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About Kee-Hong Bae
Professor Kee-Hong Bae is a professor of finance and Bob Finlayson Chair in International Finance at the Schulich School of Business at York University. He received his B.A. and M.A. from Korea University and Ph.D. degree from the Ohio State University. Before joining York University, he has taught at the City University of Hong Kong, Hong Kong University of Science and Technology, Korea University, and Queen’s University. His research focuses on international finance with particular interest in emerging financial markets. Research topics include financial globalization, home bias, and international corporate finance and corporate governance. He has published numerous research articles in top finance journals including Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Journal of Business, Journal of Financial Markets, and Journal of International Money and Finance. Professor Bae serves in the editorial board of several journals including Financial Management, Pacific Basin Finance Journal, and International Review of Finance. He also serves as an editor for the Asia-Pacific Journal of Financial Studies.
Honours
2002 Korea University Research Grant
2002 Best Paper Award in APFA/PACAP/FMA Joint conference in Tokyo, Japan.
2003 SK Distinguished Research Award, Korea University.
2005 D.I. McLeod Summer RA grant, Queen’s University.
2002 Best Paper Award in APFA/PACAP/FMA Joint conference in Tokyo, Japan.
2002, 2003 Korea Research Foundation.
2009 Best Paper Award in the Financial Management Association Meeting in Reno
2007 Research Award in the SFM conference in Taipei, Taiwan
2006 Award for Research Excellence, Queen’s University
2006 Best Paper Award in the First International Conference on Asia-Pacific Markets in Seoul, Korea
2010 Best Paper Award in the Fifth International Conference on Asia-Pacific Financial Markets in Seoul, Korea
2009 Best Paper Award in the Fourth International Conference on Asia-Pacific Financial Markets in Seoul, Korea
2007 CFA Institute Asian FMA Research Prize
2011 Best Paper Award in the 2011 Asian Finance Association International Conference, Macau
2017 Best Paper Award in the 12th International Conference on Asia-Pacific Financial Markets in Seoul, Korea, 2017
2018 Eminent Scholar Award, Korea America Finance Association, San Diego, 2018
Recent Publications
“Relative Industry Valuation and Cross-border Listings” with Yi Ding and Xiaoqiao Wang, Journal of Banking and Finance, forthcoming.
“Why is Stock Market Concentration Bad for the Economy?” with Warren Bailey and Jisok Kang, Journal of Financial Economics, forthcoming.
“Board Reforms and Dividend Policy: International Evidence” with Sadok El Ghoul, Omrane Guedhani and Xiaolan Zhengm, Journal of Financial and Quantitative Analysis, forthcoming.
“Does Corporate Social Responsibility Add Value? Evidence from Capital Structure and Product Markets Interactions” with Sadok El Ghoul, Omrane Guedhami, Chuck C.Y. Kwok, and Ying Zheng, Journal of Banking and Finance, forthcoming.
“The Effect of Competition Among Rating Agencies on Ratings Quality: Evidence from the Canadian Corporate Bond Market” with Hamdi Driss and Gordon Roberts, Journal of Corporate Finance, 58, 2019, 605-623
“Nominal Stock Price Anchors: A Global Phenomenon?” with Utpal Bhattacharya, Jisok Kang, and Ghon Rhee, Journal of Financial Markets, 44, 2019, 31-41.
“Does Increased Competition Affect Credit Ratings? A Reexamination of the Effect of Fitch’s Market Share on Credit Ratings in the Corporate Bond Market” with Jun-Koo Kang and Jin Wang, Journal of Financial and Quantitative Analysis, 50, 2015, 1011-1035.
“Credit Rating Initiation and Accounting Quality for Emerging Market Firms” with Ligang Jong, Lynette Purda, and Mike Welker, Journal of International Business Studies, 44, 2013, 216-234.
“What’s in a “China” Name? A Test of Investor Attention Hypothesis” with Wei Wang, Financial Management, 41, 2012, 429-455.
“Do Controlling Shareholders’ Expropriation Incentives Imply a Link between Corporate Governance and Firm Value? Theory and Evidence” with Jaeseung Baek, Jun-Koo Kang, and Wei-Lin Liu, Journal of Financial Economics, 105, 2012, 412-435.
