Korea University Business School Completes EQUIS Reaccreditation Review… Results to Be Announced in May   In February, Korea University Business School completed the on-site review for EQUIS reaccreditation, an international accreditation awarded by the European Foundation for Management Development (EFMD). This review was conducted as part of the Special Reaccreditation process, following three consecutive five-year accreditations. Over two days, the review panel visited the Business School and conducted a comprehensive evaluation across all EQUIS standards. The results are scheduled to be announced in May.      EQUIS accreditation is one of the leading international accreditations for business schools worldwide and is known for its rigorous and highly selective evaluation process. A five-year accreditation is granted when an institution meets all ten EQUIS standards—including program quality, faculty, research and academic activities, internationalization, and social responsibility and sustainability—and demonstrates a high level of strategic stability. A three-year accreditation may be awarded if the standards are met but there remain areas requiring improvement. If there are structural deficiencies that prevent the institution from meeting core standards, accreditation may not be granted.    Korea University Business School first obtained EQUIS accreditation in 2007, becoming the first institution in Korea to do so, and has since achieved three consecutive five-year reaccreditations. This latest review represents an important opportunity to reassess the School’s international competitiveness and educational quality and is expected to reaffirm the School’s commitment to continuous innovation and its global-standard educational capabilities.    During the review period, the evaluation panel conducted interviews with a wide range of stakeholders, including the School’s leadership, full-time faculty, undergraduate, graduate, and MBA students, alumni, and corporate partners, to examine the School’s operations and educational outcomes from multiple perspectives. The visit was conducted based on a self-assessment report submitted in advance, and the panel comprehensively reviewed the School’s strategic direction, research competitiveness, student experience, corporate engagement, and degree of internationalization. In particular, the process of gathering diverse stakeholder perspectives provided an opportunity to highlight the School’s strengths and assess its future potential.    Byung Cho Kim, Associate Dean for Planning at Korea University Business School, who oversaw the EQUIS reaccreditation process, stated, “This review was a meaningful process to comprehensively evaluate the educational and research capabilities of Korea University Business School, as well as its global network and industry collaboration achievements,” adding, “We will continue to strengthen our position as a world-class business education institution through ongoing innovation.”

Professor Emeritus Shin, Soosik of the Korea University Business School has passed away… Aged 84   Professor Emeritus Shin, Soosik of the Korea University Business School passed away on March 21, 2026, at the age of 84.   Professor Shin was a distinguished scholar who devoted more than four decades to education and research at Korea University Business School after joining Korea University as a lecturer in the College of Commerce in 1968.   He is widely regarded as a leading figure in the development of insurance studies in Korea, dedicating his life to research in business administration, particularly in the fields of insurance and social security. During his tenure, he served as Dean of the Business School, Director of the Institute of Business Research and Education (IBRE), and Dean of the Graduate School of Labor Studies. Through these roles, he made significant contributions not only to academic advancement but also to the development of university administration and institutional systems.   The funeral was held at Room 301 of the Korea University Anam Hospital Funeral Hall, and the funeral service took place at 5:20 a.m. on March 24. He was laid to rest at Yeraewon. He is survived by his wife, Mrs. Yoon Hye-suk; his son, Shin Dae-yu; and his daughter, Shin Ryeong.   Following the funeral service, the procession passed by the Dean’s Office of Korea University Business School and Hyundai Motor Hall, where final respects were paid. As the hearse carrying the bereaved family and the portrait of the deceased moved through campus, members of the Business School—where he had devoted his life—expressed their deep condolences and honored his lifelong academic journey.  

