Jaewon Choi

Seoul National University - Department of Economics

Korea, Republic of (South Korea)

SCHOLARLY PAPERS

30

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19,071

SSRN CITATIONS
Rank 2,649

SSRN RANKINGS

Top 2,649

in Total Papers Citations

611

CROSSREF CITATIONS

85

Scholarly Papers (30)

1.

The Volatility of a Firm's Assets and the Leverage Effect

AFA 2010 Atlanta Meetings Paper
Number of pages: 64 Posted: 14 Mar 2009 Last Revised: 03 Sep 2015
Jaewon Choi and Matthew P. Richardson
Seoul National University - Department of Economics and Department of Finance, Leonard N. Stern School of Business, New York University
Downloads 2,051 (14,970)
Citation 47

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time-varying volatility, firm's assets, leverage, feedback effect

2.
Downloads 1,741 (19,380)
Citation 60

Corporate Debt Maturity Profiles

Number of pages: 45 Posted: 30 Nov 2011 Last Revised: 30 Aug 2017
Jaewon Choi, Dirk Hackbarth and Josef Zechner
Seoul National University - Department of Economics, Boston University - Questrom School of Business and Vienna University of Economics and Business
Downloads 1,741 (19,042)
Citation 3

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Capital Structure, Debt Structure, Debt Maturity

Corporate Debt Maturity Profiles

CEPR Discussion Paper No. DP12289
Number of pages: 48 Posted: 11 Sep 2017
Jaewon Choi, Dirk Hackbarth and Josef Zechner
Seoul National University - Department of Economics, Boston University - Questrom School of Business and Vienna University of Economics and Business
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Citation 40
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Capital Structure, Debt Maturity, Debt Structure

Customer Liquidity Provision: Implications for Corporate Bond Transaction Costs

Management Science, forthcoming
Number of pages: 45 Posted: 08 Oct 2016 Last Revised: 14 Jun 2022
Jaewon Choi, Yesol Huh and Sean Seunghun Shin
Seoul National University - Department of Economics, Board of Governors of the Federal Reserve System and Aalto University - Department of Finance
Downloads 1,377 (27,231)
Citation 28

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Corporate bond liquidity, Customer Liquidity Provision, Bank regulations and OTC liquidity, Insurer Liquidity Provision

Customer Liquidity Provision: Implications for Corporate Bond Transaction Costs

FEDS Working Paper No. 2017-116
Number of pages: 56 Posted: 05 Dec 2017
Jaewon Choi and Yesol Huh
Seoul National University - Department of Economics and Board of Governors of the Federal Reserve System
Downloads 100 (502,565)
Citation 5

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Bank regulation, Liquidity, corporate bonds, Financial intermediation, Volcker rule

4.

What Drives the Value Premium?: The Role of Asset Risk and Leverage

Fifth Singapore International Conference on Finance 2011
Number of pages: 47 Posted: 10 Jun 2009 Last Revised: 21 Apr 2014
Jaewon Choi
Seoul National University - Department of Economics
Downloads 1,445 (25,784)
Citation 15

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Value Premium, CAPM, Asset Risk, Asset Beta, Leverage, Trade-off Theory

5.

Corporate Bond Mutual Funds and Asset Fire Sales

Number of pages: 59 Posted: 14 Feb 2016 Last Revised: 15 Sep 2019
Seoul National University - Department of Economics, Suffolk University - Department of Finance, Aalto University - Department of Finance and Boston College - Department of Finance
Downloads 888 (51,740)
Citation 12

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Corporate Bond Mutual Funds; Liquidity Management; Asset Fire Sales

6.

Profitability of Hedge Fund Short Sales: Evidence from Opening and Closing Transactions

HKUST Finance Symposium 2016: Active Investing and Arbitrage Capital
Number of pages: 72 Posted: 24 Jun 2016 Last Revised: 21 Sep 2020
Seoul National University - Department of Economics, Nanyang Business School, University of Illinois at Urbana-Champaign - Department of Finance and The Brattle Group
Downloads 887 (51,805)
Citation 11

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Hedge funds, short sale profitability, short sales, institutional investors

7.

Anomalies and Market (Dis)Integration

Journal of Monetary Economics, Forthcoming
Number of pages: 48 Posted: 22 Mar 2014 Last Revised: 21 Jun 2018
Jaewon Choi and Yongjun Kim
Seoul National University - Department of Economics and University of Seoul
Downloads 880 (52,370)
Citation 22

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Market Integration, Cross-sectional Returns, Corporate Bonds, Investor Sentiment

8.

