1

WiSaeng Kim, Ph.D.

Department of Finance
FrankG.ZarbSchool of Business
HofstraUniversity
Hempstead, NY11549-1270

(516) 463-5354 (voice)

(516) 463-4834 (fax)

(347) 438-1111(home)

Profile:

Dr. Kim hasresearch interests in a number of areas, including corporate ownership structure related agency theories, corporate debt policies,and foreign direct investment theories.His current research focuses onbehavioralfirm theoriesin non Anglo-Saxon economies, and active global equity management. Dr. Kim’s research papers have been published in top journals, such as the Journal of Financial and Quantitative Analysis, Journal of Financial Research, Financial Review, Journal of Business Finance and Accounting, Journal of International Business Studies, Journal of International Financial Management and Accounting, Multinational Finance Journal, Korea Finance Journal, and other refereed journals abroad. Dr. Kimhas presented numerous papers at meetings such as the American Finance Association, Western Finance Association, Financial Management Association, Eastern Finance Association, and Korean Finance Association. Hehas also published numerous articles in the Korean academic journals andwritten four books in Korean.

Dr. Kim’s joint work of Kim and. Sorensen (1986)is one of the pioneeringpapers which empirically tested the agency theory of capital structure, and has been extensively cited in journal articles by renowned authors.Another collaborative workof Kim and. Lyn (1987), proposing the Reverse FDI theory, was nominated for the ‘JIBS (Journal of International Business Studies) Decade Award’in 1997.

Dr. Kimhas taught at RutgersUniversity, Baruch College CUNY, the University of Arizona, HofstraUniversity,Graduate School of Management at KAIST, KoreaUniversity,and KyungnamUniversity in Korea. Dr. Kim held a visiting scholar position at HarvardUniversityfrom 1999 to 2000. Dr. Kim served asthe Dean of the College of Continuing Education at KyungnamUniversity from 1996 to 1998. During this time, Dr. Kim developed comprehensive curriculum to broaden citizen participation as well as supervised 17 foreign English instructors. Dr. Kim served as a strategic consultant to‘Samsung Small Machinery Group’ from 1995 to 1997.

Academic Degrees

Ph. D. (Finance) GeorgiaStateUniversity.

M. B. A. (Finance) GeorgiaStateUniversity.

B. A. (Economics) KyungnamUniversity.

Academic Experience

Adjunct Professor for International Summer Camp, Korea University, 2008 (summer)

Research professor, KoreaUniversity, 2007

Visiting professor, Graduate School of Management, KAIST, 2005-2007 (summer)

Associate Professor, HofstraUniversity, Hempstead, NY, 2001 - present

Visiting Scholar, HarvardUniversity, Cambridge, MA, 1999- 2000

Professor, KyungnamUniversity, Masan, Korea, 1992- 2000

Associate Professor, RutgersUniversity, Newark, NJ, 1988-1991

Associate Professor, University of Baltimore, Baltimore, MD, 1987-1988

Assistant Professor, BaruchCollege, CUNY, NY, NY, 1982-1987

Assistant Professor, University of Arizona, Tucson, AZ, 1981-1982

Assistant Professor, University of NorthTexas, Denton, TX, 1980-1981

Administration and Public Service Experience

Weekly Economic commentator for Radio Korea in New York, 2007-2008

Co-director of the Conference on “International Investments: Opportunities in the

Equity and Bond Markets,” for the MerrillLynchCenter for the Study of

International Financial Services and Markets, May 2005

Research Director, Economic Division, Kyungnam University, Korea, 1998-1999.

Board of Directors, YMCA of Changwon Club, Korea, 1997- 1999

Head, Economic Division, Kyungnam Forum, Korea, 1997-1999.

Dean, College of Continuing Education, Kyungnam University, Korea, 1996-1998

President, International Y’s man Changwon City Club, Korea, 1997-1998

Research Fellow, Institute for Far Eastern Studies, Korea, 1992-1998.

