Jaewon Choi

Jaewon Choi

Associate Professor of Finance

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Contact

4035 Business Instructional Facility

515 Gregory Drive

Champaign, IL 61820

217-244-0840

jaewchoi@illinois.edu

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Educational Background

  • M.Phil., Finance, New York University, 2010
  • Ph.D., Finance, New York University, 2010
  • M.S.E., Operations Research & Financial Engineering, Princeton University, 2004

Positions Held

  • Associate Professor of Finance, Finance, University of Illinois, 2018 to present
  • Assistant Professor of Finance, Finance, University of Illinois, 2010-2018

Recent Publications

  • Choi, J. Forthcoming. On the Interest Rate Sensitivity of Corporate Securities. Review of Asset Pricing Studies.
  • Choi, J. Forthcoming. Sitting Bucks: Stale Pricing in Fixed Income Funds. Journal of Financial Economics.
  • Choi, J., Hackbarth, D., & , J. (2021). Granularity of Corporate Debt. Journal of Financial and Quantitative Analysis, 56 (4), 1127-1162.
  • Choi, J. (2021). Mutual Fund Flows and Fluctuations in Credit and Business Cycles. Journal of Financial Economics, 139 (1), 84-108.
  • Choi, J., Hoseinzade, S., Shin, S., & Tehranian, H. (2020). Corporate Bond Mutual Funds and Asset Fire Sales. Journal of Financial Economics, 138 (2), 432-457.

Other Publications

Articles

  • Choi, J., & Williams, J. (2019). Asymmetric Learning from Price and Post-Earnings Announcement Drift. Contemporary Accounting Research, 36 (3), 1724-1750.
  • Choi, J., Shachar, O., & Shin, S. (2019). Dealer Liquidity Provision and the Breakdown of the Law of One Price: Evidence from the CDS-Bond Basis. Management Science, 65 (9).
  • Choi, J., & Kim, Y. (2018). Anomalies and Market (Dis)Integration. Journal of Monetary Economics, 100 16-34.
  • Choi, J., Hackbarth, D., & Zechner, J. (2018). Corporate Debt Maturity Profiles. Journal of Financial Economics, 130 (3), 484-502.
  • Choi, J., & Kronlund, M. (2018). Reaching for Yield by Corporate Bond Mutual Funds. Review of Financial Studies, 31 (5), 1930-1965.
  • Choi, J., & Richardson, M. (2016). The Volatility of a Firm's Assets and the Leverage Effect. Journal of Financial Economics, 121 (2), 254-277.
  • Choi, J. (2013). What Drives the Value Premium?: The Role of Asset Risk and Financial Leverage. Review of Financial Studies, 26 (11), 2845-2875.
  • Choi, J. (2008). Credit Risk with Lagged Information. Journal of Derivatives, 16 (2), 85-93.

