Sang Yop Kang

Professor of Law


Email: sykang@stl.pku.edu.cn、sang918@gmail.com

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COURSES TAUGHT

  • Business Associations (U.S. Corporate Law)

  • Corporate Governance from the Global Perspective

  • Economic Analysis of Corporate Law

  • Securities Regulation

  • Seminar: Corporations and Financial Markets

  • Seminar: East Asian Economic Structure


EDUCATION

  • Columbia University, School of Law, J.S.D. (Doctor of Science of Law)

  • Columbia University, School of Law, LL.M.

  • Yonsei University, LL.B (Law)

  • Fletcher School of Law and Diplomacy, Tufts University, M.A.L.D.

  • Yonsei University, B.A. (Economics)


BIO

KANG, Sang Yop(姜尚燁 in Chinese: 강상엽 in Korean) is Professor of Law (full professorship with tenure) at Peking University, School of Transnational Law. He teaches and researches in the areas of corporate governance, corporate law (general theory; US; Korea; China), securities regulations, M&As, capital markets, financial market regulations, banking policies and regulations, law and economics, law and finance, law and politics, executive compensation, Chinese economic policies, Chinese corporate governance, East Asian economies and legal systems, political economy, etc. In addition, more specifically, he currently conducts research on startups and venture capitals, corporate groups, institutional investors, hedge funds and private equity funds, shareholder activism and institutional investors’ stewardship, ESG (environmental, social, and governance), digital economy (e.g., metaverse, cryptocurrencies, central bank digital currencies), the platform business, and fintech.

In high school, Professor Kang was interested in politics, economics, and law as well as mathematics, science, and music. Originally, he was a student in the science major (理科) in high school. However, he seriously considered studying music in a university as a major to become a professional composer. After much confusion and thought in high school, when he took a national university entrance examination, he eventually decided to study economics. Professor Kang entered Yonsei University in Korea as a recipient of the four-year full scholarship, which was awarded to the entering students with the highest national university entrance examination scores. At Yonsei University’s College of Business and Economics, he graduated in the top 1%. After graduation from his undergraduate study at Yonsei, Professor Kang was admitted to economics Ph.D. programs at two Ivy League universities in the U.S. However, he gave up such an opportunity since he thought that it was the last chance to study international relations that he had been interested in for a long time. Accordingly, Professor Kang decided to study at the Fletcher School of Law and Diplomacy. After graduation from the Fletcher School, he worked in the capital market, where he was curious about corporate governance and capital market regulation. To resolve his curiosity, Professor Kang decided to study law. He finished his law degree at Yonsei University (College of Law, graduation at top 1%). Then, Professor Kang studied law further in the U.S. He holds an LL.M. (Master of Law) degree and a J.S.D. (Doctor of the Science of Law) degree at Columbia University School of Law. Professor Kang is also a Research Member of the ECGI (European Corporate Governance Institute), the most prestigious global academic association for the corporate governance scholarship (law, economics, and finance). He is one of a few ECGI Research Members in mainland China.

At Columbia Law School, Professor Kang was Fiske Harlan Stone Scholar (academic distinction), Herman Finkelstein Fellow, and a research fellow in the Visiting Scholar Program. Since he taught at Peking University School of Transnational Law, Professor Kang visited Columbia Law School as a fellow in the Program in the Law and Economics of Capital Markets. In addition, he visited Harvard Law School by invitation from the Program on Corporate Governance. Also, Professor Kang visited Stanford Law School and researched corporate governance with a faculty member there. He was invited to conduct research at Seoul National University Law School (서울대학교 법학전문대학원) as well. In addition, Professor Kang was invited to teach corporate governance at the University of Tokyo (东京大学) Law School in Japan. He has been often invited as a speaker in numerous conferences from many countries. Professor Kang also visited as a guest scholar in law firms in Korea such as Kim & Chang and Shin & Kim (Sejong).