  Professor Baeho Kim of Korea University Business School received the SK Award for March 2026 for his research that improves the accuracy of risk estimation in high-dimensional portfolios using long-history data.     Acceptance Remarks by Professor Baeho Kim    This paper, for which I served as the corresponding author, was first conceived during my first sabbatical at UC Berkeley in 2016. After returning to Korea, I took on administrative roles as part of the Business School administration and later assumed responsibilities related to the Business Analytics program. While dedicating myself to these duties, financial data analysis techniques relevant to this research topic advanced rapidly, and I faced the challenge of having to fundamentally revise the study’s direction and core methodology.   Nevertheless, thanks to the understanding and support of my co-authors, I did not give up and continued my research efforts. Ultimately, through my second sabbatical in 2023, which allowed me to revisit UC Berkeley, and with the support of Korea University’s flexible semester system, I was able to bring the research to fruition. I would like to express my sincere gratitude to Korea University Business School for providing opportunities for sustained international collaborative research.     Research Overview   Title of Paper : Long-History Principal Component Analysis in a Dynamic Factor Model with Weak Loadings   Journal : Operations Research   Publication Date : March 11, 2026 (online publication; Articles in Advance, forthcoming in print)   Summary of Key Findings :    This study proposes an innovative framework to address the persistent issue of “second-order risk (SOR)” bias in high-dimensional portfolio management. Second-order risk refers to the discrepancy between a portfolio’s predicted risk and its realized performance, which is primarily driven by estimation errors in the covariance and precision matrices of asset returns.   In traditional financial practice, it has been standard practice to use relatively short data histories—typically around one year (approximately 250 days)—to capture rapidly changing market conditions and industry dynamics.   However, this study shows that such conventional approaches can misinterpret random noise as genuine market signals, thereby inducing “excess dispersion bias” in estimated factor loadings. As a result, optimized portfolios may appear safer than they actually are, exposing investors to unforeseen risks and ultimately undermining risk management.   This study formally demonstrates this mechanism through a mathematical theoretical model. Specifically, even in dynamic environments where factor loadings vary over time, or in “weak loadings” settings where effects are concentrated in specific sectors, the study proves that extending the data history for covariance estimation to six years (approximately 1,500 days) and applying a Long-History PCA approach ensures the statistically consistent convergence of covariance and precision matrix estimates. In other words, sufficiently long historical data act as a crucial stabilizer that helps mitigate market instability.   These theoretical findings are strongly supported by both Monte Carlo simulations and empirical analyses using real stock market data from the United States and Europe. In simulations designed to reflect realistic volatility structures and sector-specific risk factors, LH-PCA achieved a substantial reduction in SOR bias compared to conventional PCA methods based on one-year data, the Ledoit-Wolf shrinkage estimator, and GPS correction techniques. Empirical results from the U.S. (CRSP) and European (EURO) markets further confirm that the use of long data histories substantially improves the accuracy of covariance structure estimation and portfolio volatility prediction.   In conclusion, the LH-PCA framework proposed in this study provides a robust and rigorous foundation for constructing more resilient and well-diversified portfolios in modern data-driven risk management.    ▶ Read the full paper: Long-History Principal Component Analysis in a Dynamic Factor Model with Weak Loadings 

[2026-1 New Faculty Interview]    “Understanding the Capital Providers Behind the Market” Professor Ji Yeol Jimmy Oh’s Research and Perspective on Financial Markets   In the first semester of 2026, Professor Ji Yeol Jimmy Oh joined Korea University Business School as a faculty member in Finance. Having experienced financial crises firsthand, he has shaped the direction of his research with a focus on “capital providers” who drive the market, exploring the structure of financial markets and investor behavior.   In today’s rapidly changing capital markets, he continues to confront unanswered questions and seeks to share these insights with his students. We spoke with Professor Oh, who hopes to cultivate students with a deep understanding through both research and teaching.      Q. How does it feel to join Korea University Business School?   Hello everyone at Korea University Business School. I am Ji Yeol Jimmy Oh, a new faculty member in Finance this semester. It is a pleasure to meet you all. I am honored to be working alongside so many distinguished colleagues who are producing outstanding research across various fields. I am also deeply grateful for the support and consideration that allow me to focus on the two most essential pillars of being a professor—research and teaching—as I continue to settle in.     