Research

AWARDS

The Appreciation Award in Appreciation for Dedicated Services & Outstanding Contribution as President 2016-2017: Korea America Finance Association (KAFA), 2017.

The 2016 Outstanding Paper Award in Corporate Finance at Eastern Finance Association meetings: Sensitivities of Corporate Investment and Financing Decisions to the Implied Cost of Capital, coauthored with David Ng and Kai Wu.

The Appreciation Award in Appreciation for Dedicated Services & Outstanding Contribution as Secretary General 2011-2014: Korea America Finance Association (KAFA), 2014.

The 7th Shinhan Bank & KAFA Best Paper Award, 2013: Risk Management with Leverage: Evidence from Project Finance, Journal of Financial and Quantitative Analysis 48, 549-577, coauthored with Jaemin Kim, and Sean Sehyun Yoo.

The 2013 Asia-Pacific Journal of Financial Studies Best Paper Award: Why Do

Some Firms Go Debt-free? Asia-Pacific Journal of Financial Studies 42, 1-38, coauthored with Zhaoxia Xu.

The 2008 Hankamer School of Business Young Researcher Award,

The 2007 Financial News & Korea America Finance Association (KAFA) Top-Journal Paper Award: How and When Do Firms Adjust Their Capital Structures toward Targets? 2008, Journal of Finance 63, 3069-3096.

2003 Financial Management Association International Best Paper Award in Fixed Income Research, Sponsored by the Fixed Income Analysts Society, Unsolicited Credit Ratings: Theory and Empirical Analysis, coauthored with Yoon S. Shin.

2002 Faculty Research & Creative Work Awards: University of Southern Indiana.

PUBLICATION

Yasuhiro Arikawa, Soku Byoun, Seung Hun Han, Michael S. Pagano, and Yoon S. Shin,  2024, The Role of Japanese Corporate Governance in Rating Differences between Global and Japanese Rating Agencies, Journal of Banking and Finance 164

Byoun, Soku, 2021, The Effects of Financial Flexibility on Corporate Financial Decisions, Financial Review

Byoun, Soku, Seung Hun Han, and Yoon S. Shin, 2021, Does the Nationally Recognized Statistical Rating Organization (NRSRO) Certification Matter for a Japanese Credit Rating Agency? Journal of Financial Markets

Byoun, Soku, and Zhaoxia Xu, 2016, Capital Allocation and Product Market Competition during a Financial Crisis, Financial Management 45, 267-290.

  • Lead article for Summer 2016 Issue.
  • Best Paper Award Semi-Finalist, Financial Management Association International Annual Meeting, 2011 (under the titled “Internal Finance, Predation, and Financial Crisis”)
  • Presented at American Finance Association Annual Meeting, 2012
  • SSRN Top Ten download list for: ERN: Other Econometric Modeling: International Financial Markets & Volatility & Financial Crises
  • SSRN’s Top Ten download list for: ERN: Other Microeconomics: Intertemporal Firm Choice & Growth, Investment, Financing, & Capacity (as of 5/31/2015)

Byoun, Soku, Kiyoung Chang, and Young Sang Kim, 2016, Does corporate board diversity affect corporate payout policy? Asia-Pacific Journal of Financial Studies 45, 48-101.

Byoun, Soku and Zhaoxia Xu, 2014, Contracts, Governance, and Country Risk in Project Finance: Theory and Evidence, Journal of Corporate Finance 26, 124-144.

  • Journal of Corporate Finance top 25 most downloaded
  • SSRN Top Ten download list for: Political Economy: Budget, Deficit & Debt (as of 5/13/2014); International Corporate Finance (as of 5/3/2014)

Byoun, Soku, 2014, Information Content of Unsolicited Credit Ratings and Rating Agency’s Incentive: A Theory, International Review of Economics and Finance 33, 338-349.

Byoun, Soku, Jon A. Fulkerson, Seung Hun Han, and Yoon S. Shin, 2014, Are Unsolicited Ratings Biased? Evidence from Long-Run Stock Performance, Journal of Banking and Finance 42, 326-338.

Byoun, Soku,  Jaemin Kim, and Sean Sehyun Yoo, 2013, Risk Management with Leverage: Evidence from Project Finance, Journal of Financial and Quantitative Analysis 48, 549-577.