Since Professor Kang started teaching at the Peking University, School of Transnational Law in 2011, he has received twice the “Excellent Teaching Award” from Peking University (the best teaching prize awarded to one professor at the Peking University, School of Transnational Law). In addition, in 2017, based on his research and article on the independent director system in China, Professor Kang won Tsinghua China Law Review Award for Excellence in Research from Tsinghua University (清华大学). Professor Kang is a lawyer. Before studying law, he worked as an analyst and a fund manager in the capital market. Professor Kang is a CFA (Chartered Financial Analyst) charter-holder. Also, he is an FRM (Financial Risk Manager) charter-holder. In addition, Professor Kang is an arbitrator in the Shenzhen Court of International Arbitration (SCIA) and was invited to join the SCIA Hong Kong Panel of Arbitrators. He is also an editor of the Journal of Korean Law published by Seoul National University Law School (서울대학교 법학전문대학원).

Professor Kang publishes numerous articles in academic journals such as the Stanford Journal of Law, Business & Finance, the University of Pennsylvania Journal of Business Law, the Berkeley Business Law Journal, the Virginia Law & Business Review, the Northwestern Journal of International Law and Business, Tsinghua China Law Review, etc. Also, with world-leading scholars, Professor Kang is a coauthor of “Law and Finance of Related Party Transactions” (Cambridge University Press), “Comparative Corporate Governance” (Edward Elgar), and “Global Shareholder Stewardship” (Cambridge University Press). Professor Kang likes to read and study Chinese history. Often, he attempts to find corporate governance implications from Chinese history. Also, Professor Kang sometimes “claims” that he majored in Chinese history (which is not true). In addition, he likes to discuss Chinese legal systems and economic policies. Professor Kang learned Chinese calligraphy when he was a kid. As a hobby, Professor Kang likes to play piano as well. Indeed, he performed piano in several events at STL and other places (like Peking University PHBS Business School). Professor Kang likes music and fine arts. Moreover, he loves to talk with STL students and study together with them at the STL library and self-study classrooms.

Academic Position (Peking University, School of Transnational Law)

  • Professor of Law (Full Professorship with Tenure): 2017 ~ Present

  • Associate Professor: 2014 ~ 2017

  • Assistant Professor: 2011 ~ 2014

Research and Teaching Experience at Other Academic Institutions

  • Seoul National University (서울대학교), Visiting Researcher, Asia Pacific Law Institute (Summer 2021)

  • University of Tokyo (东京大学), Law School: Invited to teach corporate governance (August 2019)

  • Stanford University (Law School): Researched corporate governance for the joint projects with a faculty member at Stanford Law School (May 2019)

  • Harvard University (Law School): Researched corporate governance (invited by the Program on Corporate Governance) (January ~ February 2017)

  • Columbia University (Law School): Visiting Fellow (Program in the Law and Economics of Capital Markets) (Summer 2016; April 2015)

  • Columbia University (Law School): Visiting Research Fellow in Visiting Scholar Program (Summer 2011; 2007 ~ 2008)

Research Areas

  • Corporate Governance

  • Corporate Law (General Theory; US; Korea; China)

  • M&A

  • Capital Markets and Regulations; Financial Markets and Regulations

  • Banking Policies and Regulations

  • Startups and Venture Capitals

  • Corporate Groups

  • Institutional Investors; Hedge Funds and Private Equity Funds

  • Shareholder Activism and Institutional Investors’ Stewardship

  • ESG (Environmental, Social, and Governance)

  • Digital Economy (e.g., Metaverse, Cryptocurrencies, Central Bank Digital Currencies); Platform Business; Fintech

  • Executive Compensation

  • Chinese Economic Policies; Chinese Corporate Governance; East Asian Economies and Legal Systems

  • Law and Economics; Law and Finance; Political Economy

Professional Qualification, Memberships, etc.

