Yonsei University · 経営学
Professor Suk Hyun's research lab specializes in financial economics with a focus on sustainable finance, institutional investor behavior, and financial market development in emerging and developing economies. The lab investigates the pricing of environmental, social, and governance (ESG) factors in capital markets, the role of green and infrastructure bonds in financing sustainable development, and the impact of corporate governance changes—such as CEO turnover—on ESG transparency. A central theme is the interplay between financial innovation, risk mitigation, and systemic stability in both advanced and emerging market contexts.
Figures are computed from collected data and may differ slightly.
Abstract In this paper, we empirically investigate how greenness information is priced in the green bond market. Our comparison of liquidity‐adjusted yield premiums of green bonds versus synthetic conventional bonds indicates that, on average, there is no robust and significant yield premium or discount on green bonds. However, green bonds certified by an external reviewer enjoy a discount of about 6 bps. Furthermore, green bonds that obtain a Climate Bonds Initiative certificate show a discount
Abstract This study provides an in‐depth examination of the relationship between environmental, social, and governance (ESG) performance and the idiosyncratic volatility of Korean companies. In line with the risk‐mitigation view, the study finds that strong ESG performance is associated with a reduction in a firm's idiosyncratic volatility. The impact of ESG performance on reducing firm volatility was particularly evident during the COVID‐19 pandemic, highlighting the role of ESG performance in
To sustain economic growth momentum, Asia needs to continue investing heavily in infrastructure such as roads, ports, and power plants. Financing the region’s huge demand for infrastructure investments is an essential issue for policy-makers across the region. Against the backdrop of expanding fiscal burdens of Asian governments and more stringent capital requirements on bank lending, local currency bonds can serve as an alternative for infrastructure financing in Asia. In this paper, we use emp
In this study, we attempt to understand the role of greater access to finance, i.e., stocks, bonds, and bank loans, in public-private partnership (PPP) investment in developing countries. Most developing countries still depend heavily on fiscal financing for infrastructure projects. Our empirical results reconfirm the fact that banks remain the major source of finance for infrastructure projects. The domestic bond market should be further developed to have depth and liquidity enough to provide l
ABSTRACT This study investigates the impact of CEO turnover on environmental, social, and governance (ESG) disclosure practices, focusing on how distinct types of leadership transitions influence corporate transparency in an emerging market context. Drawing on data from KOSPI‐listed firms in South Korea between 2013 and 2020, we develop a detailed typology of CEO turnover, including internal versus external appointments, owner‐manager versus professional managers, and voluntary versus forced tra
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