Park, Kyung Suh 박경서

  • Finance
  • Professor
  • Financial Management, Investments, Corporate Governance
  • Room 506 in LG-POSCO bldg.
  • TEL : 02-3290-1950
  • Email :
  • Fax :
  • Homepage :
  • Office Hour :


  • Ph.D. in Finance, Kellogg Graduate School of Management, Northwestern University, Evanston, Illinois, U.S.
  • MBA, Graduate School of Business, Stanford University, Stanford, CA, U.S.
  • BBA, Korea University Business School, Seoul, Korea


Current Positions

Professor of Business Administration, Korea University Business School
Director, Asian Institute of Corporate Governance, Korea University
Chairman, Korea Association of Directors

Previous Positions
Chairman, The Public Bailout Funds of Korea, Financial Services Commission
President, The Korea Corporate Governance Service (KCGS)
Director, The Institute for Business Research and Education, Korea University
Member, The National Economic Advisory Council, The Office of the President of Korea
Lecturer, Economics Department, Northwestern University
Research Head, The Korea Institute of Finance
President, The Korean Finance Association
Vice President, The Korean Securities Association
Editor, The Journal of Korean Finance, The Korean Finance Association
Best Paper Awards, Korean Finance Association
Best Paper Awards, Korean Securities Association
Best Book on Economics and Business, Maeil Business Newspaper
Teaching Award, Korea University Business School
SK Award and IBRE Award, Korea University Business School
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When and Why Do Takeovers Lead to Fraud?,” coauthored with Heesup Byun, Eunjung Lee, and Woojin Kim, forthcoming in Financial Management, Spring 2019
Product Market Competition and Corporate Takeover: Complement vs. Substitution,coauthored with Hee Sub Byun and Jihye Lee, International Review of Economics and Finance, Vol. 60, 2019
Changes in Dividend Smoothing after the Financial Crisis,” coauthored with Kyungjae Rhee, Economics Letters 172, 2018
“Product market competition and corporate social responsibility activities: Perspectives from an emerging economy,” coauthored with Hee Sub Byun and Jihye Lee, Pacific Basin Finance Journal, Vol. 49, June 2018

“Externality in Dividend Signaling and Firms Strategic Behavior in Dividend Announcements,” International Journal of Applied Business and Economic Research, Vol. 15, No. 20, coauthored with Kyungjae Rhee and Joonghyuk Kim, 2017
Congruence within the Top Management: How “Old Boy Network” Affects Executive Appointment and Performance,” coauthored with Daemin Ahn, Woojin
Kim, Eunjung Lee Seoul Journal of Business, Volume 23, Number 1, June 2017
“Corporate governance structure and product market competition”, coauthored with Frederick Dongchuhl Oh, Applied Economics, Vol.48, No.14, 2016
  • “Impact of Controlling Shareholders on Corporate Social Responsibility under External Financial Constraints”, coauthored with Hee Sub Byun and Jihye Lee, Seoul Journal of Business, Vol.21, 2015
  • "How corporate governance affect firm value? Evidence on a self-dealing channel from a natural experiment in Korea", coauthored with B. Black, W. Kim and H. Jang, Journal of Banking and Finance 51, 2015
  • "Corporate Governance, Product Market Competition,and Payout Policy", coauthored with Hee Sub Byun and Jihye Lee, Seoul Journal of Business, Vol.20, No.1, 2014
  • "Microstructure-based manipulation: Strategic behavior and performance of spoofing traders", coauthored with Kyungsik Eom and Eunjung Lee, The Journal of Financial Markets, Vol. 16, No.2, May 2013
  • “Ownership Structure, Intensive Board Monitoring, and Firm Value: Evidence from Korea”, coauthored with Hee Sub Byun and Jihye Lee, The Asia Pacific Journal of Financial Studies, Vol. 42, No. 2, April 2013
  • "How Does Product Market Competition Interact with Internal Corporate Governance?: Evidence from the Korean Economy", coauthored with Hee Sub Byun and Jihye Lee,Asia Pacific Journal of Financial Studies, Vol. 41, No. 4, 2012
  • "The Effect of Structural Changes in Organizational Form of Business Groups: Evidence from Korea", coauthored with Hyungseok Kim and Woojin Kim, Asia Pacific Journal of Financial Studies, 2012
  • “The role of the temporary component in spot prices in the revision of expected future spot prices: Evidence from index futures quotes” coauthored with Hyung Cheol Kang, Dong Wook Lee, and Eunjung Lee, The Journal of Futures Market, Vol.32, No.3, March 2012
  • “Does the difference in valuation between domestic and foreign investors help explain their distinct holdings of domestic stocks?”, coauthored with Hyung Cheol Kang and Dong Wook Lee, The Journal of Banking and Finance Vol 34, Issue 12, 2010.
  • "Does institutional activism increase shareholder wealth?: Evidence from spillovers on non-target companies", the Journal of Corporate Finance 19, 2009 (coauthored with Dongwook Lee)
  • "Can investor heterogeneity be used to explain the cross-section of average stock returns in emerging markets?", (coauthored with Dongwook Lee and Chansik Jung), the Journal of International Money and Finance, Vol. 28, Issue 3, 2009.
  • "Why do Shareholders Allow Their Managers to be Gatekeepers in Corporate Control Contests?", the Asia-Pacific Journal of Financial Studies Vol. 37, N. 6, 2008, pp1065-1090.
  • "Determinants of the corporate governance of Korean firms", (coauthored with Eunjung Lee), Corporate Ownership and Control, Volume 5, Issue 2, Winter 2008.
  • "Research on the profitability of day-trading in the Korea Stock Exchange" (coauthored E. Lee and H. Jang), the Asia-Pacific Journal of Financial Studies, Vol. 36, Issue 3, 2007.
  • "Corporate Governance and Firm Value: Evidence from the Korean Financial Crisis", (coauthored with J. Baek and J. Kang), in the Journal of Financial Economics, Vol. 71, No. 2, p.265-313, 2004.
  • “Traders' choice between Limit and Market Orders: Evidence from NYSE", (coauthored with H. Jang and K. Bae), Journal of Financial Markets 6, 2003.
  • “Credit Crunch and and Shocks to Firms: Korean Experience under the Asian Financial Crisis" (coauthored with D.W. Kim and Y.S. Lee), Emerging Market Review 3, 2002.
  • “The Origins and Policy Implications of the Asian Financial Crisis", (coauthored with Lee, Phil Sang), in International Financial Review, Volume 1, 2000, JAI Press/Elsevier.
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  • "Transition to Universal Banking: Korean Experience", 1995.2 (coauthored with Kim, Dong Won), in 『Universal Banking: Theory and Evidence』 edited by Ingo Walter and Anthony Saunders, Irwin/Professional, New York, U..A.
  • "Corporate Culture of Korean Banks", 1996, (coauthored with Kim, Dong Won) in 『Banking Cultures of the World』 edited by Leo Schuster, Fritz Knapp Verlag, Frankfurt, Germany.
  • "Agenda for Capital Market Reforms in the People's Republic of China" (coauthored with Nam, Sang-koo and Yu-Kyung Kim) in 『Rising to the Challenge in Asia: A Study of Financial Markets』, Volume 4, 1999, Asian Development Bank.
  • "Corporate Governance of Commercial Banks in Korea: Before and After the Asian Crisis", in "Reforms and Innovations in Bank Management" edited by D. Lee and G. Lim, Nanam, 2004.