Skip to main content

Yoon S. Shin

Professor of Finance
Yoon Shin

Research Areas

Fixed Income Securities, Corporate Governance, Credit Risk Models, and Financial Literacy.

Academic Degrees

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


Fixed Income Securities, Financial Modeling, and Financial Services & Firms


Faculty Moderator, Loyola Fixed Income Society

Representative Publications

“Capital Structure Decisions Following Credit Rating Changes: Evidence from Japan,” Co-authored with L. Fairchild and S. Han, 2022, Journal of Asian Finance, Economics and Business 9 (4), pp. 1-12

“Does the Nationally Recognized Statistical Rating Organization (NRSRO) Certification Matter for Japanese Credit Rating Agencies?” Co-authored with S. Byoun and S. Han, November 2021, Journal of Financial Markets 56, pp. 1-15

“Assessment of Credit Ratings and Credit Risk Models on Public Bonds,” Co-authored with K. Leggio and Y. Yan, Spring 2021, The Journal of Fixed Income 30 (4), pp. 65-80

“The Evolving Nature of Japanese Corporate Governance: Guaranteed Bonds vs. Rated Bonds,” Co-authored with S. Han and M. Pagano, January 2019, Journal of International Financial Markets, Institutions & Money 58, pp. 162-183 

“Influence of Global vs. Local Rating Agencies to Japanese Financial Firms,”,” Co-authored with S. Han and W. Reinhart, 2018, Journal of Asian Finance, Economics and Business 5 (4), pp. 9-20 

“Assessment of Credit Risk Models on Rule 144A Corporate Bonds,” Co-authored with M. Johnson and K. Leggio, Fall 2018, The Journal of Fixed Income 28 (2), pp. 65-83 
“Determinants of Yields in Private Colleges’ Revenue Bonds,” Co-authored with M. Johnson, Summer 2018, The Journal of Wealth Management 21(1), pp. 88-109 

“Bond Ratings, Corporate Governance, and Cost of Debt: The Case of Korea,” Co-authored with S. Han and K. Kang, 2016, Journal of Asian Finance, Economics and Business, pp. 5-15 

“Is the Korea-Chile FTA a ‘Stepping Stone’ for Korean Exports to other countries in South America?” Co-authored with K. Kang, and P. Keys, 2016, The Singapore Economic Review, 61 (5), pp. 1-17 

“The Information Value of Credit Rating Withdrawals,” Co-authored with S. Yi, L. Fairchild, and Y. Shin, volume 2 (2), 2016, International Journal of Bonds and Derivatives, pp. 108-132

“Does SEC Rating Agency Certification Matter?  The Case of A.M. Best,” Co-authored with L. Fairchild and Y. Yan, volume 6 (4), 2015, International Journal of Financial Research, pp. 10-21

“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

Professional Memberships

Member, Financial Management Association (FMA) International
Member, Korea America Finance Association (KAFA)

Awards and Honors

2017-2020 Travelers Faculty Scholar, The Sellinger School of Business and Management, Loyola University Maryland

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