It is about. The vocals pitch of male CEOs can be an “honest signal of their hormone quality.” we use digitally voice that is analyzed of 167 Wall Street male CEO interviews on CNBC through the 2008 economic crisis and locate a negative association amongst the sound pitch for the CEO therefore the chance of the company. Deep-voiced male CEOs were almost certainly going to be fired following the crisis that is financial until 2012. Begin to see the situation of Barclays right next! Microstructure occasion research reveals that deeply voiced CEOs’ TV interviews increased stock return volatility transitorily during the full moment regarding the interviews.
Presented at Nanyang Business class in Singapore, Deakin University, Asian FA 2018 at Tokyo, KAIST, Seoul nationwide University, Seoul Quant Conference 2017, the University of Michigan – Flint
(with Jen CHANG and Min Jung KANG)
Most useful Paper Award: Asian-Pacific Conference on Global Accounting Issues 2018
Presented at Asian-Pacific Conference on International Accounting problems, bay area, 2018; the Joint Accounting Workshop of SKKU & National Taipei University, May 2018 – by Jen CHANG november.
It is about. Whenever bankers that are commercial in the board as separate directors of borrowing organizations, they fire the CEOs more sensitively to firm risk, and afterwards the company risk decreases. It supports “conflict of great interest” theory.
Presented at ILERA worldwide Congress 2018 in Seoul, Korea 2018
It’s about. Utilizing the transcripts of 7,000 CEO interviews on CNBC, we investigate whether male and female CEOs differ pertaining to self-attribution bias.
“Predicting North Aggression that is korean Using brief Sales and Media Tone”(with Min Jung KANG, Doug KIM, & Hosung JUNG) – Outstanding External Collaboration Award by Bank of Korea, 2014 (???? ?? ?????? ? ??) Presented at FMA 2017, Boston.
It is about. We utilize North Korea being an exogenous surprise towards the standard of geopolitical threat of South Korea, as the former transitioned from a situation without nuke/ICBM to a situation with people within the decade that is last. A permanent -1.59% vehicle in Korean market and -0.88% vehicle in the usa market are reported when NK tests the tools, but only brief run overreaction is discovered for NK army aggressions. We detect irregular quick sales from the international institutions for the nations having diplomatic relations with NK (especially the UK) before the shock assaults and nuke evaluation ( not for the people from the nations without), which implies insider trading that is geopolitical.
Presented at Seoul nationwide University, SKKU, Korea University, Hong Kong City University, Hong Kong Polytech, KAIST, NTU, AECF (Asian Economic online community, Incheon, Korea, 9/20/2014).
It is about. Whether better liquidity for the stock exchange drives the business to become more or less myopic really hinges on what sort of institutional investors have actually big ownership associated with firm. We utilize the decimalization regarding the stock exchange in 2001 being a shock that is exogenous market liquidity and locate that the businesses with increased ownership by transient institutional investors became more myopic when it comes to CEO dismissal.
It really is about. After receiving public that is tremendous due in component towards the provocative news depiction of the CEO, in a write-up en titled “Goldman’s boss: We do God’s work,” Goldman Sachs jumped up to rank number 2 with regards to philanthropic efforts (PC, hereafter) this season. Utilizing analysis that is textual of million news articles in regards to the biggest 100 companies in the united states essay4you promo code over 2000
2010, we discover that businesses strengthen their CSR performance and save money on Computer if the general public viewpoint about their CSR is negative with intensive media protection.
Presented at Korea University, nationwide University of Singapore, SKKU, Yonsei University, and CAFM 2013.
“CEO Interviews on CNBC” (with Felix Meschke)
It really is about. Individual investors have worked up about the ongoing business and get the stock if the business gets news attention. CEO meeting creates excitement that is genuine attention with minimum brand new information because of the concern of reasonable disclosure. Effective market theory would predict no cost reaction to such pseudo occasion, but we nevertheless find significant reversal and jump. The magnitude of reaction is just a function associated with viewership. Institutional investors short offer more about the full times of news interviews.
Presented in the AFA (by coauthor), CICF, Singapore Finance Conference, SKKU GSB
It is about. Whenever commercial bankers sit in the board as separate directors of borrowing companies, they decrease stock price crash danger, specially when the borrowing company’s credit danger is high. It supports “financial expertise” theory.
Presented during the AFA2017 Chicago Meeting, 2017 SFM Taiwan Conference, the University of Edinburgh, Cambridge University, the FMA that is asian 2015 Seoul, Korean Finance Association Meeting 2015, KAIST, Seoul nationwide University, and UNIST,
Winner for the most readily useful paper honor (second greatest) at SFM Taiwan Conference 2017, Korean Finance Association fulfilling 2015
It is about. : simply how much does the masculinity regarding the CEO impact the chance of the company? Using facial width-to-height ratio (fWHR), a good proxy for masculinity this is certainly regarded as connected with aggressive danger looking for behavior, we discover that masculine experienced CEOs (1) enhance company riskstock return volatility & idiosyncratic vol; (2) keep high leverage ratio; (3) are far more acquisitive more # of discounts, $$$ on discounts, acquisition premium and lower purchase statement return; and (4) receive high compensation that is VEGA. We find robust outcomes making use of AI measured fWHR. FinTech implication: banking institutions could enhance measuring the chance preference of retail clients making use of photo that is scanned.
Python coding of (measuring fWHR) available upon demand – Please cite us.