Management Analyst

Curriculum Vitae

Seung Woog (Austin) Kwag

Associate Professor of Finance

Department of Economics and Finance

Jon M. Huntsman School of Business

Voice: 435-***-****

E-Mail: ******.****@***.***

NATIONALITY

United States of America

AREAS OF INTEREST

Behavioral Finance, Securities Law and Regulation, Securities Valuation, Investments, Portfolio

Management, Corporate Governance/Control, Earnings Management, and Corporate Finance

EDUCATION

University of Tennessee-Knoxville (UTK) Finance 1998-2002 Ph.D.

Texas Tech University Business Statistics 1997-1998 MS

Florida State University Political Science 1990-1991 MS

Yonsei University Psychology 1985-1988 BA

EXPERIENCE

Utah State University Associate Professor 2008-Present Full Time

Utah State University Assistant Professor 2002-2008 Full Time

University of Tennessee Instructor 1999-2001 Part Time

University of Tennessee Research Assistant 1998-2002 Part Time

Korean Army First Lieutenant 1992-1995 Full Time

RESEARCH ACTIVITIES

1. PUBLICATIONS/FORTHCOMING PAPERS

1) Kwag, Austin and Sang Whi Lee Risk-Adjusted Value Investments, published in Review of

Business Research (2006, Volume 6, Number 2, pp. 124-133)

2) Kwag, Austin and Sang Whi Lee. Value Investing and Business Cycle, published in Journal of

Financial Planning (January 2006, Volume 19, No. 1, pp. 64-71)

3) Kwag, Austin and Ronald Shrieves. Chronic Bias in Earnings Forecasts, published in Financial

Analysts Journal (January/February 2006, Volume 62, No. 1, pp. 81-96) (SSCI and Top 16

Core Finance Journal)

4) Kwag, Austin. Shareholder Protection and Forecast Bias, published in Journal of Applied

Business Research (May/June 2006, Volume 22, No. 2, pp. 39-48)

5) Yildirim, Semih, AUSTIN KWAG, and Cary Collins. An Examination of the Equity Market

Response to The Gramm-Leach-Bliley Act Across Commercial Banking, Investment Banking,

and Insurance Firms, published in Journal of Business Finance and Accounting (November

2006, Volume 33, No. 9&10, pp. 1629-1649) (SSCI and Top 16 Core Finance Journal)

6) Kwag, Austin. Another Evidence of Chronic Bias in Earnings Forecasts: The Case of South

Korea, published in Financial Decisions (Winter 2006, Volume 18, No. 2, pp. 1-15)

7) Kwag, Austin and Ken Small. The impact of Regulation Fair Disclosure on Earnings

Management and Forecast Bias, published in Journal of Economics and Finance (Spring 2007,

Vol. 31, Issue 1, pp. 87-98)

8) Kwag, Austin. Conformist Behavior in Japanese Earnings Forecasts, published in

International Journal of Business Research (2007, Volume 7, Number 6, pp. 100-104)

Vita 1 of 5

9) Kwag, Austin. Forecast Persistence and clustering: Additional Evidence, published in Journal

of Economics and Finance (Fall 2007, Volume 31, Issue 3, pp. 319-330)

10) Kwag, Austin and Alan Stephens. Serial Correlation of Analyst Forecast Errors in 12 Asian

Markets, Journal of Applied Finance (2007, Volume 17, No. 1, pp.29-39)

11) Kwag, Austin, "Analyst Forecasts and Herding Behavior: Some Evidence from the Stock Market

in Korea", Journal of Social Science (2008, Volume 34, pp. 197-207) 12) Kwag, Austin and Alan Stephens. Investor Reaction to earnings management, Managerial

Finance (2010, Volume 36, Issue 1, pp.44-56)

13) Kwag, Austin and Ronald Shrieves. Investors Use of Historical Forecast Bias to Adjust

Current Expectations, The Financial Review (2010, Volume 45, No.1, pp.129-152) (Top 16

Core Finance Journal)

14) Lee, Sang Whi, Austin Kwag, Donald J. Mullineaux, and Kwangwoo Park, Agency Conflicts,

Financial Distress, and Syndicate Structure: Evidence from Japanese Borrowers, Finance

Research Letters (June 2010, Volume 7, Issue 2, pp.119-126) (SSCI)

15) Kwag, Austin and Sang Whi Lee, Analyst Herding and Optimism: Evidence from Twelve Asia-

Pacific Markets, Korean Corporation Management Review (2011, Volume 18, No.

