Academic Experience

Assistant Professor, Business Administration, Yonsei University, Wonju, Mar. 2023 - Present

BK21 Postdoctoral Fellow, Business Administration, Kyungpook National University, Daegu, Mar. 2022 - Feb. 2023 

Education

Ph.D., Business Administration, Ulsan National Institute of Science and Technology, Feb. 2022 

• Management Engineering (Finance)

• UNIST Best Research Award for the Best Ph.D. Dissertation in UNIST

• Dissertation: “ESSAYS ON EMPIRICAL CORPORATE FINANCE WITH TEXTUAL ANALYSIS” 

B.A., Technology Management (Dual majors), Ulsan National Institute of Science and Technology, Feb. 2017

• Finance/Accounting (1st track)

• Tech Mng/Info Sys/Entrepreneurship (2nd track)

Research interest

Corporate finance, Corporate governance, Energy market, Climate finance, M/L and D/L for NLP, Textual analysis 

Published or Accepted Papers

[11] Jung, H., Choi, S., Lee, J., & Woo, S. (2022).  Corporate pledgeable asset ownership and stock price crash risk.  Financial Innovation, 8(1), 1-28. (SSCI)  

[10] Choi, S., & Jung, H. (2021). Does early-life war exposure of a CEO enhance corporate information transparency? Journal of Business Research, 136, 198-208 (SSCI) 

[9] Jung, H., & Choi, S. (2021). The effects of employee stock ownership on stock liquidity: Evidence from the Korean market. North American Journal of Economics and Finance, 58, 101468. (SSCI) 

[8] Choi, S., Chung, C. Y., Kim, D., & Lee, J. (2021). Market value of 10-K readability and corporate cash holdings. Economics Letters, 201, 109796. (SSCI)

[7] Kim, M., Lee, S. M., Choi, S., & Kim, S. Y. (2021). Impact of visual information on online consumer review behavior: Evidence from a hotel booking website. Journal of Retailing and Consumer Services, 60, 102494. (SSCI)

[6] Choi, S., Jang, H., Kim, D., & Seo, B. K. (2021). Derivatives use and the value of cash holdings: Evidence from the US oil and gas industry. Journal of Futures Markets, 41(3), 361-383. (SSCI) 

[5] Choi, S., Jung, H., & Kim, D. (2021). War-experienced CEOs and corporate policies: Evidence from the Korean war. Emerging Markets Review, 47, 100790. (SSCI) 

[4] Choi, S., & Jung, H. (2021). Can directors' liability reduction promote corporate innovation? Managerial Finance, 47(11). (Scopus) 

[3] Choi, S., & Jung, H. (2021). National Tax Service Connection and Stock Price Crash Risk: Evidence from Korea. Annals of Economics and Finance, 22(1), 83-107. (SSCI)

[2] Choi, S., & Jung, H. (2021). Effects of the litigation risk coverage on corporate social responsibility. Applied Economics  Letters, 28(21), 1836-1841. (SSCI) 

[1] Choi, S., & Jung, H. (2021). Director liability reduction and stock price crash risk: Evidence from Korea. International  Review of Finance, 21(4), 1492-1502. (SSCI) 

Working Papers

[1] "Spillover effects on managerial bad news hoarding behavior: Evidence from MD&A textual analysis and stock price crash risk " (with Jung, H., & Kim, D) 

This paper explores the spillover effects of Management Discussion and Analysis (MD&A) disclosure on the manager’s bad news hoarding behavior. We provide strong evidence that the peer firms’ optimistic tone in MD&A disclosures is positively associated with firm-specific stock price crash risk. Due to increased competitive pressures caused by the optimism of competitors, managers have larger incentives to hoard negative news from the public to protect themselves. Moreover, we find that the relationship manifests more when the product market is highly competitive and when the stock market is more liquid. Our results are robust, surviving tests for propensity score matching (PSM), change analysis, firm fixed effects model, alternative MD&A narrative tone variables and alternative industry fixed effects model.

[2] "Climate change risk and the marginal value of cash holdings" (with Jung, H., & Kim, D) 

This study investigates the effects of firm-level climate change risk on the marginal value of corporate cash holdings. The underlying idea is that climate change risks would induce firms to increase their demand for capital, which may also lead to an increase in the value of cash holdings. As climate change risk is an uncertainty for firms, investors would also positively evaluate the firm’s excess cash. Regression analysis reveals a positive association between the firm-level climate change risk and the value of cash holdings. Furthermore, we test how the “green swan” and financial constraint levels affect the relationship. Subsample analysis indicates that the market positively values the cash holdings of firms that are more sensitive to climate change and that are more financially constrained. Various robustness tests confirm that the baseline regression results are not necessarily driven by endogeneity.

[3] "Employee stock ownership and stock price crash risk " (with Jung, H., & Kim, D) 

The paper examines how employee stock ownership affects stock price crash risk. Using regression analysis, we find that employee stock ownership is associated with a reduction in Korean firms’ stock price crash risk. Various robustness tests verify that the estimated results are not potentially driven by endogeneity. Overall, the evidence supports the hypothesis that employees play an important role in reducing managerial bad-news-hoarding behavior and facilitating more transparency in firm management. Further investigation reveals that the negative association between employee stock ownership and stock price crash risk is more pronounced in the presence of less external monitoring. Additionally, we find that employee shareholders help improve the financial reporting quality of their firms and use their shareholding as a bargaining tool in their salary negotiations.