  • The 7th Shinhan Bank & KAFA Best Paper Award, 2013

Byoun, Soku, and Zhaoxia Xu, 2013, Why Do Some Firms Go Debt-free? Asia-Pacific Journal of Financial Studies 42, 1-38.

  • 2013 Best Paper Award by the Asia-Pacific Journal of Financial Studies

Byoun, Soku and Yoon S. Shin, 2012, Information Content of Unsolicited Credit Ratings: Evidence from Japanese Firms, Asia-Pacific Journal of Financial Studies 41, 59-86.

  • 2003 Financial Management Association International Best Paper Award in Fixed Income Research, Sponsored by the Fixed Income Analysts Society, Unsolicited Credit Ratings: Theory and Empirical Analysis

Byoun, Soku and Hun Y. Park, 2009, Arbitrage Opportunities and Efficiency of an Option Market at its Initial Stage: The Case of KOSPI 200 Options in Korea, Research in Finance 25, 269-301.

Byoun, Soku, 2008, How and When Do Firms Adjust Their Capital Structures toward Targets? Journal of Finance 63, 3069-3096.

Byoun, Soku, 2008, Smooth Goodness-of-Fit Specification Tests under the Lagrange Multiplier Principle, Communication in Statistics: Theory and Procedure 37(3), 443-459.

Byoun, Soku and Jong Rhim, 2005, Tests of the Pecking Order Theory and the Tradeoff Theory of Optimal Capital Structure, Global Business and Finance Review 10 (2), 1-16.

Byoun, Soku, 2004, Stock Performance Following Seasoned Stock-Warrant Unit Offerings, Journal of Business, 77(1), 75-100.

Byoun, Soku and William T. Moore, 2003, Stock vs. Stock-Warrant Units: Evidence from Seasoned Offerings, Journal of Corporate Finance 9 (5), 575-590.

Byoun, Soku, Chuck C.Y. Kwok and Hun Y. Park, 2003, Expectations Hypothesis on the Term Structure of Implied Volatility: Evidence from Foreign Currency and Stock Index Options, Journal of Financial Econometrics 1(1), 126-151.

Boyle, Phelim P., Soku Byoun and Hun Y. Park, 2002, The Lead-lag Relation Between Spot and Option Markets and Implied Volatility in Option Prices, Research in Finance 19, 269-284.

WORK IN PROGRESS

Acharya, Viral, Soku Byoun, and Zhaoxia Xu, The Sensitivity of Cash Savings to the Cost of Capital

  • Presented at the 2023 Korea Allied Finance Meetings, Seoul, Korea, (May 2023).
  • The 2023 Allied Korea Finance Associations Outstanding Paper Award
  • R&R at JFQA

Byoun, Soku, Kai Wu, and Zhaoxia Xu, Does Corporate Employment Adjust to the Cost of Capital and Cash Flows?

Byoun, Soku, Seung Hun Han, Yuree Lim, and Yoon S. Shin, Are There Alternative Credit Risk Measures to Credit Ratings?

  • Presented at the 2024 Financial Management Association European Conference

Byoun, Soku, Firm Leverage and Employment: Are Firms Overborrowing or Overexpanding?

  • Presented at the 2022 Financial Management International Meetings, FMA, Atlanta, GA, (October 2022).
  • Presented at the 2022 Korea Allied Finance Meetings, Seoul, Korea, (May 2022).

PROCEEDINGS

Byoun, Soku and Jong Rhim Tests of the Pecking Order Theory and the Tradeoff Theory of Optimal Capital Structure, 2003 Proceedings of the Midwest Business Economics Association.

Byoun, Soku and Yoon S. Shin, Unsolicited Credit Ratings: Theory and Empirical Analysis, 2002 Proceedings of the Midwest Business Economics Association.

Byoun, Soku, Empirical Analysis of Dynamic Capital Structure: Pecking Order vs. Tradeoff, 2002 Proceedings of the Midwest Business Economics Association.

PRESENTATIONS AT PROFESSIONAL MEETINGS

The Sensitivity of Cash Savings to the Cost of Capital, presented at 2019 Financial Management Association International Annual Meetings in New Orleans.

Sensitivities of Corporate Investment and Financing Decisions to the Implied Cost of Capital, presented at 2019 Korea Allied Finance Conference.

Opening address as a chair for the Symposium on “Political Uncertainties and Economic Challenges” at the Korea Institute of Finance (June 1, 2017)

Does the Nationally Recognized Statistical Rating Organization (NRSRO) Certification Matter for a Japanese Credit Rating Agency? presented at 2016 Financial Management Association International Annual Meetings in Las Vegas.

