Carl H. Lindner College of BusinessCarl H. Lindner College of BusinessUniversity of Cincinnati

Carl H. Lindner College of Business

Yong H. Kim 김용헌, PhD

Professor of Finance
Professional Summary
Yong  H. Kim
Served recently as Department Head (2009-13), full professor since 1988, CBA Faculty Fellow and CBA Professor (1988-94) at UC, and the first Fulbright Professor of Business Administration at Seoul National University (SNU,1988-89). Received presidential citation for the highest scholastic achievement at SNU (1968). Held teaching positions also at Penn State, U of Hawaii, Sogang and Soongsil. Academic degrees from Penn State (Ph.D.), Virginia Tech (MBA), Seoul National University (MBA), and Soongsil University (BA). Has over seventy peer refereed scholarly publications in major journals in finance, economics, and management science. Serving or has served on the editorial advisory board of Corporate Finance Review (1995-15), International Journal of Economics and Management (2013-present), the editorial board of Journal of Mathematical Finance (2011-present), Banks and Banking Systems (2010-present), Global Finance Journal (1992-16), The Credit and Financial Management Review (1994-99), as managing editor of Korean-American Science Technology News (2004-15), Information Exchange for Korean American Scholars (2004-15), associate editor of International Journal of Finance (1995-present) and The Financial Review (1991-97), founding editor of Advances in Working Capital Management (a Research Series) by JAI/Elsevier Science (1985-02), on the Advisory Board of Korea-America Economic Association (KAEA, 2008-09 and 2014-16), and Advisory Council of Korea-America Finance Association (KAFA, 1996 - present). Has served as president of KAEA (2007-08) and founding president of KAFA (1991-95). Recently, honored as the founder of KAFA at its 20th anniversary (2011), Hyeongnam Distinguished Scholar at the 110th founder's day of his alma mater (2007), keynoter at the Asia-Pacific Financial Markets conference in Seoul, Korea (2007), and winner of Bovespa - Bolsa de Valores de Sao Paulo Best Paper Award (2006).
Contact Information
E-mail:
Office:
410 Carl H. Lindner Hall
Phone:
513-556-7084
Fax:
513-556-0979
Teaching Interest
  • Corporate Finance and International Finance
Research Interest
  • Corporate finance, corporate governance, mergers and acquisitions, financial constraints, international corporate finance, business groups, financial distress, managerial decision-making, international financial markets, pension funds, and circuit breakers - trading halts, price limits
Assignments

Description
Dates:
2009-09-01 - 2013-07-31



Awards | Honors

Organization:
Korea America Finance Association
Name:
Recognition and Award - Founder of KAFA
Year Received:
2011


Organization:
Five Finance Academic Associations including Korea-America Finance Association
Name:
Distinguished Service Award
Year Received:
2008


Organization:
International Conference on Asia-Pacific Financial Markets
Name:
Keynote Speaker
Year Received:
2007


Organization:
Soongsil University
Name:
Hyeongnam Distinguished Scholar
Year Received:
2007


Organization:
Korea-America Economic Associatiion
Name:
President
Year Received:
2007


Organization:
The 13th Global Finance Conference
Name:
Best Paper Award of Bovespa - Bolsa de Valores de Sao Paulo
Year Received:
2006


Organization:
PACAP/FMA Joint Conference
Name:
Best Paper Award, 2001
Year Received:
2001


Organization:
University of Cincinnati
Name:
Faculty Achievement Award, 1995
Year Received:
1995


Organization:
The 2nd Global Finance Conference
Name:
Quality Research Award
Year Received:
1995


Organization:
The 10th Anniversary International Symposium on Cash, Teasury and Working Capital Management
Name:
Distinguished Service Award
Year Received:
1994


Name:
Credit Research Foundation Award
Year Received:
1990


Organization:
Korean-American Educational Commission and the Board of Foreign Scholars
Name:
Fullbright Scholar
Year Received:
1989


Organization:
College of Business, University of Cincinnati
Name:
CBA Faculty Fellow and CBA Professor
Year Received:
1988


Organization:
Financial Management Association
Name:
Distinguished Applied Research Award Finalist
Year Received:
1987


