• You Are Here
• »
• Home
• »
• People
• »
• Faculty

Professor Kwangwoo Park

Professor of Finance

Ph.D., Finance, University of Illinois at Urbana-Champaign, 2003

Ph.D., Economics, University of Missouri-Columbia, 1996

E-mail: kpark3@kaist.ac.kr

Key Research Areas

• Banking and Corporate Finance
• Corporate Governance
• Sustainable Finance
• ESG
• Digital Finance

Professional Experiences

• 2014 - Present, Professor, KAIST College of Business
• 2026 - Present, Outside Director and Chair of the Audit Committee, HD Hyundai Heavy Industries Co., Ltd.
• 2018 - Present, Associate Editor, Journal of Financial Stability (SSCI)
• 2013 - Present, Editor-in-Chief, Financial Stability Studies, Korea Deposit Insurance Corporation
• 2020 - 2026, Outside Director and Chair of the Audit Committee, Maeil Dairies Co., Ltd.
• 2020 - 2022, Program Director, Digital Finance MBA, KAIST Graduate School of Digital Finance, Yeouido
• 2021 - 2022, 38th President, Korean Securities Association
• 2018 - 2022, Dean, KAIST Graduate School of Finance
• 2019 - 2020, Director, KAIST Financial Engineering Research Center
• 2016 - 2020, Editor, Asia-Pacific Journal of Financial Studies (SSCI)
• 2017 - 2018, Fulbright Senior Scholar, College of Business, University of Hawaii at Manoa
• 2016 - 2017, Dean, KAIST Graduate School of Green Growth
• 2014 - 2015, Editor-in-Chief, Asian Review of Financial Research
• 2006 - 2014, Associate Professor, KAIST Graduate School of Finance
• 2011 - 2013, Editorial Board Member, Financial Stability Studies, Korea Deposit Insurance Corporation
• 2003 - 2007, Research Fellow, Korea Corporate Governance Service
• 2005 - 2006, Associate Professor, KAIST Graduate School of Management
• 2003 - 2005, Assistant Professor, College of Business Administration, Chung-Ang University
• 2002 - 2003, Irwin Research Fellow, University of Illinois at Urbana-Chanpaign
• 2001 - 2003, Faculty Associate, University of Illinois at Urbana-Champaign
• 1999 - 2001, Visiting Assistant Professor, University of Missouri at Columbia

