Associate Professor Doowon Lee
Associate Professor
Newcastle Business School (Accounting and Finance)
- Email:doowon.lee@newcastle.edu.au
- Phone:(02) 4921 8620
Career Summary
Biography
Dr. Doowon Lee joined Newcastle Business School since 2009. He was awarded a PhD in Finance at the KAIST Business School. Prior to perusing an academic career, he has worked as a business analyst and consultant in the finance industry. He has been involved in various projects as chief investigator funded by financial organisations such as the Korea Exchange Co. (KRX), Korea Banking Institute, and the National Pension Service of Korea.
Answering real-word questions
The world of finance has so much to offer. With new innovations in the finance industry, backed by millions and trillions of financial data, there is abundant number of questions that are yet to be answered. Doowon specializes in financial econometrics and predictive analytics and is answering some of these questions. He has contributed to areas of corporate finance, corporate governance, executive compensation, loan markets. His new interests include social capital and board structures. He loves to share his research interest with people around him. With more than a dozen successful PhD supervision he has been acknowledged as a dedicated supervisor by being awarded the 2019 Research Award for PhD supervision by the University of Newcastle. Personally, he has published several ABDC A*/A rank including a paper published in Contemporary Accounting Research, which is listed in the Financial Times’ Top 50 Journals list (FT50). As of 2022, he has an overall citation score of 735 and a H-5 index of 7. He has strong skills in quantitative methods in finance using programs such as Matlab, SAS, and Visual Basic using Excel, C++, R, SPSS, STATA, and E-views.
Excellence in Teaching
Doowon has been involved in both advanced capstone courses but also in introductory courses that provide a strong foundation for students studying in finance. Prior to joining NBS,he taught financial institutions management at Sogang University in Korea and also designed and taught a course in financial modelling for the Korea Banking Institute. The financial modelling course was a core component of an executive education programs for traders, managers, and analysts from the top 10 banks in Korea. The course focused on how to use quantitative and computational finance methods in the financial markets. Currently, he teaches 3rd year undergraduate courses and postgraduate courses such as corporate finance, derivatives and risk management, foundations of business analysis, international finance, and portfolio management. For his contribution to student learning as an innovative educator, he has won the faculty learning and teaching excellence award in 2019 and University of Newcastle Teaching Excellence award in 2020.
Leadership in making change
Since 2016, he has been appointed to key faculty and school executive positions to lead innovation and implement changes to the school. Below are a list of the key positions he has held.
Program convenor: Bachelor of Business Analytics (2020, interim), Bachelor of Commerce program (2016), Master of Applied Finance program (2011-2018)
Executive governance roles: Accreditation Director (2021~), Assistant Dean International – Program and Strategy (2019~2020), Director of PG business studies (2018-2019)
Teaching leadership roles: Deputy Head of School - Learning and Teaching (2018), Acting Assistant Dean - Learning and Teaching (2019), Head of Discipline – Accounting and Finance (2022)
External engagement roles: Lead Academic for the Greater Bank Financial Literacy Programs and Finance Lab
Qualifications
- PhD, Korea Advanced Institute of Science and Technology
- Bachelor of Science, Korea Advanced Institute of Science and Technology
- Master of Science, Korea Advanced Institute of Science and Technology
Keywords
- CEO compensation
