Ghon Rhee

S. Ghon Rhee
  • Professor of Finance
  • K.J. Luke Distinguished Professor
  • Faculty Advisor for the Corporate Finance Track


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(808) 956-8582

Academic Background

  • PhD, Ohio State
  • MBA, Rutgers University
  • BS, College of Law, Seoul National University

Research Interests

  • Penny Stocks
  • Corporate Finance
  • Market Microstructure
  • Empirical Asset Pricing Models
  • Investments
  • Asian Financial Markets

Selected Publications

“Business Group Affiliation, Internal Labor Markets, External Capital Markets, and Labor Investment Efficiency” (co-authored with Boochun Jung, Dongyoung Lee, and Ilhang Shin), 2019, forthcoming in Asia Pacific Journal of Financial Studies.

“Nominal Stock Price Anchors: A Global Phenomenon?” (co-authored with Kee-Hong Bae, Utpal Bhattacharya, and Jisok Kang), 2019, forthcoming in Journal of Financial Markets.

“Venture capital backed Commitments Test Entity Initial Public Offerings on the ASX” (co-authored with Zoltan Murgulov, Alastair Marsden, and Madhu Veeraraghavan), 2019, forthcoming in Accounting & Finance.

“Residual Momentum and Investor Underreaction in Japan” (co-authored with Rosita P. Chang, Shinji Nakano, and Kuan-Cheng Ko), 2018, Journal of Empirical Finance 45, 283-299.

“CEO Inside Debt and Convertible Bonds,” (co-authored with Carl Shen and Wei-Hsien Li), 2018, Journal of Business Finance & Accounting 45, 232-249.

“Differences in herding: Individual vs. institutional Investors” (Co-authored with Wei Li and Steven Shuye Wang), 2017, Pacific-Basin Finance Journal 45, 174-185.

“Trade-Based Manipulation in IPOs: Beyond the Prosecuted Cases,” (co-authored with Suman Neupane and Madhu Veeraraghavan), 2017, Journal of Corporate Finance 42, 115-130.

“Do Progressive Social Norms Affect Economic Outcomes? Evidence from Corporate Takeovers” (co-authored with Yangyang Chen, Edward J. Podolski, and Madhu Veeraraghavan), 2017, in Journal of Empirical Finance 41, 76-95.

“Religious Beliefs and Local Government Financing, Investment, and Cash Holding Decisions” (co-authored with Yangyang Chen, Zoltan Murgulov, and Madhu Veeraraghavan), 2016, Journal of Empirical Finance 38, 258-271.

"Stock Liquidity and Managerial Short-Termism" (co-authored with Yangyang Chen, Madhu Veeraraghavan, and Leon Zolotoy), 2015, Journal of Banking and Finance 60. 44-59.

“National Culture and Cash Holdings in International Markets” (co-authored with Yangyang Chen, Cameron Truong, and Madhu Veeraraghavan), 2015, Journal of Banking and Finance 50, 1-18.

“Local Gambling Preferences and Corporate Innovative Success” (co-authored with Yangyang Chen, Edward J. Podolski, and Madhu Veeraraghavan), 2014, Journal of Financial and Quantitative Analysis 49(1), 77-106.

“Can Quote Competition Reduce Preferenced Trading? A Reexamination of the SEC’s 1997 Order Handling Rules” (co-authored with Tony Ning Tang), Accounting and Finance 53 (2013), 243-264.

“The Impact of Interbank and Capital Market Competition on Relationship Banking: Evidence from the Japanese Experience” (co-authored with Donald R. Fraser and G. Hwan Shin), Journal of Empirical Finance 19 (2012), 411-426.

“Foreign Exchange Market Efficiency under Recent Crises: Asia-Pacific Focus” (co-authored with Rubi Ahmad and Yuen Meng Wong), Journal of International Money and Finance 31.6 (2012), 1574-1592.

“Extreme Downside Risk and Expected Stock Returns” (co-authored with Wei Huang, Qianqiu Liu, and Feng Wu), Journal of Banking and Finance 36 (2012), 1492-1502.

“Anything Wrong with Breaking a Buck? An Empirical Evaluation of NASDAQ $1 Minimum Price Maintenance Criterion” (Co-authored with Feng Wu), Journal of Financial Markets 15 (2012), 258-285.

“Another Look at Idiosyncratic Volatility and Expected Returns” (co-authored with Wei Huang, Qianqiu Liu, and Liang Zhang), Journal of Investment Management 9.4 (2011), 26-51.

“The Brokerage Firm Effect in Herding: Evidence from Indonesia” (co-authored with Sumit Agarwal, I-Ming Chiu, and Chunlin Liu), Journal of Financial Research 34 (2011), 461-479.

“Preferenced Trading, Quote Competition, and Market Quality: Evidence from Decimalization on the NYSE” (co-authored with Wei Victor Huang and Tony Ning Tang), 2010, Financial Review 45, 523-540.

“Short Sales on the Speed of Price Adjustment: Evidence from the Hong Kong Stock Exchange” (co-authored with Crystal Xiaopei Chen), 2010, Journal of Banking and Finance 34, 471-483.

“Return Reversals, Idiosyncratic Risk and Expected Returns” (co-authored with Wei Huang, Qianqiu Liu, and Liang Zhang), 2010, Review of Financial Studies 23, 147-168.

Awards & Honors

The Mega Financial Holdings Best Paper Award on “Institutional Investors and Short-Term Return Reversals” (co-authored with Qianqiu Liu and Hong Vo) at the 2012 Asian Finance Association Annual Meeting, Taipei, Taiwan, July 6-9, 2012.

2012 Shirley M. Lee Research Award of the Shidler College of Business on May 4, 2012.

A best paper award on “The Impact of Short Sales on the Speed of Price Adjustment: Evidence from the Hong Kong Stock Exchange” (co-authored with Crystal Xiaopei Chen), at the 19th Annual Meeting of the Asian Finance Association in Hong Kong on July 4-6, 2007.

The University of Catania (Sicily) and Erasmus University (Netherlands)’s Archimedes Award, March 2001