SK Award-Winning Scholar Interview – Professor Minjae Koo   In 2025, Professor Minjae Koo of Korea University Business School received the SK·IBRE Award for his co-authored paper, “Riding Attention Spikes: How Analysts Respond to Advertising” (co-authors: Annika Wang, Yin Wang, and Liandong Zhang), which has been accepted for publication in Contemporary Accounting Research. This study investigates how sell-side analysts strategically respond to spikes in investor attention caused by corporate advertising. The paper has been highly regarded in academia for demonstrating how the interplay between advertising and optimistic analyst forecasts significantly increases retail investor trading activity.   Q1. First of all, congratulations on winning the SK Award. Could you share your thoughts on receiving this honor? A1. Thank you very much. I am deeply honored to receive the SK·IBRE Award. This recognition is both humbling and encouraging. I view it as a meaningful milestone in my academic journey and a strong motivation to further explore topics related to market inefficiencies. I will continue striving to broaden the scope of accounting research and contribute to the field in meaningful ways.   Q2. Could you briefly introduce the research (paper/finding) that earned you this award? A2. Certainly. This paper examines how sell-side financial analysts respond to spikes in investor attention induced by product advertising. Our findings suggest that analysts issue more optimistic earnings forecasts following weeks with intensified advertising activity. This tendency is especially pronounced when analysts are affiliated with brokerages that benefit from increased trading commissions. These strategic forecast revisions amplify the trading activity of retail investors, highlighting how non-informational events such as advertising can shape capital market outcomes.   Q3. Could you share what motivated you to start this research or the background behind it? A3. The idea originated from emerging evidence that, although advertising provides limited fundamental information, it draws substantial investor attention and increases retail trading volume. We became interested in whether financial analysts—who serve as key information intermediaries in capital markets—might actively leverage these attention spikes. Given their economic incentives to stimulate trading, we hypothesized that analysts would strategically issue more optimistic forecasts when investor attention is elevated.   Q4. How do you think your research outcomes could impact society or the industry? A4. This study underscores a previously underexplored dimension of market inefficiency: the strategic behavior of financial analysts in response to non-informational stimuli like advertising. These findings carry important implications for investor protection and market transparency. They also offer insights for policymakers and regulators aiming to understand how advertising may influence financial decision-making and the dynamics of investor behavior in capital markets.   Q5. Could you share your future research plans or specific topics of interest? A5. I’m currently interested in the growing role of non-traditional information intermediaries—such as social media influencers—in shaping investor sentiment and firm valuation. The rise of digital platforms like mobile trading apps and social networks has fundamentally changed the way market participants access and interact with financial information. I hope to explore how these new communication channels affect corporate behavior, investor perception, and overall market efficiency.   Q6. If there’s a message you’d like to share with students, please feel free to do so. A6. Stay curious and never shy away from challenging conventional wisdom. Cultivate a mindset that remains open to diverse sources of information—whether from YouTube, books, news, or magazines. Some of the most profound insights often emerge from bridging ideas across seemingly unrelated fields. Keep thinking critically, remain open-minded, and persevere in your intellectual pursuits.   Summary of Professor Minjae Koo’s Paper 「Riding Attention Spikes: How Analysts Respond to Advertising」 This study investigates how sell-side analysts strategically respond to increases in investor attention caused by product advertising. Using weekly advertising data, we find that analysts tend to issue more optimistic earnings forecasts in the weeks following heightened advertising activity, particularly when they are affiliated with brokerages that derive significant revenue from trading commissions. This behavior is more prominent among experienced analysts and those serving a retail investor clientele, suggesting a strategic—rather than cognitive—bias. The combination of advertising-induced attention and optimistic analyst forecasts significantly boosts retail trading volume, illustrating how non-informational stimuli can interact with market intermediaries to amplify financial market reactions. The findings highlight analysts' potential role in distorting information flow and underscore important considerations for market efficiency and investor protection.  