- corporate finance
- corporate governance
- mutual fund
Fields of Research
Code | Description | Percentage |
---|---|---|
350103 | Financial accounting | 25 |
350203 | Financial econometrics | 25 |
350202 | Finance | 50 |
Professional Experience
UON Appointment
Title | Organisation / Department |
---|---|
Associate Professor | University of Newcastle Newcastle Business School Australia |
Academic appointment
Dates | Title | Organisation / Department |
---|---|---|
1/1/2021 - | Accreditation Director | Newcastle Business School - The University of Newcaslte Australia |
1/4/2009 - 31/12/2013 | Lecturer | Faculty of Business and Law, The University of Newcastle Australia |
Professional appointment
Dates | Title | Organisation / Department |
---|---|---|
1/8/2019 - 31/12/2020 | Assistant Dean International - Strategy and Programs | Faculty of Business and Law, The University of Newcastle Australia |
1/8/2018 - 1/8/2019 | Director of Postgraduate Business Studies | Faculty of Business & Law, The University of Newcastle Australia |
1/1/2012 - 31/7/2018 | Program Convenor - Master of Applied Finance | Faculty of Business and Law, The University of Newcastle Australia |
Awards
Professional
Year | Award |
---|---|
2019 |
Faculty Excellence in Teaching Award Faculty of Business and Law, The University of Newcastle |
Research Award
Year | Award |
---|---|
2019 |
Research Supervision Award Universtiy of Newcastle |
Teaching Award
Year | Award |
---|---|
2020 |
University Teaching Excellence Award The University of Newcastle |
Teaching
Code | Course | Role | Duration |
---|---|---|---|
GSBS6145 |
International Financial Management Newcastle Business School - The University of Newcaslte |
lecturer | 1/3/2016 - 1/1/0001 |
GSBS6142 |
Derivatives and Risk Management Newcastle Business School - The University of Newcaslte |
course coordinator/lecturer | 1/1/2009 - 1/4/2021 |
ACFI3140 |
International Finance Newcastle Business School - The University of Newcaslte |
course coordinator/lecturer | 1/1/2012 - 1/5/2021 |
GSBS6130 |
Corporate Finance Newcastle Business School - The University of Newcaslte |
Lecturer | 1/6/2009 - 1/1/0001 |
GSBS6002 |
Foundations of Business Analysis Newcastle Business School - The University of Newcaslte |
lecturer | 1/1/2013 - 1/1/0001 |
GSBS6143 |
Applied Portfolio Management Newcastle Business School - The University of Newcaslte |
Lecturer | 1/9/2009 - 1/1/0001 |
Publications
For publications that are currently unpublished or in-press, details are shown in italics.
Chapter (1 outputs)
Year | Citation | Altmetrics | Link |
---|---|---|---|
2014 | Hoong KI, Kang J, Lee D, 'Decomposition of Volatility in Asian Equity Markets', Asian Capital Market Development and Integration: Challenges and Opportunities, Oxford University Press, New Delhi 363-396 (2014) [B1] | Nova |
Journal article (17 outputs)
Year | Citation | Altmetrics | Link | ||||||||
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2022 |
Haque MR, Choi B, Lee D, Wright S, 'Insider vs. outsider CEO and firm performance: Evidence from the Covid-19 pandemic', Finance Research Letters, 47 (2022) [C1] We examine the connection between firm performance and a CEO's previous position (inside or outside the firm), using Covid-19 as an exogenous shock. Firms led by insider CEOs... [more] We examine the connection between firm performance and a CEO's previous position (inside or outside the firm), using Covid-19 as an exogenous shock. Firms led by insider CEOs outperformed those led by outsider CEOs in terms of return on assets during the Covid-19 crisis period in 2020, but there was no performance differential in the period before the crisis. Additional tests indicate that outperformance under insider CEOs is observed in firms holding more cash and firms with a higher proportion of internally promoted non-CEO executives. These findings have important implications for boards of directors making CEO appointments.