Q. What goals would you like to achieve here in terms of research and teaching?   At many pivotal moments in my life, the shadow of financial crises has loomed large. I experienced the IMF crisis as an elementary school student, and just weeks after beginning my doctoral studies in the fall of 2008, I witnessed the global financial crisis unfold, with major institutions like Lehman Brothers and AIG collapsing almost overnight. These experiences led me to pursue a deeper understanding of financial markets.   I’ve been doing research for over a decade, but there are still many unanswered questions. Moving forward, I would like to further explore the role of capital providers—such as insurance companies, funds, and pension funds—and how the characteristics of these institutional investors influence the market. Ultimately, I hope this research will contribute to helping Korea’s capital markets function more effectively.   At the same time, I hope to share these insights with my students. It would be very rewarding if, after graduation, my students are recognized as individuals who have a deep understanding of financial markets and who think critically about what is happening within them.   Q. Your research focuses on institutional investors, funds, bond markets, and investor behavior within financial market structures. What recent trends or developments in financial markets have you found particularly interesting?   Over the past 20 years, one of the most significant changes in the U.S. capital markets has been the transformation of the retirement pension system alongside the explosive growth of mutual funds and ETFs. As of 2025, this market exceeds KRW 7 quadrillion at current exchange rates. The quantitative and qualitative expansion of capital supply has been evident across the entire corporate lifecycle, acting as a catalyst for innovation—from early-stage startups brainstorming ideas in garages to large-scale companies like NVIDIA and Tesla.    Korea has also recently seen various efforts to drive similar changes in its capital markets. The KOSPI has more than doubled compared to early last year, and as a result, it often feels like nearly half the people on the subway during the morning commute have their brokerage apps open. However, for this kind of rally to translate into sustainable, high-quality growth rather than a temporary surge, many challenges still remain. Addressing these challenges will require collective reflection and effort from all of us.    Q. What is your teaching style, and what do you hope students will gain from your courses?    Before I answer, I would like to express my sincere appreciation to the students who have attended my 9 a.m. classes on Tuesdays and Thursdays over the past few weeks. Their enthusiasm and focus so early in the morning make me reflect on whether I was ever that focused as an undergraduate.    My classes emphasize interaction. In an era where AI tools like Gemini and Claude can handle many tasks, the ability to clearly articulate one’s thoughts through direct human communication has become more important than ever. I hope that by actively engaging—asking questions, making brief comments, and participating in discussions—students can develop these skills. My goal is to run my classes as closely as possible to a Western-style, discussion-based format.    Q. Many business students aspire to careers in finance or investment. What skills or study methods would you recommend they develop during their undergraduate years?    As I briefly mentioned earlier, the explosive growth of generative AI may be raising many concerns, and I can certainly relate to that, as I actively use AI in my research, teaching, and other activities. Of course, traditional core certifications, such as the CFA, should still be an important part of your preparation. However, beyond these, you need to be able to clearly articulate the depth of your thinking in interviews. You need to bring something that AI cannot yet replace. Communication skills are part of this, and it is especially important to stay up to date on financial issues through reliable sources.    In that regard, consistently reading reputable English-language financial newspapers can be very helpful. I often get research ideas from articles in the Financial Times and The Wall Street Journal. You might ask yourself this question: if you were to have a coffee chat with someone working in finance, could you sustain a conversation about current market issues for more than 20 minutes? If your answer is “yes,” then you can feel confident going into interviews.     Q. Lastly, a personal question—what are your hobbies or recent interests outside of research and teaching?    About two years ago, a personal turning point led me to become more focused on my health. I try to stay active with various forms of aerobic exercise—running, cycling along the Han River when the weather is nice, and hiking whenever I have time. I’ve climbed close to 40 of the peaks in the Black Yak “100 Famous Mountains” challenge.    In fact, until high school, I had been preparing to pursue a degree in music, specializing in clarinet performance. Even now, when pieces I practiced for entrance exams unexpectedly come up on my classical playlist during my commute, I instinctively skip to the next track—maybe a bit of lingering stress from those days. With the demands of raising children, I haven’t had the chance to practice for quite some time, but if the opportunity arises, I would love to start playing again. 