“All Aboard, CHOO CHOO!”… 19th Cohort Startups Embark on Their Entrepreneurial Journey in Earnest  The orientation for the 19th cohort of CHOO CHOO's newly admitted resident startups was held on Tuesday, July 1, at Room 201 “The Stage” in the KUBS Main Building. Nine startup teams attended the session to introduce themselves and receive guidance on life at the Startup Station.  The newly admitted teams include △Mindful Labs, an AI-powered service addressing mental health issues △Tart, a data-driven AI all-in-one fractional investment platform △Thermit, an AI-based promotional page creation service △Eduforce, an AI platform for personalized lecture content and automated class delivery △Socially, a local community-based platform for social engagement △Franchat, an anonymous random chat service for connecting with acquaintances △During, a premium self-care brand targeting menopausal women △GAON, a platform for MRV (Monitoring, Reporting, Verification) of greenhouse gas reduction activities. These startups span a broad spectrum of industries, from technology to lifestyle.  The event began with a welcome address by Joon Ho Hwang, Director of the Startup Institute. Director Hwang offered words of encouragement, saying, “You must have gone through many challenges and hardships to get to this point, and I commend you for making it through.” He continued, “Since taking office as Director in March, it’s especially meaningful for me to meet our resident teams in person for the first time.” He then introduced key programs operated by the Startup Institute, including Entrepreneurship Academy, featuring lectures from CEOs and experts, Startup Express, a program that selects excellent startups and provides residency opportunities, Startup Essentials, practical entrepreneurship education for resident startups, and CHOO CHOO Day, a pitch program designed to help teams attract follow-up investment. During the summer break, the resident teams will take part in the Startup Essentials program.  Next, Young Kyung Kim, Head of the Iljin Startup Support Center, explained the purpose and structure of the mentoring program for resident teams. Using semiconductor circuits as an analogy, he emphasized, “Just as a slight deviation in current flow can cause a system-wide failure, various elements in business—such as identifying target customers and attracting investors—must function in an organically connected way.” He continued, “While I may not be an expert in every field, mentoring is fundamentally about identifying the networks you need and helping you make those connections.” Kim noted that mentoring at Startup Station is not merely feedback-oriented, but rather focused on building relationships. The program consists of bimonthly ‘Station Meetings’ and flexible one-on-one ‘On-Demand Mentoring’ sessions. He encouraged students, saying, “Feel free to stop by even if you don’t have a specific agenda,” and highlighted the importance of communication by adding, “Being a good listener is key to enabling meaningful dialogue and discussion.”  Following this, representatives from the resident startups took turns introducing their teams and sharing their thoughts on joining the program. Each expressed a strong commitment to making the most of their time during the residency and voiced a shared desire to collaborate and grow together.  After the introductions, staff member Chae Rin Kim provided a detailed overview of office space usage, including procedures for issuing access cards, reserving meeting rooms, and general workspace guidelines. She also explained the registration process for the monthly anonymous peer evaluation system and outlined the terms of residency. The standard residency period is six months, with the possibility of extension to up to one year following a performance-based review. The highest-performing team may remain for up to 18 months, while underperforming teams may be asked to vacate the space after just three months.  The final part of the orientation was the allocation of team workspaces. Five teams that received awards at the 2025 Summer Startup Competition were given priority in selecting their seats, while the remaining teams were assigned seats through a random draw. Team members reviewed the seating chart and selected their spaces before leaving the orientation venue for a casual lunch meeting. Following the meal, onboarding interviews for each team were held in a pre-scheduled order, marking the conclusion of the orientation program.  Through this orientation, the 19th cohort of CHOO CHOO resident startups has officially embarked on its entrepreneurial journey. With upcoming educational programs, mentoring sessions, and diverse networking opportunities, each team is now well-positioned to build a strong foundation for future growth. 

Celebrating a Semester of Hard Work – Korea MBA End-of-Semester Gathering Filled with Laughter  Korea University Business School’s Korea MBA program held its end-of-semester gathering and celebratory dinner for the first semester of the 2025 academic year on Friday, June 20, at Ahn Young-Il Hall in the LG-POSCO  Hall.  The event was organized to celebrate the end of the semester, strengthen the sense of community among current students, and provide an opportunity for new students to share their thoughts and challenges from their first months in the program. Approximately 120 Korea MBA students attended the event, exchanging stories and reflections in a warm and memorable atmosphere.  A special highlight of the evening was the wine provided with the support and encouragement of the Dean, which contributed to the warm and festive atmosphere of the event. Students exchanged words of appreciation and support for one another’s efforts throughout the semester, reaffirming their motivation and commitment to their future studies and activities.  The 107th Korea MBA Student Council, which organized the event, stated,  “We hope this gathering served as a meaningful opportunity for communication and connection among classmates. Moving forward, we will continue to offer a variety of programs that support the growth and collaboration of all members of the MBA community.”  Korea University Business School will continue to promote a student-centered approach by fostering a sustainable networking culture and providing an inclusive environment where students from diverse backgrounds can grow and thrive together.   

