Goeun Choi, Ph.D.

Assistant Professor of Finance, College of Business Administration | Loyola Marymount University

Los Angeles, CA, UNITED STATES

Biography

You can contact Goeun Choi at Goeun.Choi@lmu.edu.

Goeun Choi joined the Department of Finance at Loyola Marymount University as an assistant professor in fall 2024. Before joining LMU, she served as a visiting assistant professor at Tulane University, where she taught "Financial Management" and "Advanced Financial Management" to undergraduate students. At LMU, she teaches "Valuation and Financial Statement Analysis." Her research interests include empirical asset pricing, corporate finance, and political economy. In corporate finance, she explores various topics, including corporate governance, mergers and acquisitions, stakeholder theory, and behavioral corporate finance. Her work in empirical asset pricing focuses on long-term shareholder returns, particularly the role of return skewness in influencing investors’ long-term wealth. Her research has been published in the Financial Analysts Journal and cited in media outlets such as Bloomberg.

Education (3)

Arizona State University: Ph.D., Finance 2021

Korea Advanced Institute of Science and Technology: M.S., Management Engineering 2014

Korea University: B.B.A. and B.E., Business and Statistics 2012

Areas of Expertise (3)

Long-term Returns

Corporate Finance

Political Economy

Articles (3)

How Should Investors' Long-Term Returns be Measured?

Financial Analysts Journal (Forthcoming)

We assess measures of long-horizon investment outcomes and clarify underlying trading strategy interpretations. We introduce the "sustainable return," defined as the rate of periodic withdrawal for consumption consistent with the preservation of real capital. We use this notion to highlight the role of return sequence risk, which is distinct from risk in the overall level of returns. We illustrate this and several other long-horizon measures in a global stock sample, emphasizing limitations of the arithmetic and geometric means of short interval returns, and that it is necessary in many contexts to consider the reinvestment of interim cash flows.

Long-Term Shareholder Returns: Evidence from 64,000 Global Stocks

Financial Analysts Journal

2023-07-01

We study long-run shareholder outcomes for more than 64,000 global common stocks during the January 1990 to December 2020 period. The majority, 55.2% of U.S. stocks and 57.4% of non-U.S. stocks, underperform one-month U.S. Treasury bills in terms of compound returns over the full sample. Focusing on aggregate shareholder outcomes, we find that the top-performing 2.4% of firms account for all of the $US 75.7 trillion in net global stock market wealth creation from 1990 to December 2020. Outside the United States, 1.41% of firms account for the $US 30.7 trillion in net wealth creation.

Chinese and Global ADRs: The US Investor Experience

Financial Analysts Journal

2021-07-01

We study outcomes to ADR (American Depositary Receipt) investments between August 1954 and September 2020, with particular attention to ADRs associated with Chinese firms. Overall, ADRs improved investors’ wealth by $1.03 trillion, with more than a third of this amount attributable to ADRs associated with Chinese firms. A value-weighted portfolio of ADRs associated with Chinese firms earned 14.1% per year since the first Chinese ADR was created in 1993, as compared with 9.9% per year for the overall US stock market over the same period. These data are relevant to current policy discussions focused on Chinese firms listed in the United States.