3, pp. 39-53) 16) Kwag, Austin, The Impact of Sarbanes-Oxley Act on State-Wide Earnings Management,

Return, and Risk, Business Education Research (June 1, 2012) 2. PEER-REVIEWED PROCEEDINGS

1) Kwag, Austin. Persistent Forecast Bias of Analysts: The Case of Korea, 2005 Midwest Finance

Association (MFA) Proceedings, Vol. 2

2) Kwag, Austin and Alan Stephens. Serial Correlation of Analyst Forecast Errors in 12 Asian

Markets, 2005 MFA Proceedings, Vol. 2

3) Kwag, Austin. Herding and Bias in Analyst Earnings Forecasts: Evidence from 12 Asian

Markets, 2005 MFA Proceedings, Vol. 2

4) Small, Ken, AUSIN KWAG, and Joanne Li, Do Shareholder Rights Influence Managerial

Propensity to Engage in Earnings Management?, 2007 Western Decision Science Institute

(WDSI) Proceedings

5) Kwag, Austin, and Sang Whi Lee, Donald Mullineaux, and Kwangwoo Park, Agency Conflicts,

Financial Distress, and Syndicate Structure: Evidence from Japanese Borrowers, January

2007, Proceedings in Institute for Monetary and Economic Research, The Bank of Korea (ISSN

1975-5163, No. 290)

3. PAPERS UNDER JOURNAL REVIEW

1) Small, Ken, AUSTIN KWAG, and Joanne Li, 2012, Do Shareholder Rights Influence Managerial

Propensity to Engage in Earnings Management?, Journal of Economics and Finance, review in

progress

2) Kwag, Austin and Sang Whi Lee, 2012, Innovative Value Indicators: Firm-Specific versus

Macroeconomic, Journal of Asset Management, revised and resubmitted

3) Kwag, Austin, 2012, Behavioral Shift in Earnings Response after Regulation FD, Journal of

Behavioral Finance (SSCI), review in progress

4) Kwag, Austin, and Abdullah Masud, 2012, Modeling and Predicting Stock Returns, Financial

Markets and Portfolio Management, review in progress

5) Kwag, Austin, 2012, Innovative P/B Ratio, Journal of Business Research, review in progress

4. COMPLETED PAPERS IN PREPARATION OF SUBMISSION

1) Kwag, Austin, Mengqing Yin, Mi Jeong Choi, and Sang Whi Lee, 2012, Innovative

Macroeconomic Value Determinants

Vita 2 of 5

5. WORKING PAPERS

1) Kwag, Austin, and Yong Seog Kim, 2012, Stock Return Predictability of Financial Ratios and

SOA, Working paper at intermediate stage

2) Kim, Yong Seog, and AUSTIN KWAG, 2012, Profiling Green IT Leaders, Working paper at

intermediate stage

3) Kwag, Austin, 2012, Investor-Analyst Relation: A New Paradigm, Working paper at

intermediate stage

4) Kwag, Austin and Yoon Goo Lee, 2012, Government Regulation and Market Perception:

Korean Stock Markets, Working paper at initial stage

5) Kwag, Austin, 2012, Investor Protection Law and Drifts in Investor Behavior, Working paper

at initial stage

6) Kwag, Austin, 2012, Behavioral Themes in Corporate Finance, Working paper at initial stage

6. AWARDS AND HONORS

1) A Keynote Speaker at International Business Education Conference sponsored by Korea

Business Education Academy (2011, Seoul, Korea)

2) Researcher of the Year, Department of Business Administration (2007, Utah State University)

3) A Nominee for the College of Business Researcher of the Year (2007, Utah State University)

4) Researcher of the Year, Department of Business Administration (2006, Utah State University)

5) A Nominee for the College of Business Researcher of the Year (2006, Utah State University)

6) Community/University Research Initiative (CURI) grant for the period 2006 2007 (State of

Utah and Utah State University)

7) New Faculty Research Grant (NFRG) for the period 2003 2004 (Utah State University)

8) The paper titled Chronic Bias in Earnings Forecasts was listed on SSRN s TOP TEN download

list for Experimental & Empirical Studies Recent Hit on May 12, 2003.

