Kee Chung

PhD, University of Cincinnati
MS, The Korea Advanced Institute of Science and Technology
BS, Hanyang University, Seoul, South Korea

For more information:

• Research

Chung's interests are in the areas of market microstructure, corporate governance and financial markets.

Szu-Yin (Jennifer) Wu and Kee H. Chung. “Hedge Fund Activism and Corporate M&A Decisions.” Management Science, forthcoming.

Kee H. Chung, Albert J. Lee, and Dominik Rösch. “Tick Size, Liquidity for Small and Large Orders, and Price Informativeness: Evidence from the Tick Size Pilot Program.” Journal of Financial Economics 136 (June 2020), 879-899.

Kee H. Chung and Choonsik Lee. “Voting Methods for Director Election, Monitoring Costs, and Institutional Ownership.” Journal of Banking and Finance 113 (April 2020), Article 105738.

Szu-Yin (Jennifer) Wu and Kee H. Chung. “Corporate Innovation, Likelihood to be Acquired, and Takeover Premiums.” Journal of Banking and Finance 108 (November 2019), Article 105634.

Kee H. Chung, Junbo Wang, and Chunchi Wu. “Volatility and the Cross-Section of Corporate Bond Returns.” Journal of Financial Economics 133 (August 2019), 397-417.

Kee H. Chung and Chairat Chuwanganant. “Market Volatility and Stock Returns: The Role of Liquidity Providers.” Journal of Financial Markets 37 (2018), 17-34. SSRN (full) version

Kee H. Chung and Sahn-Wook Huh. “The Noninformation Cost of Trading and Its Relative Importance in Asset Pricing.” Review of Asset Pricing Studies 6 (December 2016), 261-302. The Best Paper Award, the 2015 Financial Management Association (FMA) European Conference.

Choonsik Lee, Kee H. Chung, and Sean Yang. “Corporate Governance and the Informational Efficiency of Prices.” Financial Management 45 (Spring 2016), 239-260.

Kee H. Chung and Sean Yang.  "Reverse Stock Splits, Institutional Holdings, and Share Value." Financial Management 44 (Spring 2015), 177–216.

Kee H. Chung and Chairat Chuwonganant.  "Uncertainty, Market Structure, and Liquidity."  Journal of Financial Economics 113 (September 2014), 476-499.

Kee H. Chung and Hao Zhang.  "A Simple Approximation of Intraday Spreads with Daily Data."  Journal of Financial Markets 17 (January 2014), 94-120.

Kee H. Chung, John Elder, and Jang-Chul Kim.  "Liquidity and Information Flow around Monetary Policy Announcements."  Journal of Money, Credit, and Banking 45 (August 2013), 781-820.

Kee H. Chung and Chairat Chuwonganant. "Regulation NMS and Market Quality."  Financial Management 41 (Summer 2012), 285-317.  Lead article.

Kee H. Chung, Carol Ann Frost, and Myungsun Kim.  "Characteristics and Information Value of Credit Watches."  Financial Management 41 (Spring 2012), 119-158.

Kee H. Chung and Hao Zhang. "Corporate Governance and Institutional Ownership."  Journal of Financial and Quantitative Analysis 46 (February 2011), 247-273.

Kee H. Chung, John Elder, and Jang-Chul Kim.  "Corporate Governance and Liquidity."  Journal of Financial and Quantitative Analysis 45 (April 2010), 265-291.  Lead article.  Featured on the Harvard Law School Forum on Corporate Governance and Financial Regulation.  

Kee H. Chung, William T. Smith, and Tao L. Wu.  "Time Diversification: Definitions and Some Closed-form Solutions."  Journal of Banking and Finance 33 (June 2009), 1101-1111.

Kee H. Chung and Chairat Chuwonganant. "Transparency and Market Quality: Evidence from SuperMontage." Journal of Financial Intermediation 18 (January 2009), 93-111.

Kee H. Chung, Chairat Chuwonganant, and Jing Jiang. "The Dynamics of Quote Adjustments." Journal of Banking and Finance 32 (November 2008), 2390-2400.

Xin Zhao and Kee H. Chung. "Information Disclosure and Market Quality: The Effect of SEC Rule 605 on Trading Costs." Journal of Financial and Quantitative Analysis 42 (September 2007), 657-682.

Kee H. Chung and Chairat Chuwonganant. "Quote-Based Competition, Market Share, and Execution Quality in NASDAQ-Listed Securities." Journal of Banking and Finance 31 (September 2007), 2770-2795.

