Research Areas
Fixed Income Securities, Corporate Governance, Credit Risk Models, and Wealth Management.
Academic Degrees
Ph D, University of South Carolina
MS, Texas A&M University
BBA, Kookmin University
Teaching
Fixed Income Securities, Financial Modeling
Service
Associate Editor, The Financial Review
Faculty Moderator, 成人头条 Fixed Income Society
Representative Publications
鈥淒o Market-Based Models Outperform Subscriber-Paid Ratings? Evidence from the Bond and CDS Markets,鈥� co-authored with L. Fairchild, 2026, Journal of Fixed Income, Forthcoming.
鈥淒o Customized Index Portfolios Beat Target-Date Funds? Evidence from Total Return Analysis,鈥� 2026, Journal of Retirement 13(4), 30-55
鈥淭he Role of Unique Japanese Corporate Governance Features in Explaining Rating Differences between Global and Japanese Rating Agencies,鈥� co-authored with Y. Arikawa, S. Byoun, S. Han, and M. Pagano, July 2024, Journal of Banking and Finance 164. 1-17
鈥淚s Bloomberg's Credit Default Swaps Model Superior in Predicting Defaults?鈥� Co-authored with K. Leggio and S. Han, 2023, Journal of Fixed Income 33(3), 24-44
鈥淒oes the Nationally Recognized Statistical Rating Organization (NRSRO) Certification Matter for Japanese Credit Rating Agencies?鈥� Co-authored with S. Byoun and S. Han, November 2021, Journal of Financial Markets 56, pp. 1-15
鈥淎ssessment of Credit Ratings and Credit Risk Models on Public Bonds,鈥� Co-authored with K. Leggio and Y. Yan, Spring 2021, Journal of Fixed Income 30 (4), pp. 65-80
鈥淭he Evolving Nature of Japanese Corporate Governance: Guaranteed Bonds vs. Rated Bonds,鈥� Co-authored with S. Han and M. Pagano, January 2019, Journal of International Financial Markets, Institutions & Money 58, pp. 162-183
鈥淎ssessment of Credit Risk Models on Rule 144A Corporate Bonds,鈥� Co-authored with M. Johnson and K. Leggio, Fall 2018, Journal of Fixed Income 28 (2), pp. 65-83
鈥淒eterminants of Yields in Private Colleges鈥� Revenue Bonds,鈥� Co-authored with M. Johnson, Summer 2018, Journal of Wealth Management 21(1), pp. 88-109
鈥淎re unsolicited ratings biased? Evidence from long-run stock performance,鈥� Co-authored with S. Byoun, J. Fulkerson, and S. Han, volume 42, 2014, Journal of Banking and Finance, pp. 326-338
"Insider Trading and Firm-Specific Return Volatility," Co-authored with P. Gangopadhyay and K. Yook, volume 43 (1), 2014, Review of Quantitative Finance and Accounting, pp. 1-19
鈥淯nsolicited Versus Solicited: Credit Ratings and Bond Yields,鈥� Co-authored with S. Han, W. Moore, and S. Yi, volume 43 (3), 2013, Journal of Financial Services Research, pp. 293-319
鈥淩ating Agency Reputation, the Global Financial Crisis, and the Cost of Debt,鈥� Co-authored with S. Han and M. Pagano, Volume 41 (4), 2012, Financial Management, pp. 849-884
Book Publication
Biblical Wealth Management, First Edition, 2025, BookBaby
Professional Memberships
Member, Financial Management Association (FMA) International
Member, Korea America Finance Association (KAFA)
Member, Korea America Economic Association (KAEA)
Awards and Honors
Travelers Faculty Scholar, The Sellinger School of Business and Management,
成人头条 University Maryland: 2024-2027
Honorable Mention, 2025 International Book Awards, 鈥淏iblical Wealth Management,鈥� Non-Fiction (Retirement category)
Travelers Faculty Scholar, The Sellinger School of Business and Management,
成人头条 University Maryland: 2017-2020
STAR Award, Outstanding Research, The Sellinger School of Business and Management, 成人头条 University Maryland: 2009
Board of Sponsors Research Paper of the Year, The Sellinger School of Business and Management, 成人头条 University Maryland: 2005
FMA (Financial Management Association) Best Paper Award in Fixed Income Research, 鈥淯nsolicited Credit Ratings: Theory and Empirical Analysis,鈥� Co-authored with S. Byoun: 2003