Kwangwoo Park

Kwangwoo Park is Professor of Finance and Head of the Graduare School of Finance at KAIST (Korea Advanced Institute of Science and Technology) in Seoul, Korea. He received his PhD in finance from the University of Illinois at Urbana-Champaign and has Bachelor’s degree in Business from Yonsei University in Seoul. Prior to joining KAIST, Dr. Park has taught at Chung-Ang University in Seoul. Dr. Park also taught at the University of Missouri-Columbia where he got a PhD in economics. His current areas of research interest include banking, corporate finance, and sustainability. He has been publishing a number of articles in top finance journals including the Journal of Finance, the Review of Financial Studies and major journals such as the Journal of Banking and Finance among others. Dr. Park currently serves as the Editor of the Asia Pacific Journal of Financial Studies which is the first journal listed in the Social Science Citation Index in the region. He is also a board member of the Journal of Financial Stability (SSCI). Dr. Park has been a research fellow for many leading institutions including the Federal Reserve Bank of Chicago, the Bank of Korea (the central bank), and Korea Corporate Governance Service, and has been serving as a member of the advisory committees for the Korea Fair Trade Commission, Financial Service Commission, and the Office of the Prime Minister in Korea.

Education

• Ph.D., University of Illinois at Urbana-Champaign, 2003(Finance)
• Ph.D., University of Missouri-Columbia, 1996(Economics)
• B.A., Yonsei University, 1988(Business)

Career

• 2018-present, Head, KAIST Graduate School of Finance
• 2014-present, Professor, KAIST Graduate School of Finance
• 2016-2017, Head, KAIST Graduate School of Green Growth
• 2006-2014, Associate Professor, KAIST Graduate School of Finance
• 2005-2006, Associate Professor, KAIST Graduate School of Management
• 2005-present, Visiting Research Fellow, Bank of Korea
• 2003-present, Research Fellow, Korea Corporate Governance Service
• 2003-2005, Assistant Professor, College of Business Administration, Chung-Ang University
• 2002-2003, Irwin Research Fellow, University of Illinois at Urbana-Champaign
• 2001-2002, Faculty Associate, University of Illinois at Urbana-Champaign
• 1999-2001, Visiting Assistant Professor, University of Missouri at Columbia

