Unyong (Howard) Pyo began teaching at Goodman School of Business in 2003. He holds a PhD in Finance from the University of Wisconsin-Madison, an MS in Statistics from the University of Memphis, an MBA from the University of California-Berkley, and a BA in Business Administration from Hanyang University. He teaches courses in corporate finance, international finance, and financial theory.

Before his career in academics, Pyo had worked as a purchasing officer at Hyundai Construction Corporation in Seoul, Korea.

RESEARCH AREA

SELECTED PUBLICATIONS

Journal Articles

Shin, Y., Pyo, U., and Ye, F. Does CEO Power Affect the Relations between CEO Compensation and Risk-Taking?, Journal of Global Business and Trade, Volume 19, Number 5, Winter, 2023.

Li, Q., Shin, Y., and Pyo, U. Impacts of CEO Incentives and Power on Employee Wages, Journal of Global Business and Trade, Volume 18, Number 6, December, 2022.

Shin, Y. and Pyo, U. Impact of Risk-Taking on Firm Value, International Journal of Financial Research, Volume 12, Number 5, October, 2021.

Li, Q. and Pyo, U. Impacts of Top Five Executives’ Compensation on Employee Wages, International Journal of Financial Research, Volume 12, Number 1, January, 2021.

Guo, S. and Pyo, U. Does Option Trading affect Idiosyncratic Momentum?, Cogent Economics and Finance, Volume 8, 2020.

Shin, Y. and Pyo, U. Liquidity hedging with futures and forward contracts, Studies in Economics and Finance, Volume 36, Number 2, 2019.

Graefe-Anderson, R., Pyo, U., and Zhu, B. Does CEO compensation suppress employee wages?, Review of Accounting and Finance, Volume 17, Number 4, Winter, 2018.

Shin, Y. and Pyo, U. On the Relations between R&D Investments and Financing Constraints in South Korea, Korean Journal of Business Administration, Volume 29, Number 7, 2016.

Pyo, Unyong (Howard), Shin, Yong Jae, and Thompson, Howard E. Reducing Agency Conflicts with Target Debt Ratios, Journal of Economics and Finance, Volume 39, Number 3, 2015.

Pyo, Unyong (Howard) and Shin, Yong Jae Momentum Profits and Idiosyncratic Volatility: The Korean Evidence, Review of Accounting and Finance, Volume 12, Number 2, 2013.

Pyo, Unyong (Howard) Minimax Price Bounds in Incomplete Markets, Journal of Economics and Finance, Volume 35, Number 3, July, 2011.

Pyo, Unyong Real Option Pricing and Bounds in Incomplete Markets, Engineering Economist, Volume 53, Number 1, March, 2008.

Pyo, Unyong Enhancing Managerial Incentives and Value Creation: Evidence from Corporate Spinoffs, Journal of Economics and Finance, Volume 31, Number 3, December, 2007.

Pyo, Unyong and Thompson, Howard E. Bond Prices in a Debt Priority Structure with Absolute Priority Rule Deviation, Quarterly Review of Economics and Finance, Volume 47, Number 1, 2007.

Mello, Antonio S. and Pyo, Unyong Real Options with Market Risks and Private Risks, Journal of Applied Corporate Finance, Volume 15, Number 2, Winter, 2003.

Conference Proceedings and Presentations

Pyo, U. CEO Compensation and Employee Wages - Korea Corporate Management Society, Seoul, Korea, 2017.

Pyo, U. Impacts of Financing Constraints on R&D: Evidence from South Korea - Annual Conference of the Korean Academic Association of Business Administration, Seoul, Korea, 2016.

Ayadi, M., Kusy, M., Pyo, U., and Trabelsi, S. Corporate Social Responsibility, Corporate Governance, and Managerial Risk-Taking - Canadian Academic Accounting Association, Toronto, Ontario, 2015.

Pyo, U. Equity-Based Compensation for Firm Performance - Korea Corporate Management Society, Seoul, Korea, 2015.

Pyo, U. Liquidity Hedging with Financial Derivatives - Asia-Pacific Association of Derivatives, Busan, Korea, 2014.

Pyo, U. Liquidity Hedging with Financial Derivatives - Financial Management Association (FMA) Annual Meeting, Nashville, Tennessee, 2014.

Pyo, U. Liquidity Hedging with Futures and Forward Contracts - Asia-Pacific Business Research Conference, Seoul, Korea, 2014.

Pyo, U. Learning How to Smile: Can Rational Learning Explain the Predictable Dynamics in the Implied Volatility Surface? - Italian Academy of Management, Lecce, Italy, 2013.

Pyo, U. Learning whether other traders are informed - Multinational Finance Association, Izmir, Turkey, 2013.

Pyo, U. Liquidity Hedging with Financial Derivatives - Italian Academy of Management, Lecce, Italy, 2013.

Pyo, U. Liquidity Hedging with Financial Derivatives - Korean Industrial Economic Association, Seoul, Korea, 2013.

Pyo, U. Momentum Profits and Idiosyncratic Volatility: The Korean Evidence - International Symposium on Business, Banking, Marketing & Economy (ISBBME), Bangkok, Thailand, 2013.

Pyo, U. Momentum Profits and Idiosyncratic Volatility: The Korean Evidence - Multinational Finance Association, Izmir, Turkey, 2013.

Pyo, U., Guney, Y., and Iqbal-Hussain, H. Capital Structure and Market Timing in the UK: Deviation from Target Leverage and Security Issue Choice - Multinational Finance Association, Krakow, Poland, 2012.

Pyo, U. Momentum Profits and Idiosyncratic Volatility: The Korean Evidence - Global Accounting, Finance, and Economics Conference, Melbourne, Australia, 2012.