Economic Columnist, Kyungnam Daily Newspaper. 1996-1997

Strategic Advisor, Samsung Small Machinery Group, 1995- 1997.

Managing Director, Kyungnam Times, Quarterly English Magazine, 1994-1998.

Director, Foreign Language Institute, Kyungnam University, 1995-1996.

Research Fellow, Kyungnam Government Development Institute, 1995- 1996.

Chairman, Department of Insurance, Kyungnam University, Korea, 1993-1995.

Awards and Nominations

Dedicated Service Award for the MerrillLynchCenter for the Study of International

Financial Services and Markets, HofstraUniversity, May 2005

Man of the Year Award, Kyungnam Forum, Korea, 1998

Outstanding Research Award, Hanma Foundation, KyungnamUniversity, 1998

Nominated for ‘Decade Award’ of the Journal ofInternational Business Studies in 1997.

Outstanding International Student Award, GeorgiaStateUniversity, 1974

Publications in Academic Journals

1.Myung Chul Yi, Young Duke Hah, Wi Saeng Kim and Youngkyu. Park, “Stock valuation and accounting performance effects of financially troubled banks acquired by foreign investors,”(2008) accepted for publication in Journal of International Business and Economics

2.Ciner, Cetin, Ahmet Karagozoglu and Wi Saeng Kim, “What is so special about KOSPI 200 Index Futures Contract? An Analysis of Trading Volume and Liquidity,” Review of Futures Market, Vol. 14 No 3, winter (2005-2006), pp. 327-348

3.Wi Saeng Kim, Esmeralda Lyn, and Edward Zychowicz, “Can Stock Market Liberalization in Emerging Economies Mitigate Legal System Deficiencies? Forthcoming, Journal of Financial Research. Vol. 28, September, 2005, pp. 421-437

4.Wi Saeng Kim, Esmeralda Lyn, Tae-JunPark, and Edward Zychowicz, “The Wealth Effects of Capital Investment Decisions: An Empirical Comparison of Korean Chaebol and Non-ChaebolFirms.”Journal of Business Finance and Accounting. Vol. 32, No 5&6, June/July 2005, pp. 945-971

5.Wi Saeng Kim, “Wealth Effects of International Investment and Agency Problems for Korean Multinational Firms,” Journal of International Financial Management and Accounting, Vol. 14, No. 3,2003, pp. 194-217

6.Wi Saeng Kim, Esmeralda Lyn, and Edward Zychowicz "Is the Source of Foreign Direct Investments Important to Emerging Market Economies? Evidence from Japanese and U.S. FDI,” Multinational Finance Journal. Vol. 7 No 3&4, September/December, 2003, pp. 107-130

7.Wi Saeng Kim, “New trends of globalization: Do we need new theories?” The Journal of International Business & Law, Vol. 2. 2003,pp. 72-81

8.In-Mu Haw, Kooyul Jung, C. Subramaniam, and Wi S. Kim, “The Effects of Insider Ownership on Predisclosure Information, Timeliness of Earnings Announcements and Earnings Response Coefficients,” Academy of Accounting and Financial Studies, Vol. 6. No. 2, 2002, pp.125-137.

9.In-mu Haw and Wi Saeng Kim, "Firm Size and Dividend Announcement Effect," Journal of Accounting, Auditing and Finance, Vol. 6, summer 1991, pp. 325-347.

10.Wi Saeng Kim and E. Lyn, "Going Private Corporate Restructuring Under Information Asymmetry and Agency Problems," Journal of Business Finance and Accounting, Vol. 18, September 1991, pp. 637-648.

11.Wi Saeng Kim and C. Young, "The Effect of Traded Option Introduction on Shareholders' Wealth," The Journal of Financial Research, Vo. 14, summer 1991, pp. 141-151.

12.Wi Saeng Kim and E. Lyn, "FDI Theories and the Performance of Foreign Multinational Operating in the U.S.," Journal of International Business Studies, Vol. 21, First Quarter 1990, pp. 41-53.

