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Sojung C. Park 

Seoul National University, Korea





September 2014 – Present Associate Professor of Finance, Seoul national University

August 2012 – August 2014 Assistant Professor of Finance, Seoul National University

August 2009 – July 2012  Assistant Professor of Finance, Cal State Univ., Fullerton




2004-2009  The Wharton School, University of Pennsylvania, Philadelphia, PA

Ph.D. in Applied Economics (Concentration: Insurance and Risk Management)

Dissertation: Essays in Insurance and Behavior Finance

Committee members: Neil Doherty, Scott Harrington, Gregory Nini, Jean Lemaire


2002-2004  Seoul National University, Seoul, Korea

Master of Science in Industrial Engineering, Minor in Financial Engineering


1998-2002  Seoul National University, Seoul, Korea

Bachelor of Science in Industrial Engineering, Summa Cum Laude (1st)


1995-1998 Gyeongnam Science High School, Jinju, Korea




Insurance Economics, Catastrophic Risk, Auto Insurance, Risk Management, Behavioral Finance and Economics




[1] Park, Sojung, Jean Lemaire, and Choong Tze Chua (2010), “Is the Design of Bonus-Malus Systems Influenced by Insurance Maturity or National Culture?”, The Geneva Papers on Risk and Insurance - Issues and Practice 35, S7-S27: Leading paper

[2] Park, Sojung and  Jean Lemaire (2011) “Culture matters: Long-Term Orientation and Life Insurance Demand” Asian Pacific Journal of Risk and Insurance 5, Issue 2, Article 1: Leading paper

[3] Park, Sojung and  Jean Lemaire (2012) "The Impact of Culture on the Demand for Non-Life Insurance", ASTIN Bulletin (The Journal of the International Actuarial Association) 42, issue 2, p. 501-527

[4] Park, Sojung and Tokutsune Yasuyuki  (2013), “Do Japanese Policyholders Care About Insurers’ Credit Quality?”, The Geneva Papers on Risk and Insurance - Issues and Practice 38, p. 1-21: Leading paper

[5] Moon, Jungbien and Sojung Park (2014), “Measuring the costs and benefits of CSR through shareholder value”, Journal of Knowledge Studies 12, issue 1 p266-294

[6] Park, Sojung and Xiaoying Xie,(2014)  “Reinsurance and Systemic Risk: Reaction of Property-Casualty Insurers to Reinsurer Downgrading”, Journal of Risk and Insurance  

[7] Lemaire, Jean*, Sojung Park, and Kili Wang(2015), “The Impact of Covariates on a Bonus-Malus System: An Application of Taylor’s Model”, European Actuarial Journal, Forthcoming




 [1] Pay-as-you-go and Bonus-Malus System (with Jean Lemaire,  and Kili Wang) Revised and Resubmitted to ASTIN Bulletin

[2] The Opacity of Insurance Companies.

[3] The Opaqueness of Structured Bonds in Insurers’ Assets (with Xiaoying Xie)  Submitted

[4] Investors Overreaction to the Extreme Events: Evidence from the 9/11 Terrorism.   

[5] Rating Standards for Catastrophic Risks (with Anastasia V. Kartasheva)   

 [7] Non-life insurance securitization and its value addition to Korean capital market. (with Nayoung Park)




[1] Does Financial Risk Management Add Firm Values? (with Xiaoying Xie and Carolyn Chang)  

[2] Territorial rating of auto-insurance: the justification (with Sangeun Han)

[3] Can severity predict severity? test for the better BMS design   




[1] A Strange Auto Insurance Bonus-Malus System in Korea, Feb. 7, 2014, MK news (매일경제)

[2] Understanding a Bonus-Malus System reform with a focus of adverse selection and moral hazard, March, 2014, NH weekly review




  • 2008: FMA (Financial Management Association) annual conference, California State University, Fullerton

  • 2009: ARIA (American Risk and Insurance Association) annual conference, FMA annual conference

  • 2010: FMA annual conference, NBER (National Bureau of Economic Research) Catastrophic risk and insurance group meeting, WRIEC (World Risk and Insurance Economics Congress) conference (2x)

