AWARDS
The Outstanding Paper Award in Corporate
Finance at 2016 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
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
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, 2016, Capital Allocation and Product Market Competition during a Financial Crisis,
Financial Management 45, 267-290.
ü Lead article for Summer 2016
Issue.
ü Best Paper Award Semi-Finalist, Financial Management
Association International Annual Meeting, 2011 (under the titled “Internal
Finance, Predation, and Financial Crisis")
ü Presented at American Finance Association Annual
Meeting, 2012
ü SSRN Top Ten download list for: ERN: Other Econometric
Modeling: International Financial Markets & Volatility & Financial
Crises
ü SSRN's Top Ten download list for: ERN: Other
Microeconomics: Intertemporal Firm Choice &
Growth, Investment, Financing, & Capacity (as of 5/31/2015)
Byoun, Soku and Zhaoxia Xu, 2014, Contracts, Governance, and
Country Risk in Project Finance: Theory and Evidence, Journal
of Corporate Finance 26, 124-144.
ü Journal of Corporate Finance top 25 most downloaded
ü 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.
ü 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.
ü 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.
ü 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.
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
Byoun, Soku, David Ng, and Kai Wu, Sensitivities of Corporate Investment and
Financing Decisions to the Implied Cost of Capital, under review at the Journal of
Financial Economics.
Byoun, Soku, and Zhaoxia Xu, Information Asymmetry and Dividend
Smoothing.
Byoun, Soku, The Effects of Financial
Flexibility on Corporate Financial Decisions
Acharya,
Viral, Soku Byoun, and Zhaoxia Xu, The Sensitivity of
Cash Savings to the Implied Cost of Capital.
Byoun, Soku, Seung Hun Han, and Yoon S.
Shin, Does the Nationally Recognized
Statistical Rating Organization (NRSRO) Certification
Matter for a Japanese Credit Rating Agency? Under review at the Review of Financial Studies.
PROCEEDINGS
PRESENTATIONS AT PROFESSIONAL MEETINGS
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 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.
Sensitivities of Corporate Investment and Financing
Decisions to the Implied Cost of Capital,
presented at The International Conference on Asia-Pacific Financial Markets
(CAFM) in Seoul, Korea, December 5, 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 for Korean Financial Management Association (2013 – Present)
Referee
for Journal of Business, 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, Managerial Finance.
National/International Scholarship Committee (2013 –
Present)
Compensation, Benefits, and Personnel Committee
(2013 – Present)
Financial
Management Association Program Committee (2005 – 2013)
Korea-America
Finance Association (KAFA) Secretary General (2011 –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)
Department
Strategic Planning Committee, Baylor University (2011 – 2012)
Campus
Diversity Committee, Baylor University (2008 – 2012)
School
of Business Instructional Resources Committee, University of Southern Indiana
(2002 – 2003)
School
of Business Teaching Improvement Committee, University of Southern Indiana
(2001 – 2002)
College
of Business Administration Student Academic Responsibility Committee,
University of South Carolina, (1996-1997)
Credit
and loan evaluation department, KorAm (Korea-America)
bank (1989-1990), Seoul, Korea. Major activities included evaluating credit
risks of loan-applicant firms and making recommendations for revolving credit
and/or loan.
Korean Army (1983-1986)
HONORS AND ACTIVITIES
Competitive
Summer Research Sabbatical Awards, Baylor University, 2003-2015.
Research Grant by School of Business, University of
Southern Indiana, Summer 2001.
Recipient of KSAAP scholarship offered by Association
of International Educators (NAFSA), 1998-1999
Research Grant by the Center for International
Business Education and Research at the University of South Carolina, 1998
President of Korean Student Association, University of
South Carolina, 1997-1998
President of Korean Student Association, Chicago State
University, 1991-1992
Recipient of the exchange student scholarship jointly
offered by University of Suwon and Chicago State University, 1990-1992
Graduated cum laude, University of
Suwon, 1989
Winner of The Best Student
Award, University of Suwon, 1989
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