Dr. Sung Bae, Ph.D.

EDUCATION

Ph.D., Finance, University of Florida, 1987
Dissertation title: Essays on New Equity Issues & Investment Banking Contracts

M.B.A., Finance, Michigan State University, 1983

B.S.B.A., Business, Korea University, 1980

EXPERIENCE

Department Chair Bowling Green State University 8/10 – present

Fred E. Scholl Endowed Chair in Finance and Insurance BGSU 2/21 - 12/24

Director of Financial Planning Program Bowling Green State University 8/07 – present

Professor Bowling Green State University 5/98 – present

Ashel G. Bryan/Huntington Bank Professor Bowling Green State University 8/08 – 08/14

Visiting Professor of Finance Pusan National University 12/10 – 1/11

Visiting Professor of Finance Korea University Business School 2/06 – 8/06

Ashel G. Bryan/Mid American Bank Professor Bowling Green State University 6/00 – 8/05

Department Chair Bowling Green State University 6/96 – 8/03

Director of Business International Education Project BGSU 8/02 – 8/03

Visiting Research Fellow Korea Securities Research Institute, Korea 1/96 – 6/96

Visiting Associate Professor Seoul Women's University, Korea 3/96 – 6/96

Associate Professor Bowling Green State University 4/93 – 4/98

Assistant Professor Bowling Green State University 8/87 – 3/93

Research Assistant University of Florida 8/84 – 8/87

Teaching Assistant University of Florida 8/83 – 7/84

Export-Import Clerk Citibank, N.A./Seoul, Korea 8/80 – 8/81

• Corporate finance
• International finance
• Exchange risk management and hedging
• Related party transactions
• Corporate diversification and restructuring