Organization:
University of Cincinnati
Name:
Provostal Support Program for Faculty Award (University Research Council)
Year Received:
1985


Organization:
National American Institute for Decision Sciences
Name:
Distinguished Contributed Paper Award
Year Received:
1983


Organization:
National Scholastic Honorary in Business Administration
Name:
Beta Gamma Sigma
Year Received:
1981


Organization:
National Decision Sciences Honorary
Name:
Alpha Iota Delta
Year Received:
1975


Organization:
Seoul National University
Name:
Summa Cum Laude, Presidential Citatoin for the Higest Scholastic Achievements
Year Received:
1968


Name:
Korean Government Scholarship
Year Received:
1967


Name:
Korean Government Scholarship
Year Received:
1966


Organization:
Soongsil University
Name:
Elder Koh's Scholarship for Undergraduate Study
Year Received:
1964


Organization:
Korea University
Name:
Presidential Award Winner of the Nationwide Collegiate Competition in a Business Game of Shareholders' Meeting
Year Received:
1964


Organization:
Soongsil University
Name:
Elder Koh's Scholarship for Undergraduate Study
Year Received:
1963


Education

Institution:
The Pennsylvania State University
Location:
University Park, Pennsylvania
Major:
Finance
Dissertation:
Developing Planning Models for Multinational Corporations
Completed:
1981
Degree:
Ph D


Institution:
Virginia Polytechnic Institute and State University
Location:
Virginia
Major:
Finance and Quantitative Business Analysis
Completed:
1974
Degree:
MBA


Institution:
Seoul National University
Location:
Seoul, South Korea
Major:
Production Management
Completed:
1968
Degree:
MBA


Institution:
Soong Sil University
Location:
Korea
Major:
Business Administration
Completed:
1965
Degree:
BA


Published Contributions

Vinod Changarath, Michael Ferguson, Yong Kim,  (2018). Do Capital Standards Promote Bank Safety? Evidence from Involuntary Recapitalizations. Banking and Finance Review, 1-34.


Renhui Fu, Fang Gao, Yong Kim, Buhui Qiu,  (2017). Performance Volatility, Information Availability, and Disclosure Reforms. Journal of Banking & Finance/Elsevier, 35-52.


M Chung, J Lee, K Ko, E Tae, Yong Kim, Miyoun Paek,  (2016). A Comparative Study of Korean National Pension Fund Management: Direct vs. Indirect Investment Performance. , .


Cheoljun  Eom, Jong  Park, Yong Kim, Taisei  Kaizoji,  (2015). Effects of the Market Factor on Portfolio Diversification: The Case of Market Crashes. Investment Analysts Journal/Routledge (Taylor & Francis), 71-83.


Raymond Brooks, Yong Kim, J Yang,  ,  (2014). What Makes When-issued Trading Attractive to Financial Markets?. Financial Markets, Institutions, and Instruments/Wiley, 245-272.


K. Gleason, Inho Kim, Yong Kim, Y. Kim,  (2012). Corporate Governance and Diversification. Asia-Pacific Journal of Financial Studies/Wiley-Blackwell, 1-31.


Ping-Hung  Hsieh, Yong Kim, Jimmy Yang,  (2009). The Magnet Effect of Price Limits: A Logit Approach. Journal of Empirical Finance/Elsevier B.V., 830-837 .


Yong Kim, J. Yang,  (2009). The Effect of Price Limits: Initial Public Offerings vs. Seasoned Equity Offerings . International Review of Finance/ Blackwell-John Wiley & Sons, Inc, 295-318.


Hoje Jo, Yong Kim,  (2008). Financial Leverage and Growth Opportunity in Japan. International Journal of Business Research, 1-14.


Yong Kim, Jose Yague, J. Yang,  (2008). Relative Performance of Trading Halts and Price Limits: Evidence from the Spanish Stock Exchange. International Review of Economics and Finance/Elsevier B.V., 197-215.


Yong Kim, J. Yang,  (2008). The Effect of Price Limits on Intraday Volatility and Information Asymmetry. Pacific-Basin Finance Journal/Elsevier, 522–538.