Presentations

  • Pearson, N., Choi, J., & Sandy, S. (2016). A First Glimpse into the Short Side of Hedge Funds. Luxembourg Asset Management Summit, Luxembourg School of Finance.
  • Choi, J. (2014). Conference presentation. Swiss Winter Conference on Financial Intermediation.
  • Choi, J. (2014). Conference presentation. Western Finance Association Annual Meeting.
  • Choi, J. (2014). Conference presentation. FIRS Annual Meetings, Financial Intermediation Research Society.
  • Choi, J. (2014). Invited talk. Hong Kong University Seminar.
  • Choi, J. (2014). Invited talk. Peking University Shenzhen Seminar, Peking University Shenzhen Graduate School.
  • Choi, J. (2014). Invited talk. Chinese University of Hong Kong Seminar.
  • Choi, J. (2013). Conference presentation. SFS Finance Cavalcade, Society for Financial Studies.
  • Choi, J. (2013). Conference presentation. Singapore International Conference on Finance.
  • Choi, J. (2013). Conference presentation. China International Conference in Finance.
  • Choi, J. (2013). Conference presentation. FIRS Annual Meetings, Financial Intermediation Research Society.
  • Choi, J. (2013). Invited talk. Korea Institute of Finance Seminar.
  • Choi, J. (2013). Invited talk. Stockholm School of Economics Seminar.
  • Choi, J. (2013). Invited talk. Tsinghua University Seminar.
  • Choi, J. (2013). Invited talk. Yonse University Seminar.
  • Choi, J. (2013). Presentation. London Business School Summer Symposium.
  • Choi, J. (2013). Presentation. NBER Conference.
  • Choi, J. (2013). Presentation. Oxford Annual Asset Pricing Retreat.
  • Choi, J. (2013). Presentation. Australasian Finance and Banking Conference.
  • Choi, J. (2012). Conference presentation. FRA Annual Meetings, Financial Research Association.
  • Choi, J. (2012). Conference presentation. EFA Annual Meetings, European Finance Association.
  • Choi, J. (2012). Invited talk. Fordham University Seminar.
  • Choi, J. (2012). Invited talk. Copenhagen Business School Seminar.
  • Choi, J. (2012). Invited talk. Korea Advanced Institute of Science and Technology (KAIST) Seminar.
  • Choi, J. (2012). Invited talk. Korea Institute of Finance Seminar.
  • Choi, J. (2012). Invited talk. Lund University of Sweden Seminar.
  • Choi, J. (2012). Invited talk. Seoul National University seminar.
  • Choi, J. (2012). Invited talk. Vienna University of Economics and Business Seminar.
  • Choi, J. (2012). Presentation. University of Chicago Booth Junior Faculty Symposium.
  • Choi, J. (2012). Presentation. Liquidity Risk Management Conference, Center for Finance Professionals.
  • Choi, J. (2012). Presentation. China International Conference in Finance (CICF.
  • Choi, J. (2011). Presentation. Singapore International Conference on Finance, National University of Singapore.
  • Choi, J. (2010). Conference presentation. American Finance Association Annual Meetings.
  • Choi, J. (2010). Invited talk. University of Illinois at Urbana-Champaign Seminar.
  • Choi, J. (2009). Conference presentation. Western Finance Association Annual Meeting.
  • Choi, J. (2009). Invited talk. Columbia University Finance Seminar.
  • Choi, J. (2009). Invited talk. INSEAD Seminar.
  • Choi, J. (2009). Invited talk. Korea Advanced Institute of Science and Technology (KAIST) Seminar.
  • Choi, J. (2009). Invited talk. Korea University Seminar.
  • Choi, J. (2009). Invited talk. Massachusetts Institute of Technology Seminar.
  • Choi, J. (2009). Invited talk. Penn State University Finance Seminar.
  • Choi, J. (2009). Invited talk. University of British Columbia Seminar.
  • Choi, J. (2009). Invited talk. University of Illinois Seminar.
  • Choi, J. (2009). Invited talk. University of Southern California Finance Seminar.
  • Choi, J. (2008). Presentation. AsiaFA Doctoral Student Symposium, New York University.
  • Choi, J. (2007). Presentation. Ph.D. Trans-Atlantic Conference, London Business School.

Working Papers

  • Kargar, M., Wu, Y., & Choi, J. Investor Demand, Financial Market Power, and Capital Misallocation.
  • Auh, J., Choi, J., Deryugina, T., & Park, T. Natural Disasters and Municipal Bonds.
  • Pearson, N., Choi, J., Sandy, S., & Park, J. A First Glimpse into the Short Side of Hedge Funds.
  • Kronlund, M., Choi, J., & Oh, J. Sitting Bucks: Zero Returns in Fixed Income Funds.  link >
  • Choi, J., & Shachar, O. Did Liquidity Providers Become Liquidity Seekers?: Evidence from the CDS-Bond Basis during the 2008 Financial Crisis.

Current Courses

  • Investment & Portfolio Mngt (FIN 411) Current theories of portfolio management are covered in considerable detail to provide a conceptual framework for the evaluation of investment strategies. Applications and implementation are covered in depth, including performance evaluation and international diversification.

  • Applied Financial Econometrics (FIN 552) The aim of this course is to equip students with a working knowledge of important econometric techniques necessary to understand and interpret financial market data. The course covers time-series and cross-sectional properties of asset returns, predictability of equity returns, empirical tests of asset pricing models, modelling time-varying volatility. The interplay between asset pricing theories, statistical assumptions and relevant econometric techniques is explored in the context of published empirical work, including classical papers as well as a more recent research.

Contact

4035 Business Instructional Facility

515 Gregory Drive

Champaign, IL 61820

217-244-0840

jaewchoi@illinois.edu

Vita

Google Scholar

Website

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