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Associate Professor Doowon Lee

Assistant Dean, International - Strategy and Programs

Office PVC - Human and Social Futures (Accounting and Finance)

Career Summary

Biography

Doowon Lee joined the Newcastle Business School in 2009. He has been teaching postgraduate courses such as Corporate Finance and Derivatives and Risk Management. Doowon has taught at Sogang Business School and the Korea Banking Institute prior to his appointment at the Newcastle Business School. His research interest is in market micro-structure and dividend policy. He has strong skills in quantitative methods in finance using programs such as Matlab, SAS, and Visual Basic using Excel, C++, STATA, and E-views. Research Expertise
Capital market, CEO compensation, Market microstructure









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

  • Banking
  • CEO compensation
  • Finance
  • Investment

Professional Experience

UON Appointment

Title Organisation / Department
Associate Professor University of Newcastle
Newcastle Business School
Australia
Associate Professor University of Newcastle
Newcastle Business School
Australia
Casual Academic University of Newcastle
Newcastle Business School
Australia
Casual Academic University of Newcastle
Newcastle Business School
Australia

Academic appointment

Dates Title Organisation / Department
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 -  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
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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For publications that are currently unpublished or in-press, details are shown in italics.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]

Journal article (14 outputs)

Year Citation Altmetrics Link
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]

© 2020 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 presen... [more]

© 2020 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).

DOI 10.1016/j.hlpt.2020.08.010
Co-authors Bobae Choi
2020 Lee D, Moy N, Tritter J, Paolucci F, 'The COVID-19 pandemic: Global health policy and technology responses in the making', HEALTH POLICY AND TECHNOLOGY, 9 397-398 (2020)
DOI 10.1016/j.hlpt.2020.10.001
Co-authors Francesco Paolucci
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]

© 2019 Elsevier Inc. Predictive models of stock returns are often criticized for generating spurious predictability, unstable predictive relationship, and poor out-of-sample forec... [more]

© 2019 Elsevier Inc. 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.

DOI 10.1016/j.iref.2019.04.010
Citations Scopus - 2
Co-authors Abul Shamsuddin, Mdlutfur Rahman
2018 Docherty PA, Easton S, Elliot B, Lee D, 'Profitability and investment-based factor pricing models', Accounting and Finance, 58 397-421 (2018) [C1]
DOI 10.1111/acfi.12217
Citations Scopus - 6Web of Science - 6
Co-authors Steve Easton, Paul Docherty
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]
Co-authors Michael Seamer, Bobae Choi
2017 Anthony J, Docherty P, Lee D, Shamsuddin A, 'Liquidity commonality in the secondary corporate loan market', Economics Letters, 161 10-14 (2017) [C1]
DOI 10.1016/j.econlet.2017.09.016
Citations Scopus - 2Web of Science - 2
Co-authors Paul Docherty, Abul Shamsuddin
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]

© 2015 Institutional Investor LLC. All Rights Reserved. This article examines the influence of liquidity risk on the U.S. secondary corporate loan market (herein loan market). The... [more]

© 2015 Institutional Investor LLC. All Rights Reserved. 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.

DOI 10.3905/jfi.2017.26.4.053
Citations Scopus - 1
Co-authors Abul Shamsuddin, Paul Docherty
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]
DOI 10.1016/j.iref.2016.12.004
Citations Scopus - 5Web of Science - 4
Co-authors Abul Shamsuddin, Mdlutfur Rahman
2015 Lee D, HASSAN MK, RAHMAN MA, 'FIRM SPECIFIC VARIATION IN RETURNS AND FUNDAMENTALS IN KOREA STOCK MARKET', Singapore Economic Review, 60 (2015)
DOI 10.1142/S0217590815500927
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]
DOI 10.1111/1911-3846.12090
Citations Scopus - 5Web of Science - 5
Co-authors Bobae Choi
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]
DOI 10.1108/IJMF-11-2012-0116
Co-authors Bobae Choi
2013 Choi BB, Lee D, Psaros J, 'An analysis of Australian company carbon emission disclosures', Pacific Accounting Review, 25 58-79 (2013) [C1]
DOI 10.1108/01140581311318968
Citations Scopus - 71Web of Science - 9
Co-authors Jim Psaros, Bobae Choi
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]
DOI 10.1111/corg.12033
Citations Scopus - 99Web of Science - 83
Co-authors Bobae Choi
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]
DOI 10.2753/REE1540-496X470306
Citations Scopus - 10Web of Science - 8
Show 11 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]
Co-authors Bobae Choi, Michael Seamer
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]
Co-authors Bobae Choi
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]
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]
Co-authors Bobae Choi
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Other (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) [O1]
Co-authors Adrian Melia, Francesco Paolucci
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) [O1]
Co-authors Francesco Paolucci, Madeleine Hinwood, Laura Wall
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Grants and Funding

Summary

Number of grants 7
Total funding $206,130

Click on a grant title below to expand the full details for that specific grant.


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 C3211 - International For profit
Category 3211
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 C3111 - Aust For profit
Category 3111
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
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Research Supervision

Number of supervisions

Completed8
Current7

Current Supervision

Commenced Level of Study Research Title Program Supervisor Type
2021 PhD Impact of Climate Change on Cost Structure, Cash Holding and Dividend Payout Policy PhD (Accounting & Finance), College of Human and Social Futures, The University of Newcastle Co-Supervisor
2021 PhD Designing and Testing a Data Analytics Solution for Government Healthcare Information Management PhD (Management), College of Human and Social Futures, The University of Newcastle Co-Supervisor
2018 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
2017 PhD Director Interlocking and Firm Performance: Do Quality of Interlocking and Firm's Resource Base Matter? PhD (Accounting & Finance), College of Human and Social Futures, The University of Newcastle Co-Supervisor
2017 PhD Remuneration Committee Characteristics and CEO compensation in Australia PhD (Accounting & Finance), College of Human and Social Futures, The University of Newcastle Co-Supervisor
2017 PhD International Evidence on the Effect of Structural and Relational Social Capital on Firm Performance PhD (Accounting & Finance), College of Human and Social Futures, The University of Newcastle Co-Supervisor
2016 PhD Idiosyncratic volatility and returns in international equity markets PhD (Accounting & Finance), College of Human and Social Futures, The University of Newcastle Co-Supervisor

Past Supervision

Year Level of Study Research Title Program Supervisor Type
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
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News

Lessons Learnt: Special Issue report filters global best practices on COVID-19 response

October 13, 2020

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

Assistant Dean, International - Strategy and Programs
Office PVC - Human and Social Futures
College of Human and Social Futures

Casual Academic
Newcastle Business School
College of Human and Social Futures

Focus area

Accounting and Finance

Contact Details

Email doowon.lee@newcastle.edu.au
Phone (02) 4921 8620

Office

Room X.635
Building NUSpace
Location City Campus

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