Pyo, U. Reducing Agency Conflicts with Target Debt Ratios - Multinational Finance Association, Krakow, Poland, 2012.

Pyo, Unyong and Shin, Yong Jae Improving Alignment of Investment Incentives under Agency Conflicts - ASFA 2010 Conference, Hong Kong, Hong Kong, May, 2010.

Pyo, Unyong, Shin, Yong Jae, and Thompson, Howard E. Resolving the Agency Costs of Risky Debt and Asymmetric Information with Target Debt Ratios - Midwest Finance Association 2010 Conference, Las Vegas, Nevada, February, 2010.

Pyo, U., Davidson III, W., Elsaid, E., and Rakowski, D. Financing a Loss - Finance Division Proceedings, Administrative Sciences Association of Canada Annual Conference, Las Vegas, Nevada, 2010.

Pyo, U. Resolving the Agency Costs of Debt and Asymmetric Information with Target Debt Ratios - Midwest Finance Association (MFA) Annual Meeting, Las Vegas, Nevada, 2010.

Pyo, U. Resolving the Agency Costs of Debt and Asymmetric Information with Target Debt Ratios - Korea Finance Association Meetings, Seoul, Korea, 2010.

Pyo, Unyong, Shin, Yong Jae, and Thompson, Howard E. On Target Debt Ratios - 2009 Korea America Finance Association, Dogo, Korea, May, 2009.

Pyo, U. Alternative Price Bounds in Incomplete Markets - Financial Management Association (FMA) Conference, Dallas, Texas, 2009.

Pyo, U. and Jeong, Y. The Impact of Corporate Real Estate Holdings on Corporate Performance and Risk: Evidence from Korea - Korea America Finance Association/Korea Finance Association Meetings, Seoul, Korea, 2009.

Pyo, Unyong Minimax Price Bounds in Incomplete Markets - Global Finance Conference, Hangzhou, China, June, 2008.

Pyo, U. Alternative Price Bounds in Incomplete Markets - Korea Economic Association Meetings, Seoul, Korea, 2008.

Pyo, U. Alternative Price Bounds in Incomplete Markets - Korea-America Economic Association Conference, Seoul, Korea, 2008.

Pyo, U. Minimax Price Bounds in Incomplete Markets - Asia-Pacific Association of Derivatives, Busan, Korea, 2008.

Pyo, U. Minimax Price Bounds in Incomplete Markets - Asia-Pacific Association of Derivatives, Hangzhou, China, 2008.

Pyo, U. Minimax Proce Bounds in Incomplete Markets - Global Finance Conference, Hangzhou, China, 2008.

Pyo, U., Jang, J., and Fu, G. Transform Approach for Operational Risk Modelling: VaR and TCE - Asia-Pacific Association of Derivatives, Busan, Korea, 2008.

Pyo, Unyong New Bounds on Real Option Values - Financial Management Association Meetings, Orlando, Florida, October, 2007.

Pyo, Unyong New Bounds on Real Option Values - Asian Finance Association/Financial Management Association Conference, Hong Kong, Hong Kong, July, 2007.

Pyo, Unyong New Bounds on Real Option Values - Korea Finance Association Meetings, Dogo, Korea, May, 2007.

Pyo, U. and Chung, S. Lessons from Hedge Fund Failure - Korea Institute of Finance/Korea-America Finance Association/Korea-America Economic Association Conference, Seoul, Korea, 2007.

Pyo, U. New Bounds on Real Option Values - Financial Management Association (FMA) Conference, Hong Kong, China, 2007.

Pyo, U. Real Option Price Bounds in Incomplete Markets - Korea Finance Association Meetings, Dogo, Korea, 2007.

Pyo, U. and Chung, K. Tick Size, Market Structure, and Trading Costs - . Korea Development Institute/Korea-America Economic Association, Seoul, Korea, 2007.

Mello, Antonio S. and Pyo, Unyong Minimax Asset Price Bounds in Incomplete Markets - Financial Management Association Meetings, Salt Lake City, Utah, October, 2006.

Mello, Antonio S. and Pyo, Unyong Minimax Asset Price Bounds in Incomplete Markets - CORS / Optimization Days 2006, Montreal, Quebec, May, 2006.

Mello, Antonio S. and Pyo, Unyong Minimax Asset Price Bounds in Incomplete Markets - Korea Finance Association Meetings, Doko, Korea, May, 2006.

Pyo, U. Bounds on Real Options in Incomplete Markets with Risk Aversion - Financial Management Association (FMA) Meetings, Salt Lake City, Utah, 2006.

Pyo, Unyong Enhancing Managerial Incentives and Value Creation: Evidence from Corporate Spinoffs - Financial Management Association Meetings, Chicago, Illinois, October, 2005.

Pyo, Unyong Enhancing Managerial Incentives and Value Creation: Evidence from Corporate Spinoffs - Northern Finance Association Meetings, Vancouver, British Columbia, September, 2005.

Pyo, Unyong Enhancing Managerial Incentives and Value Creation: Evidence from Corporate Spinoffs - Korea Finance Asssociation Meetings, Dogo, Korea, May, 2005.

Pyo, U. Risk-Adjusted Discount Rate for Public Sector Investments - Northern Finance Association, Vancouver, British Columbia, 2005.

Pyo, Unyong and Thompson, Howard E. Debt Priority Structure and Bond Prices - Financial Management Association Meetings, New Orleans, Louisiana, October, 2004.

Pyo, Unyong and Thompson, Howard E. Debt Priority Structure and Bond Prices - Midwest Finance Association Meetings, Chicago, Illinois, March, 2004.

Pyo, U. Inflation or Disinflation? Evidence from Maturing US Treasury Inflation-Indexed Securities - Financial Management Association (FMA) Conference, New Orleans, Louisiana, 2004.