“Do Foreigners Facilitate Information Transmission in Emerging Markets?” with Arzu Ozoguz, Hongping Tan, and Tony Wirjanto, Journal of Financial Economics, 105, 2012, 209-227.
“Employee Treatment and Firm Leverage: A Test of the Stakeholder Theory of Capital Structure” with Jun-Koo Kang and Jin Wang, Journal of Financial Economics, 100, 2011, 130-153.
“Equity Market Liberalization and Corporate Governance” with Vidhan Goyal, Journal of Corporate Finance, 16, 2010, 609-621.
“Creditor Rights, Contract Enforcement, and Costs of Loan Financing” with Vidhan Goyal, Journal of Finance, 84, 2009, 823-860.
“Do Local Analysts Know More? A Cross-country Study of the Performance of Local Analysts and Foreign Analysts” with René M. Stulz and Hongping Tan, Journal of Financial Economics, 88, 2008, 581-606.
“International GAAP Differences – Impact on Foreign Analysts” with Hongping Tan and Michael Welker, The Accounting Review, 83, 2008, 593-628.
“Corporate Governance and Conditional Skewness in the World’s Stock Markets” with Chanwoo Lim and John Wei, Journal of Business, 79, 2006, 2999-3028.
“Stock Market Liberalization and the Information Environment” with Warren Bailey and Connie Mao, Journal of International Money and Finance, 25, 2006, 404-428.
“Investibility and Return Volatility” with Kalok Chan and Angela Ng, Journal of Financial Economics, 71, 2004, 239-263.
“Trader’s Choice between Market and Limit Orders: Evidence from NYSE stocks” with Hasung Jang and Kyung Suh Park, Journal of Financial Markets, 6, 2003, 517-538.
“A New Approach to Measuring Financial Contagion” with G. Andrew Karolyi and René M. Stulz, Review of Financial Studies, 16, 2003, 717-763.
“Tunneling or Value Added: Evidence from Mergers by Korean Business Groups” with Jun-Koo Kang and Jin-Mo Kim, Journal of Finance, 62, 2002, 2695-2740.
“The Value of Durable Bank Relationships: Evidence from Korean Banking Shocks” with Jun-Koo Kang and Chanwoo Lim, Journal of Financial Economics, 64, 2002, 181-214.
“Limit Orders, Depth and Volatility: Evidence from the Stock Exchange of Hong Kong” with Hee-Joon Ahn and Kalok Chan, Journal of Finance, 56, 2001, 769-790.
Courses Taught
York University: Empirical Methodology in Finance, International Financial Management, Corporate Finance
Queen’s University: Empirical Methodology in Finance, Derivative Securities
The University of New South Wales: Emerging Financial Markets
Korea University: Investment, Derivative Securities, International Finance, Empirical Methodology in Finance, Emerging Financial Markets, Corporate Governance Program for Directors
Hong Kong University of Science and Technology: Derivative Securities, Risk Management
City University of Hong Kong: Principles of Finance, Financial Management for Engineers, Derivatives and Risk Management, Financial Trading Workshop, Financial Research Techniques, and Multinational Financial Management
Grants
Project Title Role Award Amount Year Awarded Granting Agency Project Title RolePrincipal Investigator Award Amount$ Year Awarded1999-2001, 2001-2003 Granting AgencyHong Kong Research Grant Council - Competitive Earmarked Research Grant Project TitleDo hedge funds have information advantages: evidence from hedge fund stock holdings RolePrincipal Investigator Award Amount$23,023.00 Year Awarded2010-2012 Granting AgencySocial Sciences and Humanities Research Council - Standard Research Grants Project TitleIs firm-specific volatiltiy a measure of informational efficiency RolePrincipal Investigator Award Amount$86,000.00 Year Awarded2007-2010 Granting AgencySocial Sciences and Humanities Research Council - Research Grants - Management, Business and Finance Project TitleA cross-country study of the local analysts and foreign analysts RolePrincipal Investigator Award Amount$54,484.00 Year Awarded2007-2009 Granting AgencySocial Sciences and Humanities Research Council - Standard Research Grants
Kee-Hong Bae
Professor of Finance; Bob Finlayson Chair in International Finance
PhD (Ohio State)BS & MS (Korea)