Olivier Maisondieu-Laforge, Yong Kim, Young Kim,  (2008). Financial Contracts for CEOs: Expropriation or Effective Corporate Gorvernance?. International Finance Review/Emerald Group Publishing Limited, 187-206.


Olivier Maisondieu-Laforge, Yong Kim, Young Kim,  (2007). Financial Contracting and Operating Performance: The Case for OBRA and Efficient Contracting. Corporate Ownership and Control/Virtus InterPress, 217-227.


X. Zhou, Yong Kim,  (2007). The Relationship Between Assets Liquidity and Trading Liquidity: An Empirical Investigation. Global Business and Finance Review, 37-52.


Hoje Jo, Yong Kim, Yongtae Kim,  (2004). Earnings Management and CEO Cash Compensation. International Journal of Finance, 3224-45.


Yong Kim, J. Yang,  (2004). What Makes Circuit Breakers Attractive to Financial Markets? A Survey. Financial Markets, Institutions, and Instruments/Wiley, 109-146.


M. Dhatt, Yong Kim, S. Mukherji,  (2004). Can Composite Value Measures Enhance Portfolio Performance?. Journal of Investing/Institutional Investor, 42-48.


H. Shin, Yong Kim,  (2002). Agency Costs and Efficiency of Business Capital Investment: Evidence from Quarterly Capital Expenditures. Journal of Corporate Finance/Elsevier B.V, 139-158.


Yong Kim, S. Mukherji, Y. Lee,  (2001). An International Investigation of the Influence of Growth Opportunities on Firm Liquidity. International Journal of Finance, 2044-57.


M. Dhatt, Yong Kim, S. Mukherji,  (1999). Relations Between Stock Returns and Fundamental Variables: Evidence from a Segmented Market. Asia-Pacific Financial Markets/Kluwer Academic Publishers, 221-233.


Yong Kim, M. Dhatt, S. Mukherji,  (1999). The Value Premium for Small-Capitalization Stocks. Financial Analysts Journal, 60-68.


Yong Kim, P. Fanara, S. Mukherji,  (1998). International Diversification of U.S. Portfolios with Segmented Markets. Emerging Markets Finance and Investments, 61-68.


M. Dhatt, Yong Kim, S. Mukherji,  (1997). The Role of Stock Dividends in Korea. Global Finance Journal, 297-311.


S. Mukherji, Yong Kim, M. Dhatt,  (1997). A Fundamental Analysis of Korean Stock Returns. Financial Analysts Journal, 75-80.


M. Dhatt, Yong Kim, S.  Mukherji,  (1997). Did the 1986 Tax Reform Act Affect Market Reactions to Stock Split? A Test of the Tax-Option Hypothesis. The Financial Review, 249-272.


J. Choi, Yong Kim, D. Ghosh,  (1996). Optimum Cash Balances for International Firms. Advances in Working Capital Management, 151-168.


M. Dhatt, Yong Kim, S.  Mukherji,  (1996). Seasoned Equity Issues: The Korean Experience. Pacific-Basin Finance Journal, 31-43.


M. Dhatt, Yong Kim, S. Mukherji,  (1996). Stock Dividends in Korea: A Test of Different Hypotheses. Research in Finance, 183-202.


S. Mukherji, Yong Kim, Y. Lee,  (1996). The Demise of Stock Splits in Korea. International Journal of Finance, 338-351.


M. Dhatt,  , S. Mukherji,  (1995). Adverse Selection, Investment Opportunities and Uninsured Rights Issues: Evidence from Korea (abstract). The Journal of Finance, .


D. McConaughy, Yong Kim, M. Dhatt,  (1995). Agency Costs, Market Discipline and Market Timing: Evidence from Post-IPO Operating Performance. Entrepreneurship: Theory and Practice, 43-58.


D. McConaughy, Yong Kim, M. Dhatt,  (1994). Corporate Efficiency, Profitability, and Value Changes after the IPO. Journal of Small Business Finance, 167-170.


M. Dhatt, Yong Kim, S. Mukherji,  (1994). Japanese Stock Price Reactions to Stock Dividend Distributions. Pacific-Basin Finance Journal, 43-60.