  • Research Member, ECGI (European Corporate Governance Institute)

  • Lawyer (New York State)

  • CFA (Chartered Financial Analyst)

  • FRM (Financial Risk Manager)

  • Arbitrator, Shenzhen Court of International Arbitration (SCIA); Panelist, SCIA Hong Kong Panel of Arbitration

  • Editor, the Journal of Korean Law (Seoul National University)

Publications
  • Korea’s Stewardship Code and the Rise of Shareholder Activism: Agency Problems and Government Stewardship Revealed inGlobal Shareholder Stewardship: Complexities, Challenges and Possibilities(Dionysia Katelouzou & Dan W. Puchniak eds.,Cambridge University Press, 2022)(coauthored with Kyung-Hoon Chun)

  • Analyzing Investor Protection in Chinese State-Owned Enterprises: Law and Economics Approach, Review of Banking & Financial Law(2022) (single-authored)

  • 논문:동일인지정제도와자기주식의취득,보유및처분:정성적기준을중심으로,경쟁법연구(2021) [‘The Same Person’ Designation System and the Acquisition, Holding, and Disposal of Treasury Stock: The Qualitative-Criteria Based Analysis, Journal of Korean Competition Law (2021)]

  • 논문:동일인지정제도,경제법연구(2021) [The Same-Person’ Designation System: A Critical Review of the Quantitative Standard and the Qualitative Standard, The Economic Law Journal (2021)]

  • 책:대기업집단규제론(신현윤,홍명수,강상엽공저;법문사, 2021) [Regulation on Large Corporate Groups(coauthored with Hyun-Yoon Shin and Myung-Soo Hong, Beobmunsa) (2021)]

  • Diversified Enterprises with Controlling Shareholders: A Theoretical Analysis of Risk-Sharing, Control/Voting Leverage and Tunneling in theResearch Handbook on Comparative Corporate Governance (Afra Afsharipour & Martin Geltereds.,Edward Elgar, 2021) (single-authored)

  • Optimally Restrained Tunneling: The Puzzle of Controlling Shareholders’ “Generous” Exploitation in Bad-Law Jurisdictions, inThe Law and Finance of Related Party Transactions: A Comparative Analysis(Luca Enriques& Tobias H. Trögereds.,Cambridge University Press, 2019)(single-authored; an abbreviated version of“Generous Thieves”: The Puzzle of Controlling Shareholder Arrangements in Bad-Law Jurisdictions, Stanford Journal of Law, Business & Finance(2015))

  • Book Review: Independent Directors in Asia,Cambridge University Press Asian Journal of Law and Society(2019) (single-authored)

  • “Game of Thrones”: Children’s Competition and Corporate Governance Issues in Family-Controlled Corporations,Berkeley Business Law Journal(2018) (single-authored)

  • The Independent Director System in China: Weaknesses, Dilemmas, and Potential Silver Linings,Tsinghua China Law Review(2017) (single-authored)

  • Rethinking Self-Dealing and the Fairness Test: A Law and Economics Framework for Internal Transactions in Corporate Groups,Virginia Law & Business Review(2016) (single-authored)

  • Tension Between Shareholder Primacy and (Quasi) Monopoly: A Theoretical Analysis of ControllingShareholder Economiesand China,University of Pennsylvania East Asia Law Review(2015)(single-authored)

  • “Generous Thieves”: The Puzzle of Controlling Shareholder Arrangements in Bad-Law Jurisdictions, Stanford Journal of Law, Business & Finance(2015) (single-authored)

  • Taking Voting Leverage and Anti-Director Rights More Seriously: A Critical Analysis of the Law and Finance Theory,Columbia Journal of Asian Law(2015) (single-authored)

  • Competition Law Meets Corporate Governance: Ownership Structure, Voting Leverage, and Investor Protection of Large Family Corporate Groups in Korea,Peking University Transnational Law Review(2014) (coauthored with Nansulhun Choi)

