Hee-Joon Ahn                                                   

Professor of Finance                                                                     

Business School, Sungkyunkwan University

#522, Business Building, Sungkyunkwan University

53 Myungryun-dong 3-Ga, Jongno-gu, Seoul, Korea

Phone: 82-2-760-0455; e-mail: heejoon@skku.edu 

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Education

Ph.D. in Finance, Pennsylvania State University (1996)                 

MBA, Pennsylvania State University (1992)

BBA, Kangwon National University, Korea (1990)

 

 

Employment (Full time)

Business School, Sungkyunkwan University (2005 – Present)

Full Professor (2010 – Present)

Associate Professor (2005 – 2010)

Associate Dean (2015 – 2016 )

Director, Samsung Finance MBA Program (2013, 2015 – 2019)

Director, Management Research Center (2015 – 2016 )

Director, EMBA Program (2011 – 2013)   

Finance Area Coordinator (2009 – 2012)

Visiting Associate Professor, Pennsylvania State University (Jul. 2003 – Jun. 2004)

Sookmyung Womens University

Associate Professor (2003 – 2005, on leave: Sep. 2003 – Aug. 2004)

Assistant Professor (2000 – 2003)

Assistant Professor, City University of Hong Kong (Aug. 1996 – Aug. 2000, Tenured: 2000)

 

(Short-term/ Part time)

 

Visiting Scholar, Owen Graduate School of Management (2014 – 2015)

Visiting Professor, Singapore Institute of Management (2013)

Visiting Fellow, City University of Hong Kong (Summers 2001, 2002, 2005, 2006, Winter 2007)

Graduate Instructor, Pennsylvania State University (1994 – 1995)

Research Assistant, Pennsylvania State University (1993 – 1996)

 

 

Journal Editorship

Editor, Asia-Pacific Journal of Financial Studies (2013 – 2016)

Editor, Asian Review of Financial Research (formerly known as Korean Journal of Finance) (2010 – 2011)

Associate Editor, Asia-Pacific Journal of Financial Studies (2003 – 2010)

Associate Editor, the Journal of Korean Securities Association (2009 – 2010)

Associate Editor, the Korean Journal of Finance (2006 – 2008)

 

 

Teaching Areas

Investments, Financial Management, International Finance

 

Research Areas

Market Microstructure, Investments

 

 

Selected Research Publications

 

Which Liqudity Proxy Measures Liquidity Best in Emerging Markets? with Jun Cai and Cheol-Won Yang, Economies 6, 67. (2018)

 

Advertising Expenditures, Number of Shareholders, and Stock Liquidity, with Hyung Chul Lee, Korean Journal of Financial Studies 47, 607-633 (2018) (in Korean).

 

The Effects of the Change in the KONEX Trading Mechanism on Liquidity and Price Efficiency, with Hak-Kyum Kim, Korean Journal of Finance Studies 46, 523-557 (2017) (in Korean), Best Paper Award – SMEs and Finance, Korean Securities Association.

 

Information Asymmetry and Investor Trading Behavior around Bond Rating Change Announcement, with Heejin Yang, Maria H. Kim, and Doojin Ryu, Emerging Markets Review 32, 38-51 (2017)

 

The Effects of an Increase in the KOSPI200 Options Multiplier on Efficiency in Information Transfers between the Korea Exchange and the Eurex Exchange, with Hak Kyum Kim, Asian Review of Financial Studies 30, 103-141 (in Korean), Merit Award – 5th KRX Best Paper Awards.

 

Systematic Volatility, Idiosyncratic Volatility, and Liquidity: Evidence from the Korean Stock Market, with Hyung Chul Lee, Asian Review of Financial Studies 30, 1-32 (2017) (in Korean).

 

Analysis of Margin Models for the Korean Futures Market, with Hak-Kyum Kim and Jin-woo Park, Korean Journal of Financial Studies 46, 97-132 (2017) (in Korean).

 

Idiosyncratic Risk and Short Sales: Evidence from the Korea Exchange, with Pyoung Hoon Chang, Asian Review of Financial Studies 28, 269-307 (2015) (in Korean), Best Paper Award – Asian Review of Financial Studies.

 

The Effects of Market Making on Price Discovery and Liquidity in Treasury Bond Markets, with Hak Kyum Kim and Woon Wook Jang, Korean Journal of Financial Studies 44, 53-91 (2015) (in Korean), Best Paper Award – Korean Journal of Financial Studies.

 

Little Guys, Liquidity, and the Informational Efficiency of Prices: Evidence from the Tokyo Stock Exchange on the Effects of Small Investor Participation, Co-Authored with Jun Cai, Yasushi Hamao, and Michael Melvin, Pacific-Basin Finance Journal 29, 163-168 (2014).

 

Does Trading by Small investors Improve or Deteriorate Price Efficiency? Evidence from the Minimum Trade Unit Changes on the Korea Exchange, International Journal of Financial Studies 2, 203-219 (2014).

