Soosung Hwang

Sungkyunkwan University - Department of Economics

Professor of Financial Economics

25-2 Sungkyunkwan-ro

Jongno-Gu

110-745 Seoul

SCHOLARLY PAPERS

36

DOWNLOADS
Rank 2,871

SSRN RANKINGS

Top 2,871

in Total Papers Downloads

10,091

CITATIONS
Rank 6,618

SSRN RANKINGS

Top 6,618

in Total Papers Citations

74

Scholarly Papers (36)

1.

Overconfidence, Sentiment and Beta Herding

Number of pages: 61 Posted: 11 Feb 2002 Last Revised: 27 Feb 2017
Soosung Hwang and Mark Salmon
Sungkyunkwan University - Department of Economics and University of Cambridge - Faculty of Economics and Politics
Downloads 1,194 (10,843)

Abstract:

Beta, Herding, Overconfidence, Sentiment, Market Crises, Cross-sectional asset returns

2.

The Disappearance of Momentum

European Journal of Finance, Forthcoming
Number of pages: 39 Posted: 05 Mar 2007 Last Revised: 24 Oct 2014
Soosung Hwang and Alexandre Rubesam
Sungkyunkwan University - Department of Economics and Itaú Unibanco
Downloads 1,019 (13,176)
Citation 10

Abstract:

Momentum premium, Arbitrage, High-tech and Telecom Bubble

3.

Too Many Factors! Do We Need Them All?

Number of pages: 45 Posted: 20 Mar 2007
Soosung Hwang and Chensheng Lu
Sungkyunkwan University - Department of Economics and affiliation not provided to SSRN
Downloads 902 (17,796)
Citation 2

Abstract:

Asset Price Testing, Average F test, Data-Mining, Empirical Factors

4.

Is Share Price Relevant?

Number of pages: 39 Posted: 12 Feb 2009
Soosung Hwang and Chensheng Lu
Sungkyunkwan University - Department of Economics and affiliation not provided to SSRN
Downloads 585 (32,589)

Abstract:

Share Prices, Cross-Sectional Returns, Nominal Price Illusion

5.

Is Value Really Riskier than Growth? An Answer with Time-Varying Return Reversal

AFA 2007 Chicago Meetings Paper, A revised version is published in Journal of Banking and Finance, Vol. 37, No. 7, 2013
Number of pages: 42 Posted: 17 Mar 2006 Last Revised: 26 Feb 2014
Soosung Hwang and Alexandre Rubesam
Sungkyunkwan University - Department of Economics and Itaú Unibanco
Downloads 570 (35,500)

Abstract:

Overconfidence, Self-attribution bias, Value anomaly, Return reversals

6.

How Loss Averse are Investors in Financial Markets?

Number of pages: 47 Posted: 22 Apr 2003 Last Revised: 04 May 2010
Soosung Hwang and Stephen E. Satchell
Sungkyunkwan University - Department of Economics and University of Cambridge - Faculty of Economics and Politics
Downloads 506 (39,513)
Citation 4

Abstract:

Loss Aversion Utility, Prospect Theory, Asset Allocation

7.

Cross-Sectional Stock Returns in the UK Market: The Role of Liquidity Risk

FORECASTING EXPECTED RETURNS, Butterworth-Heinemann, Forthcoming
Number of pages: 36 Posted: 15 Apr 2007
Chensheng Lu and Soosung Hwang
affiliation not provided to SSRN and Sungkyunkwan University - Department of Economics
Downloads 483 (41,858)
Citation 3

Abstract:

Cross-Sectional Returns, Liquidity, Value Premium

Marketing Period Risk in a Portfolio Context: Theory and Empirical Estimates from the UK Commercial Real Estate Market

Cass Business School Research Paper
Number of pages: 26 Posted: 20 Jan 2006
University of Cincinnati, Sungkyunkwan University - Department of Economics, Hollo School of Real Estate, Florida International University and University of California, Irvine - Paul Merage School of Business
Downloads 368 (62,337)
Citation 13

Abstract:

liquidity risk, commercial real estate

Marketing Period Risk in a Portfolio Context: Theory and Empirical Estimates from the UK Commercial Real Estate Market

Journal of Real Estate Finance and Economics, Vol. 34, No. 4, 2007
Posted: 11 Jan 2007
University of Cincinnati, Sungkyunkwan University - Department of Economics, Hollo School of Real Estate, Florida International University and University of California, Irvine - Paul Merage School of Business

Abstract:

liquidity risk, commercial real estate, time on market, transaction process, UK

Smoothing, Nonsynchronous Appraisal and Cross-Sectional Aggregation in Real Estate Price Indices