• Bae, Sung C., Liuling Liu, Ha-chin Yi, "Do Consumer Awareness and Product Market Competition Matter in Corporate Social Responsibility?" Forthcoming in International Journal of Business Governance & Ethics, 2024. ABS 2.
• Bae, Sung C., Taek Ho Kwon, Chenyang Liu, "The Impact of High-Pressure Political Reforms on State-Owned Enterprises: Evidence from China." Forthcoming in International Review of Financial Analysis, 2024. ABS 3.
• Kwon, Taek Ho, Chenyang Liu, Sung C. Bae, Bonwoo Ku, "Managing Exchange Rate Exposures through Related Party Transactions in the Internalized Market." Journal of Korea Trade 28, December 2024, No. 8, 223-251. https://doi.org/10.35611/jkt.2024.28.8.223.
• Bae, Sung C., Taek Ho Kwon, "Exchange Rate Risk Management using Currency Derivatives: The Case of Exposures to Japanese Yen." Asia-Pacific Financial Markets 30, 2023, 621-647.
• Kwon, Taek Ho, Sung C. Bae, Soon Hong Park, "The Interactions of Corporate Sales Growth and Diversification Strategy: Cross-Country Evidence." Journal of International Financial Markets, Institutions, and Money 75 (November 2021), 101422.
• Bae, Sung C., Taek Ho Kwon, "Do Firms Benefit from Related Party Transactions with Foreign Affiliates? Evidence from Korea." International Review of Finance 21 (September 2021), Issue 3, 945-965.
• Bae, Sung C., Taek Ho Kwon, "Hedging Operating and Financing Risk with Financial Derivatives during the Global Financial Crisis" Journal of Futures Markets, 41 (March 2021), Issue 3, 384-405.
• Bae, Sung C., Hyeon Sook Kim, Taek Ho Kwon, "Foreign Currency Borrowing Surrounding the Global Financial Crisis: Evidence from Korea." Journal of Business Finance and Accounting 47 (May 2020), Issue 6, 786-817.
• Bae, Sung C., Kiyoung Chang, Ha-Chin Yi, "Are More Corporate Social Investments Better? Evidence of Non-Linearity Effect on Costs of U.S. Bank Loans." Global Finance Journal 38 (November 2018), 82-96.
• Bae, Sung C., Hyeon Sook Kim, Taek Ho Kwon, "Currency Derivatives for Hedging: New Evidence on Determinants, Firm Risk, and Performance." Journal of Futures Markets 38 (2018), Issue 4, 446-467.
• Bae, Sung C., Kiyoung Chang, Ha-Chin Yi, "Corporate Social Responsibility, Credit Rating, and Private Debt Contracting: New Evidence from Syndicated Loan Market." Review of Quantitative Finance and Accounting 50 (2018), Issue 1, 261-299.
• Kwon, Taek Ho, Sung C. Bae, Soonhong Park, "Sales Growth and Global Diversification Effects." Korean Journal of Financial Studies 47 (2018), 97-129.
• Pae, Yuntaek, Sung C. Bae, Namhoon Lee, "Idiosyncratic Volatility and Cash Flow Volatility: New Evidence from S&P 500." International Review of Financial Analysis 56 (March 2018), 127-135.
• Bae, Sung C., Taek Ho Kwon, Rae Soo Park, "Managing Exchange Rate Exposure with Hedging Activities: New Approach and Evidence." International Review of Economics and Finance, 53 (January 2018), 133-150.
• Bae, Sung C., Hyeon Sook Kim, Taek Ho Kwon, "The Determinants of Foreign Currency Debt Financing: Borrower Incentives or Lender Incentives?" Asia-Pacific Journal of Financial Studies 46 (2017), 824-852.
• Bae, Sung C., Kiyoung Chang, Ha-Chin Yi, "The Impact of Corporate Social Responsibility Activities on Corporate Financing: A Case of Bank Loan Covenants." Applied Economics Letters 23 (2016), Issue 17, 1234-1237.
• Bae, Sung C., Hyeon Sook Kim, Taek Ho Kwon, "Foreign Currency Debt Financing, Firm Value, and Risk: Evidence from Korea Surrounding Global Financial Crisis." Asia-Pacific Journal of Financial Studies 45 (2016), Issue 1, 124-152.
• Bae, Sung C., Taek Ho Kwon, "Managing Asymmetric Foreign Exchange Exposure with Financial Derivatives: Evidence from Korean Firms." International Journal of Bonds and Derivatives 1 (2015), No. 3, 217-236.
• Bae, Sung C., Byung-Uk Chong, and Yura Kim, "Informational Frictions, Syndicate Structure, and Loan Pricing: New Evidence from International Syndicated Lending." Asia-Pacific Journal of Financial Studies 43 (2014), 124-155.
• Bae, Sung C., Kiyoung Chang, Hoje Jo, "Long-Run Stock Return and Operating Performance of Underwriter Warrants: Evidence from Seasoned Equity Offerings." International Review of Finance 13 (December 2013), Issue 4, 473-501.
• Bae, Sung C., Kiyoung Chang, and Doseung Kim, "Determinants of Target Selection and Acquirer Returns: Evidence from Cross-Border Acquisitions." International Review of Economics and Finance 27 (2013), 552-565.
• Bae, Sung C., Taek Ho Kwon, "Asymmetric Foreign Exchange Exposure, Option Trade, and Foreign Currency Denominated Debt: Evidence from Korea." Asia-Pacific Journal of Financial Studies 42 (2013), 314-339.
• Bae, Sung C., Kiyoung Chang, Eun Kang, "Culture, Corporate Governance, and Dividend Policy: International Evidence." Journal of Financial Research 35 (Summer 2012), No. 2, 289-316.