  • Re-envisioning the Controlling Shareholder Regime: Why Controlling Shareholders and Minority ShareholdersOftenEmbrace Each Other,University of Pennsylvania Journal of Business Law(2014) (single-authored)

  • Transplanting a Poison Pill in Controlling Shareholder Regimes: Why It Is So Difficult,Northwestern Journal of International Law and Business(2013) (single-authored)

  • Korea’s Stewardship Code and the Rise of Shareholder Activism,Oxford Business Law Blog(coauthored with Kyung-Hoon Chun) (based on the invitation from the University of Oxford, the summary of an article with the same title—which was published byCambridge University Pressin 2022—was posted on the blog), available at https://blogs.law.ox.ac.uk/business-law-blog/blog/2022/05/koreas-stewardship-code-and-rise-shareholder-activism

  • Optimally Restricted Tunneling: The Puzzle of Controlling Shareholders’ ‘Generous’ Exploitation in Bad-Law Jurisdictions,Oxford Business Law Blog(single-authored) (based on the invitation from the University of Oxford, the summary of an article with the same title—which was published byCambridge University Pressin 2022—was posted on the blog), available at https://blogs.law.ox.ac.uk/business-law-blog/blog/2019/09/optimally-restrained-tunneling-puzzle-controlling-shareholders

  • Rethinking Self-Dealing and the Fairness Test: A Law and Economics Framework for Internal Transactions in Corporate Groups,Oxford Business Law Blog(single-authored) (based on the invitation from the University of Oxford, the summary of an article with the same title—which was published byTheVirginia Law & Business Reviewin 2016—was posted on the blog), available at https://blogs.law.ox.ac.uk/business-law-blog/blog/2016/10/rethinking-self-dealing-and-fairness-standard-law-and-economics

Presentations
  • Dual-Class Equity Structures in China, Asian Pacific Law Institute, Seoul National University School of Law (November 2022)

  • Discussion – Corporate Law’s Evaluation of ‘the Same Person’ System Under the Fair Trade Act,Korea Business Law Association (November 2022)

  • Understanding Environmental, Social, and Governance (ESG): Implications and Limits, Perl River Delta Academy of International Trade and Investment Law (PRAIA) (November 4, 2022)

  • Discussion – Various Perspectives on Professional Regulation and General Regulation in the Big Tech Era, A Joint Conference of Academic Organizations (October 7, 2022)

  • Rethinking ESG and Stakeholder Capitalism: Implications and Limits, Shin & Kim LLC (Sejong) (September 29, 2022)

  • Regulation of Chinese Platform Enterprises: The Current Status and Implications, Platform and Business: Interdisciplinary Research (August 31, 2022)

  • Discussion – Improvement of Emissions Trading System for Carbon Neutrality, Korea Society of Industrial Organization (August 25, 2022)

  • Interplay Between Stewardship and ESG: The Case of the National Pension Service in Korea¸ Law & Society (July 13, 2022)

  • Breaking the Common Sense: A Counter-Intuitive Analysis of Controllers’ Private Benefits and Costs in Internal Transactions, Asian Law Institute (ASLI ) Conference at the University of Tokyo (May 29, 2022)

  • Discussion – Metaverse Industry: Challenges and Policies,Korea Small Business Institute (KOSI) Seminar (August 19, 2022)

  • Rethinking ESG and Stakeholder Capitalism: Implications and Limits, Korean Securities Association (July 19, 2022)

  • Review of ‘the Same Person’ Designation System: Focusing on the Analysis of De Facto Control, Competition Forum (July 7, 2022)

  • Rethinking ESG and Stakeholder Capitalism, Corporate Law Study Association (June 22, 2022)

  • Rethinking ESG and Stakeholder Capitalism, Peking University HSBC Business School Seminar (June 17, 2022)

  • ESG: Implications and Limits, Asia-Pacific Law Institute, Seoul National University School of Law (November 18, 2021)