Does the Nationally Recognized Statistical Rating Organization (NRSRO) Certification Matter for a Japanese Credit Rating Agency? presented at 2016 Financial Management Association International Annual Meetings – Asia Conference in Sydney, Australia.

Does corporate board diversity affect corporate payout policy? presented at the Korea Capital Markets Institute (KCMI) – Issues in Corporate Governance Seminar, Seoul, Korea, December 11, 2015.

Cash Holdings, Capital Structure, and Financial Flexibility, presented at 2015 Financial Management Association International Annual Meetings in Orlando, Florida, October 15, 2015

The Sensitivity of Corporate Investment to the Implied Cost of Capital, presented at the Department Seminar at Baylor University. 2015.

The Sensitivity of Corporate Investment to the Implied Cost of Capital, presented for the Research Seminar at the Ulsan National Institute of Science and Technology (UNIST) in Korea. 2015.

Does corporate board diversity affect corporate payout policy? Presented at the 2015 Five Conferences Joint Symposium in Korea.

Does corporate board diversity affect corporate payout policy? Presented at the 2nd Vietnam International Conference in Finance (VICIF-2015) in Ho Chi Minh City

Contracts, Governance, and Country Risk in Project Finance: Theory and Evidence, presented at the 2014 Financial Management Association International Annual Meetings in Nashville, Tennessee, October 17, 2014

Contracts, Governance, and Country Risk in Project Finance: Theory and Evidence, presented at the 2014 Financial Management Association International Annual Meetings in Nashville, Tennessee, October 17, 2014

Contracts, Governance, and Country Risk in Project Finance: Theory and Evidence, presented at Financial Management Association International – European Conference in Maastricht, Netherlands, June 14, 2014.

Contracts, Governance, and Country Risk in Project Finance: Theory and Evidence, presented at the Korea Institute of Finance (KIF), Seoul, Korea, June 2, 2014.

Cash holdings and capital structures over financial flexibility cycle, presented at the Korea Capital Markets Institute (KCMI) – Issues in Global Financial Markets Seminar, Seoul, Korea, December 6, 2012.

Why Do Some Firms Become Debt-free? The Seventh International Conference on Asia-Pacific Financial Markets (CAFM 2012) in Seoul, Korea, December 8, 2012.

Capital Allocation and Product Market Competition during a Financial Crisis, presented at the 2012 American Finance Association Annual Meetings.

Information Content of Unsolicited Credit Ratings: Evidence from Japanese Firms, The Sixth International Conference on Asia-Pacific Financial Markets (CAFM 2011) in Seoul, Korea.

Capital Allocation and Product Market Competition during a Financial Crisis. presented at the 2011 Financial Management Association International Annual Meetings.

Capital Allocation and Product Market Competition during a Financial Crisis presented at the 2011 Five Conferences Joint Symposium in Korea.

Internal Finance, Predation, and Financial Crisis. presented at the 2011 Midwest Financial Management Association Annual Meetings

Internal Finance, Predation, and Financial Crisis. presented at the Korea Institute of Finance (KIF) in Seoul, Korea, 2010.

External Finance Dependence and Corporate Financial Decisions during a Financial Crisis presented at the 2010 Financial Management Association International Annual Meetings.

Risk Management with Leverage: Evidence from Project Finance presented at the 2010 Financial Management Association International Annual Meetings.

External Finance Dependence and Corporate Financial Decisions during a Financial Crisis presented at the 2010 Midwest Financial Management Association Annual Meetings.

Why Do Some Firms Become Debt Free? presented at the 2009 Korea Capital Market Institute & Korea-America Finance Association Joint Seminar.

Why Do Some Firms Become Debt Free? presented at the 2009 Financial Management Association Annual Meetings in Asia.

Why Do Some Firms Become Debt Free? presented at the 2009 Midwest Financial Management Association Annual Meetings.

Financial Flexibility and Capital Structure, presented at the 2008 Financial Management Association International Annual Meetings.

Financial Flexibility and Capital Structure, presented at the 2008 Five Conferences Joint Symposium in Korea.

Financial Flexibility and Capital Structure, presented at the 2008 Midwest Finance Association Annual Meetings.

Firm size and Financial Flexibility, presented at the 2007 Financial Management Association International Annual Meetings.

