business adminstration A NEW PARADIGM OF management and technology

Wednesday, September 11, 2019 11:45~13:00 BAB 503

[Research Seminar 2019.09.11] When to pull the plug? Time allocation and the exploration-exploitation balance in drug discovery projects

Abstract Firms in the biotechnology and pharmaceutical industry are investing billions of dollars in their R&D, especially in new drug discovery. Nevertheless, the industry witnessed declining returns on R&D investments in the past several years. Failure to discontinue less promising new drug discovery projects is an important driver behind this decreased productivity. Hence, firms in

Moren Lévesque
Thursday, September 05, 2019 16:30~18:00 BAB 503

[Research Seminar 2019.09.05] Free Lunches for Insiders under Investor Inertia

Abstract This paper examines how investor inertia might benefit the controlling families of business groups in a way that is distinct from explicit tunneling or diversion of resources. Our analysis is based on a sample of new parent-subsidiary relationships created through spin-offs followed by stock-for-stock tender offers in Korean business groups. We find that family

Shu-Feng Wang
Tuesday, July 23, 2019 11:00~13:00 BAB 503

[Research Seminar 2019.07.23]The Rise of a Network: The Spillover of Political Patronage and Cronyism to the Private Sector

Abstract   The misallocation of government resources to the politically connected is considered to impose substantial economic costs. We document that preferential access for the politically connected extends to resources allocated by private sector firms. Following a presidential election in Korea in 2007, private banks appoint executives from the new president’s networks to establish links

David Schoenherr
Tuesday, June 25, 2019 16:00~17:00 BAB 503

[Research Seminar 2019.06.25] Investor Relations Executives in the Top Management Team

Abstract We examine the role of investor relations (IR) executives in the top management team and find that firms incorporating the IR function in their top management team are more likely to beat analysts’ estimates and exhibit more downward earnings guidance. We also provide evidence that these firms manage analysts’ expectations rather than manage earnings

Daewoung Choi
Wednesday, June 26, 2019 11:00~12:00 BAB 503

[Research Seminar 2019.06.26] Do rating agencies deserve some credit? Evidence from transitory shocks to credit risk

Abstract We find that Credit Rating Agencies (CRAs) see through transitory shocks to credit risk that stem from transitory shocks to equity prices, while market-based measures of credit risk do not. For a given stock return, CRAs are significantly less likely to downgrade firms with transitory shocks than those with permanent shocks.  However, credit default

Junghoon Lee
Tuesday, May 28, 2019 11:00-noon BAB503

[Research Seminar 2019.05.28]Is AI an Invader That Threatens Humans? Complementary Effects Between Agents and AI on the Productivity of Call Center Agents

Abstract The promises of artificial intelligence (AI) co-exist with a skepticism that AI-based systems can live up to them.  In this study, we adopted a perspective of learning curves and examined (1) the impact of introducing AI-based systems on the task performance of call center agents and (2) the conditions that moderate the impact of

Seung Hyun Kim(Yonsei University)
Wednesday, April 03, 2019 BAB 502

[Research Seminar 2019.04.03] Complex Emotions and Bitcoin Pricing

Abstract We examine how investor emotions and Bitcoin price influence each other using high- frequency data and NLP analysis. Emotions regarding Bitcoin are extracted from an online chatting window at one of the largest cryptocurrency exchanges in Korea. To control for global factors, we also analyze relative Bitcoin prices, Korean premium, and differences between Korean

Kyounghun Bae Hanyang University
Friday, February 08, 2019 13:30~ BAB 503

[Research Seminar 2019.02.08]Impulse-Response Analysis with Proxy Variables

Abstract This paper suggests an efficient and simple regression-based approach for consistent estimation of dynamic effects of structural shocks in vector autoregressions (VAR) with proxy variables for the shocks. First, we show that given a serially uncorrelated proxy variable correlated only with current structural shock of interest, the existing Proxy Structural VAR (Proxy-SVAR) approach using

Eul Noh(Ph.D.) University of California, San Diego
Friday, February 08, 2019 10:30~ BAB 503

[Research Seminar 2019.02.08]Monetary Policy under Data Uncertainty: Interest-Rate Smoothing from a Cross-Country Perspective

Abstract Cross-country estimates of Taylor rules suggest that higher data uncertainty is associated with a more inertial behavior of interest rates. Data uncertainty is measured by the volatility of differences between real-time data and their revisions. Using a simple structural model with Kalman filter learning, I replicate the cross-country pattern of the inertial behavior. More

Saiah Lee(Ph.D.) University of Wisconsin, Madison
Tuesday, January 29, 2019 13:00 BAB 503

[Research Seminar 2019.01.29]A First Glimpse into the Short Side of Hedge Funds

Abstract We provide direct evidence about the profitability of hedge fund short trades in equities. We identify the opening and closing of short (and long) trades by combining data on institutional investors’ transactions and holdings. Hedge fund short sales covered within five trading days are highly profitable, but short positions kept open longer than five

Jaewon Choi, Associate Professor of Finance, University of Illinois