  • Understanding ESG: Challenges and Limits, Perl River Delta Academy of International Trade and Investment Law (PRAIA) (November 5, 2021)

  • Discussion–Private Placements and Investor Protection in Korea(discussion with Jae Hyun Kwon), Conference held by the Korean Securities Association (February 2021)

  • Reinterpretation of Internal Transactions and Controllers’ Private Benefits: Extraordinary Tunneling, Seoul National University School of Law & Korea Fair Trade Commission (December 2020)

  • Internal Transactions and Tunneling: A Counter-Intuitive Analysis,The Pearl River Delta Academy of International Trade and Investment Law (December 2020)

  • Internal Transactions and Tunneling: A Counter-Intuitive Analysis, Seoul National University Center for Competition Law (September 2020)

  • Internal Transactions and Tunneling: A Counter-Intuitive Analysis, Korea Economic Research Institute (September 2020)

  • IPO in the United States: A Few Issues, Korean Banking and Financial Law Association & Korea Venture Investment Corporation (August 2020)

  • Shareholder Activism and Soft Law: The National Pension Service in Korea, Conference at Peking University School of Transnational Law (November 2019)

  • Corporate Groups in Asia, at the Perl River Delta Academy of International Trade and Investment Law (PRAIA)Program (November 2019)

  • Ownership Structures of Business Complexes and Corporate Governance, Conference at Fordham University Law School (September 2019)

  • Stewardship in Korea and Corporate Governance Implications, Conference at King’s College London (September 2019)

  • Stewardship in Korea and Corporate Governance Implications, Symposium at University of Tokyo (August 2019)

  • The Vanke-Baoneng Case and Beyond: Hostile Takeover and Corporate Governance in China, Comparative Corporate Governance Conference 2019, Singapore Academy of Law (January 2019)

  • (Startup Companies and Their) Control Issues, Legal and Funding Issues for Successful Startups, Peking University School of Transnational-University of California, Berkeley Joint Conference (December 2018)

  • Corporate Groups, at the Perl River Delta Academy of International Trade and Investment Law (PRAIA)Program (November 2018)

  • Hostile Takeover and Corporate Governance in China: Based on the Vanke Case, Conference on Corporate Governance and Business Transactions in Asia, National Singapore University (jointly organized by National University of Singapore and Stanford Law School) (September 2018)

  • Hostile Takeover and Corporate Governance in China: Based on the Vanke Case,2018 Trans-Pacific Business Law Dialogue,Seoul National University (July 2018)

  • Corporate Law and Corporate Governance, Peking Univ. STL Road Show Lecture in Fudan University (复旦大学) (June 2018)

  • Hostile Takeover and Corporate Governance in China: Based on the Vanke Case, Asian Law Institute (ASLI) Conference, Seoul National University (May 2018)

  • Unpacking Voting Leverage Mechanisms: Theoretical Analysis,2018 Beijing Conference German and East Asian Perspectives on Corporate and Capital Market Law: Diversity of Shareholders and Corporate Governance,Peking University (Beijing) (March 2018)

  • Board Composition and Independent Directors in Korea, University of Leeds (January 2018)

  • Corporate Groups and Internal Transactions, at the Perl River Delta Academy of International Trade and Investment Law (PRAIA)Program (November 2017)

  • Issuing New Shares, Convertible Bonds and Corporate Governance,Tsinghua University (清华大学)School of Law International Conference(October 2017)

  • Related Party Transactions in China, Goethe University (October 2017)

  • Related Party Transactions in China, University of Oxford (May 2017)

  • “King Lear Problems”: Succession and Corporate Governance Issues in Family Corporations, Peking University School of Transnational Law (Faculty Seminar) (March 2017)

  • “King Lear Problems”: Corporate Governance Issues of Succession in Family Corporations,University of California, Berkeley,International Conference entitled “Comparative Corporate Governance” (February 2017)