Bridging Academia and Industry: 2025 Capstone Seminar Held at KUBS  On Friday, July 4, Korea University Business School held the 2025 Capstone Project Topic Seminar at Sudang CLC Lab 2 (Room 328C), LG-POSCO Hall. Hosted by the Center for Digital Transformation & Business (CDTB), the seminar featured the participation of Hyundai Motor Securities, which proposed project topics based on real-world data and collaborated with students to refine and develop the ideas.  Hyundai Motor Securities proposed a project that enables students to apply their analytical and strategic planning skills using qualitative data—such as individual behavioral traits—highly valued in the finance and investment sectors. The students will continue to develop the project in teams through ongoing collaboration with the company.  Earlier in June, a series of topic seminars were held in collaboration with leading companies from a range of industries, including LG Household & Health Care, PwC, LG CNS, Hyundai Department Store, Hyundai Home Shopping, and Hyundai Motor Company. Each session featured in-depth Q&A discussions on the background of the projects, approaches to data utilization, and analytical frameworks, helping students gain a deeper understanding.  Through its Capstone Project program, Korea University Business School aims to cultivate practice-oriented talent by providing hands-on learning experiences that address real-world industry challenges through data-driven analysis and solutions. 

The first step toward global leadership: ‘Global MBA Welcome Night’ Successfully Held      The ‘Global MBA Welcome Night’ was held on Wednesday, June 11, at Young-Il Ahn Hall on the 6th floor of LG-POSCO Hall at Korea University. The event served as a meaningful occasion for newly admitted students of this year’s Global MBA program to meet for the first time, introduce themselves, connect with current students and faculty, and celebrate the beginning of their shared journey.      The event began with a welcoming address by Professor Betty Chung. She highlighted the phrase, “Once Korea University, Forever Korea University, Always Korea University,” emphasizing its significance as a guiding spirit for the community. She noted that the gathering was designed to help students get to know one another and foster a sense of community. She went on to say, “This program is not merely about receiving an education, but about embarking on a journey to become business leaders who strive to make society better.”    Professor Chung went on to introduce several key features of the program: a global faculty of over 80 professors; a 12-week Business Practicum; a 32-hour Career Acceleration Program (CAP: Leadership Workshop); career exploration programs; and the Global CEO Talk series, which includes conversations with top executives. She also emphasized the variety of hands-on opportunities and career networks available to students through the G-MBA program, citing collaborations with leading companies such as Loewe, Samsung, Gucci, CJ, Coupang, and IKEA.      Following her speech, four current students—including Student Council President Jungwook Na—took the stage to share their personal experiences. They particularly emphasized the importance of networking, with one student noting, “I’ve developed a mentoring relationship with a company CEO and regularly receive practical advice through coffee chats.” They highlighted that such interactions with industry professionals have significantly deepened their understanding of real-world business and provided valuable support for their career planning.    Newly admitted students actively engaged in the conversation by asking a wide range of questions—covering topics such as startup opportunities, the personal mottos of current students, and reflections after completing a year in the program. The current students responded with warm and practical advice, drawing from their own experiences.      The official portion of the event concluded with closing remarks from the program manager, followed by a casual dinner and networking session. Faculty members and current students joined the newly admitted students at their tables, sharing a meal and answering questions about career paths, academics, and campus life in a warm and engaging atmosphere.    More than just an orientation, the Global MBA Welcome Night served as a meaningful starting point for newly admitted students to begin building relationships with those who will become their future colleagues and mentors.   

A Stepping Stone to the Real World: 2025 Capstone Project Topic Seminar Held      The 2025 Capstone Project Topic Seminar was held over three days—Monday, June 9; Wednesday, June 11; and Friday, June 13—at Sudang CLC Lab 2 (Room 328C), LG-POSCO Hall.  Co-hosted by the Center for Digital Transformation & Business (CDTB) and Business Analytics (BA) at Korea University Business School, the seminar featured participation from major companies across various industries, who proposed project topics focused on digital transformation and data-driven challenges.      Participating companies included LG Household & Health Care, PwC, LG CNS, Hyundai Department Store, Hyundai Home Shopping, and Hyundai Motor Company. Each company presented project topics to students based on real-world challenges and datasets drawn from their operations. Through this initiative, students were able to gain hands-on experience tackling practical issues, while participating companies had the opportunity to generate fresh ideas through collaboration with the university.      Following each presentation, students participated in open Q&A sessions, posing a wide range of questions on topics such as data acquisition methods, analysis techniques, and the scope of the proposed themes. Corporate representatives responded thoughtfully, helping students better understand the direction and feasibility of the proposed projects. Afterward, students will choose a topic of interest from among the company proposals, continue communicating with the respective corporate mentors, and further refine their projects to produce final deliverables.      The seminar served as a meaningful platform for collaboration between industry and academia, aiming to foster future talent while addressing real-world challenges.