Recent Publications

• "Ex-Officers on the Board: Military Experience and Corporate Ethics" (with H.D. Kim, T. Kim, and J.J. Oh), 2025, Asia-Pacific Journal of Financial Studies 54 (3), 340-364.
• "Air quality, ES risks, and stock returns: Evidence from Korea" (with B. Han and J. Park), 2024, Finance Research Letters 69, 106293.
• "Customer concentration and firm risk: The role of outside directors from a major customer" (with T. Kim and H.D. Kim), 2023, Journal of Banking and Finance 152, 106870.
• "Managerial labor mobility and banks’ financial reporting quality" (with S. Oh), 2023, Journal of Accounting and Public Policy 42 (3), 107058.
• "Agency costs of customer concentration" (with T. Kim and H.D. Kim), 2023, International Review of Economics and Finance 85, 533-558.
• "Improving liquidity in emission trading schemes" (with J. Kim), 2021, Journal of Futures Markets 41 (9), 1397-1411.
• "Capital budgeting practices: evidence from Korea" (with T. Kim, H. Lee, and D. Waggle), 2021, Managerial Finance 47 (2), 189-208.
• "Impact of Environmental Disaster Movies on Corporate Environmental and Financial Performance" (with H.H.D. Kim), 2021, Sustainability 13, 559.
• "Organization capital and analysts’ forecasts" (with H.D. Kim and K.R. Song), 2021, International Review of Economics and Finance 71, 762-778.
• "Controversial Industries, Regional Differences, and Risk: Role of CSR" (with H. Jo), 2020, Asia-Pacific Journal of Financial Studies 49 (6), 911-947.
• "CEO inside debt holdings and CSR activities" (with T. Kim and H.D. Kim), 2020, International Review of Economics and Finance 70, 508-529.
• "Do Long-term Institutional Investors Promote Corporate Social Responsibility Activities?" (with H.D. Kim, T. Kim, and Y. Kim), 2019, Journal of Banking and Finance 101, 256-269.
• "Do long-term institutional investors foster corporate innovation?" (with H.D. Kim and K.R. Song), 2019, Accounting and Finance 59 (2), 1163-1195.
• "Corporate Environmental Responsibility and the Cost of Capital: International Evidence" (with S. El Ghoul, O. Guedhami, and H. Kim), 2018, Journal of Business Ethics 149, 335-361.
• "Effect of the Clean Development Mechanism on the deployment of renewable energy: Less developed vs. well-developed financial markets" (with J. Kim), 2018, Energy Economics 75, 1-13.
• "Corporate Environmental Responsibility: A Legal Origins Perspective" (with H. Kim and D. Ryu), 2017, Journal of Business Ethics 140 (3), 381-402.
• "Financial Development and Deployment of Renewable Energy Technologies" (with J. Kim), 2016, Energy Economics 59, 238-250.
• "Banking Market Size Structure and Financial Stability: Evidence from Eight Asian Countries" (with H. Kim and S. Song ), 2016, Emerging Markets Finance and Trade 52 (4), 975-990.
• "Corporate Taxes and Securitization" (with J. Han and G. Pennacchi), 2015, Journal of Finance 70 (3), 1287-1322.
• "The Effect of Corporate Governance on Post Reverse Merger Survival" (with H.D. Kim, B.S. Lee, S.W. Lee, and K. Jambal), 2015, Asia-Pacific Journal of Financial Studies 44 (6), 811-848.
• "Corporate Environmental Responsibility and Firm Performance in the Financial Services Sector" (with H. Jo and H. Kim), 2015, Journal of Business Ethics 131 (2), 257-284.
• "How do capital structure policies of emerging markets differ from those of developed economies? Survey evidence from Korea" (with H. Lee and S. Oh), 2014, Emerging Markets Finance and Trade 50 (2), 34-72.
• "Bank Monitoring and Acquirer Returns: Evidence from the US Syndicated Loan Market" (with H.J. Chung and E. Jang), 2013, International Finance Review 14, 449-475.
• "Corporate Governance and Payout Policy: Evidence from Korean Business Groups" (with L.S. Hwang, H. Kim, and R. Park), 2013, Pacific Basin Finance Journal 24, 179-198.
• "Corporate Governance, Legal System, and Stock Market Liquidity: Evidence around the World" (with K. Chung, J. Kim, and T. Sung), 2012, Asia-Pacific Journal of Financial Studies 41 (6), 686-703.
• "Financial distress, information asymmetry, and syndicate structure: Evidence from Japanese borrowers" (with Sang Whi Lee and Seung-Woog Kwag and Donald J. Mullineaux), 2010, Finance Research Letters, 7, 119-126.
• "The informational quality of implied volatility and the volatility risk premium" (with S. Ferris and W. Kim), 2010, Applied Economics Letters 17(5), 445-450, Taylor and Francis Journals, UK.
• "Disappearing Internal Capital Markets: Evidence from Diversified Business Groups in Korea," (with Sangwoo Lee and Hyun-Han Shin), 2009, Journal of Banking and Finance 33 (2), 326-334. Elsevier Science, Amsterdam.
• "Harming Depositors and Helping Borrowers: The Disparate Impact of Bank Consolidation," (with George Pennacchi), 2009, Review of Financial Studies 22 (1), 1-40 (Lead Article). Oxford University Press, UK.
• "To Signal or to Control: The Determinants of Open-Market Share Repurchase" (with Dong Kuen Choi and Jun Huh), 2009, Asia-Pacific Journal of Financial Studies 38 (1), 133-162.
• "Long-term performance following mergers of Japanese companies: The effect of diversification and affiliation," 2007, Pacific Basin Finance Journal 15, 154-172, Elsevier Science, Amsterdam.
• "Foreign Ownership and Firm Value: Evidence From Japan" (with Steve Ferris), 2005, Mark Hirschey, Kose John, and Anil Makhija, eds., Advances in Financial Economics 11(1), Elsevier Science, Amsterdam.
• "Do Main Banks Extract Rents from their Client Firms? Evidence from Korean Chaebol " (with Kevin Y. Kim, Ronald Ratti, and Hyun-Han Shin), 2004, Hitotsubashi Journal of Economics 28. 1-31.
• "Alternative Indicators to Predict the Probability of Declining Inflation" (with Sungjun Kang and Ronald Ratti), 2004, Cambridge Journal of Economics 28 (1), 37-58, Oxford University Press.
• "How Different is the Long-run Performance of Mergers in the Telecommunications Industry?" (with Stephen Ferris), 2002, in Mark Hirschey, Kose John, and Anil Makhija, eds., Advances in Financial Economics 7(1), 127-144, Elsevier Science, Amsterdam.
• "Volatility, Open Interest, Volume, and Arbitrage: Evidence from the S&P 500 Futures Market," (with Stephen Ferris and Hun Park), 2002, Applied Economics Letters 9 (6), 369-372.
• "Deregulation, Reregulation, and Diversification in the Banking Industry: Evidence from the U.S. and Australia," (with John Evans and John Simpson), 2001, International Journal of Business Studies 9 (1), 1-19.
• "Firm Value, Free Cash Flows and Financing Decision: Evidence from Japan," (with John Evans), 2000, Asia Pacific Journal of Economics and Business 3 (1), 59-78.
• "Real Activity, Inflation, Stock Returns, and Monetary Policy," (with Ronald Ratti), 2000, The Financial Review 35 (2), 59-77.

Copyright © 2013 - All Rights Reserved - KAIST Business School

Template by OS Templates