Yong Kim,  (1994). Financial Theory, Corporate Strategy and Analytic Hierarchy Process. Essays in Honor of Professor B.K. Shim, 515-44.


Yong Kim, K. Sudhakar,  (1994). Payment Systems in a Rapidly Developing Asian Economy. Journal of Cash Management, 50-53.


Yong Kim, B. Stedman,  (1993). Managerial Preferences and Investment Decisions Under Uncertainty: A Gamma Preference Framework. Capital Budgeting Under Uncertainty: New and Advanced Perspectives, 120-139.


Yong Kim,  (1993). The Changing World of Banking and Finance. Essays in Honor of Professor S.W. Kang (invited Lead article), 3-24.


Yong Kim, K. Chung,  (1990). An Integrated Evaluation of Credit and Inventory: A Cash Flow Approach. Journal of Business Finance and Accounting, 381-390.


Yong Kim, K. Chung,  (1989). Inventory Management under Uncertainty: A Financial Theory for the Transactions Motive. Managerial and Decision Economics, 291-298.


V. Srinivasan, Yong Kim, P. Bolster,  (1989). A Framework for Integrating the Leasing Alternative with Capital Budgeting Decision. Advances in Financial Planning and Forecasting, 75-93.


K. Chung, Yong Kim,  (1989). Economic Analysis of Inventory Systems: A Further Clarifying Analysis. The Engineering Economist/Taylor & Francis, 75-80.


V. Srinivasan, Yong Kim,  (1988). Designing Expert Financial Systems: A Case Study of Corporate Credit Management. Financial Management, 32-44.


V. Srinivasan, Yong Kim,  (1988). Integrated Corporate Strategy and Multinational Capital Budgeting: An Analytical Framework. Recent Developments in International Banking and Finance, 381-397.


Yong Kim, V. Srinivasan,  (1987). Effective Cash Management Through Variance Analysis. Canadian Cash Management Journal (CMAC), 41-45.


V. Srinivasan, Yong Kim,  (1987). Evaluating Interrelated Capital Projects: An Alternative Framework. The Engineering Economist/Taylor & Francis, 13-30.


V. Srinivasan, Yong Kim,  (1987). The Bierman Hausman Credit Granting Model: A Note. Management Science, 1361-1362.


A Thompson, Yong Kim, K Dandapani,  (1987). Using Duration to Determine the Deferment Period for Callable Bonds . Financial Review, 117.


V. Srinivasan, Yong Kim,  (1987). Credit Granting: A Comparative Analysis of Classification Procedures. The Journal of Finance, 665-681.


V. Srinivasan, Yong Kim, A. Thompson,  (1986). Abandonment Value in Capital Budgeting: A Mathematical Programming Approach. Computers and Operations Research, 721-733.


V. Srinivasan, Yong Kim,  (1986). Decision Support for Integrated Cash Flow Management. Decision Support Systems, 347-363.


V. Srinivasan, Yong Kim,  (1986). Deterministic Cash Flow Management: State of the Art and Research Directions. OMEGA: The International Journal of Management Science, 145-166.


V. Srinivasan, Yong Kim,  (1986). Payments Netting in International Cash Management: A Network Optimization Approach. Journal of International Business Studies, 1-20.


A. Thompson, Yong Kim, F. McKenna, P. Glasgo,  (1986). The Impact of Corporate Pension Plan Reversions on Retirement Benefits. Journal of Insurance Issues , 44-56.


F. McKenna, Yong Kim,  (1986). Managerial Risk Preferences, Real Pension Costs, and Long Run Pension Investment Policy. Journal of Risk and Insurance, 29-48.


Yong Kim, G. Philippatos, K. Chung,  (1986). Evaluating Investment in Inventory Policy: A Net Present Value Framework. The Engineering Economist, 119-136.


Yong Kim, K. Chung,  (1985). Economic Analysis of Inventory Systems: A Clarifying Analysis. International Journal of Production Research, 761-767.


V. Srinivasan, Yong Kim,  (1985). A Network Optimization Approach to Efficient Cash Management in India. Asia-Pacific Journal of Operational Research, 54-65.