EFA 2004 Maastricht Meetings Paper No. 4782, Cass Business School Research Paper
Number of pages: 56 Posted: 10 Jun 2004
Shaun A. Bond and Soosung Hwang
University of Cincinnati and Sungkyunkwan University - Department of Economics
Downloads 304 (77,847)
Citation 7

Abstract:

Smoothing, Nonsynchronous Appraisal, Long Memory

Smoothing, Nonsynchronous Appraisal and Cross-Sectional Aggregation in Real Estate Price Indices

Real Estate Economics, Vol. 35, No. 3, pp. 349-382, Fall 2007
Number of pages: 34 Posted: 24 Aug 2007
Shaun A. Bond and Soosung Hwang
University of Cincinnati and Sungkyunkwan University - Department of Economics
Downloads 32 (383,114)
Citation 7
  • Add to Cart

Abstract:

10.

The Effects of Structural Breaks in ARCH and GARCH Parameters on Persistence of GARCH Models

Cass Business School Research Paper
Number of pages: 13 Posted: 24 Nov 2004
Soosung Hwang and Pedro L. Valls Pereira
Sungkyunkwan University - Department of Economics and Sao Paulo School of Economics - FGV and CEQEF- FGV
Downloads 318 (72,039)

Abstract:

Volatility, GARCH, Structural Breaks, Persistence

11.

Fishing with a Licence: An Empirical Search for Asset Pricing Factors

Number of pages: 41 Posted: 09 Nov 2008
Soosung Hwang and Alexandre Rubesam
Sungkyunkwan University - Department of Economics and Itaú Unibanco
Downloads 317 (65,859)

Abstract:

linear factor model, asset pricing, Bayesian, variable selection

12.

Testing Linear Factor Models on Individual Stocks Using the Average F Test

European Journal of Finance, Forthcoming
Number of pages: 41 Posted: 18 Nov 2004 Last Revised: 29 Nov 2013
Soosung Hwang and Stephen E. Satchell
Sungkyunkwan University - Department of Economics and University of Cambridge - Faculty of Economics and Politics
Downloads 272 (83,585)
Citation 2

Abstract:

F Test, Linear Factor Model, Average F Test.

13.

Decomposition of Momentum Return: Which Component Contributes Most?

Number of pages: 41 Posted: 08 May 2008
City University - Sir John Cass Business School - Faculty of Finance, Queen Mary University of London and Sungkyunkwan University - Department of Economics
Downloads 260 (89,779)
Citation 1

Abstract:

Common components, Stock-Specific components, Fama-French factors, Macroeconomic factors

14.

Valuing Information Using Utility Functions: How Much Should We Pay for Forecasts of Returns?

City University Business School Banking & Finance Working Paper
Number of pages: 37 Posted: 11 May 2001
Soosung Hwang and Stephen E. Satchell
Sungkyunkwan University - Department of Economics and University of Cambridge - Faculty of Economics and Politics
Downloads 242 (99,094)

Abstract:

Value of Information, CAPM, Fama-French Model

15.

Surprise vs. Anticipated Information Announcements: Are Prices Affected Differently? An Investigation in the Context of Stock Splits

Number of pages: 33 Posted: 17 May 2007
Soosung Hwang, Aneel Keswani and Mark B. Shackleton
Sungkyunkwan University - Department of Economics, Faculty of Finance, Cass Business School, City University, London and Lancaster University - Department of Accounting and Finance
Downloads 227 (101,203)
Citation 1

Abstract:

Stock Splits, Market Efficiency, Underreaction

16.

The Impact of Optimistic and Pessimistic Preferences on Decision Making

Number of pages: 20 Posted: 06 Aug 2013
Soosung Hwang and Stephen E. Satchell
Sungkyunkwan University - Department of Economics and University of Cambridge - Faculty of Economics and Politics
Downloads 216 (86,926)

Abstract:

Loss Aversion, Bayesian Rule, Relative Optimism, Asset Allocation

17.

'Irrational Exuberance' in the Long-Run UK Stock Market

Cass Business School Research Paper
Number of pages: 38 Posted: 09 Nov 2004
Soosung Hwang and Byung Khun Song
Sungkyunkwan University - Department of Economics and Sungkyunkwan University - Department of Economics
Downloads 196 (122,988)

Abstract:

Irrational exuberance, macroeconomic variables, stock price, equilibrium

18.