  • 2011: Insurance Seminar at Temple University, Risk Theory Society annual meeting, ARIA annual conference, Convergence, Interconnectedness, and Crisis: Insurance and Banking Conference

  • 2012: ASSA/ARIA annual conference, APRIA (Asian Pacific Risk and Insurance Association) annual conference (3x), ARIA  annual conference, Luncheon seminar at Seoul National University, Korea Management Engineers Society annual conference,  Finance Seminar at KAIST, Financial Economics Research Center seminar at Seoul National University 

  • 2013: WRIA (Western Risk and Insurance Association) annual conference, APRIA annual conference

  • 2014: Korean Insurance Association bi-annual meeting (Winter and Summer), Korean Risk Management Association bi-annual meeting, Risk forum seminar at Korean Insurance Research Institution (KIRI),   Korean Financial Engineering Society Annual Meeting, Financial Engineering and Banking Society Annual meeting (Surrey, UK)




  • Samsung Scholarship 2010 Academic Camp Alumni Talk, Yosemite, CA, August 2010

  • Earthquake and Insurance, Jim Gutmann Speaker Series, MCBE, Cal State, Fullerton, March, 2011

  • Catastrophic Risk and Insurance, Global Catastrophe Risk Forum, MCBE, Cal State, Fullerton, May, 2011

  • Luncheon Seminar at College of Business Administration, Seoul National University, September 2012 

  • Main discussant at the Korean Auto insurance Bonus-Malus System(BMS) Reform Policy Reform debate co-hosted by Korean Insurance Development Institution, Financial Supervisory Service, congressman Min, Byungdu , National Assembly, Feb., 2014

  • GARP inception meeting keynote speaker, July, 2014




2006-2008 The Wharton School, University of Pennsylvania, Philadelphia, PA

Teaching Assistant for Wharton Undergraduate and MBA course Risk Management.

(Profs. K. Smetters, O. Mitchell, S. Harrington, S. Shore, D. Cummins)


2009-2011 California State University Fullerton, Fullerton, CA

Instructor for FNCE 360, Principle of Insurance and Risk Management (Evaluation: 3.4/4.0)


Instructor for FNCE 461, Business Property and Liability Risk Management  (Evaluation: 3.56/4.0)


2012-        Seoul National University, Seoul, Korea

                 Instructor of Principle of Insurance and Risk Management, Commercial Risk Management and Property Casualty Insurance




2015                    Best teaching award, College of Business School, SNU

2011                     GCAT research award, Center for Insurance Studies, MCBE, CSUF ($3,000)

2011                     Dean’s Research Award, Mihalyo College of Business and Economics, CSUF ($5,000)

2010                         Hagen Foundation Travel Award for WREIC conference ($1,500)

2010                         Probationary Faculty Stipend from President of CSUF ($6,500)

2008-09                 Bradley Foundation Fellowship

2004-09                 Doctoral Fellowship, The Wharton School, University of Pennsylvania

2004-08              Samsung Scholarship Foundation Graduate Study Abroad Scholarship s

2005-06                 Bradley Foundation Fellowship

2004                       Graduate Fellowship, Korean Science and Engineering Foundation

1998-03                 Seoul National University Scholarship of Honor

1996                       Scholarship of Honor, Samsung Techwin



  • Referee for Journal of Risk and Insurance, The Financial Review, Journal of Financial Services Research, Geneva Papers on Risk and Insurance Practice, Risk Management and Insurance Review, Journal of Economics and Business, Service Industries Journal, Seoul Journal of Business, Emerging Markets Finance and Trade, 금융소비자연구 , and  금융안정연구

  • Professional memberships in Risk Theory Society, American Risk and Insurance Association(ARIA), Asian Pacific Risk and Insurance Association(APRIA), Financial Management Association(FMA), American Finance Association(AFA), Korean American Finance Association (KAFA), Korean Insurance Association, Western Risk and Insurance Association (WRIA) , 보험학회

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