Publications & Research

*Publications *

• Hyun-Dong Kim, Tae Yeon Kim, Yura Kim, and Kwangwoo Park, "Do Long-term Institutional Investors Promote Corporate Social Responsibility Activities?," 2019, Journal of Banking and Finance (forthcoming).
• Hyun-Dong Kim, Kwangwoo Park, Kyojik Roy Song, "Do long-term institutional investors foster corporate innovation?," 2018, Accounting and Finance (forthcoming).
• Jeayoon Kim and Kwangwoo Park, "Effect of the Clean Development Mechanism on the deployment of renewable energy: Less developed vs. well-developed financial markets," 2018, Energy Economics 75, 1-13.
• Sadok El Ghoul, Omrane Guedhami, Hakkon Kim, Kwangwoo Park, "Corporate Environmental Responsibility and the Cost of Capital: International Evidence," 2018, Journal of Business Ethics (forthcoming).
• Hakkon Kim, Kwangwoo Park, and Doojin Ryu,"Corporate Environmental Responsibility: A Legal Origins Perspective,"2017, Journal of Business Ethics 140, 381-402.
• Hoje Jo, Hakkon Kim, and Kwangwoo Park, "Environmental Costs and Firm Value," 2016, Asia-Pacific Journal of Financial Studies 45(6), 813-838.
• Jeayoon Kim and Kwangwoo Park, "Financial Development and Deployment of Renewable Energy Technologies," 2016, Energy Economics 59, 238-250.
• Hakkon Kim, Kwangwoo Park, and Sanjin Song "Banking Market Size Structure and Financial Stability: Evidence from Eight Asian Countries," 2016, Emerging Markets Finance and Trade 52 (4), 975-990.
• Han, Joong Ho, Kwangwoo Park, and George Pennacchi,"Corporate Taxes and Securitization," 2015, Journal of Finance 70 (3), 1287-1322.
• Kim, Hyun-Dong, Bong-Soo Lee, Sang W Lee, Kwangwoo Park, and K. Jambal, "The Effect of Corporate Governance on Post Reverse Merger Survival," 2015, Asia-Pacific Journal of Financial Studies 44(6), 811-848.
• Hakkon Kim, Kwangwoo Park, and Doojin Ryu,"Corporate Environmental Responsibility: A Legal Origins Perspective,"2015, Journal of Business Ethics (forthcoming). Available Online at http://dx.doi.org/10.1007/s10551-015-2641-1
• Hoje Jo, Hakkon Kim, and Kwangwoo Park, "Corporate Environmental Responsibility and Firm Performance in the Financial Services Sector," 2015 Journal of Business Ethics 131, 257-284
• Lee, Hongbok, Kwangwoo Park, and Sekyung Oh, "How do capital structure policies of emerging markets differ from those of developed economies? Survey evidence from Korea," 2014, Emerging Markets Finance and Trade 50 (2), 34-72.
• Chung, Hae Jin, Eunyoung Jang, and Kwangwoo Park, "Bank Monitoring and Acquirer Returns: Evidence from the US Syndicated Loan Market," 2013, International Finance Review 14, 449-475.
• Hwang, Lee-Seok, Hakkon Kim, Kwangwoo Park, and Rae Soo Park,"Corporate Governance and Payout Policy: Evidence from Korean Business Groups," 2013, Pacific Basin Finance Journal 24, 179-198.
• Chung, Kee H., Joon-Seok Kim, Kwangwoo Park, and Taeyoon Sung, "Corporate Governance, Legal System, and Stock Market Liquidity: Evidence around the World," 2012, Asia-Pacific Journal of Financial Studies 41 (6), 686-703.
• Lee, Sang W., Austin Kwag, Kwangwoo Park, and Donald J. Mullineaux, "Financial Distress, Information Asymmetry, and Syndicate Structure: Evidence from Japanese Borrowers," 2010, Finance Research Letters, 7(2), 119-126.
• Ferris, Stephen, Woojin Kim and Kwangwoo Park, "The Informational Quality of Implied Volatility and the Volatility Risk Premium," 2010, Applied Economics Letters 17(5), 445-450. (IF: 0.245)
• Lee, Sangwoo, Kwangwoo Park, and Hyun-Han Shin, "Disappearing Internal Capital Markets: Evidence from Diversified Business Groups in Korea," 2009, Journal of Banking and Finance 33 (2), 326-334.
• Park, Kwangwoo and George Pennacchi, "Harming Depositors and Helping Borrowers: The Disparate Impact of Bank Consolidation," 2009, Review of Financial Studies 22 (1), 1-40 (Lead Article).
• Choi, Dong Keun, Jun Huh, and Kwangwoo Park," To Signal or to Control: The Determinants of Open-Market Share Repurchase," 2009, Asia-Pacific Journal of Financial Studies 38 (1), 133-162.
• Kruse, Timothy, Hun Park, Kwangwoo Park, and Kazunori Suzuki),"Long-term Performance following Mergers of Japanese Companies: The Effect of Diversification and Affiliation," 2007, Pacific Basin Finance Journal 15 (2), 154-172.
• Kwangwoo Park, Jong-il Kim, Sang-Yong Sung,"Trade Credit and IPO Underpricing," 2007, Asia-Pacific Journal of Financial Studies 36(1), 77-109.
• Stephen Ferris and Kwangwoo Park, "Foreign Ownership and Firm Value: Evidence from Japan," 2005, in Mark Hirschey, Kose John, and Anil Makhija, eds., Advances in Financial Economics, 11(1), 1-29 (Lead Article).
• Kim, Kevin Y., Kwangwoo Park, Ronald Ratti, and Hyun-Han Shin,"Do Main Banks Extract Rents from their Client Firms? Evidence from Korean Chaebol," 2004, Hitotsubashi Journal of Economics 28, 15-45.
• Kang, Sungjun, Kwangwoo Park, and Ronald Ratti,"Alternative Indicators for Predicting the Probability of Declining Inflation," 2004, Cambridge Journal of Economics 28 (1), 37-58.
• Ferris, Stephen, Hun Park, and Kwangwoo Park,"Volatility, Open Interest, Volume, and Arbitrage: Evidence from the S&P 500 Futures Market," 2002, Applied Economics Letters 9 (6), 369-372.
• Stephen Ferris and Kwangwoo Park,"How Different is the Long-run Performance of Mergers in the Telecommunications Industry?" 2002, in Mark Hirschey, Kose John, and Anil Makhija, eds., Advances in Financial Economics 7(1), 127-144.
• Evans, John, Kwangwoo Park, and John Simpson,"Deregulation, Reregulation, and Diversification in the Banking Industry: Evidence from the U.S. and Australia," 2001, International Journal of Business Studies 9 (1), 1-19 (Lead Article).
• Evans, John and Kwangwoo Park, "Firm Value, Free Cash Flows and Financing Decision: Evidence from Japan," 2000, Asia Pacific Journal of Economics and Business 3 (1), 59-78.
• Park, Kwangwoo and Ronald Ratti,"Real Activity, Inflation, Stock Returns, and Monetary Policy," 2000, The Financial Review 35 (2), 59-77.

Research Areas

• Banking, Corporate Finance, Sustainable Finance