Working Papers

“Mandating Women on Boards: Evidence from the United States” with Anil Shivdasani and Elena Simintzi (SSRN)

– Featured in Harvard Law School Forum on Corporate Governance and Financial Regulation (Link)

“Shareholder- versus Stakeholder-Initiated Corporate Social Responsibility” (draft available upon request)

“Are Gray Directors the Smoking Gun Unveiling Non-Independent Boards after Sarbanes Oxley?” (SSRN)

“Changing of the Guards: Does Succession Planning Matter?” with Dragana Cvijanovic and Nickolay Gantchev (SSRN)

– Featured in Columbia Law School’s blog on corporations and the capital markets (Link)


“When Heirs Become Major Shareholders: Evidence on Pyramiding Financed by Related-Party Sales,” with Woochan Kim, Journal of Corporate Finance, 2016, Vol. 41, pp. 23-42 (Published version, SSRN)

“Managerial Entrenchment of Anti-Takeover Devices: Quasi-Experimental Evidence from Korea,” with Woochan Kim, Pacific-Basin Finance Journal, 2012, Vol. 20, No. 4, pp. 614-638 (Published version, SSRN)


The University of North Carolina at Chapel Hill, NC, U.S.A., 2014-2019 (expected)
Ph.D. in Finance

Korea Development Institute (KDI) School of Public Policy and Management, Seoul, Korea, 2009 ~ 2010
Master’s in Asset Management, Summa Cum Laude

  • Supervised research paper I: Managerial Entrenchment of Anti-Takeover Devices: Quasi-Experimental Evidence from Korea (Advisor: Dr. Woochan Kim)
  • Supervised research paper II: An Essay on Capital Market Liberalization and Growth (Advisor: Dr. Jinsoo Lee)

The Pennsylvania State University, PA, U.S.A., 2007-2008
Dual M.S. degrees in Industrial Engineering and Operations Research

  • Thesis: Airline Revenue Management with Callable Products in a Market of Shrinking Margin (Advisor: Dr. M. Jeya Chandra)

Ajou University, Suwon, Korea, 2002-2007
B.S. in Industrial and Information Systems Engineering (IISE)

  • Thesis: Electronic Kanban System in the Job Shop Utilizing the Zigbee Protocol and the Sensor Network Technology (Advisor: Dr. Jeongsam Yang)

Stony Brook University, New York, U.S.A., 2007
Exchange Program in Applied Mathematics and Statistics

Research Experience

The University of North Carolina at Chapel Hill, NC, U.S.A., 2014~2019
Research Assistant

KDI School of Public Policy and Management, Seoul, Korea, 2009-2011
Research Assistant

  • “When Heirs Become Major Shareholders: Related-Party Transactions as a Family Succession Tool” (Sunwoo Hwang and Woochan Kim)
  • “Managerial Entrenchment of Anti-Takeover Devices: Quasi-Experimental Evidence from Korea” (Sunwoo Hwang and Woochan Kim)
  • “The Allocation of Human Capital in Business Conglomerates: Evidence from Korea” (Marianne Bertrand, Francisco Perez-de-Gonzalez, and Woochan Kim)

  • “When is CEO Power Benign” (E. Han Kim, Woochan Kim, and Yao Lu)

Teaching Experience

KDI School of Public Policy and Management, Seoul, Korea, 2010-2011
Teaching Fellow

  • “Quantitative Methods in Finance (Prof. Woochan Kim),” Spring 2011; Evaluation: 4.82/5
  • “Analysis of Market and Public Policy (Prof. Il-Chong Nam),” Spring 2011;  Evaluation: 4.68/5
  • “Quantitative Methods in Finance (Prof. Woochan Kim),” Spring 2010; Evaluation: n.a.

KDI School of Public Policy and Management, Seoul, Korea, 2009-2010
Teaching Assistant

  • “Advanced Investment Management (Prof. Jinsoo Lee),” Fall 2010
  • “Investment Management (Prof. Woochan Kim),” Fall 2009, Fall 2010
  • “Investment Management (Prof. Jinsoo Lee),” Spring 2009, Summer 2009
  • “Empirical Methods in Finance (Prof. Kee-Hong Bae),” Summer 2009
  • “Corporate Governance Policy (Prof. Woochan Kim),” Spring 2010, Spring 2011
  • “Corporate Financial Policy (Prof. Woochan Kim),” Summer 2010
  • “Financial Derivatives (Prof. Joongho Han),” Fall 2010


Professional Experience

Morgan Stanley Capital International (MSCI), Singapore, 2011-2014
Head of Korea Research, Institutional Shareholder Services (ISS)
Asia (ex-Japan) Research Analyst, ISS

Arthur D. Little, Seoul, Korea, 2009
Research Associate

Thomas Consultants Inc. / Booz & Company Inc., Seoul, Korea, 2008
Research Associate