• Bae, Sung C., Kyungwon Ju, Kyoo H. Kim, Taek Ho Kwon, "Equity Ownership Determination of Foreign Direct Investments of Developing Economies: The Case of Korean Outward FDIs." Review of Pacific Basin Financial Markets and Policies 15 (March 2012), Number 1, 1250003:1-32.
• Taek Ho Kwon, Rae Soo Park, Sung C. Bae, "On the Effectiveness of Foreign Exchange Rate Exposure Hedging with Derivatives for Korean Industrial Companies." Korean Journal of Financial Studies 40 (2011), No. 5, 829-861.
• Bae, Sung C., Taek Ho Kwon, Jang Woo Lee, "Does Corporate Diversification by Business Groups Create Value? Evidence from Korean Chaebols." Pacific-Basin Finance Journal 19 (2011), 535-553.
• Bae, Sung C., Jae Hoon Min, Sunbong Jung, "Trading Behavior and Performance of Foreigners, Local Institutions, and Individual Investors: Evidence from the Korean Stock Market." Asia-Pacific Journal of Financial Studies 40 (2011), No. 2, 199-239.
• Bae, Sung C., Mingsheng Li, Jing Shi, "Heterogeneous Investor's Reaction to Exchange Rate Movement: New Evidence from a Unique Emerging Market." Emerging Market Finance and Trade 47 (2011), Supplement 1. 7-22.
• Bae, Sung C., Taihyeup Yi, "Structural Breaks and the Fisher Hypothesis in Bond and Stock Markets" Applied Financial Economics 19 (2009), No. 24, 1961-1973. ABS 2.
• Bae, Sung C., Mingsheng Li, Jing Shi, "Does the Law of One Price Hold Better under a Flexible Exchange System?" Journal of Multinational Financial Management 19 (2009), 306-322. ABS 2.
• Bae, Sung C., "On the Interactions of Financing and Investment Decisions: Evidence from Chinese Industrial Companies." Managerial Finance 35 (July 2009), No. 8, 691-699. ABS 1.
• Bae, Sung C., Taek Ho Kwon, Jong Won Park, "Derivatives Trading, Volatility Spillover, and Regulation: Evidence from the Korean Securities Markets." Journal of Futures Markets 29 (2009), No. 6, 563-597. ABS 3.
• Bae, Sung C., Taek Ho Kwon, Jang W. Lee, "Corporate Diversification, Relatedness, and Firm Value: Evidence from Korean Firms." Asia-Pacific Journal of Financial Studies 37 (2008), No. 6, 1025-1064.
• Bae, Sung C., J.C. Bell Park, Xiaohong Wang, "Multinationality, R&D Intensity and Firm Performance: Evidence from U.S. Manufacturing Companies." Multinational Business Review 16 (Winter 2008), No. 1, 53-77. ABS 2.
• Bae, Sung C., Taek Ho Kwon, Mingsheng Li, "Foreign Exchange Exposure and Risk Premium in International Investments: Evidence from American Depositary Receipts." Journal of Multinational Financial Management 18 (2008), 165-179. ABS 2.
• Jangwoo Lee, Sung C. Bae, Taek Ho Kwon, "A Research on the Determinants of Diversification of Korean Firms around the Occasion of Asian Financial Crisis," The Korean Journal of Financial Engineering 6 (December 2007), No.2, 275-298.
• Bae, Sung C. and Hoje Jo, "Underwriter Warrants, Underwriter Reputation, and Growth Signaling." Review of Quantitative Finance and Accounting 29 (August 2007), No. 2, 129-154. ABS 3.
• Bae, Sung C., Taek Ho Kwon, and Jong Won Park, "KOSPI 200 Derivatives and Volatility Spillover between Stocks in the Spot Market." The Korean Journal of Financial Engineering 6 (June 2007), No. 1, 35-68.
• Bae, Sung C. and Hoje Jo, "Corporate Governance and Firm Performance of Highly Leveraged Transactions." Corporate Ownership & Control 4 (Winter 2006-2007), No. 2, 170-180. ABS 1.
• Bae, Sung C. and Hoje Jo, "Underwriter Warrants in Seasoned Equity Offerings: Is It Growth Signaling?" Journal of International Finance and Economics 3 (Fall 2006), No. 1, 73-91.
• Bae, Sung C., H.S. Aldrich, and Tai Yi, "Mergers of Equals in the U.S. Banking Industry: A Performance Analysis." Journal of Financial and Economic Practice 7 (Fall 2006), No. 1, 63-81.
• Taek Ho Kwon, Sung C. Bae, and Jay M. Chung, "Do Foreign Investors Price Foreign Exchange Risk Differently?" Journal of Financial Research 28 (Winter 2005), No. 4, 555-573. ABS 3.
• Bae, Sung C., Bell J.C. Park, and Tracy L. Wagner, "Capital Asset Management Process: The Case of Hose & Fittings Corporation," International Journal of Managerial Finance 1 (2005), No. 3, 204-220. ABS 2.
• Bae, Sung C., Taek Ho Kwon, and Jongwon Park, "Futures Trading, Spot Price Volatility, and Market Efficiency: The Case of the Korean Index Futures Markets," Journal of Futures Markets 24 (December 2004), No. 12, 1195-1228. ABS 3.
• Bae, Sung C. and Dongnyoung Kim, "The Effect of R&D Investment on Market Value of Firms: Evidence from U.S., Germany and Japan," Multinational Business Review 11 (Winter 2003), No. 3, 51-76. ABS 2.
• Bae, Sung C. and Vinod Jain, "The Effects of R&D and International Expansion on the Performance of U.S. Industrial Firms," Corporate Finance Review 8 (July/August 2003), No. 1, 28-39.