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Nova | |||||||||
2021 |
Melia A, Lee D, Mahmoudi N, Li Y, Paolucci F, 'Cost-Effectiveness Analysis of COVID-19 Case Quarantine Strategies in Two Australian States: New South Wales and Western Australia', Journal of Risk and Financial Management, 14 305-305 (2021) [C1]
|
Nova | |||||||||
2020 |
Lee D, Choi B, 'Policies and innovations to battle Covid-19 A case study of South Korea', Health Policy and Technology, 9 587-597 (2020) [C1] Objectives: To describe how health care crisis resulting from the COVID-19 pandemic in South Korea has led to innovation and changes to government policy. This paper presents the ... [more] Objectives: To describe how health care crisis resulting from the COVID-19 pandemic in South Korea has led to innovation and changes to government policy. This paper presents the significant cluster events, relevant developments of innovation, and economical impact in Korea that could inform policy makers on how to respond to health crises in the future. Methods: Health care, economy, epidemiological data are collected from various sources including the Korea Centers for Disease Control and Prevention (KCDC) or other government sources. Results: The KCDC jointly with medical professionals developed a series of innovations such as 1) Full contact tracing and rapid testing with a 12 h turnaround and 10 min movement tracking systems, 2) transparent disclosure of all contract tracing data to the public through a central database, 3) Drive-Through and Walk-Through testing methods, and 4) a 4 tier patient severity index and community treatment isolation centers. Korea moved from the 4th in the world for total confirmed cases in March down to 76th in August. Conclusions: Expedited enforcement of amended legislation acts to protect the healthcare workforce resulted in only 10 healthcare professionals contracting the virus while caring for Covid-19 patients. This has resulted in minimal human capital loss and the government was able to re-direct existing medical workforce to areas in need. The quarantine strategies implemented resulted in little need to lock down the whole economy but also limited the cost spent to gain a year of life to 193,848 Won (US$163).
|
Nova | |||||||||
2019 |
Rahman ML, Shamsuddin A, Lee D, 'Predictive power of dividend yields and interest rates for stock returns in South Asia: Evidence from a bias-corrected estimator', International Review of Economics and Finance, 62 267-286 (2019) [C1] Predictive models of stock returns are often criticized for generating spurious predictability, unstable predictive relationship, and poor out-of-sample forecasting performance. T... [more] Predictive models of stock returns are often criticized for generating spurious predictability, unstable predictive relationship, and poor out-of-sample forecasting performance. This paper addresses these issues in the context of four major South Asian equity markets. We provide a bias-corrected estimate of the relationship of future stock returns to dividend yield and interest rate. We use a restricted vector autoregressive model, draw statistical inferences from a wild-bootstrap method with superior size and power properties, and allow model parameters to vary over time. Dividend yield is a significant predictor in both in- and out-of-sample (OOS)in two countries, while interest rate exhibits significant predictability in all four markets. Imposing theoretically motivated restrictions on model parameters appears to improve OOS predictability. Finally, time-variation in return predictability is found to be linked to countercyclical risk premium and persistence of the predictor variables.
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Nova | |||||||||
2018 |
Docherty PA, Easton S, Elliot B, Lee D, 'Profitability and investment-based factor pricing models', Accounting and Finance, 58 397-421 (2018) [C1]
|
Nova | |||||||||
2018 |
Choi B, Lee D, Seamer M, 'Australian Enterprise Risk Management Practices and Corporate Governance', Company and Securities Law Journal, 36 404-433 (2018) [C1]
|
Nova | |||||||||
2017 |
Anthony J, Docherty P, Lee D, Shamsuddin A, 'Liquidity commonality in the secondary corporate loan market', Economics Letters, 161 10-14 (2017) [C1]
|
Nova | |||||||||
2017 |
Anthony J, Docherty P, Lee D, Shamsuddin A, 'Liquidity shocks in the secondary corporate loan market', Journal of Fixed Income, 26 53-72 (2017) [C1] This article examines the influence of liquidity risk on the U.S. secondary corporate loan market (herein loan market). The authors empirically disentangle the impact of both loan... [more] This article examines the influence of liquidity risk on the U.S. secondary corporate loan market (herein loan market). The authors empirically disentangle the impact of both loan-level liquidity shocks and systematic liquidity risk from default risk. Loans that experience shocks to either liquidity or default risk experience ongoing price declines, complementing evidence presented elsewhere of price momentum in loan markets. The prices of loans with high liquidity risk are significantly discounted when market liquidity is low, consistent with the time-varying funding liquidity constraints of financial intermediaries. In keeping with a close link between high risk debt markets and equity markets, there is evidence that equity market risk is priced in the loan market.