13.Wi Saeng Kim, "Options on the Securities of MNCs and Expansion of Return Space,” International Journal of Management, Vol. 6, September1989, pp. 268-274.

14.Arvind Mahajan, Wi S. Kim, and Dileep Mehta "Merger Motives: Wealth Maximization Versus Agency problem," International Journal of Management, Vol. 5, March 1988, pp. 42-57.

15.Wi Saeng Kim, Jae Lee, Jack Francis, "Investment Performance of Common Stocks in Relation to the Insider Ownership," The Financial Review, Vol. 23, February 1988, pp. 53-66.

16.Wi Saeng Kim and E. Lyn, "Excess Market Value, Market Power, and Insider Ownership Structure," Review of Industrial Organization, fall 1988, pp.1-25.

17.Wi Saeng Kim and E. Lyn, "Foreign Direct Investment Theories, Entry Barriers, and Reverse Investments in U.S. Manufacturing Industries," Journal of International Business Studies, Vol. 18, summer 1987, pp. 53-66

**This paper was nominated for “1997 JIBS Decade Award.”

18.Wi Saeng Kim and E. Lyn, "Excess Market Value, the Multinational Corporation and Tobin's q-Ratio," Journal of International Business Studies, Vol. 17, spring 1986, pp. 119-125.

19.Wi Saeng Kim and Eric Sorensen, "Evidence on the Impact of the Agency Cost of Debt on Corporate Debt Policy," Journal of Financial and Quantitative Analysis, Vol. 21, June 1986, pp. 131-143.

**This paper has been cited by 240 peer research papers, according to Googlescholars.com

Publications in Korean Academic Journals

  1. Wi Saeng Kim and J. S. Seo, “Korean Stock Market Opening and M&A Announcement Effects,”The Korean Journal of Finance, Vol. 13, No. 2,November 2000, pp. 245-275.
  2. In-mu Haw and Wi S. Kim, "The Association between Discretionary Disclosures and Inside Ownership," KyungnamUniversityGraduateSchool Journal, Vol. 13, No. 1, 1998, pp. 195-216.
  3. Wi Saeng Kim, “The Foreign Direct Investment Theories and the Objective Function of the Firm," Journal of Industrial Management, Vol. 21, 1997, pp. 248-268
  4. Wi Saeng Kim, "The Impact of Financial Deregulation on the Competitiveness of Manufacturing Firms," Korean Journal of Financial Studies, October 1994, pp. 153-184.
  5. Wi Saeng Kim, “Agency Problems and Corporate Acquisitions," Korean Journal of Financial Management, December 1991, pp. 99-110.
  6. Wi Saeng Kim, “Insiders Trading on Nonpublic Information and Its Impact on Shareholders' Wealth,” Korean Journal of Financial Management, Vol. 8, August 1991, pp. 139-153.
  7. Wi Saeng Kim and S. Thomadakis, “The Distribution of Foreign Direct Investment in U.S. Manufacturing Industries," Journal of Industrial Management. Spring 1991, pp. 259-275

Publications in Proceedings

  1. Wi Saeng Kim, “Agency cost of Guanxi and diversification benefits of investment in China by Korean firms,” Behavioral Finance Symposium, Hosted by Korea Institute of Finance and Korea-America Finance Association, June, 2003, pp. 3-30
  2. Wi Saeng Kim, “Globalization and World Prosperity,” News Letter of Merrill

Lynch Center for the Study of International Financial Services and Markets,

HofstraUniversity, 2002.

  1. Wi Saeng Kim and Jae Lee, “The Significance of Research and Development Efforts on Export Performance,” Proceedings at the International Convention sponsored by the Korean Economic Association, August l984.
  2. Wi Saeng Kim and D. Mehta, "An Additional Role of MNCs under an Incomplete and Imperfect Market," Financial Review, 1981.