 

The Effects of Closing Market Manipulation on Stock Price and Trading Volume, with Yeongil Park and Hwan Young Yeo, Korean Journal of Financial Studies 42, 285-321 (2013) (in Korean).

 

Do Informed Traders Trade More When the Market is Thick? Evidence from the Nikkei 225 Index Redefinition, Co-Authored with Jun Cai, Jay M. Chung, Asia-Pacific Journal of Financial Studies 39, 495-523 (2010).

Does Corporate Social Responsibility Matter in Asian Emerging Markets?, Co-Authored with Y. L. Cheung, Weigiang Tan, Zheng Zhang, Journal of Business Ethics 92, 401-413 (2010).

 

The Information Effects of Trade Size and Trade Direction: Evidence from the KOSPI 200 Index Options Market, Co-Authored with Jangkoo Kang, Doojin Ryu, Asia-Pacific Journal of Financial Studies 39, 301-339 (2010).

 

The Effects of the News Related to the North-South Korean Relationship on the Korean Stock Markets, with Seung Pyo Jeon and J. B. Chay, Journal of Korean Economic Analysis 16, 199-238 (2010) (in Korean)

 

Informed Trading in the Index Option Market: the Case of KOSPI 200 Options, Co-Authored with Jangkoo Kang, Doojin Ryu, Journal of Futures Markets 28, 1118-1146 (2008).

Tick Size Change and Liquidity Provision on the Tokyo Stock Exchange, Co-Authored with Jun Cai, Kalok Chan, Yasushi Hamao, Journal of the Japanese and International Economies 21, 173-194 (2007).

Price Clustering on the limit-order book: Evidence from the Stock Exchange of Hong Kong, Co-Authored with Jun Cai, Yan-Leung Cheung, Journal of Financial Markets 8, 421-451 (2005).

Adverse Selection, Brokerage Coverage, and Ownership Structure on the Tokyo Stock Exchange, Co-Authored with Jun Cai, Yasushi Hamao, Y.K. Ho, Journal of Banking and Finance 29, 1483-1508 (2005).

 

Investor Base and Risk: Evidence from Minimum Trading Unit Changes on the Tokyo Stock Exchange, with J. B. Chay, Asia-Pacific Journal of Financial Studies 34, 189-214 (2005).

The Components of the Bid-Ask Spread in a Limit Order Market: Evidence from the Tokyo Stock Exchange, Co-Authored with Jun Cai, Yasushi Hamao, Richard Y.K. Ho, Journal of Empirical Finance 9, 399-430 (2002) (Columbia Business School Working Paper No. 197).

What Moves German Bund Futures Contracts on the Eurex?, Co-Authored with Jun Cai, Yan-Leung Cheung, Journal of Futures Markets 22, 679-696 (2002).

Limit Orders, Depth and Volatility: Evidence from the Stock Exchange of Hong Kong, Co-Authored with Kee-Hong Bae, Kalok Chan, Journal of Finance 54, 769-790 (2001).

Share Repurchase Tender Offers and Bid-Ask Spreads, Co-Authored with Charles Q. Cao, Hyuk Choe, Journal of Banking and Finance 25, 445-478 (2001) (lead article).

The Intraday Patterns of the Spread and Depth in a Market Without Market Makers: The Stock Exchange of Hong Kong, Co-Authored with Yan-Leung Cheung, Pacific-Basin Finance Journal 7, 539-556 (1999).

Decimalization and Competition Among Exchanges: Evidence from the Toronto Stock Exchange Cross-Listed Securities, Co-Authored with Charles Q. Cao, Hyuk Choe, Journal of Financial Markets 1, 51-87 (1998).

Tick Size, Spread and Volume,Co-Authored with Charles Q. Cao, Hyuk Choe, Journal of Financial Intermediation 5, 2-22 (1996) (lead article).

 

 

Awards/

 Research

 Grants

Best Paper Award, SMEs and Finance, Korean Securities Association (2017)

Best Paper Award, Korean Journal of Financial Studies (2016)

Teaching Excellence Award, Business School, Sungkyunkwan University (2016) 

Best paper Award, Asian Review of Financial Studies (2015)

Merit Award, 5th KRX Best Paper Awards (2015)

Area Best Teacher, Business School, Sungkyunkwan University (2012)

SKKU Teaching Award, Sungkyunkwan University (2011)

SKK Young Fellow (2011~2012)

Teacher of the Year, Business School, Sungkyunkwan University (2011)

Research Grant, Korea Research Foundation (2010)

Research Grant, IREC-Seoul National University (2010)

EMBA Best Teacher Award, Business School, Sungkyunkwan University (2007, 2010)

Sungkyun Research Grant, Sungkyunkwan University (2007)

Asia-MBA Best Teacher Award, Business School, Sungkyunkwan University (2006)

Research Grant, Korea Research Foundation (2002)

Research Grant, Sookmyung Womens University (2001)

CERG Research Grant, Hong Kong Research Council (1999)

Strategic Research Grant, City University of Hong Kong (1997)

Small Scale Research Grant, City University of Hong Kong (1997)

Rotary International Scholarship, Rotary International (1990)