卢太用 (Roh Tai-Yong), 韩国籍，硕士生导师，韩国科学技术院（KAIST）商学院金融学博士，新西兰奥克兰理工大学博士后。现为澳门澳娱乐官方网站李安民经济研究院副教授。主要研究领域包括：资产定价，金融衍生品等。现有SSCI期刊论文10余篇， 发表刊物包括《Economics Letters》《International Review of Financial Analysis》《Journal of Banking and Finance》《Journal of Empirical Finance》《Journal of Futures Markets》等国际著名期刊。
Contributing our society by doing things that I like
My life had been pretty stable until getting accepted into the Ph.D. program at KAIST (Korea Advanced Institute of Science and Technology) Business School. After graduating from high school, I decided to go KAIST specialized in quantitative studies rather than Seoul National University which is the best in Korea, as my initial goal was being a quant trader in finance industries. I prepared well for achieving the goal. I took various courses related to math, computer programming and economics in my undergraduate years and finally got admission into the Ph.D program. I had no doubt about my career path to be a quant trader as KAIST Business School provides various courses designed for training a quant trader.
However, getting a Ph.D was totally different. Writing a thesis paper required a creative thinking to me. I had lots of difficulties for writing a thesis in the area of the financial engineering as this area was already well established so that there are not many interesting academic topics remained. I decided to move my research area to asset pricing. In the area of asset pricing, there have been still many discussions about whether financial markets are efficient or not. Despite answering this economic question is more challenging, there is more room for generating research idea.
After changing my research area, I started to produce several research papers in the asset pricing area and started to realize that staying in academia is a good fit to me. As most research projects in finance academia consist of a small group of people less than 5 scholars, I can discuss with team members freely under an equal relationship and be involved in every part in the project. More importantly, the best merit I feel is that I can communicate with other scholars around the world freely about various research topics, via email (online) or attending conferences (offline).
Therefore, I decided to be in the academia rather than in the finance industry after getting my Ph.D. I started to seek jobs abroad rather than in Korea, to find more research-oriented positions. Most faculties in Korea spend their time on teaching and administrative things. Luckily, I got a research position at Auckland University of Technology in New Zealand. After spending 2 years there, I finally joined Liaoning University as an assistant professor of finance in year 2018.
Joining Liaoning University was a great choice to me. The university has provided a wonderful environment to me so that I fully focus on my research projects. Specifically, the university reduces my tasks related to teaching or administrative things for me and helps me adjust to life in China. I think that such a flexible system is an effective way to attract many foreign talents and finally, it leads to increase the reputation of the university in terms of research. Based on my experience, the research condition here is comparable to that in other major countries. In China, there are many great scholars in the area of finance and many academic conferences are held here. Such an environment is quite attractive to researchers who want to step up.
Thanks to the support from the university, I produced lots of research works here. Still, I am actively involved in many research projects with other scholars from various countries such as Australia, Korea, France, Netherland and China. Also, I try to initiate new projects by exchanging research ideas with many talented scholars in this institute. My work life here can bring my opportunities to grow professionally.
My research is mainly about explaining various puzzling empirical facts reported in the asset pricing literature, with a new angle. For example, many profitable trading strategies using the cross-section of stocks have been reported and there has been strong debate whether these are consistent with the concept of the market efficiency or not. I believe that financial market is efficient, meaning that the abnormal performance of those profitable trading strategies is associated with a reward for bearing high risks. Thus, my approach is finding missing links or risk factors which have been overlooked, to explain them. Based on my research experience, the economic intuition is important for these kinds of tasks and deep understanding on macroeconomics is very useful.
My teaching philosophy is also in line with my research philosophy. Although I mainly taught quantitative courses such as financial derivatives, I mainly emphasize on the economic intuition behind models and empirical facts. Technical things are also important, but it is not enough for students to survive in the finance industry which is changing fast, in a flexible way. Note that new financial products, new financial markets or new financial systems are being introduced continuously. My goal in the class is that students are well trained to find economic sources behind various phenomena in financial markets.