|
Nova | |||||||||
2017 |
Rahman MD, Lee D, Shamsuddin AFM, Shamsuddin A, 'Time-varying return predictability in South Asian equity markets', International Review of Economics & Finance, 48 179-200 (2017) [C1]
|
Nova | |||||||||
2015 |
Lee D, HASSAN MK, RAHMAN MA, 'FIRM SPECIFIC VARIATION IN RETURNS AND FUNDAMENTALS IN KOREA STOCK MARKET', Singapore Economic Review, 60 (2015)
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2015 |
Choi BB, Jung K, Lee D, 'Trading Behavior Prior to Public Release of Analyst Reports: Evidence from Korea', Contemporary Accounting Research, 32 105-138 (2015) [C1]
|
Nova | |||||||||
2014 |
Choi Bobae, Kang J, Lee D, 'Determinants and market implications of differentiated dividends in Korea', International Journal of Managerial Finance, 10 453-469 (2014) [C1]
|
Nova | |||||||||
2013 |
Choi BB, Lee D, Psaros J, 'An analysis of Australian company carbon emission disclosures', Pacific Accounting Review, 25 58-79 (2013) [C1]
|
Nova | |||||||||
2013 |
Choi BB, Lee D, Park Y, 'Corporate Social Responsibility, Corporate Governance and Earnings Quality: Evidence from Korea', CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 21 447-467 (2013) [C1]
|
Nova | |||||||||
2011 |
Kang J, Lee C, Lee D, 'Equity fund performance persistence with investment style: Evidence from Korea', Emerging Markets Finance and Trade, 47 111-135 (2011) [C1]
|
Nova | |||||||||
Show 14 more journal articles |
Conference (4 outputs)
Year | Citation | Altmetrics | Link | ||
---|---|---|---|---|---|
2015 |
Seamer MJ, Choi B, Lee D, 'The Relationship Between Corporate Governance and Firm Enterprise Risk Management Practice', Glasgow, Scotland (2015) [E3]
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2009 |
Choi BB, Lee D, Jung K, 'Trading behavior before the public release of analysts' reports', Asian Finance Association 2009 International Conference: Conference Program, Brisbane, QLD (2009) [E1]
|
Nova | |||
2009 | Kang J, Lee C, Lee D, 'Equity fund style and performance persistence in an emerging market: Evidence from Korea', Asian Finance Association 2009 International Conference: Conference Program, Brisbane, QLD (2009) [E1] | Nova | |||
2009 |
Choi BB, Kang J, Lee D, 'Catering incentives and differentiated dividend in Korea', Journal of Corporate Finance Special Conference on Emerging Markets, Beijing, China (2009) [E1]
|
Nova | |||
Show 1 more conference |
Media (2 outputs)
Year | Citation | Altmetrics | Link | ||
---|---|---|---|---|---|
2020 |
Paolucci F, Melia A, Lee D, Mahmoudi N, 'Is aggressive hotel isolation worth the cost to fight COVID-19? The answer depends on family size', (2020)
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2020 |
Paolucci F, Lee D, Wall L, Hinwood M, Antonini M, 'A $200 fine for not wearing a mask is fair, as long as free masks go to those in need', (2020)
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Grants and Funding
Summary
Number of grants | 9 |
---|---|
Total funding | $226,130 |
Click on a grant title below to expand the full details for that specific grant.