Yong Kim, K. Chung, W. Wood,  (1984). A Net Present Value Framework for Inventory Analysis. International Journal of Physical Distribution, A Special Issue on Interfaces with Marketing and Finance, 68-76.


V. Srinivasan, Yong Kim,  (1984). Cash Flow Management: A Decision Support System Approach. The Journal of Cash Managament, 72-80.


Philip  Glasgo, Yong Kim,  (1983). Earnings, Cashflows, and Equity Value. Financial Review, 19.


A. Thompson, Yong Kim, P. Glasgo,  (1983). Pension Liability Reporting Under ERISA. Employee Benefits Journal, 2-27.


Yong Kim, J. Atkins,  (1978). Evaluating Investment in Accounts Receivable: A Wealth Maximizing Framework. The Journal of Finance, 403-412.


J. Atkins, Yong Kim,  (1977). Opportunity Cost in the Evaluation of Investment in Accounts Receivable: Comments and Correction. Financial Management, 71-74.


Yong Kim,  (1969). A Study on Critical Path Method: Its Fundamentals and Applications. The Korean Business Journal, 66-92.



Accepted Contributions



Research in progress

Title:
Internal capital market inefficiency across legal origins: international evidence

Description:
Liebman and Mahoney (2013) document that due to the so-called “use it or lose it” budget rules, organizations tend to spend more on low-quality projects near the fiscal year-end if they face a non-rollover budgeting policy. Callen et al. (1996) and Shin and Kim (2002) find empirical evidence of high fourth-fiscal-quarter spending in the U.S. private sector. In this study, we first show that firms outside U.S. also spend more in the fourth fiscal quarter, even if their investment opportunities are not necessarily significantly better towards the end of the year. More important, we find that firms in the Civil Law countries tend to have more wasteful spending in the fourth fiscal quarter if they have higher level of agency problems, but we do not see the same pattern among firms in Common Law countries. This indicates that firms with more agency problems in Common Law countries can more successfully mitigate wasteful spending relative to comparable firms in Civil Law countries. This is in favor of the Common Law system, consistent with the legal origin literature.

Status:
On-Going

Research Type:
Scholarly


Title:
Market Timing and Selectivity in Feedback Trading: Retail vs. Institutional Funds

Description:
This study compares the trading behavior of retail fund investors and institutional fund investors by developing a new feedback model using the decomposition methodology. We provide empirical evidence that enhance our understanding in feedback trading of fund investors. First of all, we find that only retail fund investors engage in positive feedback trading based on market timing and selectivity. However, there is no evidence that institutional fund investors chase past returns. Secondly, positive feedback to market timing of retail fund investors is due to sell-side trading. Positive feedback to selectivity is generated by a combined effect from both sell-side and buy-side trading behaviors. There is limited evidence of overconfidence and disposition effect in equity mutual funds. Moreover, we find that self-attribution bias affect positive feedback trading but the self-enhancing bias is stronger than the self-protective bias. Finally, retail fund investors apply feedback trading between market timing and selectivity according to market conditions.

Status:
Writing Results

Research Type:
Scholarly


Title:
Performance of Korean National Pension Fund: Internal vs. External Management

Description:
A comparative analysis of performance between internal and outsourcing management of Korean National Pension Fund

Status:
On-Going

Research Type:
Scholarly


Title:
Trading Behavior in Mutual Fund Market: International Comparative Analysis

Description:
Trading Behavior in Mutual Fund Market: International Comparative Analysis

Status:
Planning

Research Type:
Scholarly


Presentations

Title:
Outsourcing Equity Funds and Reputation Benefits: The Case of Korean National Pension Fund
Organization:
KAEA
Location:
Philadelphia, PA
Year:
2018


Title:
Use It or Lose It: Fiscal Year End Corporate Investment around the World
Location:
Boston
Year:
2017


Title:
Use It or Lose It: Fiscal Year End Corporate Investment around the World
Organization:
KEA and APEA
Location:
Seoul, Korea
Year:
2017


Title:
Market Timing and Selectivity in Feedback Trading: Retail vs. Institutional Investors
Organization:
Asian Finance Association
Location:
Seoul, Korea
Year:
2017


