Suk Hyun
연세대학교 경영학과 · 경영학
Suk Hyun 교수의 연구실은 금융시장의 지속 가능성과 안정성에 중점을 두고 있으며, 녹색채권 시장의 가격 형성, ESG 성과가 기업 리스크에 미치는 영향, 아시아의 인프라 금융 및 국공채 시장 발전, 공공-private 파트너십(PPP) 투자 자금 조달 방식, 그리고 경영진 교체가 ESG 공시에 미치는 영향 등을 중심으로 연구를 전개하고 있습니다. 특히 기업의 환경·사회·지배구조 성과가 금융시장에 어떻게 반영되는지, 그리고 정책적·제도적 요건이 금융시장의 지속 가능성을 어떻게 뒷받침하는지에 대한 실증적 분석을 중시합니다. 연구는 개발도상국과 중견·성장 중인 시장의 금융 구조와 기업 거버넌스 간의 상호작용을 깊이 있게 다룹니다.
표시된 성과는 수집된 데이터 기준으로 산출되며, 일부 차이가 있을 수 있습니다.
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