20222 grants / $20,000
The Value of Virtual Care: A patient, clinician and equity centred cost $10,000
Funding body: College of Human and Social Futures | University of Newcastle
Funding body | College of Human and Social Futures | University of Newcastle |
---|---|
Project Team | A/Prof Doowon Lee (lead), Prof Francesco Paolucci, Mr Michael DiRienzo (HNE Health) |
Scheme | CHSF - Pilot Research Scheme: Projects, Pivots, Partnerships |
Role | Lead |
Funding Start | 2022 |
Funding Finish | 2022 |
GNo | |
Type Of Funding | Internal |
Category | INTE |
UON | N |
Tax filing behaviour of tax agents in the context of Jobkeeper Scheme$10,000
Funding body: College of Human and Social Futures | University of Newcastle
Funding body | College of Human and Social Futures | University of Newcastle |
---|---|
Project Team | A/Prof Bobae Choi (lead), Prof Christina Boedker, A/Prof Doowon Lee, Professor Sue Wright (UTS), Mr Michael Mumford (Tax Practitioners Board - TPB), Mr Trevor Hickman (TPB), Mr Tim Brushaber (ATO) |
Scheme | CHSF - Pilot Research Scheme: Projects, Pivots, Partnerships |
Role | Investigator |
Funding Start | 2022 |
Funding Finish | 2022 |
GNo | |
Type Of Funding | Internal |
Category | INTE |
UON | N |
20201 grants / $6,837
Tax compliance behaviour of tax agents in the context of JobKeeper$6,837
Funding body: Accounting & Finance Association of Australia and New Zealand Ltd
Funding body | Accounting & Finance Association of Australia and New Zealand Ltd |
---|---|
Project Team | Doctor Bobae Choi, Associate Professor Doowon Lee |
Scheme | Research Grant |
Role | Investigator |
Funding Start | 2020 |
Funding Finish | 2021 |
GNo | G2100014 |
Type Of Funding | C1700 - Aust Competitive - Other |
Category | 1700 |
UON | Y |
20181 grants / $15,500
Calibrating a local volatility surface and pricing exotic options$15,500
Funding body: Stage Inc
Funding body | Stage Inc |
---|---|
Project Team | Doctor Bobae Choi, Associate Professor Doowon Lee |
Scheme | Research Grant |
Role | Investigator |
Funding Start | 2018 |
Funding Finish | 2018 |
GNo | G1800887 |
Type Of Funding | C3400 – International For Profit |
Category | 3400 |
UON | Y |
20162 grants / $24,000
Market Efficiency and Corporate Governance Studies$20,000
Funding body: Faculty of Business and Law, The University of Newcastle
Funding body | Faculty of Business and Law, The University of Newcastle |
---|---|
Scheme | Priority Initiative Research Funding |
Role | Investigator |
Funding Start | 2016 |
Funding Finish | 2016 |
GNo | |
Type Of Funding | Internal |
Category | INTE |
UON | N |
The impact of institutional ownership on executive compensation: Australian evidence$4,000
Funding body: Accounting & Finance Association of Australia and New Zealand Ltd
Funding body | Accounting & Finance Association of Australia and New Zealand Ltd |
---|---|
Project Team | Doctor Bobae Choi, Associate Professor Doowon Lee |
Scheme | Small Research Consultancy |
Role | Investigator |
Funding Start | 2016 |
Funding Finish | 2016 |
GNo | G1601093 |
Type Of Funding | C3100 – Aust For Profit |
Category | 3100 |
UON | Y |
20131 grants / $150,000
Market efficiency and corporate governance studies (competitive)$150,000
Funding body: Faculty of Business and Law, University of Newcastle
Funding body | Faculty of Business and Law, University of Newcastle |
---|---|
Scheme | Priority Research Initiative |
Role | Investigator |
Funding Start | 2013 |
Funding Finish | 2015 |
GNo | |
Type Of Funding | Internal |
Category | INTE |
UON | N |
20102 grants / $9,793
Investor trading activity within the index futures and options market$5,000
Funding body: University of Newcastle
Funding body | University of Newcastle |
---|---|
Project Team | Associate Professor Doowon Lee |
Scheme | New Staff Grant |
Role | Lead |
Funding Start | 2010 |
Funding Finish | 2010 |
GNo | G1000621 |
Type Of Funding | Internal |
Category | INTE |
UON | Y |
