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Dr. Sung Bae, Ph.D.

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Sung Bae, Ph.D.

Position: Chair
Professor
Phone: (419) 372-8714
Email: bae@bgsu.edu
Address: 201A Business Administration

Bio

Dr. Sung C. Bae is the Chairperson and the Ashel G. Bryan/Huntington Bank Professor in the Department of Finance at Bowling Green State University. He came to BGSU as Assistant Professor of Finance in 1987 and held the department chairmanship from 1996-2003, the Ashel G. Bryan/Mid American Bank Professorship from 2000-2005, and the Director of Financial Planning Programs from 2008-present. He was a visiting professor at Pusan National University in 2010-11 and at Korea University Business School in 2006 and a visiting research fellow at Korea Securities Research Institute in 1996. Since 1995, he has also served as Expert Advisor for the Center for Future Human Resource Studies in Seoul, Korea.

Dr. Bae has published more than sixty research articles in mainstream finance journals and periodicals, and presented over a hundred research articles at national and international conferences and symposiums. He is listed in the "Top 3% of Most Frequent Appearing Authors in 26 Core Finance Journals" out of more than 17,600 authors in a 2009 study by Jean L. Heck and Philip L. Cooley, "Most Prolific Authors in the Finance Literature: 1959-2008". He is a recipient of eight best research paper awards from professional organizations and a four-time recipient of the Robert A. Patton Scholastic Achievement Award for his research accomplishments. He has also received many competitive research and development grants including APEC Finance and Development Program Grant, Korea Research Foundation Joint Research Grant, US Department of Education Business International Education Grant, and the Ohio Board of Regents Research Challenge Grant. As a member of various national and international professional organizations, Dr. Bae is President-Elect of the Korean American Finance Association (KAFA) and currently serves on editorial board of six academic journals.

Dr. Bae has also actively participated in employee and executive education programs for U.S. and foreign institutions including Merrill Lynch, American Express Financial Advisors, Mercy Health Partners in the U.S., and COEX, Kyobo Life Insurance Co., Kukmin Bank, Samsung Group, Korean Airlines, the Institute of Industrial Policies Studies, and Korea International Traders Association in Korea. He is currently on the Executive Board of the Society of Financial Services Professionals (SFSP) Toledo Chapter.

EDUCATION

Ph.D., Finance 1987, University of Florida

M.B.A., Finance 1983, Michigan State University

B.S.B.A., Business, 1980, Korea University

 

ACADEMIC POSITIONS

Department Chair, Bowling Green State University, 8/10 – present

shel G. Bryan/Huntington Bank Professor, Bowling Green State University, 8/08 – present               

Director of Financial Planning Programs, Bowling Green State University, 8/07 – present

Professor, Bowling Green State University, 5/98 - present

Visiting Professor of Finance, Pusan National University, 12/10 – 1/11

Visiting Professor of Finance, Korea University Business School, 2/06 - 8/06

Ashel G. Bryan/Mid American Bank Professor, Bowling Green State University, 6/00 - 8/05

Department Chair, Bowling Green State University, 6/96 - 8/03

Director of Business International Education Project, BGSU, 8/02 - 8/03

Expert Advisor, Center for Future Human Resource Studies, 1/95 - present

Visiting Research Fellow, Korea Securities Research Institute, Korea, 1/96 - 6/96

Visiting Associate Professor, Seoul Women's University, Korea, 3/96 - 6/96

Associate Professor, Bowling Green State University, 4/93 - 4/98

Assistant Professor, Bowling Green State University, 8/87 - 3/93

Research Assistant, University of Florida, 8/84 – 8/87

Teaching Assistant, University of Florida, 8/83 – 7/84

Export-Import Clerk, Citibank, N.A./Seoul, Korea, 8/80 - 8/81

 

SELECTED AWARDS

Ashel G. Bryan/Huntington Bank Professorship, CBA, Bowling Green State University, 8/08-present

Ashel G. Bryan/Mid American Bank Professorship, CBA, Bowling Green State University, 6/00-6/05

Listed in the “Top 3% of Most Frequent Appearing Authors in 26 Core Finance Journals” out of more than 17,600 authors in a 2009 study by Jean L. Heck and Philip L. Cooley, “Most Prolific Authors in the Finance Literature: 1959-2008”

Asia-Pacific Journal of Financial Studies Best Paper Award, January 2011, selected as one of eight best papers to be published in AJFS; Paper title: “Trading Behavior, Performance, and Stock Preference of Foreigners, Local Institutions, and Individual Investors: Evidence from the Korean Stock Market”.

3rd Financial News & KAFA Asian Financial Market Best Paper Award, October 2009, sponsored by Financial News of Korea and Korea American Finance Association; Paper title: “Derivatives Trading, Volatility Spillover, and Regulation: Evidence from the Korean Securities Markets”.