Republic of Korea Marine Corps, Incheon, Korea, 2003-2005
Sergeant; intelligence and communications specialist

Honors and Awards


  • Who’s Who in the World 2014 (31st Edition), Marquis, 2013
  • Dean’s List with Distinction, KDI School of Public Policy and Management, 2009-2010

  • Induction to Hall of Fame , Ajou University IISE, 2007
  • Ajou Man of the Month , Ajou University Press, 2006

  • Gold Level i-Cap , Ajou University IISE, 2007


  • ŸResearch Assistantship, UNC Kenan-Flagler, 2014-2019
  • Distinguished Academic Performance Award, KDI School of Public Policy and Management, 2009-2010
  • Global Leaders Scholarship, Ajou University College of Engineering, 2006

  • Merit-based Scholarship, Guwon Foundation, 2006
  • ŸScholarships of Academic Excellence, Ajou University, 2005-2006


  • Student Paper Award, Korean Institute of Industrial Engineers, 2005

  • Championship at the Annual Scholarly Seminar Competition, Ajou University, 2005
  • Silver Medal at the National Programming Competition, Chonnam National University, 2000
  • Honorable Mention at the National Competition in Informatics, Yonsei University, 1999
  • Honorable Mention at the 15th Korea Olympiads in Informatics, Korea Agency for Digital Opportunity & Promotion, 1997

Skills and Other Information

Computer Skills

  • Statistical/Mathematical Packages: STATA, R, MatLab, Minitab, EViews, GAMS, Lingo/Lindo, and Cytoscape (social analytics platform)Ÿ

  • Programming Languages: SQL, C/C++, MFC, Java, Visual Basic, Pascal, and Assembly
  • Documentation: MS Office (Excel (VBA), Word, Power Point, Visio), LaTex, EndNote, and Scientific Workplace

  • Web Development and Graphics: DreamWeaver, HTML, Photoshop, and Illustrator
  • Operation Systems: familiar with Windows, Linux, and MacOS.

Leadership Roles

  • President / founder of Economist Club in Singapore, 2012-2013
  • Member of TAW (a Seoul-based club that discusses economic, political, social issues addressed in the Economist), Seoul, Korea, 2011 ~ present
  • Secretary of Ajou CPIM Expert Society Alumni Association, 2010-2011

  • Vice President of KDI Finance Student Association, KDI School of Public Policy and Management, Seoul, Korea, 2009
  • Vice President of Penn State INFORMS Student Chapter, Pennsylvania State University, PA, U.S.A., 2008

  • Vice President for promotion of International Cultural Exchange Buddy, Stony Brook University, NY, U.S.A., 2007-2007
  • Honorary President of ACES, Suwon, Korea, 2006-2007

Voluntary Services

  • Volunteer tutor at Wiz Club (a volunteer-driven program to teach local students from low income families mathematics and English), Singapore, 2013
  • Volunteer at Bogumzari (a catholic nursing home), Hwasung, Korea, 2006-2007
  • Volunteer at Salvation Army, Seoul, Korea, 2006

  • Volunteer at Ajou University Hospital Psychiatric Ward, Suwon, Korea, 2005

Other Extracurricular Activities

  • Championship at League Lec. 1, Orange County Adult Soccer League (OCASL), Summer 2016 (Midfielder, Spicy Boyz II Men’s Wearhouse of the Rising Sunny Side Up)
  • Second place at Memorial Day Tourney, OCASL, Spring 2016 (Midfielder, Expected Futility)
  • Second place at League Lec. 1, OCASL, Fall 2015 (Midfielder, Spicy Boyz)
  • Championship at Tournado, OCASL, Spring 2015 (Midfielder, ABCD FC)
  • Second place at Korean Association Soccer Competition, Singapore, 2013 (Midfielder, NSFC)
  • Fourth place at Huxley Associate Financial Company Soccer Competition, Singapore, 2012 (Midfielder, MSCI United)
  • Finisher (42.195km) at Seoul International (or Dong-A) Marathon, Seoul, Korea, 2011

  • Second place at Penn State Intramural Soccer Competition, PA, U.S.A., 2008 (Striker/Midfielder, PSUIEKSA FC)
  • Fourth place at the Stony Brook Intramural Soccer Competition, NY, U.S.A, 2007 (Midfielder, LOCOMO FC)
  • Finisher (42.195km) at Chosun Ilbo International Marathon, Chuncheon, Korea, 2006
  • Championship at the Republic of Korea Marine Corps Soccer Tournament, 2003-2004 (Midfielder, a marine company team)
  • Black belt (master) in Taekwondo, Kukkiwon, Korea, 2005
  • Goh-kyu level in Kendo, Korea Kendo Association, 1999