President’s Message

President’s Message

Dear KAFA Members, Friends, and Supporters:

In each spring semester, I feel excited by the fact that every day is one-step closer to summer. Midway through, however,  I often wonder where the time has gone. I hope you have had a restful and productive summer.

First of all, I am very pleased to announce that Professor Kiyoung Chang at the University of South Florida Sarasota-Manatee has been elected as President-elect, who will join our next President, Professor Peter Chung at the University of California, Riverside to serve KAFA from October 2019.

Also please join me in welcoming our new executive officers and board members: Haemi (Amy) Choi at Loyola University Chicago, Hugh Hoikwang Kim at the University of South Carolina, and Hwagyun (Hagen) Kim at Texas A&M University as members of the Executive Board, and Suzanne Lee at Georgia Tech as a member of the Paper Review Committee. I would also like to express my appreciation to our outgoing officers for their valuable contributions: Sam Y. Chung at Long Island University, Won-Yong Kim at Augsburg University, and Young Sang Kim at Northern Kentucky University.

Thanks to the generous financial support from the Financial News (FN), Shinhan Bank (SHB), and the Lee Family, we can continue to recognize KAFA members’ outstanding scholarly achievements through various awards, including the FN-KAFA Eminent Scholar Award, the SHB-KAFA Young Scholar Award, the FN-KAFA Top-Journal Paper Award, the SHB-KAFA Best Paper Award, the FN-KAFA Doctoral Student Dissertation Award, and the Dr. Bong-Soo Lee Memorial Scholarship. How can I ever thank you enough for all you (especially, Chairman Jae-Ho Jeon at FN, Head of CSR Team You-Jeong Yoo at SHB, and Chris and Paul Lee of the Lee family) have done so far for KAFA?

Furthermore, I am excited to announce that the Bank of Korea Economic Research Institute (BOKERI) and the D.K. Kim Foundation (DKKF) have willingly agreed to support KAFA from this year on. I would like to seize the opportunity to express my sincere appreciation to Chairman Dong Koo Kim at DKKF and BP Industries Inc. located in Ontario, California, as well as Director General Woon Shin and Dr. Sung Ho Park at BOKERI. Owing to the generous support from BOKERI and DKKF, I have newly established two awards: (i) the KAFA Distinguished Service Award, which will be bestowed every four years upon KAFA members who have made significant contributions to the development, maintenance, and growth of KAFA; and (ii) the D.K. Kim Distinguished Scholar Award, which will be given to a KAFA life-time member who has made outstanding scholarly achievements in the finance or related field, and at the same time has substantially contributed to or has a potential for significant contribution to the growth of KAFA. On behalf of KAFA, I congratulate all the award recipients. I also thank the KAFA Award Selection Committee members for screening the candidates: Professors Yoon Choi at the University of Central Florida (Chair), Soku Byoun at Baylor University, Kee-Ho Chung at the University at Buffalo, and Jun-Koo Kang at Nanyang Technology University.

Our KAFA members participated in the Conference jointly arranged with the four Korea Finance Associations (KFAs) held on May 31- June 1, 2019 in CheonAn, Korea. On May 30, 2019, some of KAFA members also participated in the Symposium arranged together with the Korean Institute of Finance (KIF). KFAs and KIF have graciously supported the events every year. I am very grateful to KFAs and KIF (especially, President Jhinyoung Shin at the Korea Securities Association (KSA) and President Sangho Sohn at KIF) for their continued support. My special thanks go to the Paper Review Committee members for their time and expertise in reviewing the papers submitted to the joint conferences: Professors Hwagyun Hagen Kim, Jongsub Lee, Suzanne Lee, and Hayong Yun.

KAFA will continue to offer the two Korean and Asian Market sessions at the FMA Annual meetings to be held in New Orleans. I thank Professor Peter Chung for organizing the two FMA special sessions. Please note that KAFA members’ active participation in these FMA special sessions run by KAFA is very important for us to keep them in the FMA program in the future. The details of the two FMA sessions can be found in this newsletter. In particular, we have restructured the two FMA special sessions by cooperating with the Bank of Korea Economic Research Institute and the Korea Institute of Finance (KIF), which are the two prestigious think-tanks for the government and the finance/banking industry in Korea. I would like to extend my warmest thanks to Dr. Woon Shin at BOKERI and Dr. Sangho Sohn at KIF for their support and dedication to promoting our professional goals. I again encourage our KAFA members to attend, broaden your understanding, and exchange your ideas about the topics/questions at issue in the Korean and Asian financial markets.

I expect that in December 2019 many KAFA members will like to participate in the Conference on Asia-Pacific Financial Markets (CAFM) run by KSA as well as in the KAFA-KCMI Joint Seminar arranged together with the Korea Capital Market Institute (KCMI), both of which will be held in Seoul. Please note that from this year the way of CAFM participation and financial support for KAFA members will be different. That is, KSA will directly review the papers submitted to CAFM by KAFA members and make decisions based on its own criteria. Moreover, the accepted papers will no longer be required to publish in AJFS. KAFA will later decide who among the accepted KAFA presenters will be eligible for the financial support. This means that accepted KAFA members should apply (to KAFA) for the financial support after the paper is accepted. I am confident that this policy change will significantly improve the quality of the papers submitted to CAFM by KAFA members. I greatly appreciate the generous financial support that KSA President Jhinyoung Shin at Yonsei University and KSA President-elect Hee-Joon Ahn at Sungkyunkwan University have made possible. Of course, the KAFA-KCMI Joint Seminar is another great opportunity for us to broaden our understanding on current issues in finance. I would like to extend my gratitude to President Young Suk Park and Vice President InHyung Lee at KCMI for the invaluable support and resources that KCMI has provided for KAFA.

Many KAFA members have been instrumental in organizing the conferences and keeping KAFA operational, including Professors Peter Chung, H. Young Baek, Jung Chul Park, Woojin Kim, Noolee Kim, and Kiseo Chung. The Fund Management Committee members, especially Professor Ha-Chin Yi at Texas State University and Dr. Sangwoo Lee, have made every effort to boost the return on the Fund in this volatile financial market. I really appreciate their time, efforts, and expertise. I also thank the KAFA members who actively participated in the conference in various capacities. The conferences would not have been successful without their participation and dedication.

Finally, I encourage all KAFA members to attend the KAFA Annual General Meeting as well as the KAFA Dinner scheduled on Friday. It would be nice to meet you at the dinner place, but it will be even better to first say hello to each other and see what is going on at the KAFA Annual General Meeting and then go together to the banquet place. I am so grateful to the Korea Institute of Finance (KIF) for sponsoring the KAFA Dinner meeting.

I realize that this is my last official message as a KAFA officer, which makes me feel sort of bittersweet. It has been a great honor for me to serve KAFA as President for the past year. I am sorry that this letter ends up being too long. But I feel I cannot skip over this: Thank you, Professors Peter Chung, H. Young Baek, and Jung Chul Park, who have worked tirelessly as a great team! I believe KAFA will keep flourishing in their capable hands.

Looking forward to meeting with you all in New Orleans soon...


Sahn-Wook Huh

2018-2019 KAFA President

University (SUNY) at Buffalo