Best in Track Paper Award in International Finance at the Annual Academy of Finance conference, Chicago, IL, April 2009; Paper title: “Equity Ownership Determination in Foreign Direct Investments of Emerging Economies: The Case of Korean FDIs”.

Distinguished Best Paper Award at the Annual Academy of Finance Association, MBAA International Conference, Chicago, IL, March 2007, sponsored by McGraw-Hill/Irwin Publishing, Inc; Paper title: “Do Underwriter Warrants Signal Long-Run Growth Potential?”

Best Paper Award at the Eighth Annual Global Finance Conference, Los Angeles, CA, April 2001; Paper title: “Underwriter Warrants in Seasoned Equity Offerings: Growth Signaling or Certification?”

Best Paper Award at the Twelfth Annual PACAP/Financial Management Association Conference, Melbourne, Australia, July 2000; Paper title: “Choosing an Organizational Form: Leveraged Buyouts versus Leveraged Recapitalizations.”

Paper Award with a “Special Mention” Honor at the Joint 2000 ASAC-IFSAM International Conference, Montreal, Canada, July 2000; Paper Title: “Mergers of Equals in Banking Industry: A Review and Performance Analysis.”

Outstanding Best Paper Award in Corporate Finance at the Annual Financial Management Association Meetings, Toronto, Canada, October 1993, sponsored by Richard D. Irwin Publishing, Inc. Paper Title: "Event-Risk Bond Covenants and Stockholder Wealth: An Empirical Investigation."

Robert A. Patton Scholarly Achievement Award for research accomplishment, CBA, Bowling Green State University, 2009, 2001, 1998, 1991.

Authors and Artists Award, The Friends Awards and Activities Committee, Bowling Green State University, 2009, 2008, 2007, 2006, 2005, 2004, 2002, 2001.

Finalist for the Olscamp Research Award for research accomplishment for 1998-2000, Bowling Green State University, October 2001. 

Good International Business Scholar, CBA, Bowling Green State University, December 1995 and May 1995.  Was named twice as Good International Business Scholar with Good International Business Scholar Program Grants.

Ten Most Contributed CBA Faculty, CBA, Bowling Green State University, Fall 1994.  Was selected twice in senior surveys of 1994 and 1995 as one of the ten CBA faculty who contributed most significantly to students' education development at BGSU.

Journal Editorship
Editorial Board of Technology and Investment (TI) Journal
Editorial Advisory Board of Journal of Money, Investment and Banking
Editorial Review Board of Scientific Journals International (SJI)
Editorial Board of The Open Business Journal (TOBJ)
Editorial Board of Public and Municipal Finance (PMF)
Corporate Finance Section Editor of Advances in Accounting, Finance, and Economics

SELECTED PUBLICATIONS

Bae, Sung C., Kiyoung Chang, Eun Kang, “Culture, Corporate Governance, and Dividend Policy: International Evidence.” Journal of Financial Research(forthcoming).

 

Bae, Sung C., Taek Ho Kwon, Jang Woo Lee, “Does Corporate Diversification by Business Groups Create Value? Evidence from Korean Chaebols.” Pacific-Basin Finance Journal 19 (2011), 535-553.

 

Bae, Sung C., Jae Hoon Min, Sunbong Jung, “Trading Behavior and Performance of Foreigners, Local Institutions, and Individual Investors: Evidence from the Korean Stock Market.” Asia-Pacific Journal of Financial Studies 40 (2011), No. 2, 199-239.

 

Bae, Sung C., Mingsheng Li, Jing Shi, “Heterogeneous Investor's Reaction to Exchange Rate Movement: New Evidence from a Unique Emerging Market.”Emerging Market Finance and Trade 47 (January-February 2011), Supplement 1. 7 - 22.

 

Bae, Sung C., Taihyeup Yi, “Structural Breaks and the Fisher Hypothesis in Bond and Stock Markets” Applied Financial Economics 19 (2009), No. 24, 1961-1973.

 

Bae, Sung C., Mingsheng Li, Jing Shi, “Does the Law of One Price Hold Better under a Flexible Exchange System?” Journal of Multinational Financial Management 19 (2009), 306-322.

 

Bae, Sung C., “On the Interactions of Financing and Investment Decisions: Evidence from Chinese Industrial Companies.” Managerial Finance 35 (2009), No. 9, 691-699.

 

Bae, Sung C., Taek Ho Kwon, Jong Won Park, “Derivatives Trading, Volatility Spillover, and Regulation: Evidence from the Korean Securities Markets.”Journal of Futures Markets 29 (2009), No. 6, 563-597.

 

Bae, Sung C., Taek Ho Kwon, Jang W. Lee, “Corporate Diversification, Relatedness, and Firm Value: Evidence from Korean Firms.” Asia-Pacific Journal of Financial Studies 37 (2008), No. 6, 1025-1064.