An Assessment of the Quality and Market Implications of Carbon Emission Disclosure by Australian Listed Public Companies$4,793
Funding body: Accounting & Finance Association of Australia and New Zealand Ltd
Funding body | Accounting & Finance Association of Australia and New Zealand Ltd |
---|---|
Project Team | Doctor Bobae Choi, Associate Professor Doowon Lee, Emeritus Professor Jim Psaros |
Scheme | Small Research Consultancy |
Role | Investigator |
Funding Start | 2010 |
Funding Finish | 2010 |
GNo | G1000971 |
Type Of Funding | Grant - Aust Non Government |
Category | 3AFG |
UON | Y |
Research Supervision
Number of supervisions
Past Supervision
Year | Level of Study | Research Title | Program | Supervisor Type |
---|---|---|---|---|
2022 | PhD | Human Capital and Monitoring Efficacy of Interlocked Directors | PhD (Accounting & Finance), College of Human and Social Futures, The University of Newcastle | Co-Supervisor |
2022 | PhD | Evidence on the Effect of Relational and Structural Social Capital on Firm Performance | PhD (Accounting & Finance), College of Human and Social Futures, The University of Newcastle | Co-Supervisor |
2021 | PhD | The Effect of Executive Pay Incentives on Firm Outcomes | PhD (Accounting & Finance), College of Human and Social Futures, The University of Newcastle | Principal Supervisor |
2021 | PhD | Remuneration Committee Characteristics, Effectiveness and Regulatory Reform | PhD (Accounting & Finance), College of Human and Social Futures, The University of Newcastle | Co-Supervisor |
2021 | PhD | Idiosyncratic volatility and returns in international equity markets | PhD (Accounting & Finance), College of Human and Social Futures, The University of Newcastle | Co-Supervisor |
2018 | Honours | Busy boards and firm performance in Australian listed companies | Bankng,Finance & Relatd Fields, Faculty of Business and Law, University of Newcastle | Sole Supervisor |
2017 | PhD | An Empirical Analysis of the Investment and Profitability Effects | PhD (Accounting & Finance), College of Human and Social Futures, The University of Newcastle | Co-Supervisor |
2017 | Honours | Dividend Catering Theory and Dividend Payout Policy Under a Full Imputation Taxation System: An Australian Study | Bankng,Finance & Relatd Fields, Newcastle Business School - The University of Newcaslte | Sole Supervisor |
2017 | PhD | Liquidity in the Secondary Corporate Loan Market | PhD (Accounting & Finance), College of Human and Social Futures, The University of Newcastle | Co-Supervisor |
2016 | PhD | Return Predictability in South Asian Stock Markets | PhD (Accounting & Finance), College of Human and Social Futures, The University of Newcastle | Co-Supervisor |
2015 | PhD | Determinants of Dividend Policy - International Evidence: 1990 to 2010 | PhD (Accounting & Finance), College of Human and Social Futures, The University of Newcastle | Co-Supervisor |
2015 | Professional Doctorate | The effectiveness of independent non-executive directors in Hong Kong listed companies | Accounting, University of Newcastle - Faculty of Business and Law | Co-Supervisor |
2015 | Honours | Jumps, macroeconomic announcements and foreign currency markets: An Australian perspective | Bankng,Finance & Relatd Fields, Newcastle Business School - The University of Newcaslte | Sole Supervisor |
News
News • 13 Oct 2020
Lessons Learnt: Special Issue report filters global best practices on COVID-19 response
A panel of experts have ‘filtered’ the most compelling policy and technology responses to COVID-19 worldwide, as governments continue to grapple with the devastating impacts of the pandemic.
Associate Professor Doowon Lee
Positions
Associate Professor
Newcastle Business School
College of Human and Social Futures
Honorary Associate Professor
Newcastle Business School
College of Human and Social Futures
Focus area
Accounting and Finance
Contact Details
doowon.lee@newcastle.edu.au | |
Phone | (02) 4921 8620 |
Fax | (02) 4921 XXX |
Office
Room | X.647 |
---|---|
Building | NUSpace |
Location | City Campus , |