Reaching for Yield in Corporate Bond Mutual Funds

The Review of Financial Studies (2018)
Number of pages: 53 Posted: 20 Nov 2014 Last Revised: 04 Nov 2019
Jaewon Choi and Mathias Kronlund
Seoul National University - Department of Economics and Tulane University
Downloads 877 (52,599)
Citation 31

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Reaching for yield, risk taking, corporate bonds, mutual funds, investment grade, high yield

9.

Investor Demand, Firm Investment, and Capital Misallocation

Number of pages: 89 Posted: 23 Nov 2021 Last Revised: 16 Nov 2023
Jaewon Choi, Xu Tian, Yufeng Wu and Mahyar Kargar
Seoul National University - Department of Economics, University of Georgia - Terry College of Business - Department of Finance, Ohio State University (OSU) and University of Illinois at Urbana-Champaign
Downloads 844 (55,471)

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investor demand, firm investment, capital misallocation, structural estimation, market timing.

10.

Sitting Bucks: Stale Pricing in Fixed Income Funds

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 72 Posted: 23 Sep 2018 Last Revised: 15 Jul 2021
Seoul National University - Department of Economics, Tulane University and Sungkyunkwan University
Downloads 800 (59,645)
Citation 27

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Bond mutual funds, Stale prices, Fund flows, Fund runs

Capital Structure Priority Effects in Durations, Stock-Bond Comovements and Factor-Pricing Models

Review of Asset Pricing Studies, forthcoming
Number of pages: 78 Posted: 12 Sep 2013 Last Revised: 15 Feb 2022
Seoul National University - Department of Economics, Department of Finance, Leonard N. Stern School of Business, New York University and New York University
Downloads 654 (76,483)
Citation 4

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On the Fundamental Relation between Equity Returns and Interest Rates

NBER Working Paper No. w20187
Number of pages: 51 Posted: 11 Jun 2014 Last Revised: 27 Feb 2023
Seoul National University - Department of Economics, Department of Finance, Leonard N. Stern School of Business, New York University and New York University
Downloads 56 (705,306)

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12.

Passive bond fund management is an oxymoron (or the case for the active management of bond funds)

Number of pages: 96 Posted: 01 Apr 2020 Last Revised: 09 Jan 2024
Seoul National University - Department of Economics, University of Notre Dame and University of Arkansas - Department of Finance
Downloads 682 (73,520)
Citation 1

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Bond, Mutual Funds, Active Management, Active Share, Alpha

Did Liquidity Providers Become Liquidity Seekers? Evidence from the CDS-Bond Basis during the 2008 Financial Crisis

FRB of New York Staff Report No. 650
Number of pages: 49 Posted: 24 Oct 2013 Last Revised: 23 Dec 2014
Jaewon Choi and Or Shachar
Seoul National University - Department of Economics and Federal Reserve Bank of New York
Downloads 476 (113,558)
Citation 13

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CDS-bond basis, limits to arbitrage, Volcker rule, credit default swaps, liquidity, corporate bonds

Dealer Liquidity Provision and the Breakdown of the Law of One Price: Evidence from the CDS-Bond Basis

Number of pages: 55 Posted: 18 Mar 2016 Last Revised: 27 Jan 2018
Jaewon Choi, Or Shachar and Sean Seunghun Shin
Seoul National University - Department of Economics, Federal Reserve Bank of New York and Aalto University - Department of Finance
Downloads 201 (283,757)
Citation 9

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14.
Downloads 620 (82,834)

Bond Funds and Credit Risk

European Corporate Governance Institute – Finance Working Paper No. 639/2019
Number of pages: 81 Posted: 25 Nov 2019 Last Revised: 03 Jul 2023
Jaewon Choi, Amil Dasgupta and Ji Yeol Jimmy Oh
Seoul National University - Department of Economics, London School of Economics (LSE) and Sungkyunkwan University
Downloads 620 (81,771)

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Fund flows, credit risk, flow concerns, bond rollover

Bond Funds and Credit Risk

CEPR Discussion Paper No. DP14134
Number of pages: 55 Posted: 04 Dec 2019
Jaewon Choi, Amil Dasgupta and Ji Yeol Jimmy Oh
Seoul National University - Department of Economics, London School of Economics (LSE) and Sungkyunkwan University
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bond rollover, career concerns, default-liquidity loop, flow fragility, Fund flows

