Research Staff

Research Staff


Ph.D., Statistics, Seoul National University
M.A., Statistics, Seoul National University
B.A., Mathematics, Seoul National University
Professional Experience
Research Fellow, Korea Capital Market Institute
Manager, KIS Pricing Inc.
Manager, Korea Fixed Income Research Institute


Key Issues of Split-Off and Chain Listing Senior Research Fellow Nam, Gilnam / Jun. 02, 2022
Trends and Main Drivers in the Global Exchange Industry Senior Research Fellow Nam, Gilnam / Mar. 13, 2017
Korean Derivatives Market: Diagnosis and Road Ahead Senior Research Fellow Nam, Gilnam and others / Apr. 27, 2015


Revitalizing Foreign Investment in Korean Markets and Improving International Compatibility of Korea’s Stock Market / Mar. 21, 2023
Since the participation of foreigners in Korea’s capital markets was permitted in 1992, a growing number of foreign investors have flocked to Korea’s stock market and played a role in reining in the pursuit of private benefits by controlling shareholders or corporate management. Overall, they have made positive contributions to improving corporate governance in Korea. In addition, foreign investors who act as informed traders have helped alleviate a phenomenon where a company’s shares show an excessive price hike without any change in intrinsic value and then turn into thematic stocks. Recently, the proportion of foreign investors’ stock holding has plummeted to the 2000 level, raising concerns about shrinking foreign investment in Korean markets. In this respect, Korea’s financial authorities have announced deregulatory measures for foreign investors in January 2023, such as the abolishment of the foreign investor registration system. But additional improvements are needed to upgrade Korea’s stock market on par with international standards. Foreign investor regulations adopted by major economies aim at restricting strategically valuable enterprises from being controlled by foreigners. On the other hand, Korea’s regulation places not only the individual foreign investor cap but also the combined foreign investment cap. In terms of over-the-counter (OTC) trading of listed stocks, foreign investors are subject to differential rules, which requires further examination. It is also necessary to expand the availability of the English version of disclosure and release an English translation of supervisory information to give foreign investors greater access to the Korean capital markets.
Rapid Growth of Executive Compensation and Need for Enhancing Shareholders’ Role in Listed Companies / Oct. 11, 2022
A median pay of the highest-paid executives at KOSPI 200 companies amounted to KRW 1.73 billion in 2021, with the executive-to-employee pay ratio reaching 19.2. Compared with S&P 500 CEO pay, KOSPI 200 executive compensation represents less than one tenth in terms of the absolute value and the pay ratio relative to rank-and-file employees. However, its cumulative growth rate has been rising sharply since 2013 to reach almost twice that of S&P 500 CEO pay. Notably, it has been observed in Korea’s listed companies that controlling shareholder executives tend to get paid more than CEOs or raise their pay, regardless of management performance, by using their corporate control. On top of that, some of them receive compensation from multiple affiliated companies where they hold positions concurrently. In this respect, it is necessary for Korea’s listed companies to empower shareholders to curb excessive top-management pay and consider adopting the Say-on-Pay vote system.
A Thought on Politically-themed Stocks Ahead of Korea’s 20th Presidential Election / Mar. 08, 2022
Ahead of the 20th presidential election, there are signs of the recurring politically-themed stock phenomenon that drives up stock prices due to vague connections with leading presidential candidates. As for politically-themed stocks affected by this year’s presidential election, the frequency of hitting an upper price limit has increased by 54% in 2021 when volatility in the stock market was reduced from 2020, showing a stark contrast to the 38% decline in the frequency of ordinary stocks. In the previous presidential elections, overheating of politically-themed stocks that was accompanied by a surge in credit loan-based trades tended to subside with the increase in short selling. This recurrent pattern is likely to change this year as investors who have a negative view of price hikes of politically-themed stocks would participate in the market only to a limited extent due to the short selling restriction imposed during the 20th presidential election. Notably, the themed stocks could tumble further than before although price plunges just prior to the election date could appear belatedly during the 20th presidential election, which requires investors to take a more cautious approach.
ESG Rating Divergence and Governance Evaluation Issues / Oct. 12, 2021
The discrepancy between ESG ratings has been observed with a correlation coefficient of 0.61 between ratings for listed firms provided by Korea’s two major raters. Such divergence is particularly evident in the governance dimension, which is primarily attributable to different evaluation schemes applied to chaebols (conglomerates). As for governance evaluation, ESG rating agencies differ from each other in terms of provisions like a supermajority vote or a golden parachute, indicating that they take different views on governance. ESG raters should strive to prevent the divergence between ratings from widening further to enhance the effectiveness of ESG investing and bolster ESG management strategies. In this regard, the top priority for ESG rating agencies is to keep improving the overall evaluation principles and specific processes including governance evaluation standards, and to disclose relevant information to investors.

Seminar Presentation