Articles in Books

  1. Wi Saeng Kim, "Economic Integration of South-North Korea," in A Comparison ofPolitical and Economical Status of the Two Koreas,Institute for Far Eastern Studies, Seoul, 1996, pp. 322-346 (in Korean).
  2. Wi Saeng Kim, "Japanese Influence on the Northeastern EconomicRegionalism," in The Search of New Order in the Northeastern Asia, Seoul Press, 1996, pp. 337-368 (in Korean).
  3. Wi Saeng Kim, "The Formation of a Pan-Chinese Economic Bloc," in The Future of China and Northeast Asia, Kyungnam University Press, 1997, pp. 37-56.

Scholastic Books(in Korean)

  1. Wi Saeng Kim, Jun Sam Ha, HyeKyung Yun, 2006, The truth of Sovereign Asset Management, 2006, HongIk Publishing Company, Seoul, Korea

The book presents detailed facts onthe failed attempt to takeover SK Corporation,

a Korean chaebol conglomerates, by Sovereign Asset Management. It offersFDI theories and empiricalevidence on the impacts of FDI on recipient economies.

  1. Wi Saeng Kim, 1998, A New Paradigm in Financial Management, Samyong-sa, Seoul, Korea. This book is an introductory corporate Finance textbook
  2. Yong-soo Chun, Wi S. Kim, and S. Jung, 1995, Principles of Management,Bupmun-sa, Seoul, Korea. This book is an introductory management textbook
  3. Wi Saeng Kim, 1995, Attracting Foreign Direct Investments; A Paradigm Shift, ResearchReport, 95-17, Kyungnam Development Institute, Korea. This book offers a theoretical review and recent trends of FDI flows.

Manuscripts under review and other working papers

  1. Tae Hyuck Kim and Wi Saeng Kim, 2009, “Applying Anglo-Saxon Firm Theory in Bank-based Economies; are There Societal Costs?” working paper, Hofstra Univeristy
  2. Wi Saeng Kim, 2008, “Comparative analysis of managerial risk-taking incentives as causes for the Asian and the American financial crises,”HofstraUniversity
  3. Wi Saeng Kim and TaePark, 2008, “Associations between acquisition premiums and private benefits of corporate control,” Working paper Hofstra university
  4. Wi Saeng Kim, Esmerada Lyn, Tae Park, and Edward Zychowicz, 2007 “ The Organizational Structure of Korean Firms and the Value of Foreign Investment Decisions,” under review with the Global Finance Journal
  5. Wi Saeng Kim, 2005, “Investment opportunities, network values, and agency costs of FDI in China: Differential wealth effects of conglomerate firms.”
  6. In Joon Kim, Ji Yeon Kim, Wi Saeng Kim, and Suk Joon Byun, 2005 “Foreign Investors and Corporate Governance in Korea,” Under a second review with Pacific-Basin Finance Journal.
  7. Wi Saeng Kim, Kiyoung Chang, and Young-Chul Kim, “Value of Majority Ownership in Cross-border Acquisitions,” April 2004.
  8. Wi Saeng Kim, K. G. Viswanathan, and Edward J. Zychowicz, “Cross-Listing, Firm Characteristics and the Legal Protection of Shareholders,” January, 2004.
  9. SungJoo Chun and Wi Saeng Kim, “Investor protection and the wealth effects of cross-listings in the U.S. markets: Evidence from Asian economies,” June 2003.
  10. Wi Saeng Kim, Esmeralda Lyn, and Edward Zychowicz, “The Role of Corporate Governance Structure and Financial System on FDI Location Decisions,” 2002.
  11. Wi Saeng Kim, “Does FDI Increase Firm Value in Emerging Markets?” WeatherheadCenter for International Affairs, HarvardUniversity, Working paper Series 00-03.