• Bae, Sung C. and Hoje Jo, "Consolidating Corporate Control: Divisional versus Whole-Company Leveraged Buyouts," Journal of Financial Research 25 (Summer 2002), No. 2, 247-262. ABS 3.
• Bae, Sung C., Robert Hendershott, and Hoje Jo, "Consolidating Corporate Control: Leveraged Buyouts versus Leveraged Recapitalizations," Corporate Finance Review 5 (March/April 2001), No. 5, 5-20.
• Bae, Sung C. and Seungwook Noh, "Multinational Corporations versus Domestic Corporations: A Comparative Study of R&D Investment Activities," Journal of Multinational Financial Management 11 (2001), 89-104. ABS 2.
• Bae, Sung C. and Sivagnanam Sakthivel, "An Empirical Analysis of Exchange Ratio Determination Models for Merger," Journal of Business Finance and Accounting 27 (April/May 2000), Nos. 3&4, 511-521. ABS 3.
• Bae, Sung C. and Hoje Jo, "The Impact of Information Release on Stock Price Volatility and Trading Volume: The Rights Offering Case," Review of Quantitative Finance and Accounting 13 (1999), 153-169. ABS 3.
• Bae, Sung C., Daniel P. Klein and John Bowyer, "Determinants of Underwriter Participation in Initial Public Offerings of Common Stock: An Empirical Analysis," Journal of Business Finance and Accounting 26 (June/July 1999), No. 5&6, 595-619. ABS 3.
• Bae, Sung C., Tim Anderson, and Young Hoon Byun, "An Empirical Analysis of Long-Term Performance of Leveraged Recapitalization Companies," Journal of Insurance and Finance 2 (November 1998), 45-59.
• Bae, Sung C. and Daniel P. Simet, "A Comparative Analysis of Leveraged Recapitalizations and Leveraged Buyout as a Takeover Defense," Review of Financial Economics 7 (1998), No. 2, 157-172. ABS 1.
• Bae, Sung C. and James P. Sandager, "What Consumers Look For In Financial Planners," Financial Counseling and Planning 8 (1997), No. 2, 9-16.
• Bae, Sung C. and Sungoh Hwang, "An Empirical Analysis of Outward Foreign Direct Investment of Korea and Japan." Multinational Business Review 5 (Fall 1997), No. 2, 71-80. ABS 2.
• Bae, Sung C., Daniel P. Klein, and Raj Padmaraj, "Firm Characteristics and the Presence of Event Risk Covenants in Bond Indentures." Journal of Financial Research 20 (Fall 1997), No. 3, 373-388. ABS 3.
• Bae, Sung C. and Daniel P. Klein, "Further Evidence on Corporate Bonds with Event Risk Covenants: Inferences from Standard and Poor's and Moody's Bond Ratings." Quarterly Review of Economics and Finance 37 (Fall 1997), No. 3, 709-724. ABS 2.
• Bae, Sung C. and Friedrich Knell, "Examination of Growth Estimation Methods: A Simulation Approach." Journal of Financial Education 22 (Fall 1996), 29-40.
• Bae, Sung C. and Haim Levy, "Tests of the Efficiency of the U.S. Rights Offering Market: An Option Pricing Approach." Review of Quantitative Finance and Accounting 6 (1996), No. 3, 259-276. ABS 3.
• Bae, Sung C. and Gregory Duvall, "An Empirical Analysis of Market and Industry Factors in Stock Returns of U.S. Aerospace Industry." Journal of Financial & Strategic Decisions 9 (Summer 1996), No. 3, 33-46.
• Bae, Sung C., Daniel P. Klein, and Raj Padmaraj, "Event-Risk Bond Covenants, Agency Costs of Debt and Equity, and Stockholder Wealth." Financial Management 23 (Winter 1994), No. 4, 28-41. ABS 3.
• Bae, Sung C. and Haim Levy, "The Valuation of Stock Purchase Rights As Call Options." Financial Review 29 (August 1994), No. 3, 419-440. ABS 3.
• Bae, Sung C. and Haim Levy, "Investment Banker Prestige, Competition, and Underwriter Compensation in U.S. Seasoned New Equity Issues." Global Finance Journal 5 (Summer 1994), No. 1, 37-54. ABS 2.
• Bae, Sung C. and Jae R. Park, "Acquisition of Failing Firms and Stockholder Returns." Journal of Accounting, Auditing, and Finance 9 (Summer 1994), No. 3, 511-529. ABS 3.
• Bae, Sung C. and Jae R. Park, "Acquisition of Failing Firms and Stockholder Returns: Professional Adaptation." Journal of Accounting, Auditing, and Finance 9 (Summer 1994), No. 3, 530-532. ABS 3.
• Bae, Sung C., "Do Anticipated Interest Rate Changes Affect Stock Returns? An Econometric Investigation of U.S. Financial Firms." International Journal of Finance 5 (Autumn 1993), No. 1, 320-343.
• Bae, Sung C. and Haim Levy, "The Valuation of Firm Commitment Underwriting Contracts For Seasoned New Equity Issues: Theory and Evidence." Financial Management 19 (Summer 1990), No. 2, 48-59. ABS 3.
• Bae, Sung C., "Interest Rate Changes and Common Stock Returns of Financial Institutions: Revisited." Journal of Financial Research 13 (Spring 1990), No. 1, 71-79. ABS 3.
• Bae, Sung C. and Haim Levy, "A Simple Analysis of the Contingent Claims Approach to Valuing Firm Commitment Underwriting Contracts." Journal of Financial and Strategic Decisions 3 (Spring 1990), No. 1, 1-12.