Mutual Fund Flows and the Supply of Capital in Municipal Financing

Number of pages: 66 Posted: 23 Nov 2021 Last Revised: 10 Feb 2023
Duke University, ESSCA School of Management, Seoul National University - Department of Economics and Sungkyunkwan University
Downloads 600 (85,437)
Citation 2

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Municipal bonds, Capital Supply, Bond Funds, Fund flows

Mutual Fund Flows and the Supply of Capital in Municipal Financing

NBER Working Paper No. w30980
Number of pages: 66 Posted: 20 Feb 2023 Last Revised: 12 Apr 2023
Duke University, ESSCA School of Management, Seoul National University - Department of Economics and Sungkyunkwan University
Downloads 9 (1,124,554)
Citation 2
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16.

Granularity of Corporate Debt

Number of pages: 46 Posted: 20 Oct 2017 Last Revised: 25 Oct 2017
Jaewon Choi, Dirk Hackbarth and Josef Zechner
Seoul National University - Department of Economics, Boston University - Questrom School of Business and Vienna University of Economics and Business
Downloads 516 (104,243)
Citation 24

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Capital Structure, Debt Structure, Debt Maturity

17.

The More Illiquid, The More Expensive: A Search-Based Explanation of the Illiquidity Premium

Number of pages: 49 Posted: 18 Feb 2020 Last Revised: 02 Nov 2020
Seoul National University - Department of Economics, Seoul National University - College of Business Administration, Aalto University - Department of Finance and University College London
Downloads 492 (110,479)
Citation 2

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OTC market, Liquidity, Flight-from-liquidity, Limits-to-arbitrage, Price pressure, Fire sale

18.

Reaching for Yield and the Cross Section of Bond Returns

forthcoming, Management Science
Number of pages: 48 Posted: 16 Aug 2018 Last Revised: 23 Jan 2023
Qianwen Chen and Jaewon Choi
Shanghai University of Finance and Economics and Seoul National University - Department of Economics
Downloads 481 (113,460)
Citation 1

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Reaching for yield; Cross-sectional corporate bond returns; Credit rating

19.

Mutual Fund Flows and Fluctuations in Credit and Business Cycles

Number of pages: 74 Posted: 17 Aug 2016 Last Revised: 14 Oct 2019
Azi Ben-Rephael, Jaewon Choi and Itay Goldstein
Rutgers Business School - Rutgers University, Seoul National University - Department of Economics and University of Pennsylvania - The Wharton School - Finance Department
Downloads 457 (120,612)
Citation 4

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Credit Cycle, Business Cycle, Mutual Fund Flows, High-Yield Bonds, Investor Demand, Leading Indicator

20.
Downloads 403 (139,612)
Citation 2

Natural Disasters and Municipal Bonds

Number of pages: 52 Posted: 30 Dec 2021 Last Revised: 03 Oct 2022
Yonsei University - School of Business, Seoul National University - Department of Economics, University of Illinois and The University of Texas at Austin
Downloads 381 (147,433)
Citation 1

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Natural Disasters, Climate Change, Municipal Bonds, Municipal Financing, Repeat Sales

Natural Disasters and Municipal Bonds

NBER Working Paper No. w30280
Number of pages: 53 Posted: 25 Jul 2022 Last Revised: 14 Apr 2023
Yonsei University - School of Business, Seoul National University - Department of Economics, University of Illinois and Analysis Group
Downloads 22 (980,973)
Citation 2

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Asymmetric Learning from Prices and Post-Earnings Announcement Drift

Number of pages: 77 Posted: 20 Nov 2013 Last Revised: 24 Sep 2018
Jaewon Choi, Linh Le and Jared Williams
Seoul National University - Department of Economics, University of South Florida and University of South Florida
Downloads 297 (193,938)

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Post-Earnings Announcement Drift, Learning from Price, False Consensus Effect, Market Undereaction

Asymmetric Learning from Prices and Post-Earnings-Announcement Drift

Contemporary Accounting Research, Forthcoming
Posted: 20 Feb 2019
Jaewon Choi, Linh Le and Jared Williams
Seoul National University - Department of Economics, University of South Florida and University of South Florida

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Post-Earnings-Announcement Drift, Learning from Price, Market Underreaction

22.

Credit Risk Model with Lagged Information

Number of pages: 21 Posted: 17 Mar 2012
Jaewon Choi
Seoul National University - Department of Economics
Downloads 219 (262,968)

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credit risk, information lag, structural model, capital structure, credit spread

23.