Papers Presented at Academic Conferences

  1. Wi Saeng Kim,“Applying Anglo-Saxon Firm Theory in Bank-based Economies;

Are There Societal Costs?” Key note speaker at the Asian Financial Engineering Association Meetings, June 2008 in Hong Kong

  1. Wi Saeng Kim, Esmerada Lyn, Tae Park, and Edward Zychowicz, “The Organizational Structure of Korean Firms and the Value of Foreign Investment Decisions, “ Presented at the Eastern Finance Association Meetings, April 2008
  2. In Joon Kim, Ji Yeon Kim, Wi Saeng Kim, and Suk Joon Byun, “Foreign investors and corporate governance in Korea.” Multinational Finance Association Meetings, July 2005
  3. In Joon Kim, Ji Yeon Kim, Wi Saeng Kim, and Suk Joon Byun, “Foreign investors and corporate governance in Korea.” European Finance Association Meetings, June 2005
  4. Wi Saeng Kim, Esmerada Lyn, TaePark, and Edward Zychowicz, “The Impact of Concentrated Ownership of the Efficacy of Investment Spending by Korean Firms,” Presented at the Southern Finance Association Meetings, November 2004
  5. Ciner, Cetin, Ahmet Karagozoglu and Wi Saeng Kim, “What is so special about KOSPI 200 Index Futures Contract? An Analysis of Trading Volume and Liquidity,” Presented at the Financial Management Association, October 2004
  6. Ciner, Cetin, Ahmet Karagozoglu and Wi Saeng Kim, “What is so special about KOSPI 200 Index Futures Contract? An Analysis of Trading Volume and Liquidity,” Presented at the 14th Annual AsiaPacific Futures Research Symposium, Hong Kong, February 2004
  7. Wi Saeng Kim, K. G. Viswanathan, and Edward J. Zychowicz, “Cross-Listing, Firm Characteristics and the Legal Protection of Shareholders,” Presented at the 2004 Global Business Development Institute Conference held in Chennai, India, January 1-3, 2004.
  8. Wi Saeng Kim, “Foreign Direct Investment as a Measure of American Business Interests in the Korean Peninsular, Presented at the Asia Economic interest Conference Celebrating the Centennial of Korean Settlement & 50 Years of Alliance: Century of ups and downs in Korea-U.S. Relations & Re-illuminating, September 2003.
  9. Wi Saeng Kim, “Agency costs of Guanxi and diversification benefits of investments in China by Korean firms” Presented at Behavioral Finance Symposium, Sponsored by the Korea Institute of Finance., sponsored jointly by Korea Financial Research Institute and Korea-America Finance Association, June 2003.
  10. Wi Saeng Kim, Esmerada Lyn, TaePark, and Edward Zychowicz, “The Impact of Organizational Structure on the Wealth Effects of Firm Investment Decisions: Evidence from Korean FDI and Domestic Investments,” Presented at the Financial Management Association Meetings, October 2003.
  11. Wi Saeng Kim, Kiyoung Chang, and Young-Chul Kim, “Value of Majority Ownership in Cross-border Acquisitions,” Presented at the Midwest Finance Association Meetings, March 2003.
  12. Wi Saeng Kim, Esmerada Lyn, TaePark, and Edward Zychowicz, “The Wealth Effects of Capital Expenditure Decisions: Pre-and Post-Crisis Evidence from the Korean Market,” Presented at the Financial Management Association Meetings, October 2002.
  13. Wi Saeng Kim, Esmeralda Lyn, and Edward Zychowicz, “Role of corporate governance structure and financial systems on FDI decisions, Presented at Eastern Finance Association Meetings, April 2002.
  14. Wi Saeng Kim, Esmeralda Lyn, and Edward Zychowicz, “Is the Source of FDI Important to Emerging Market Economies? Evidence from Japanese and US FDI,” Presented at the Multinational Finance Association Meetings, 2001.
  15. Wi Saeng Kim, "The Impact of Foreign Financial Analysts on Security Pricing and Market Efficiency: The Case of M&A Announcement in Korea," Presented at the International Conference on Financial Services in the Evolving Global Marketplace: Approaching the Next Millennium, October 1998, Hempstead, NY.