  • Internal Transactions and Fairness, Korea Economic Research Institute (January 2017)

  • “King Lear Problems”: Corporate Governance Issues During the Succession in Family Corporations, Peking University PHBS Business School (Faculty Seminar) (December 2016)

  • “King Lear Problems”: Corporate Governance Issues During the Succession in Family Corporations, Tsinghua University (清华大学)School of Law (Public Lecture) (December 2016)

  • “King Lear Problems”: Corporate Governance Issues During the Succession in Family Corporations, Peking University School of Transnational Law (Public Lecture) (December 2016)

  • Rethinking Self-Dealing and the Fairness Test: A Law and Economics Framework for Internal Transactions in Corporate Groups, Renmin University (人民大学) School of Law (Public Lecture) (November 2016)

  • Hostile Takeovers and Defenses: Lessons from Korea for China, Tsinghua University (清华大学)School of Law International Conference (October2016)

  • Reconsidering the Independent Director System in China: A Silver Lining Amidst Weaknesses?, Peking University School of Transnational Law (Faculty Seminar) (October 2016)

  • Understanding Corporate Groups in Asia: Transnational Law and Economics Perspective, at thePerl River Delta Academy of International Trade and Investment Law (PRAIA)Program (July 2016)

  • Rethinking Self-Dealing and the Fairness Test: A Law and Economics Framework for Internal Transactions in Corporate Groups, Peking University PHBS Business School Seminar (July 2016)

  • King Lear Problem: Succession Crisis in Family-Controlled Corporations, Asian Law and Economics Association Conference (June 2016)

  • Cumulative Voting, Corporate Groups, and Institutional Investors, AsianLaw Institute Conference (May 2016)

  • Rethinking Self-Dealing and the Fairness Test: A Law and Economics Framework for Internal Transactions in Corporate Groups, Peking University School of Transnational Law (Faculty Seminar) (May 2016)

  • Dilemmas of the Independent Director System in China, Tsinghua University (清华大学)School of Law International Conference (November 2015)

  • Market Dominant Corporation, Shareholder Wealth, and Welfare of a Nation: Analysis in Controlling Shareholder Economies and China, Korea Law and Economics Association Conference (June 2015)

  • Market Dominant Corporation, Shareholder Wealth, and Welfare of a Nation: Analysis in Controlling Shareholder Economies and China, Peking University School of Law (Faculty Seminar) (June 2015)

  • Refining Disciplines on State-Owned Enterprises: Lessons from China, Korea, Japan, and the ICSID Convention(with Mark Feldman), Peking University School of Law (Faculty Seminar) (May 2015)

  • Tension Between (Quasi) Monopoly and Shareholder Value Maximization, Korea Securities Law Association (February 2015)

  • The Puzzle of Controlling Shareholder Arrangements: Why Some Controlling Shareholders “Generously” Expropriate from Minority Shareholders, Shin & Kim (August 2014)

  • Re-envisioning Investors’ Anti-Director Rights Index: Theory, Criticism, and Implications, Korean Securities Law Association (July 2014)

  • Law and Economics Analysis on (Unfair) Self-Dealing in Chaebols: Problems, Reforms, and Evaluation, University of Tokyo Law Faculty (May 2013)

  • Non-legal Mechanisms for Constraining Controlling Shareholders: Analysis of“Roving” and “Stationary” Controllers,Peking University School of Transnational Law (Faculty Seminar) (March 2013)

  • Controlling Shareholders: “Roving” v. “Stationary”,Seoul National University Law Research Institute, International Conference “Recent Trends in Research on Corporate Law” (September 2012)

  • Efficiency Market Hypothesis, Behavioral Finance, and the Securities Regulation,Korea Law and Economics Association (August 2012)

  • U.S. Takeover Doctrines and Their Implications, Korea Securities Law Association (July 2012)

  • Evaluating Macro-level Corporate Governance Index, Peking University School of Transnational Law (May 2012)


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