Research

 Recent Publications [최근 게재논문]

 I. Pension Funds, Institutional Investors, and Asset Management Strategy 

    연기금·기관투자자와 자산운용 전략 

• (SSCI) Eunyoung Cho and Cheol-Won Yang, 2026, “National Pension Fund and Stock Liquidity: Evidence from Korea,” Pacific-Basin Finance Journal (IF=5.4, Ranked in the top 10% of IF) , 100, 103309. [Link] 

• (SCOPUS) Junho Hwang and Eunyoung Cho, 2026, “Dynamic Regime-Based Rebalancing Strategies: Empirical Evidence from Korean Investors”, Asian Review of Financial Research, 39(1), 1-32. [Link]  

• (KCI) Junho Hwang and Eunyoung Cho, 2025, “Day-of-the-Week Effects on Industry-Specific Volatility After Market Shocks”, Asset Management Research, 13(1), 19–46. [Link] 

• (SSCI) Taeyeon, Kang and Eunyoung Cho, 2024, “The day-of-the-week effect on global stock market volatility after a market shock”, Applied Economic Letters, 31(8), 696-701. [Link] 

* Winner, Best Paper Award, Korean Financial Management Association, 2021

• (SSCI) Junho Hwang and Eunyoung Cho, 2023, “Pension Fund Trading Behavior and the Index Inclusion: Evidence from the Korean Stock Market,” Emerging Markets Finance and Trade (IF=4.859, Ranked in the top 6.77% of IF), 59(3), 605-622. [Link] 

 II. Asset Pricing and Corporate Finance

    자산가격결정과 기업재무 

• (SSCI) Eunyoung Cho, 2024, “The Power of Political Connections: Evidence from Korean Chaebols and Government Procurement”, Emerging Markets Finance and Trade (IF=4.859, Ranked in the top 6.77% of IF), 66, 102054. [Link] 

• (SSCI) Eunyoung Cho and Woojin Kim, 2023, Skewness Preference and IPO Underpricing in International Financial Markets, Research in International Business and Finance (IF=6.40, Ranked in the top 9 (7.7%) of finance journals), 60, 3117-3134. [Link] 

III. Sustainable Finance and Responsible Investment 

    지속가능금융과 책임투자 

• (SCOPUS) Eunyoung Cho, 2023, “Time-varying Preferences for ESG Investments: Evidence from an Emerging Market”, Journal of Derivatives and Quantitative Studies, 31(2), 121-138. [Link] 

• (KCI) Eunyoung Cho, 2022, “Performance of ESG Exclusionary Screening Strategies”, The Korean Journal of Financial Management, 39(6), pp. 153-183. [Link] 

 Working Papers

• "Positive Feedback Trading in Meme Stocks: Swing Trading or Betting on Lotteries?", with M. Woo and W. Kim

• "Currency Hedging Effectiveness in International Portfolios Using Conditional Higher-order Co-moments", with J. Hwang

* Korean Finance Association–Mirae Asset Research Grant, 2026

• "The National Pension Service's Domestic Equity Portfolio and Corporate ESG: Determinants of Active Weight", with S. W. Cho and J. Choi 

• "The Impact of Foreign Exchange Exposure on the Relationship between Working Capital Management and Firm Value", with S. C. Bae and M. MoMo

• "IPO Motivation and Peer Effects: Evidence from the Korean Stock Market"