Kee H. Chung, Chairat Chuwonganant, and D. Timothy McCormick. "Does Internalization Diminish the Impact of Quote Aggressiveness on Dealer Market Share?" Journal of Financial Intermediation 15 (January 2006), 108-131.

Kee H. Chung, Chairat Chuwonganant, and D. Timothy McCormick. "Order Preferencing and Market Quality on NASDAQ Before and After Decimalization." Journal of Financial Economics 71 (March 2004), 581-612.

Kee H. Chung, Mingsheng Li, and Linda Yu. "Assets in Place, Growth Opportunities, and IPO Returns." Financial Management 34 (Autumn 2005), 65-88.

Kee H. Chung and Seongyeon Cho. "Security Analysis and Market Making." Journal of Financial Intermediation 14 (January 2005), 114-141.

Kee H. Chung and Youngsoo Kim. "The Dynamics of Dealer Markets and Trading Costs." Journal of Banking and Finance 29 (December 2005), 3041-3059.

Kee H. Chung, Mingsheng Li, and Thomas H. McInish. "Information-Based Trading, Price Impact of Trades, and Trade Autocorrelation." Journal of Banking and Finance 29 (July 2005), 1645-1669.

Kee H. Chung, Charlie Charoenwong, and David K. Ding. "Penny Pricing and the Components of Spread and Depth Changes." Journal of Banking and Finance 28 (December 2004), 2981-3007.

Kee H. Chung and Chairat Chuwonganant. "Tick Size, Order Handling Rules, and Trading Costs." Financial Management 33 (Spring 2004), 47-62.

Kee H. Chung and Chairat Chuwonganant. "Tick Size and Quote Revisions on the NYSE." Journal of Financial Markets 5 (October 2002), 391-410.

Kee H. Chung, Bonnie Van Ness, and Robert Van Ness. "Can the Treatment of Limit Orders Reconcile the Differences in Trading Costs Between NYSE and NASDAQ Issues?" Journal of Financial and Quantitative Analysis 36 (June 2001), 267-286.

Kee H. Chung and Robert Van Ness. "Order Handling Rules, Tick Size, and the Intraday Pattern of Bid-Ask Spreads for NASDAQ Stocks." Journal of Financial Markets 4 (April 2001), 143-161.

Kee H. Chung, Raymond A. K. Cox and John Mitchell. "Citation Patterns in the Finance Literature." Financial Management 30 (Autumn 2001), 99-118.

Kee H. Chung. "Marketing of Stocks by Brokerage Firms: The Role of Financial Analysts." Financial Management 29 (Summer 2000), 35-54.

Kee H. Chung, Bonnie Van Ness, and Robert Van Ness. "Limit Orders and the Bid-Ask Spread." Journal of Financial Economics 53 (August 1999), 255-287.

Kee H. Chung and Jeong-Kuk Kim. "Corporate Ownership and the Value of a Vote in an Emerging Market." Journal of Corporate Finance 5 (March 1999), 35-54.

Kee H. Chung, Peter Wright, and Charlie Charoenwong. "Investment Opportunities and Market Reaction to Capital Expenditure Decisions." Journal of Banking and Finance 22 (1998), 41-60.

Kee H. Chung and Hoje Jo. "The Impact of Security Analysts' Monitoring and Marketing Functions on the Market Value of Firms." Journal of Financial and Quantitative Analysis 31 (December 1996), 493-512.

Kee H. Chung and Stephen Pruitt. "Executive Ownership, Corporate Value, and Executive Compensation: A Unifying Framework." Journal of Banking and Finance 20 (August 1996), 1135-1159.

Kee H. Chung, Thomas McInish, Robert Wood, and Donald Wyhowsky. "Production of Information, Information Asymmetry, and the Bid-Ask Spread: Empirical Evidence from Analysts' Forecasts." Journal of Banking and Finance 19 (1995), 1025-1046.

Kee H. Chung and Raymond A. K. Cox. "A Stochastic Model of Superstardom: An Application of the Yule Distribution." Review of Economics and Statistics 76 (November 1994), 771-775.

Kee H. Chung and Stephen Pruitt. "A Simple Approximation of Tobin's q." Financial Management 23 (Autumn 1994), 70-74.

Kee H. Chung. "The Contingent-Claims Approach to Investment Decisions." Decision Sciences 24 (November/December, 1993), 1215-1221.

Kee H. Chung and Charlie Charoenwong. "Investment Options, Assets in Place, and the Risk of Stocks." Financial Management 20 (Autumn 1991), 21-33.

