Loyola University Chicago

Quinlan School of Business

Faculty and Staff

Hae mi (Amy) Choi

Title/s: Assistant Professor

Office #: Schreiber 821

Phone: 312.915.6320

E-mail: hchoi2@luc.edu

External Webpage: https://sites.google.com/site/haemipersonalwebsite/

About

Professor Choi’s work mainly focuses on the role of information in financial markets. She has published papers in finance and accounting journals that examine the effect macroeconomic uncertainty on investors’ learning from corporate earnings announcements, as well as the changes in security analysts’ incentives and optimism. Her current research is on the effect of analysts’ limited attention, the effect of Regulation SHO on shorting selling activity and stock prices, SEC enforcement waves, and public sector union and municipal debt, etc. She teaches undergraduate Business Finance and graduate Applied Econometrics at Loyola.

Degrees

  • PhD Finance, University of Washington, Seattle, Washington, 2011
  • MS Business Administration, University of Washington, Seattle, Washingtion, 2009
  • AM Statistics, Harvard University, Cambridge, Massachusetts, 2005
  • BBA Business Administration, Yonsei University, Seoul, Korea, 2003
  • BA Applied Statistics, Yonsei University, Seoul, Korea, 2003
  • Passed the CPA Examination in the State of California, 2001

Research Interests

  • Macroeconomic Conditions and Capital Markets
  • Empirical Asset Pricing
  • Corporate Governance
  • Analysts’ Forecasts
  • Public Finance and Municipal Bond Markets

Courses Taught

  • FINC 332: Business Finance
  • FINC 625: Applied Econometrics

Awards

  • Loyola University Quinlan School of Business Research Grant 2012-2017
  • Loyola University Summer Research Grant, 2012, 2016
  • Selected participant in the FMA Doctoral Student Consortium, 2010
  • Awarded the McCabe Doctoral Fellowship (one-year) from the Foster School of Business, 2010
  • Recipient of the American Finance Association Student Travel Grant, 2010
  • Awarded the Global Business Center Summer Fellowship for doctoral dissertation research, 2009
  • Awarded the D.K. Scholarship from the Department of Economics at Yonsei University based on Merit, 2002
  • Awarded Academic Scholarships and Honors Awards from Yonsei University, 1998-2002

Selected Publications

Referred Journal Publications:

Choi, Hae mi (2018), “A Tale of Two Uncertainties,” Journal of Banking and Finance, 92, p81-99.

Choi, Hae mi (2017), “Short-selling and the Rounding of Analysts’ Forecasts- A Natural Experiment,” Finance Research Letters, 52, p47-52.

Chang, Jin Woo and Hae mi Choi (2017), “Analysts’ Optimism and Incentives Under Market Uncertainty,” Financial Review, 52(3), p307-345. (Lead Article).

Choi, Hae mi (2014), “When Good News is Not So Good: Economy-wide Uncertainty and Stock Returns,”Journal of Business Finance and Accounting, 41 (9) & (10), p1101-1123.

Choi, Hae mi (2013), “What Drives the Earnings Announcement Premium Puzzle?”, Journal of Accounting and Finance, 14 (1), p161-173.

Working Papers:

Choi, Hae mi, and Swasti Gupta-Mukherjee (Loyola University Chicago), “Analysts’ Use of Industry-level and Firm-specific Information: Implications for Information Production,” Revise and Resubmit.

Choi, Hae mi, “Market Uncertainty and Trading Volume Around Earnings Announcements,” under review.

Choi, Hae mi, “Short Selling and the Informational Efficiency to Private Information- A Natural Experiment”, under review

Choi, Hae mi, Jonathan Karpoff (University of Washington), and Xiaoxia Lou (University of Delaware), “Enforcement Waves and Spillover Effects,” preparing for submission.

Choi, Hae mi, and Swasti Gupta-Mukherjee (Loyola University Chicago), “Does Analysts’ Limited Attention Matter for Security Analysis?”, preparing for submission.

Chino, Atsushi (International University Japan), Hae mi Choi, and Edward Rice (University of Washington), “Public Sector Unions and Municipal Debt.”

Conference Proceedings:

Does Limited Attention Matter in Security Analysis? Evidence from Analysts' Reliance on Categories, with Swasti Gupta-Mukherjee, under review