 

Bae, Sung C., J.C. Bell Park, Xiaohong Wang, “Multinationality, R&D Intensity and Firm Performance: Evidence from U.S. Manufacturing Companies.”Multinational Business Review 16 (Winter 2008), No. 1, 53-77.

 

Bae, Sung C., Taek Ho Kwon, Mingsheng Li, “Foreign Exchange Exposure and Risk Premium in International Investments: Evidence from American Depositary Receipts.” Journal of Multinational Financial Management 18 (2008), 165-179.

 

Jangwoo Lee, Sung C. Bae, Taek Ho Kwon, “A Research on the Determinants of Diversification of Korean Firms around the Occasion of Asian Financial Crisis,” The Korean Journal of Financial Engineering 6 (December 2007), No.2, 275-298.

 

Bae, Sung C. and Hoje Jo, “Underwriter Warrants, Underwriter Reputation, and Growth Signaling.” Review of Quantitative Finance and Accounting 29 (August 2007), No. 2, 129-154.

 

Bae, Sung C., Taek Ho Kwon, and Jong Won Park, “KOSPI 200 Derivatives and Volatility Spillover between Stocks in the Spot Market.” The Korean Journal of Financial Engineering 6 (June 2007), No. 1, 35-68.

 

Bae, Sung C. and Hoje Jo, “Corporate Governance and Firm Performance of Highly Leveraged Transactions.” Corporate Ownership & Control 4 (Winter 2006-2007), No. 2, 170-180.

 

Bae, Sung C. and Hoje Jo, “Underwriter Warrants in Seasoned Equity Offerings: Is It Growth Signaling?” Journal of International Finance and Economics 3 (Fall 2006), No. 1, 73-91.

 

Bae, Sung C., H.S. Aldrich, and Tai Yi, “Mergers of Equals in the U.S. Banking Industry: A Performance Analysis.” Journal of Financial and Economic Practice7 (Fall 2006), No. 1, 63-81.

 

Taek Ho Kwon, Sung C. Bae, and Jay M. Chung, “Do Foreign Investors Price Foreign Exchange Risk Differently?” Journal of Financial Research 28 (Winter 2005), No. 4, 555-573.

 

Bae, Sung C., Bell J.C. Park, and Tracy L. Wagner, “Capital Asset Management Process: The Case of Hose & Fittings Corporation,” International Journal of Managerial Finance 1 (2005), No. 3, 204-220. 

 

Bae, Sung C., Taek Ho Kwon, and Jongwon Park, “Futures Trading, Spot Price Volatility, and Market Efficiency: The Case of the Korean Index Futures Markets,” The Chinese-translated version is published in the Collection of Papers for Shanghai Futures Exchange, February 2005

 

Bae, Sung C., Young-hoon Byun, and Insup Park, A Study of Individual Retirement Systems in Korea and Management of Retirement Funds, February 2005, Institute of Banking and Finance, Myung-Ji University Press, Seoul, Korea. Korean version.

 

Bae, Sung C., Taek Ho Kwon, and Jongwon Park, “Futures Trading, Spot Price Volatility, and Market Efficiency: The Case of the Korean Index Futures Markets,”Journal of Futures Markets 24 (December 2004), No. 12, 1195-1228.

 

Bae, Sung C. and Dongnyoung Kim, “The Effect of R&D Investment on Market Value of Firms: Evidence from U.S., Germany and Japan,” Multinational Business Review 11 (Winter 2003), No. 3, 51-76.

 

Bae, Sung C. and Vinod Jain, “The Effects of R&D and International Expansion on the Performance of U.S. Industrial Firms,” Corporate Finance Review 8 (July/August 2003), No. 1, pp. 28-39.

 

Bae, Sung C. and Hoje Jo, “Consolidating Corporate Control: Divisional versus Whole-Company Leveraged Buyouts,” Journal of Financial Research 25 (Summer 2002), No. 2, pp. 247-262.

 

Bae, Sung C., Robert Hendershott, and Hoje Jo, “Consolidating Corporate Control: Leveraged Buyouts versus Leveraged Recapitalizations,” Corporate Finance Review 5 (March/April 2001), No. 5, pp. 5-20 (lead article). 

 

 

Bae, Sung C. and Seungwook Noh, “Multinational Corporations versus Domestic Corporations: A Comparative Study of R&D Investment Activities,”Journal of Multinational Financial Management 11 (2001), pp. 89-104.

 

Bae, Sung C. and Sivagnanam Sakthivel, "An Empirical Analysis of Exchange Ratio Determination Models for Merger," Journal of Business Finance and Accounting 27 (April/May 2000), Nos. 3&4, pp. 511-521.