Transitory Market Shocks and IPO Timing

Number of pages: 79 Posted: 17 Dec 2011 Last Revised: 12 Mar 2024
Seoul National University - Department of Economics, Chung-Ang University - College of Business & Economics and Sogang University - Department of Economics
Downloads 198 (288,528)

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Permanent-transitory decomposition, initial public offerings, market timing, long-run performance

24.

Dealer Liquidity Provision and the Breakdown of the Law of One Price: Evidence from the CDS-Bond Basis

Management Science, Forthcoming
Number of pages: 55 Posted: 16 Jan 2018
Jaewon Choi, Or Shachar and Sean Seunghun Shin
Seoul National University - Department of Economics, Federal Reserve Bank of New York and Aalto University - Department of Finance
Downloads 184 (308,154)
Citation 21

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25.

Refining RBV Valuation: Introducing the Comparable Firm-Finding Algorithm for Enhanced Comparable Company Analysis

Number of pages: 29 Posted: 10 Nov 2021 Last Revised: 03 May 2024
Jaewon Choi and Hyoung Goo Kang
Seoul National University - Department of Economics and Hanyang University
Downloads 178 (317,394)

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valuation, resources, intangibles, regression, venture capital, machine learning.

26.

Hidden Duration: Interest Rate Derivatives in Fixed Income Funds

Number of pages: 58 Posted: 20 Dec 2023
Jaewon Choi, Minsoo Kim and Oliver Randall
Seoul National University - Department of Economics, University of Melbourne and University of Melbourne - Department of Finance
Downloads 168 (333,899)

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Derivatives, Interest Rates, Fixed Income Funds, Leverage, Duration

27.

Stablecoins and Central Bank Digital Currency: Challenges and Opportunities

Oxford Research Encyclopedia of Economics and Finance, Forthcoming
Number of pages: 27 Posted: 12 Apr 2024
Jaewon Choi and Hugh Hoikwang Kim
Seoul National University - Department of Economics and University of South Carolina, Darla Moore School of Business
Downloads 131 (408,840)

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Digital Assets, Decentralized finance (DeFi), Stablecoins, Cryptocurrency, Central Bank Digital Currency (CBDC)

28.

Network-Based Measures of Systemic Risk in Korea

Bank of Korea WP 2020-8
Number of pages: 48 Posted: 30 Mar 2020
Jaewon Choi and Jieun Lee
Seoul National University - Department of Economics and The Bank of Korea
Downloads 85 (553,215)

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Systemic Risk, Network Analysis, Korean Economy

CEO Ownership, Risk Management, and Bank Runs at Unlimited Liability Banks during the 1890s

Number of pages: 44 Posted: 20 Dec 2023 Last Revised: 03 May 2024
Haelim Anderson, Jaewon Choi and Jennifer Rhee
Bank Policy Institute, Seoul National University - Department of Economics and Federal Deposit Insurance Corporation (FDIC)
Downloads 46 (771,209)

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Managerial Ownership, Managerial liability, Corporate governance, Bank Risk-taking, Panic of 1893

CEO Ownership, Risk Management, and Bank Runs at Unlimited Liability Banks During the 1890s

FDIC Center for Financial Research Paper No. 2024-03
Number of pages: 45 Posted: 08 May 2024
Government of the United States of America - Division of Insurance and Research, Federal Deposit Insurance Corporation (FDIC), Bank Policy Institute and Seoul National University - Department of Economics
Downloads 28 (930,071)

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Managerial ownership, Managerial liability, Corporate governance, Bank Risktaking, Panic of 1893

30.

Rethinking the Conditional CAPM: The Impact of Financial Leverage

Posted: 09 Aug 2009 Last Revised: 27 Jan 2018
Jaewon Choi
Seoul National University - Department of Economics

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Conditional CAPM, Value Premium, Firm's Assets, Beta, Leverage

Other Papers (1)

Total Downloads: 260
1.

Does Foreign Institutional Capital Promote Green Growth for Emerging Market Firms?

Number of pages: 78 Posted: 12 Dec 2022 Last Revised: 25 Mar 2024
ESSCA School of Management, Seoul National University - Department of Economics, Copenhagen Business School - Department of Finance and Sungkyunkwan University
Downloads 260 (277,722)

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Carbon Emissions, Climate Risk, International Institutional Investors, Emerging Markets, MSCI, ESG, CSR