Title:
Market Timing and Selectivity in Feedback Trading: Retail vs. Institutional Investors
Organization:
Allied Five Finance Associations
Location:
ChunAn, Korea
Year:
2017


Title:
Internal capital market inefficiency across legal origins: international evidence
Organization:
FMA International
Location:
Orlando, FL
Year:
2015


Title:
Internal Capital Market Inefficiency across Legal Origins: International Evidence
Organization:
Korea America Finance Association with Schulich School of Business at York University, Financial Times, etc.
Location:
Shidler College of Business a University of Hawaii
Year:
2014


Title:
Internal Capital Market Inefficiency across Legal Origins: International Evidence
Organization:
The Korean Economic Association and Korea Development Institute
Location:
Yonsei University, Seoul, Korea
Year:
2014


Title:
Internal Capital Market Inefficiency across Legal Origins: International Evidence
Location:
Orlando, FL
Year:
2014


Title:
Share Repurchase Rumors: Signaling, Publication, and Reputation Effects
Organization:
Five Finance Associations of Korean affiliation
Location:
Cheon-An, Korea
Year:
2013


Title:
Share Repurchase Rumors: Signaling, Publication, and Reputation Effects
Organization:
The Korean Economic Association and Korea Development Institute
Location:
Inchon Memorial Hall, Korea University
Year:
2012


Title:
Do Capital Standards Promote Bank Safety? Evidence from Involuntary Recapitalizations (Working paper, Apr 2011)
Organization:
Southern Economic Association
Location:
Washington, DC
Year:
2011


Title:
Do Capital Standards Promote Bank Safety? Evidence from Involuntary Recapitalizations (Working paper, Apr 2011)
Organization:
Southern Finance Associatio
Location:
Key West, FL
Year:
2011


Title:
Do Capital Standards Promote Bank Safety? Evidence from Involuntary Recapitalizations (Working paper, Apr 2011)
Organization:
Financial Management Association
Location:
Denver, CO
Year:
2011


Title:
Regulation and Voluntary Disclosure
Organization:
American Accounting Association
Location:
Denver, CO
Year:
2011


Title:
Endogenous Disclosure and Regulatory Reform
Organization:
China Center for Financial Research (CCFR), Tsinghua University Sloan School of Management, Massachusetts Institute of Technology
Location:
Wuhan, China
Year:
2011


Title:
Do Capital Standards Promote Bank Safety? Evidence from Involuntary Recapitalizations (Working paper, Apr 2011)
Organization:
International Banking, Economics, and Finance Association
Location:
San Diego, CA
Year:
2011


Title:
Endogenous Disclosure and Regulatory Reform
Organization:
European Accounting Association
Location:
Rome, Italy
Year:
2011


Title:
Do Capital Standards Promote Bank Safety? Evidence from Involuntary Recapitalizations (Working paper, Apr 2011)
Organization:
European Financial Management Association
Location:
Porto, Portugal
Year:
2011


Title:
Who Pays for Disclosure Reforms?
Organization:
KCMI
Location:
Seoul, Korea
Year:
2011


Title:
Do Capital Standards Promote Bank Safety? Evidence from Involuntary Recapitalizations (Working paper, Apr 2011)
Organization:
Korea Institute of Finance, Korea-America Economic Association and Korea-America Finance Association
Location:
Seoul, Korea
Year:
2011


Title:
Endogenous Information Disclosure and Regulatory Reforms
Organization:
European Money and Finance Forum
Location:
Barcelona, Spain
Year:
2010


Title:
Endogenous Information Disclosure and Regulatory Reforms
Organization:
KEA and KAEA
Location:
Seoul, Korea
Year:
2010


Title:
Endogenous Information Disclosure and Corporate Governance
Organization:
Korea America Finance Association and Allied Five Finance Associations in Korea
Location:
Ahsan, Korea
Year:
2010


Title:
Effect of Stock Splits on the Ownership Structure of Firms
Year:
1994


Title:
Stock Splits: Shareholder Effects
Organization:
Southern Finance Association
Year:
1992


Title:
A Conceptual Approach to Merging Strategic and Financial Considerations in the Capital Expenditure Decision
Organization:
Financial Management Association
Location:
Orlando, FL
Year:
1990