Asia-Pacific Journal of Financial Studies' best paper prize winners

The Korean Securities Association and Wiley are pleased to provide free access to the latest winning articles of the Asia-Pacific Journal of Financial Studies Best Paper Prize.

2023
First prize was awarded to 'Control Beyond Ownership: Open-Book Accounting in Unbalanced Supply Chain Networks' by Yunxiao Liu, Woojin Kim, and Jongsub Lee
Second prize was awarded to 'Procyclical Credit Rating Policy' by Jun Kyung Auh

2022
First prize was awarded to 'Corporate Social Irresponsibility and Firm Value: International Evidence from Media Coverage' by Tracie Frost, Lei Li, Albert Tsang, and Miao Yu
Second prize was awarded to 'Distress Resolution through New Block Formation: Implications for Ownership Concentration' by Yoonyoung Choy

2021
First prize was awarded to 'How Do Foreign Traders Affect Stock-Pricing Efficiency? Microstructure-based  Evidence from Korea' by Kyounghun Bae, Chanyoung Eom, and Younghee Kim
Second prize was awarded to 'Do Analysts Account for Accruals? Evidence from the Insurance Industry' by Bok Baik, Young Jun Kim, Yongoh Roh

2020
First prize was awarded to 'Controversial Industries, Regional Differences, and Risk: Role of CSR' by Hoje Jo, Kwangwoo Park
Second prize was awarded to 'Bank Liquidity Creation, Regulations, and Credit Risk' by Meng-Fen Hsieh, Chien-Chiang Lee

2019
First prize was awarded to 'Insider Trading, Informativeness, and Price Efficiency Around the World' by Donghyun Kim, Lilian Ng, Qinghai Wang, and Xiaoqiong Wang
Second prize was awarded to 'Price Deviation Supported by Arbitrage: Evidence from Family Business Groups' by Woojin Kim and Shu-Feng Wang

2018
First prize was awarded to 'Short-Term Trading Skills of Individuals, Institutions, and Foreigners: A New Approach Based on Relative Performance' by Jong-Bom Chay and Wonse Kim.
Second prize was awarded to 'What Constitutes “Too Big to Jail?” Evidence from South Korea’s Family Business Groups' by Hansoo Choi, Hyoung-Goo Kang, and Changmin Lee.

2017
First prize was awarded to 'Board Independence, CEO Ownership, and Compensation' by Hae Jin Chung and Kose John.
Second prize was awarded to 'Effects of Institutional Investors’ Bidding Information on Offer Prices and Initial Returns of IPOs' by Sung Wook Joh and Yoo-Hwan Kim.

2016
First prize was awarded to 'The Effect of Corporate Governance on Corporate Social Responsibility' by Pandej Chintrakarn, Pornsit Jiraporn, Jang-Chul Kim, and Young Sang Kim.
Second prize was awarded to 'Investment Financing of Organizational Capital ' by Daniel X. Jiang, Miao Luo, and Jun Cai.

2015
First prize was awarded to 'The Cost of Stock Market Integration in Emerging Markets' by Kee-Hong Bae and Xin Zhang.
Second prize was awarded to 'Investment Duration and Corporate Governance' by Youngjoo Lee and Kee H. Chung.

2014
First prize was awarded to 'Agency Costs and Equity Mispricing' by Christos Pantzalis and Jung Chul Park.
Second prize was awarded to 'Target Capital Structure and Adjustment Speed in Asia' by André Getzmann, Sebastian Lang and Klaus Spremann.

2013
First prize was awarded to 'Why Do Some Firms Go Debt Free?' by Soku Byoun and Zhaoxia Xu.
Second prize was awarded to 'Stock Returns, Housing Returns and Inflation: Is There an Inflation Illusion?' by Gwangheon Hong, Jaeuk Khil, and Bong-Soo Lee.

2012
First prize was awarded to 'Asymmetric price distribution and bid-ask quotes in the stock options market' by Kalok Chan and Y. Peter Chung.
Second prize was awarded to 'Corporate governance, legal system, and stock market liquidity: Evidence around the world' by Kee H. Chung, Joon-Seok Kim, Kwangwoo Park and Taeyoon Sung.

2011
First prize was awarded to 'Is Chief Executive Officer Power Bad?' by E. Han Kim and Yao Lu.
Second prize was awarded to 'Investor Perceptions of Earnings Processes and Post-announcement Drifts' by Bong-Soo Lee and Oliver M. Rui.

2010
First prize was awarded to 'Assessing Sovereign Debt Strategies Under Alternative Term Structure Models' by Geon–Ho Choi, Myung–Jig Kim and Hangyong Lee.
Second prize was awarded to 'Information Uncertainty Risk and Seasonality in International Stock Markets' by Dongcheol Kim.

2009
First prize was awarded to 'The Impact of Day-Trading on Volatility and Liquidity' by Jay M. Chung, Hyuk Choe and Bong-Chan Kho.
Second prize was awarded to 'The Dynamics of Diversification Discount' by Seoungpil Ahn.