Raymond A. K. Cox and Kee H. Chung. "Patterns of Research Output and Author Concentration in the Economics Literature." Review of Economics and Statistics 73 (November 1991), 740-747.

Kee H. Chung. "Output Decision under Demand Uncertainty with Stochastic Production Function: A Contingent Claims Approach." Management Science 36 (November 1990), 1311-1328.

Kee H. Chung and Raymond A. K. Cox. "Patterns of Productivity in the Finance Literature: A Study of Bibliometric Distributions." Journal of Finance 45 (March 1990), 301-309.

• Department Chair (2001-16)

• Fulbright Scholar to The Republic of Korea
• Numerous invited presentations in Asia

• The Best Paper Award, the 2015 Financial Management Association (FMA) European Conference, June 11-12, 2015, Venice, Italy
• The Financial News and Korea-America Finance Association (KAFA) Top-Journal Paper Award, October 2014, Nashville, Tennessee
• The Fulbright Distinguished Lectureship Award, Yonsei University, Spring 2011
• The Maekyung Best Paper Award, the 2010 Annual Conference of the Korean Academic Society of Business Administration, August 2010
• Dean’s Faculty Research Fellowship, University at Buffalo, 2009
• Provost’s Exceptional Scholar Sustained Achievement Award, University at Buffalo, 2006
• The Maekyung-KAEA Economist Award, 2007. The Maekyung-KAEA Economist Award was established by the Maeil Business Newspaper, the largest daily economic newspaper in Korea. The purpose of this award is to recognize outstanding scholarly work by KAEA members. 
• Who's Who in Business Higher Education, 2003, 2005
• The Best Paper Award, The Korean Securities Association, February 22, 2003, Seoul, Korea
• The Best Paper Award (in Investments), the 2000 Southwestern Finance Association Meeting, March 15-18, 2000, San Antonio, Texas
• Outstanding Paper Award (in Investments), the 1999 Southern Finance Association Meeting, November 18-20, 1999, Key West, Florida
• Competitive Paper Award (in Market Microstructure), the 1998 Financial Management Association (FMA) Meeting, October 14-17, 1998, Chicago, Illinois
• The Best Article Award, Global Finance Conference, April 4, 1996, Honolulu, Hawaii.
• The Best Article Award, the National Taiwan University Conference on Finance, November 6-7, 1995, Taipei, Taiwan
• Fulbright Scholar Award (Research and Lecture), August 1995-July 1996
• The Best Article Award in the Empirical Category, Fogelman College, University of Memphis, 2000 (first place), 1999 (first place), 1997 (second place)
• The Best Article Award in the Theoretical Category, Fogelman College, University of Memphis, 1994 (second place), 1990 (first place)
• Dean's Merit of Excellence Award on Research, Teaching and Services, Fogelman College, University of Memphis, 1990, 1989
• Google Scholar citations (http://scholar.google.com/citations?user=92KQ9z8AAAAJ&hl=en): 9,200+
• Social Science Citation Index (SSCI) citations: 1,800+
• Social Science Research Network (SSRN) downloads: 30,000+ http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=57683
• Ranked 50^th in terms of the number of JF equivalent pages among 6,538 authors who have published at least one article in the top 16 finance journals during a 12-year period 1990-2001, according to K. Chan, C. Chen and T. Steiner. “Production in the Finance Literature, Institutional Reputation, and Labor Mobility in Academia: A Global Perspective.” Financial Management 31 (Winter 2002), 131-156. Top 1000 Authors
• Ranked 73^rd (35^th) in terms of the number of publications among 8,975 (17,601) authors who have published at least one article in the seven leading (26 core) finance journals during a 50-year period 1959-2008, according to Jean L. Heck and Philip L. Cooley. “Most Prolific Authors in the Finance Literature: 1959-2008.”  http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1355675.
• Ranked 8^th in terms of the number of publications among 3,053 authors who have published at least one article in the top 10 finance journals during a 5-year period 2001-2005, according to D. Jackson and C. Brown, “Business Schools' Rankings and Faculty Research Productivity: An Examination of Recent Research.”
• Ranked 1^st among Korean scholars in terms of the co-author weighted number of articles published in 24 finance journals during a 20-year period 1990-2010, according to Kam C. Chan, Chih-Hsiang Chang, and Yining Chen, “Retrospective Analysis of Financial Research Among Korean Institutions and Authors (1990–2010)."

• More than 50 presentations at universities and conferences