7. PRESENTATIONS AT ACADEMIC AND PROFESSIONAL MEETINGS/SEMINARS

1) Kwag, Austin, and R. E. Shrieves, Are Markets Rational? Investors Response to Persistent

Bias in Analysts Earnings Forecasts, the 2003 FMA Annual Meeting

2) Kwag, Austin, and R. E. Shrieves, Bias in Analysts Earnings Forecasts, the 2003 FMA Annual

Meeting

3) Kwag, Austin, Analysts Bias in International Earnings Forecasts, the 2003 MFA Annual

Meeting

4) Kwag, Austin and Alan Stephens. Investor Reaction to earnings management, the 2004 FMA

Annual Meeting

5) Kwag, Austin, Herding and Bias in Analyst Earnings Forecasts: Evidence from 12 Asian

Markets, the 2005 SFA Annual Meeting

6) Kwag, Austin, Persistent Forecast Bias of Analysts: The Case of Korea, the 2005 MFA Annual

Meeting

7) Kwag, Austin and Alan Stephens, Serial Correlation of Analyst Forecast Errors in 12 Asian

Markets, the 2005 MFA Annual Meeting

8) Kwag, Austin, Herding and Bias in Analyst Earnings Forecasts: Evidence from 12 Asian

Markets, the 2005 MFA Annual Meeting

9) Kwag, Austin and Sang Whi Lee, Risk-Adjusted Value Investments, the 2006 IABE Annual

Meeting

10) Lee, S. W., AUSTIN KWAG, D. J. Mullineaus, and K. Park, Agency Conflicts, Financial Distress,

and Syndicate Structure: Evidence from Japanese Borrowers, the 2006 FMA Annual Meeting

11) Kwag, Austin, Conformist Behavior in Japanese Earnings Forecasts, the 2007 IABE Annual

Meeting

12) Small, Ken, AUSTIN KWAG, and Joanne Li, Shareholder Rights and Earnings Management,

the 2007 WDSI Annual Meeting

13) Kwag, Austin, 2011, Innovative P/B Ratio, Institute for Economics and Management at

Sookmyung Women s University (Seoul, Korea)

14) Kwag, Austin, 2011, P/B Ratio: Delta or Level, Economics Research Conference at Ewha

Womans University (Seoul, Korea)

Vita 3 of 5

15) Kwag, Austin, 2011, Secondary Business Education in US: Past, Present, and Future, at the

2011 summer conference for Business Education (Seokyung University, Korea).

TEACHING ACTIVITIES

1. COURSES TAUGHT (GRADUATE AND UNDERGRADUATE)

Financial Institutions and Markets

Corporate Finance / Financial Management

Cases in Finance

Investments

Financial Policy

Portfolio Management

Investment Valuations Equity, Fixed-Income Securities, Derivatives

Relative Valuations

Financial Econometrics

Investments Research Seminar

2. MOST RECENT TEACHING EVALUATION: 4.5 OUT OF 5.0

3. PARTICIPATION IN UNDERGRADUATE/GRADUATE RESEARCH DEVELOPMENT (2002

PRESENT)

Mentoring undergraduate/graduate students to do independent research

Number of Directed Undergraduate Students: 12

Number of Directed Master s Students: 2

Number of Directed Ph.D. Students (Economics): 3

SERVICE ACTIVITIES

1. SERVICES FOR THE INTERNATIONAL, NATIONAL, AND REGIONAL CONFERENCES

2003 MFA Annual Conference: Discussant

2004 FMA Annual Conference: Discussant

2005 MFA Annual Conference: Session chair; Discussant

2005 SFA Annual Conference: Session organizer (International Market Microstructure);

Discussant

2006 WDSI Annual Conference: Finance I (Financial Institutions and Investments) track chair

2007 WDSI Annual Conference: Finance I (Financial Institutions and Investments) track chair

2008 WDSI Annual Conference: Finance I (Financial Institutions and Investments) track chair

2. EDITORIAL BOARD ACTIVITIES

Editorial board member for International Business Review (Korea)

Editorial board member for Business Education Research (Korea)

3. RESEARCH ARTICLE REVIEW

Reviewer for Journal of Financial Education

Reviewer for Korea Review of Applied Economics

Reviewer for International Review of Applied Financial Issues and Economics

Reviewer for Journal of Banking and Finance

Reviewer for Journal of Asia-Pacific Business

Reviewer for Applied Financial Economics

Reviewer for Journal of Business and Management

Reviewer for Financial Analysts Journal

Reviewer for Journal of Applied Business Research

Vita 4 of 5

Reviewer for Quarterly Journal of Business and Economics

4. MISCELLANEOUS SERVICES

Computer Committee (2002 2003)

Library Committee (2006 2007)

Advisor of Korean Student Association (2007 2008)

Jon M. Huntsman School of Business Curriculum Committee (2009 2010)

Faculty Partner for the Research Group (TRG) at Jon M. Huntsman School of Business

(2006 present)

5. PROFESSIONAL MEMBERSHIP

Financial Management Association (FMA); Southern Finance Association (SFA); Midwest Finance

Association (MFA); Eastern Finance Association (EFA); Western Decision Science Institute (WDSI);

International Academy of Business and Economics (IABE) ; Korea Business Education Academy

(KBEA)

Vita 5 of 5

Contact this candidate