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.

  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 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 Agencys 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

 

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

 

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

 

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