Hugh Hoikwang Kim


Email: hugh.kim 'at' moore.sc.edu

Research Interests:
    Investment; Asset Pricing; Behavioral Finance; Financial Institutions (Banks, Mutual funds, Insurers); Household Finance; Lifecycle Portfolio Choice

Curriculum Vitae (updated: August 2019)
SSRN Page
Google Scholar

Affiliations:
    Associate Professor of Finance (with tenure), Darla Moore School of Business, University of South Carolina, 2019 ~ present
    Assistant Professor of Finance, Darla Moore School of Business, University of South Carolina, 2016 ~ 2019
    Visiting Scholar, The Pension Research Council, The Wharton School, University of Pennsylvania, 2013 ~ present

    Assistant Professor of Finance, SKK Graduate School of Business, Sungkyunkwan University, Korea, 2013 ~ 2016
    Visiting Scholar, Sloan School of Management, M.I.T., May ~ August 2015

    Visiting Professor, KAIST Business School, KAIST, May ~ July 2019

Education:
    University of Pennsylvania, The Wharton School, Ph.D. in Applied Economics, 2013
    University of Pennsylvania, The Wharton School, M.S. in Applied Economics, 2011
    Seoul National University, B.A. in Economics, 2004

Refereed Publications:

    1. "The Impact of Shrouded Fees: Evidence from a Natural Experiment in the Indian Mutual Funds Market(with Santosh Anagol), American Economic Review 102(1):576-93, February 2012.    

    2. "Time is Money: Rational Life Cycle Inertia and the Delegation of Investment Management", (with Raimond Maurer and Olivia S. Mitchell), Journal of Financial Economics 121(2): 424-447, August 2016.

    3. "It Pays to Write Well" (with Byoung-Hyoun Hwang), Journal of Financial Economics 124(2): 373-394, May 2017
        * Media mention: Wall Street Journal, Harvard Law School Forum, Chief Executive

    4. Choosing a Financial Advisor: When and How to Delegate” (with Raimond Maurer, Olivia S. Mitchell) in Financial Decision Making and Retirement Security in Aging World. Eds. P. Brett Hammond, O. S. Mitchell, and S. Utkus. Oxford University Press, 2017

    5. "Information Spillover of Bailouts"Journal of Financial Intermediation, Forthcoming.

  • Best Paper Award, Semi-finalist, FMA Annual Meeting (2013, Chicago) / Best Doctoral Dissertation Award, Winner, The Korea-America Finance Association (2012, Atlanta, GA)
  • Working Papers:

        1. "Economic Policy Uncertainty and Bank Liquidity Hoarding"(with Allen Berger, Omrane Guedhami, Xinming Li)
    Economic policy uncertainty likely harms the economy at least in part through disrupting the bank liquidity creation process. 

        2. "Opaque Liabilities, Learning, and the Cost of Equity Capital for Insurers"(with Chia-Chun Chiang, Greg Niehaus)

    We find insurers’ cost of equity capital increases after they report poor underwriting performance.
  • Revise and Resubmit, Journal of Risk and Insurance
  •     3. "Form and Function in the Social Sciences"(with Byoung-Hyoun Hwang, Kai Wu)

    Our analysis reveals that articles with one more writing fault per one hundred words receive 7% fewer citations.

        4. "Pessimistic Fund Managers"(with Yongqiang Chu)

    We find that the pessimistic tone in managers’ letters to shareholders predicts superior future risk-adjusted returns 
    "Inertia stocks" are likely to underperform in the future, hence undermining the overall performance of institutional investors. 
             * Media mention: Citywire
    People with high cognitive ability tend to seek financial advice from professionals outside of family members. 
             * Media mention: TIAA Institute

        7. "Measuring (In)Attention to Mutual Fund Fees: Evidence from Experiments(with Wenhao Yang)

    We find, on average, investors allocate only 62.5% of their full attention to mutual fund fees. 
    * Media mention: Citywire 

    Teaching:

        Investment Management (Undergrad. Honor/MBA/PMBA), University of South Carolina (2016, 2017, 2018)
        Capital Budgeting (Full-time MBA/Professional MBA), SKK GSB (2015, 2016)
        Managerial Economics (Full-time MBA/Professional MBA/Executive MBA), SKK GSB (2014, 2015, 2016)
        Financial Management (Professional MBA), SKK GSB (2015)
        Economic Analysis (Full-time MBA/Professional MBA), SKK GSB (2013, 2014)

    Dataset and codes:

    1. Online appendix for "The Impact of Shrouded Fees: Evidence from a Natural Experiment in the Indian Mutual Funds Market" (AER, 2012)
    2. Online appendix for "Time is Money: Rational Life Cycle Inertia and the Delegation of Investment Management" (JFE, 2016)
    3. Code for "It Pays to Write Well" (JFE, 2017)


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