Why Do Some Firms Go Debt Free? presented at the 2006 Financial Management Association International Annual Meetings.

Firm size and Financial Flexibility, presented at the 2005 Financial Management Association International Annual Meetings.

Capital Structure Adjustments in the Presence of Adjustment Costs, presented at the 2005 Midwest Finance Association Annual Meetings.

Unsolicited Credit Ratings: Theory and Empirical Analysis, presented at the 2003 Southern Finance Association Annual Meetings.

Unsolicited Credit Ratings: Theory and Empirical Analysis, presented at the 2003 Financial Management Association International Annual Meetings.

Tests of the Pecking Order Theory and the Tradeoff Theory of Optimal Capital Structure, presented at the 2003 Midwest Financial Management Association Annual Meetings.

Tests of the Pecking Order Theory and the Tradeoff Theory of Optimal Capital Structure, presented at the 2003 Midwest Business Economics Association Meetings.

Tests of the Pecking Order Theory and the Tradeoff Theory of Optimal Capital Structure, presented at the 2002 Financial Management Association International Annual Meetings.

Unsolicited Credit Ratings: Theory and Empirical Analysis, presented at the 2002 Eastern Finance Association Meetings.

Empirical Analysis of Dynamic Capital Structure: Pecking Order vs. Tradeoff, presented at the 2002 Midwest Business Economics Association Meetings.

Unsolicited Credit Ratings: Theory and Empirical Evidence, presented at the 2002 Midwest Business Economics Association Meetings.

Long-Run Stock Returns Following Stock-Warrant Unit Offerings, presented at the 2001 Financial Management Association International Annual Meetings.

Arbitrage Opportunities and Efficiency of an Emerging Option Market: The Case of KOSPI 200 Options in Korea, presented at the 2001 Financial Management Association International Annual Meetings.

Arbitrage Opportunities and Efficiency of an Emerging Option Market: The Case of KOSPI 200 Options in Korea, presented at the 2001 PACAP/FMA meetings.

Tests of the Pecking Order Theory and the Tradeoff Theory of Optimal Capital Structure, presented at the 2001 Midwest Business Economics Association Meetings.

Expectations Hypothesis on the Term Structure of Implied Volatility: Re-examination, presented at the 2000 Financial Management Association International Annual Meetings.

The Role of Stock-Warrant Units in Public Offerings, presented at the 2000 Financial Management Association International Annual Meetings.

Biases in Testing the Expectations Hypothesis on the Term Structure of Implied Volatility, presented at the 1997 Financial Management Association International Annual Meetings.

OTHER EXPERIENCE

 Associate Editor: Korean Journal of Financial Management (2013 – Present)

Referee: for Management Science, Journal of Business, Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Financial Management, Journal of Banking and Finance, Financial Review, Quarterly Journal of Business and Economics, Managerial Finance, Global Business and Finance Review, Journal of Business Research, Journal of Business Finance and Accounting, The B.E. Journal of Economic Analysis & Policy, Pacific-Basin Finance Journal, Asia-Pacific Journal of Financial Studies,

 Professional Organization:

Korea-America Finance Association (KAFA) President (2016 –2017)

Korea-America Finance Association (KAFA) President-Elect (2015 –2016)

Korea-America Finance Association (KAFA) Secretary General (2011 –2014)

Financial Management Association Program Committee (2005 – 2013)

Funded Grant Assessment:

Social Sciences and Humanities Research Council (SSHRC) of Canada: External Review (2018)

Hong Kong Research Grants Council: Competitive Research Funding Schemes: Ref. No.: UGC/FDS14/B04/16 (May, 2016)

Hong Kong Research Grants Council: Competitive Research Funding Schemes: Ref. No.: UGC/FDS16/B03/16 (May, 2016)

National Research Foundation of Korea Global Research Network Program 2014 (July 2014)

Global Research Network Program – National Research Foundation of Korea: Peer Review (2014)

Social Sciences and Humanities Research Council (SSHRC) of Canada: External Review (2012)

Research Grant Council (RGC) of Hong Kong: External Review (2012)

PROFESSIONAL ASSOCIATION MEMBERSHIP

Member of European Financial Management Association Since 2013

Member of Financial Management Association International Since 1995

Member of American Economics Association Since 2000

Member of American Finance Association Since 2000

Member of Midwest Financial Management Association Since 2002

Member of Midwest Business Economics Association Since 2000

Member of Korea-America Finance Association Since 1996