Evaluating Unsmoothing Procedures for Appraisal Data

Number of pages: 32 Posted: 16 Aug 2009
Shaun A. Bond, Soosung Hwang and Gianluca Marcato
University of Cincinnati, Sungkyunkwan University - Department of Economics and Henley Business School - University of Reading
Downloads 185 (107,653)

Abstract:

Smoothing, Nonsynchronous Appraisal, Long Memory

19.
Downloads 184 (131,090)
Citation 2

Performance Measurement with Loss Aversion

Cass Business School Research Paper
Number of pages: 47 Posted: 12 Mar 2005
Gordon Gemmill, Mark Salmon and Soosung Hwang
Warwick Business School, University of Cambridge - Faculty of Economics and Politics and Sungkyunkwan University - Department of Economics
Downloads 156 (152,000)
Citation 2

Abstract:

Behavioral Finance, Mutual Funds

Performance Measurement with Loss-Aversion

CEPR Discussion Paper No. 5173
Number of pages: 42 Posted: 25 Aug 2005
Gordon Gemmill, Mark Salmon and Soosung Hwang
Warwick Business School, University of Cambridge - Faculty of Economics and Politics and Sungkyunkwan University - Department of Economics
Downloads 28 (401,079)
Citation 2
  • Add to Cart

Abstract:

Performance measurement, loss-aversion, prospect theory, closed-end-fund puzzle

20.

Is Beta Really Not Priced?

Number of pages: 51 Posted: 05 Mar 2007
Soosung Hwang
Sungkyunkwan University - Department of Economics
Downloads 168 (131,743)
Citation 1

Abstract:

Beta, Cross-sectional Asset Pricing

21.

Excessive Arbitrage Trading by Overconfidence

Number of pages: 67 Posted: 29 Apr 2014 Last Revised: 15 Mar 2015
Min Hwang, Soosung Hwang and Sanha Noh
George Washington University - Department of Finance, Sungkyunkwan University - Department of Economics and Sungkyunkwan University - Department of Economics
Downloads 123 (153,488)

Abstract:

Overconfidence, Ambiguity aversion, Excessive arbitrage trading, Market efficiency

22.

Can Common Components Eliminate Momentum Returns?

Number of pages: 41 Posted: 08 May 2008
City University - Sir John Cass Business School - Faculty of Finance, Queen Mary University of London and Sungkyunkwan University - Department of Economics
Downloads 111 (194,908)

Abstract:

Momentum return, Common Components, Market States, Fama-French factors, Macroeconomic factors

23.

Is Value Really Riskier Than Growth?

A revised version is published in Journal of Banking and Finance, Vol. 37, No. 7, 2013
Number of pages: 59 Posted: 21 Aug 2011 Last Revised: 26 Feb 2014
Alexandre Rubesam and Soosung Hwang
Itaú Unibanco and Sungkyunkwan University - Department of Economics
Downloads 81 (221,501)
Citation 1

Abstract:

Value premium, Regime switching, Risk measures, Biased self-attribution

24.

The Dynamics of Smoothing: What Drives Appraisal Smoothing?

Number of pages: 44 Posted: 02 Sep 2011 Last Revised: 07 Nov 2011
Youngha Cho, Soosung Hwang and Yong-ki Lee
Oxford Brookes University, Sungkyunkwan University - Department of Economics and Sungkyunkwan University - Department of Economics
Downloads 71 (247,002)

Abstract:

Smoothing, Time-varying model, Fundamentals

25.

When Do the Discount Sums of Moving Averages Converge to the Normality?

Number of pages: 22 Posted: 04 Sep 2008
Ba M. Chu and Soosung Hwang
Carleton University and Sungkyunkwan University - Department of Economics
Downloads 54 (296,816)

Abstract:

Absolutely regular mixing, CLT (FCLT), Discount sums, Moving average

26.

Market Stress and Herding

CEPR Discussion Paper No. 4340
Number of pages: 53 Posted: 13 May 2004
Soosung Hwang and Mark Salmon
Sungkyunkwan University - Department of Economics and University of Cambridge - Faculty of Economics and Politics
Downloads 39 (348,947)
Citation 21
  • Add to Cart

Abstract:

Herding, heterogenous beliefs, cross-sectional volatility

27.

The Price Impact of Deposit in Residential Lease Contracts: The Collapse of Chonsei System in Korea

Number of pages: 39 Posted: 10 Jan 2015
Soosung Hwang, Sanha Noh and Jinho Shin
Sungkyunkwan University - Department of Economics, Sungkyunkwan University - Department of Economics and Sungkyunkwan University - Department of Economics
Downloads 30 (264,661)

Abstract:

Property pricing model, Deposit to price ratio, Antichresis lease, Chonsei

28.

Does Illiquidity Matter in Residential Properties?

Number of pages: 43 Posted: 29 Apr 2014 Last Revised: 14 Jan 2015
Youngha Cho, Soosung Hwang and Jinho Shin
Oxford Brookes University, Sungkyunkwan University - Department of Economics and Sungkyunkwan University - Department of Economics
Downloads 30 (330,060)

Abstract:

Illiquidity costs, Residential properties, Flight to Quality

29.

