Dr. Yoon S. Shin


Associate Professor of Finance
Traveler's Finance Faculty Scholar


Sellinger Hall 212

Academic Degrees

Ph D, University of South Carolina
MS, Texas A&M University
BBA, Kookmin University


Fixed Income Securities (MBA/MS, undergraduate)
International Finance (MBA/MS, undergraduate)
Financial Management (MBA, undergraduate)


Faculty Moderator, Loyola Fixed Income Society

Representative Publications

“Are unsolicited ratings biased? Evidence from long-run stock performance,” Co-authored with S. Byoun, J. Fulkerson, and S. Han, volume 42, 2014, Journal of Banking and Finance, pp. 326-338

"Insider Trading and Firm-Specific Return Volatility," Co-authored with P. Gangopadhyay and K. Yook, volume 43 (1), 2014, Review of Quantitative Finance and Accounting, pp. 1-19

“Unsolicited Versus Solicited: Credit Ratings and Bond Yields,” Co-authored with S. Han, W. Moore, and S. Yi, volume 43 (3), 2013, Journal of Financial Services Research, pp. 293-319

“Rating Agency Reputation, the Global Financial Crisis, and the Cost of Debt,” Co-authored with S. Han and M. Pagano, Volume 41 (4), 2012, Financial Management, pp. 849-884

"Information Content of Unsolicited Credit Ratings: Evidence from Japanese Firms,” Co-authored with S. Byoun, Volume 42 (1), 2012, Asia-Pacific Journal of Financial Studies, pp. 59-86

“Analysis of Unsolicited Credit Ratings in Japan: New Evidence from Moody’s,” Co-authored with Lisa Fairchild and Susan Flaherty, Volume 12 (1), 2009, Review of Pacific Basin Financial Markets and Policies, pp. 103-123

 “Market Segmentation Effects in Corporate Credit Rating Changes: The Case of Emerging Markets,” Co-authored with William T. Moore, Seung  H. Han, and Walter Reinhart, volume 35 (2), 2009, Journal of Financial Services Research, pp. 142-167

"Effects of National Recognition on the Influence of Credit Rating Agencies: The Case of Dominion Bond Rating Service," Co-authored with William T. Moore, Volume 20 (2), 2008, Financial Decisions, pp. 1-28

“Reactions of Japanese Markets to Changes in Credit Ratings by Global and Local Agencies,” Co-authored with William T. Moore and Joanne Li, Volume 30, 2006, Journal of Banking & Finance, pp. 1007-1021   

“The Japanese Credit Rating Environment:  Insights from Issuers,” Co-authored with Lisa Fairchild, Japanese Fixed Income Markets: Money, Bond and Interest Rate Derivatives, 2006, Research Volume in Research in International Business & Finance, pp. 233-255

“Explaining credit rating differences between Japanese and U.S. agencies,” Co-authored with William T. Moore, Volume 12, Issue 4, 2003, Review of Financial Economics, pp. 327-344

Awards and Honors

2009 STAR Award, Outstanding Research, The Sellinger School of Business and Management, Loyola University Maryland  

2005 Board of Sponsors Research Paper of the Year Award, The Sellinger School of Business & Management, Loyola University Maryland 

2003 Best Paper Award in the area of Fixed Income Research, FMA (Financial Management Association) International