[2026-1 New Faculty Interview]   “Look Beneath the Surface of Business Administration” Professor Hee-Chan Song, Questioning the Essence of Business Through Desire and Reflection   In the first semester of 2026, Professor Hee-Chan Song, newly appointed to Korea University Business School, begins from a somewhat different question. Rather than focusing on corporations and markets, his research draws attention to human “desire” and “meaning,” presenting a new perspective by connecting Buddhism and business administration. Having explored life and organizations together through ethnography at various temples across Asia, he emphasizes that in rapidly changing times, “self-reflection” is more important than knowledge. We spoke with him about his perspective, which reexamines the foundations of business administration.      Q. You are conducting unique research that integrates Buddhism and business administration. What led you to choose this topic initially, and what is the personal story behind how you began this research?    At first, I entered this field by studying Buddhist organizations themselves. After beginning my research in Korea, several monks suggested that I should also try studying Buddhism, which led me to stay in Kyoto, Japan during my doctoral program and engage more deeply with Buddhism. Later, through introductions from Japanese monks, I encountered Thai Buddhism, and as I observed how highly developed its practices, institutions, and organizations were, my research interests naturally expanded.    After completing my doctoral program, I began my academic career as a professor in Thailand, and at the same time, I experienced life as a monk, which deepened my desire to understand Buddhism more profoundly. I came to view Buddhism not simply as a subject of research, but as an actual way of life. Since then, with institutional support, I have expanded my research scope and continued fieldwork in various regions, including Yunnan Province in China, Vietnam, Laos, and more recently Bhutan. As these experiences accumulated, my research connecting Buddhism and business administration gradually became more concrete.    Business administration ultimately deals with people and organizations. Questions such as “Why do we do this work?”, “What is its meaning?”, and “What is responsibility?” have long been explored in philosophy. Corporate social responsibility, ethics, and values are also fundamentally grounded in philosophical concepts. In that sense, philosophical foundations have been very helpful in understanding business administration, and among them, Buddhism has provided me with particular intellectual interest by offering a very unique perspective on human beings and organizations.    Q. I understand that you have conducted long-term field research (ethnography) at temples across various Asian countries. Could you share a particularly memorable moment or an unexpected discovery from that process?    Field research is a method in which one directly enters the space where the research subjects are, lives alongside them, and becomes a part of them. For me, studying Buddhism and temples, experiencing the life of a monk firsthand was the most immersive research method. While it may seem somewhat unfamiliar in business administration, it has long been established as an important methodology in anthropology.    One of the most memorable moments was when I went to interview a monk practicing in Korea. After several requests, I was finally granted 20 minutes, and as a researcher, I had high expectations for this important opportunity. However, when we finally sat face to face, the monk did not say a single word, and I also found it difficult to speak, so we spent the entire 20 minutes in silence, simply drinking tea together. At the time, I felt so uncomfortable that I was sweating, and I thought I had gained no data at all.    However, as time passed, I came to realize that the silence itself was important data. If it truly had no meaning, the monk would not have agreed to meet me in the first place. The fact that we sat together without speaking was, in itself, a kind of message. Through that experience, I came to deeply reflect on meaning that cannot be explained through language, and on how Buddhism can convey something even beyond words.    Another memorable experience was a conversation about “sustainability” with a monk in Thailand. In business administration, I had always regarded sustainability as an inherently important value, but the monk instead asked, “Why do you assume the continuation of humanity as a given?” From his perspective, everything naturally arises and disappears, and an attachment to sustainability itself could create another kind of problem. While it may sound somewhat radical, that conversation taught me that even concepts we take for granted can be viewed from entirely different perspectives.    Ultimately, these experiences showed that Buddhism can raise questions that business administration often overlooks, through themes such as silence, desire, and attachment. For me, field research was not simply a process of collecting data, but a learning process that made familiar concepts appear unfamiliar again.    Q. Business administration is generally perceived as a discipline dealing with corporations and markets. Could you explain what new insights religion, culture, and philosophy—like in your research—can bring to business administration?    If I were to summarize this question in one keyword, I would say “desire.” In business administration and economics, human desire is taken as a premise, and the focus is on creating value through it. Desire itself is neither inherently positive nor negative; it can be seen as a neutral element that operates naturally within the capitalist system.    However, the real issue lies in how that desire guides human beings. Buddhism leads us to examine the very root of human desire. While Buddhism does not deny desire, it redirects it inward rather than outward, encouraging us to contemplate, “What is it that I truly want?”    In this process, practices such as meditation help us understand our desires more clearly and determine how to channel them. Ultimately, we often overlook questions such as why we work and why we pursue performance, and this kind of philosophical approach prompts us to reconsider those “missing pieces.”    