How Persistent is Stock Return Volatility? An Answer with Markov Regime Switching Stochastic Volatility Models

Journal of Business Finance & Accounting, Vol. 34, No. 5-6, pp. 1002-1024, June/July 2007
Number of pages: 23 Posted: 11 Jul 2007
Sungkyunkwan University - Department of Economics, University of Cambridge - Faculty of Economics and Politics and Sao Paulo School of Economics - FGV and CEQEF- FGV
Downloads 16 (449,711)
Citation 1
  • Add to Cart

Abstract:

Commercial Real Estate Returns: An Anatomy of Smoothing in Asset and Index Returns

Real Estate Economics, Vol. 40, Issue 4, pp. 637-661, 2012
Number of pages: 25 Posted: 28 Dec 2012
Shaun A. Bond, Soosung Hwang and Gianluca Marcato
University of Cincinnati, Sungkyunkwan University - Department of Economics and Henley Business School - University of Reading
Downloads 1 (553,418)
Citation 1
  • Add to Cart

Abstract:

Commercial Real Estate Returns: An Anatomy of Smoothing in Asset and Index Returns

Real Estate Economics, Forthcoming
Posted: 11 Aug 2011
Shaun A. Bond, Soosung Hwang and Gianluca Marcato
University of Cincinnati, Sungkyunkwan University - Department of Economics and Henley Business School - University of Reading

Abstract:

Commercial real estate, smoothing, ARFIMA

31.

Household Overconfidence in the UK Housing Market

Number of pages: 43 Posted: 27 May 2016
Soosung Hwang, Youngha Cho and Jinho Shin
Sungkyunkwan University - Department of Economics, Oxford Brookes University and Sungkyunkwan University - Department of Economics
Downloads 0 (366,565)

Abstract:

Overconfidence, Housing Returns, Bayesian Updating, Epstein-Zin Utility

32.

An Analysis of Herding in the Korean Stock Market Using Network Theory

Number of pages: 30 Posted: 27 May 2016
Soosung Hwang, Young-Il Kim and Jinho Shin
Sungkyunkwan University - Department of Economics, Sungkyunkwan University and Sungkyunkwan University - Department of Economics
Downloads 0 (262,622)

Abstract:

Herd behavior, Cross-sectional standard deviation, Network analysis

33.

Empirical Evidence of Overconfidence in Cross-Sectional Asset Returns

Number of pages: 53 Posted: 27 May 2016
Soosung Hwang
Sungkyunkwan University - Department of Economics
Downloads 0 (280,063)

Abstract:

Overconfidence, Contrarian behavior, Response to Signal

34.

Loss Aversion and Individualism Around the World: Empirical Evidence

Number of pages: 50 Posted: 02 Apr 2016 Last Revised: 28 Jul 2016
Yuxin Xie, Soosung Hwang and Athanasios A. Pantelous
The School of Securities and Futures, Sungkyunkwan University - Department of Economics and University of Liverpool, Department of Mathematical Sciences and Institute for Risk and Uncertainty
Downloads 0 (229,507)

Abstract:

Loss Aversion; Individualism; Asset Allocation; Reference-Dependent Utility; International Financial Markets

The Dynamics of Appraisal Smoothing

Real Estate Economics, Vol. 42, Issue 2, pp. 497-529, 2014
Number of pages: 33 Posted: 20 May 2014
Youngha Cho, Soosung Hwang and Yong-ki Lee
Oxford Brookes University, Sungkyunkwan University - Department of Economics and Sungkyunkwan University - Department of Economics
Downloads 0
  • Add to Cart

Abstract:

The Dynamics of Appraisal Smoothing

Real Estate Economics, Forthcoming
Posted: 27 Nov 2012
Youngha Cho, Soosung Hwang and Yong-ki Lee
Oxford Brookes University, Sungkyunkwan University - Department of Economics and Sungkyunkwan University - Department of Economics

Abstract:

Smoothing, Time-varying model, Fundamentals

36.

The Optimal Mortgage Loan Portfolio in UK Regional Residential Real Estate

Journal of Real Estate Finance and Economics, Vol. 45, No. 3, 2012
Posted: 19 Nov 2012 Last Revised: 02 Dec 2013
Youngha Cho, Soosung Hwang and Stephen E. Satchell
Oxford Brookes University, Sungkyunkwan University - Department of Economics and University of Cambridge - Faculty of Economics and Politics

Abstract:

Large deviation theory, Mortgage loans, Optimal portfolio, Regional allocation