (New Working Paper).

Conferences and Seminars (* by coauthor)

• • Oct 2026 - Midwest International Trade & Theory Conference (Toronto)

  • Oct 2026 - Canadian Resource and Environmental Economics Association (CREEA) (Waterloo)

  • Sep 2026 - Northern Finance Association (NFA) 2026 Annual Meeting (Quebec City)

  • Sep 2026 - University of Texas at El Paso (Finance)

  • Jun 2026 - Academy of International Business (AIB) 2026 Annual Meeting* (Manchester)

  • Jun 2026 - Canada-Korea Conference (CKC) on Science and Technology (Whistler) - (Invited) Industry Forum Organizing Committee

  • Jun 2026 - Rocky Mountain Urban and Real Estate (RMURE) Conference (Banff) - Organizing Committee

  • May 2026 - Canadian Economic Association (CEA) 2026 Annual Meeting (Vancouver)

  • May 2026 - Rocky Mountain Empirical Trade (RMET) Conference (Banff) - Organizing Committee

  • Mar 2026 - U.S. Environmental Protection Agency (EPA) - Environmental Economics Seminars*

Full research profile is available in the "Research" section.

Published or Papers under Revision
[EJ = ASB list of Elite Journals; DJ = ASB list of Distinguished Journals; ABDC JQL]

• "Global Connectedness and Diversification: Firm-level Evidence from the COVID-19 Pandemic,"  Revise & Resubmit,  Journal of Money, Credit and Banking  -  [EJ; A*]

• with  Daisoon Kim (NC State U)  &  Seung-Ryong Shin (KDI)

• [CEPR's Covid Economics, Issue 49],  [Media coverage: VoxEU]

• "Spillovers through Multimarket Firms: The Uniform Product Replacement Channel,"  Accepted,  Review of Economics and Statistics  -  [EJ; A*]

  • • with  Ryan Kim (Seoul National U)

    • [Online Appendix],  [WP version],  [Media coverage: Chicago Booth Review]

• "Shock Propagation within Multisector Firms,"  Journal of Money, Credit and Banking, 2025, Early View Online Access.  -  [EJ; A*]

• with  Ziho Park (U of Sussex)  &  Vladimir Smirnyagin (U of Virginia)

• [Online Appendix],  [WP version]

• "The Cleanup of US Manufacturing through Pollution Offshoring,"  Journal of International Economics, 2025, 154, 104046.  -  [EJ; A*]

  • • with  Jaerim Choi (Yonsei U),  Gueyon Kim (UC Santa Cruz),  &  Ziho Park (U of Sussex)

    • [Online Appendix],  [WP version],  [IZA Discussion Paper],  [NBER Conference: Environment and Energy Economics 2023],  [UofA Media: Link]

• "Bound by Ancestors: Immigration, Credit Frictions, and Global Supply Chain Formation,"  Journal of International Economics, 2024, 147, 103855.  -  [EJ; A*]

  • • with  Jaerim Choi (Yonsei U)  &  Ziho Park (U of Sussex)

    • [Online Appendix],  [WP version],  [NBER Working Paper],  [NBER Conference: International Fragmentation 2023],  [UofA Media: Link]

• "Business Cycles with Cyclical Returns to Scale,"  International Economic Review, 2024, 65(1), 253-282.  -  [DJ; A*]

  • • with  Ryan Kim (Seoul National U)  &  Byoungchan Lee (HKUST)

    • [Online Appendix],  [WP version]

Working Papers

• "When Regulation Travels: Supply Chain Disruptions and Environmental Responses under the Clean Air Act,"

  • • with  Scott Holladay (U of Tennessee),  Gueyon Kim (UC Santa Cruz),  &  Doyoung Park (Texas A&M)

    • Presentations: (2025) AERE 2025 Summer Conference (Santa Ana Pueblo); U of Calgary; U of Winnipeg; (2026) U.S. Environmental Protection Agency; CEA; Midwest International Trade & Theory (Toronto); 

    • [Online Appendix]

• "Specialization Enables Diversification: Country Expertise and the Structure of Loan Syndicates,"

  • • with  Luca Lin (SUNY Buffalo-Finance)

    • Presentation: (2025) Nanjing U; U Alberta Business; (2026) U of Texas at El Paso (Finance); Northern Finance Association 2026 Annual Meeting (Quebec City);

    • [Online Appendix]

• "Birds of a Feather Supply Together: ESG Homophily and Governance in Global Supply Chains,"

  • • with  Jaerim Choi (Yonsei U),  Omrane Guedhami (U of South Carolina-International Business),  Jong-Min Oh (SKK Business School-Finance),  &  Hwan-Jin Yong (LG Business Research)

    • Presentations: (2024) Strategic Management Society PDW (Seoul National U Business); AIB Canada Chapter (U of Calgary Business); SEA Annual (Washington DC); (2026) U of Missouri (Finance); 

• "Is Public Capital Productive? Evidence from Major Bridge Collapses,"

  • • with  Hafedh Bouakez (HEC Montreal),  Carlos E. Ladeira (HEC Montreal),  &  Vladimir Smirnyagin (U of Virginia)

• "The Real Cost of FX Hedging,"  

  • • with  Golnoush Omidali (U of Alberta-Finance)  &  Colin Ward (U of Alberta-Finance)

    • Presentations: (2026) U Alberta Business; Simon Fraser U (Finanace);

Selected Works in Progress

• "The Geography of Trade Diversification and Economic Resilience to Extreme Weather Events,"

  • • with  Myeongwan Kim (Dartmouth & Aarhus U)  &  Gaelan MacKenzie (Bank of Canada)

    • Presentation: (2025) CEA (UQAM); Queen's Workshop on Firms (Queen's U Business);

• "Returns to Scale and Markups: Micro-level Decomposition Using Administrative Data,"  

  • • with  Daisoon Kim (NC State U),  Yoonsoo Lee (Sogang U),  &  Vladimir Smirnyagin (U of Virginia)