I view Buddhism not merely as a religion, but as a “practice” for understanding and dealing with human desire. From this perspective, I believe it can provide important complementary insights for business administration in developing a deeper understanding of human beings.    Q. What kind of atmosphere and learning experience do you hope to create in your classes with students? Also, what do you most hope students will gain from your courses?    I emphasize “self-reflection.” Some people are good at self-insight, while many others are not due to lack of experience. Therefore, I believe a process that triggers this is necessary.    That is why, in my classes, I place importance on giving students time to reflect on themselves through discussions and essays. These days, thanks to technologies like ChatGPT, knowledge and information themselves are easily accessible to anyone. Moreover, the various content covered in business administration continues to change with the times and environment. Therefore, rather than simply keeping up with current information or technology, I hope students will look into the more fundamental issues underlying them.    Ultimately, what matters is asking oneself questions such as “What do I like?”, “What do I want to do?”, and “In what direction do I want to shape my life and career?” I believe the role of a professor is not merely to deliver knowledge, but to help students ask such questions and set the course of their own lives.    Rather than gaining just a few new pieces of information from my classes, I hope students will gain the ability to understand themselves more deeply and set their own direction. I hope my classes can serve as a starting point for such self-reflection.    Q. In a rapidly changing and highly competitive era, many students struggle with questions about direction. In connection with your research, could you offer a piece of advice on what it means to “live well” or “become a good leader”?    I tend to be cautious about definitively stating what direction is right for students. The standards for “living well” or “being a good leader” can differ from person to person. However, what is clear is that there is a significant difference between standards that come from deep self-reflection and those shaped by the expectations of parents, society, or the market.    That is why I believe periods of pause and emptiness are sometimes necessary. However, they should not remain at the level of mere healing. What is important is to pause and reflect on oneself at an ontological level, seriously asking questions such as “What kind of person am I?”, and “Why am I trying to follow this path?” I believe this is where the insight of Buddhism ultimately lies. It is about looking inward rather than chasing external standards, and confirming the direction of one’s desires for oneself.    You can quickly recognize someone who has gone through sufficient contemplation. When they talk about what they want to do, their eyes are different, and their choices carry their own reasons and depth. On the other hand, a life that follows given standards of success without reflection may appear impressive on the surface but can easily be shaken.    Ultimately, living well and becoming a good leader is not about following predetermined answers, but about deeply examining what one truly wants and then choosing the direction of one’s life based on that understanding. The university years, in particular, are a rare period when such questions can be asked most seriously. Therefore, rather than trying to decide on answers too quickly, I hope students will take time to pause and reflect deeply on themselves at least once. 

Freshman Orientation “NEW:BIZ”… Opening the First Chapter of University Life     The Korea University Business School Student Council organized the “2026 Korea University Business School Freshman Orientation NEW:BIZ (hereafter ‘Saeteo’)” for the Class of 2026 from February 28 to March 2 as a three-day, two-night program.   On the first day, the “Welcome to KUBS” event was held at SUPEX Hall in the LG-POSCO Building, featuring welcoming remarks for members of the Class of 2026 and introductions to various Business School organizations.     Dean Eonsoo Kim of Korea University Business School also took the stage and said, “I hope that all of you, the Class of 2026 who stand at the starting line of the next 120 years, will carry a sense of responsibility and pride in your hearts and make a strong start,” offering a message of welcome. He added, “Until the day your dreams come true, our Business School will be a trusted partner.”    Afterward, the participants moved to Beachepalace in Boryeong, Chungnam, where the full-scale orientation program began. On the first night, the Business School dance club “BROADEN” and band club “UandI” performed for the freshmen. The faculty band “BGS,” composed of Business School professors, also traveled a long distance to Boryeong to deliver a spectacular performance and extend their welcome to the freshmen. After the performances, an orientation session on Korea University’s cheering culture was held, where participants learned the university’s cheering traditions alongside the cheerleading squad’s flag unit.         On the second day, students participated in programs by class groups, providing an opportunity to build closer relationships with their classmates, who will play a significant role in their university lives. In the evening, the traditional Korea University “Sabal Ceremony” was also held.       Eunsung Joo (Business Administration, Class of 2026), who participated in the program, said, “Thanks to the welcoming atmosphere and fun activities, it was a great opportunity to adapt to university life,” adding, “It made me feel proud of Korea University and excited about my university life ahead.”  Jeho Choi (Business Administration, Class of 2023), chair of the Freshmen Orientation Preparation Committee, who oversaw the event, said, “It was an honor to prepare such a meaningful event to welcome the freshmen. I hope it will be remembered as a joyful memory in their university lives.”    Meanwhile, Korea University Business School had a busy winter preparing various events to welcome the Class of 2026 freshmen. On Saturday, February 7, a “Pre-Orientation for Freshmen” hosted by the student council was held, and on Friday, February 20, an orientation for new and transfer students organized by the Business School administrative office took place at the SUPEX Hall of the LG-POSCO Building. Each event provided the Class of 2026 freshmen with a wide range of information about overall campus life.