Changmin Lee Ph.D in Economics, Associate Professor, International Business&Finance,
School of Business, Hanyang University, Seoul, Korea

Contact info

Office: # 409, School of Business
Office Hour: By Appointment
Teaching and Research Assistant: Han Jin Park
Han Jin Park's e-mail:

Current Positions

Associate Professor in IB&Finance
Director at Korean Law and Economics Association
Editorial Boards, Korean Journal of Business Ethics
View My CV as belows

Teaching etc.,
View cv

Publications in English

  • Corporate Finance, Corporate Governance, Compensation
  • Lee, C., Kang, H. G., & Seok, W. (2018). How does organizational structure affect executive compensation?. Applied Economics Letters, 25(6), 405-408.
  • Corporate Finance, Corporate Governance, Law
  • WHAT CONSTITUTES TOO-BIG-TO-JAIL?: Evidence From South Korea¡¯s Family Business Groups", With H. Choi and H. Kang, Asia-Pacific Journal of Financial Studies (2018) 47, 881-919,
  • "Too Big to Jail? Company Reputation and Judicial Bias in an Emerging Market", Corporate Governance; An International Review, March 2016, With H. Choi, H. Kang, W. Kim and J.Park
  • Corporate Finance, Corporate Governance, Boards of Directors
  • "New Evidence on What Happens to CEOs after They Retire", Journal of Corporate Finance, Volume 17, Issue 3, June 2011, Pages 474-482
  • "Analysis of the Boards in U.S. Firms", (with H. Kang), Journal of British and American Studies, Volume 25, 2011, Pages 283-311
  • Financial Economics, Capital Market, Pension
  • "The Joint Dynamics of Stock and Bond Risk-Returns in Japan"(with H. Kang), International Studies Review, Vol. 11: 93-100, 2010.
  • "Public Sector Pension Policies and Capital Accumulation in Emerging Economies"(With Gerhard Glomm, Jurgen Jung and Chung Tran), The B.E. Journal of Macroeconomics: Vol. 10: Iss. 1 (Contributions), Article 15, 2010
  • Corporate Finance, Tax, International Finance
  • "Can the Welfare State be Enhanced with Higher Corporate Tax in an Era of Globalization? "(with H. Kim and S. Lee), Journal of Economic Research, 2013. 18: 1-26
  • Ownership Structure, Family Firm, Business Group
  • "A Debate on Corporate Governance of Family Firm and Business Group",(with H. Cho and H. Kang), International Studies Review, 12(2), 2011, Pages 33-53
  • M&A, Strategy
  • "Growth Strategies at Foreign-Invested Enterprises through Stabilizing Industrial Relations - A Case Study on Oriental Brewery "(with H. Kang and Y. Yi), International Studies Review. 2013. 14(2): 35-58.

Publications in Korean

  • Corporate Finance, Corporate Governance, Compensation
  • "The Determinants of Executive Compensations at Listed Firms in Korea" (with H. Choi), Journal of Korean Law and Economics, April, 2017.
  • "An Empirical Analysis for Executive Compensation in U.S. and Korea" (with H Choi and W Seok), Journal of the Korean Data Analysis Society (August 2016) Vol. 18, No. 4 (B), pp. 1997-2010.
  • Corporate Finance, Corporate Governance, Boards of Directors
  • "Real Independence of Outside Directors and Firm Value", (with Choi H and Seok W), Journal of Social Science Vol.43, No.1, 2017; 41-57.
  • Corporate Finance, Corporate Governance, Law
  • "Relationship between Transformation of Regulation to Korea Chaebol and Change of Concentration of Financial Power", Journal of Korean Law and Economics, 2015, 12(3).
  • "The Stock Premium for Minority Shareholders during Freeze Out Process" (with Choi. H and Kang H), Law and Business, 2014, 24(3).
  • Financial Economics, Asset Pricing
  • "Analysis on One-Person-Household Financial Portfolio Property" (with Sohn J, and Cho H), Eurasia Studies, 2015
  • "The Determinants of Heterogeneous Volatility Process" (with Choi. H, Kang. H, and Hahn. M), The Korean Journal of Financial Management, 2014, 31(1):145-172
  • "Autocorrelation Analysis of the Sentiment with Stock Information Appearing on Big-Data" (with Yi D, Kang H, and Kim S), Financial Engeneering, 2013, 12(2): 79-96.
  • Capital Market, Business Strategy in Globalized Market
  • "Lesson from the History of Mutual Fund Industry in U.S". (with Kim S, Kang H, Seok W, and Oh S), Journal of British and American Studies, 2013, 28(2 June): 325-342.
  • "The Real Estate Investment Strategy of Global Leading Companies" (with H. Kang and S. Lee), Journal of British and American Studies, 2012, Volume 27
  • "The Historical Background on the Emergence of the U.S. Health Specialized Insurance Companies and Their Development" (with H. Kang and H.Cho), The Review of Business History, 2012, 27(3), Pages 73-95
  • "The History of Passive Funds in Korean Market and Perspectives"(with H. Kang), The Review of Business History, 26(2), 2011, Pages 75-93
  • "Success Strategies for ETF and the Case of Barclays Global Investors"(with H. Kang), POSRI Business and Economic Studies, 11(3), 2011, Pages 216-230

Working Papers

Working Papers in Progress

  • Corporate Finance, Corporate Governance, Executive Team Pay, Boards, Production and Organization
  • "Micro-foundations of business group performance in South Korea",(With Abhirup Chakrabarti, H. Kang, and M.Park)
  • "The Determinants of Board Structure: Evidence from Korea Chaebol",(With H. Kang and S. Evelyn Oh)
  • "G-Index Provisions and CEO Pay",(With H. Kang and S. Kim)
  • Corporate Finance, Corporate Governance, Law
  • "Giving Favors to Seniors: Corruption in Korea Judicial System",(With H.Choi and H.Kang)
  • Media Industry and Political Economy
  • "The Media as Agenda Setter in an Electoral Competition Model (Full Text)", (with Juergen Jung, Ok Tae Kim and Chung Tran) View in a new window
  • "The Agenda Selection of Media: Empirical Evidence from Newpaper",(With Hyoung-Goo Kang)

Other Papers in Korean

  • Corporate Governance
  • "A Debate on Boards of Directors"(Submitted)
  • Capital Market, Mutual Fund Industry
  • "The Discounted Brokerage Market in Korea"(Under Review)
  • "Corporate Governance of Mutual Fund in Korea"(In Progress, with Hyoung-Goo Kang and So-Hae Oh)