  16. Wi Saeng Kim, "Pros and Cons of Multinational Corporations' Entry into the Korean Market,” Presented at the Regional Seminar on Korea-U.S. Economic Relations Past, Present, and Future: Interdependence in the Global Economy, April 1998, Chung-mu, Korea.
  17. Wi Saeng Kim, "The Formation of a Pan-Chinese Economic Bloc," Presented at the International Conference in Commemorating the 25th Anniversary of the Institute for Far Eastern Studies, SeoulKorea, May 1997.
  18. Wi Saeng Kim and H. Jung, "Korean Stock Market Reactions to the Foreign Direct Investment Announcement," Presented at the Pacific-Basin Capital Market Conference,Kuala-LumpurMalaysia, July 1993.
  19. Wi Saeng Kim and Colin Young, "International Portfolio Diversification with ADRs." Presented at theEastern Finance Association Meetings, April 1988.
  20. Wi Saeng Kim and E. Lyn, "Financial Analysis of Going Private Firms" resented at the Financial Management Association Meetings, October 1985
  21. Wi Saeng Kim and E. Lyn, "Financial Analysis of Going Private Firms" resented at the Financial Management Association Meetings, October 1985.
  22. Wi Saeng Kim, C. Young and A. Mahajan "Shareholders' Wealth Effects of Changes in Financial Market: An Empirical Investigation," Presented at the Financial Management Association Meetings, October 1984.
  23. Wi Saeng Kim and E. Lyn, "Empirical Investigation of the Change in Dividend Payments; Signaling and Agency Problem Hypotheses," Presented at the Financial Management Association Meetings, October 1984.
  24. Wi Saeng Kim and E. Lyn, "Agency Cost, Firm Size and Excess Market Values,” Presented at the Western Finance Association Meetings, June 1984.
  25. Wi Saeng Kim and Jae Lee, “The Significance of Research and Development Efforts on Export Performance,” Presented at the International Convention for Korean Economists, sponsored by Korean Economic Association, August l984.
  26. Wi Saeng Kim, J. Lee and J. Francis, "Investment Performance of Common Stocks in Relation to the Insider Ownership Percentage of the Corporation," Presented at the Eastern Finance Association Meetings, April 1984.
  27. In-mu Haw and Wi Saeng Kim, "An Empirical Investigation of Corporate Dividend Policy: Signaling Incentives and Firms Size," Presented at the Eastern Finance Association Meetings, April 1984.
  28. Wi Saeng Kim and E. Lyn, "Agency Costs of External Financing and Tobin's Q Ratio," Presented at the Financial Management Association Meetings, October 1983.
  29. Wi Saeng Kim and E. Lyn, "Excess Market Value, the Multinational Corporation,

and Tobin's Q Ratio," Presented at the Eastern Finance Association Meetings,

April 1983.

  1. Wi Saeng Kim and E. Lyn, "Tobin's Q as a Determinant of Reverse Foreign Direct Investments and Acquisitions." Presented at the Eastern Finance Association Meetings, April 1983.
  2. Wi Saeng Kim and E. Sorensen, "Agency Costs of Debt and Corporate Capital

Structure: An Empirical Study Based on Ownership Structure." Presented at the

American Finance Association Meetings, December 1982.

  1. Arvind Mahajan, Wi S. Kim, and D. Mehta, "Mergers and Asset Structure Change: Test of Agency Theory," Presented at the Southern Finance Association Meetings, November 1982.
  2. Wi Saeng Kim and Eric Sorensen, "The Use of Sinking Fund Bonds in Resolving Agency Cost of Debt," Presented at the Western Finance Association Meetings, June 1982.
  3. Wi Saeng Kim, M. Walker, and J. McDonald, "An Empirical Study of the Market

Risk Premium," Presented at the Financial Management Association Meetings,