Ph.D., Business (Marketing), 2019 (Expected) Lee Kong Chian School of Business, Singapore Management University (SMU), Singapore

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1 Updated in June 2018 SUNGKYUN MOON Lee Kong Chian School of Business, Singapore Management University 50 Stamford Road, Singapore, Mobile: EDUCATION Ph.D., Business (Marketing), 2019 (Expected) Lee Kong Chian School of Business, Singapore Management University (SMU), Singapore Dissertation Title: Financial Market Implications of Marketing Actions and the Disclosure of Marketing Information Dissertation Proposal Defended: May 23, 2018 Committee: Kapil R. Tuli (Thesis Advisor, SMU) Srinivas K. Reddy (SMU) Jin K. Han (SMU) Anirban Mukherjee (INSEAD) Rajdeep Grewal (University of North Carolina at Chapel Hill) M.S., Management (Marketing), 2013 Sungkyunkwan University, South Korea B.S., Business Administration, 2010 Sungkyunkwan University, South Korea RESEARCH INTEREST Financial Implications of Marketing Actions and the Disclosure of Marketing Information Implications of Marketing Executives in the Top Management Team of a Firm Marketing Strategy WORKING PAPERS Moon, Sungkyun, Kapil R. Tuli, and Anirban Mukherjee, Does Disclosure of Advertising Spending Help Investors and Analysts? Job market paper Invited to the 2 nd round of review at Journal of Marketing Research. * 1

2 Moon, Sungkyun, Kapil R. Tuli, and Anirban Mukherjee, Examining the Nonlinear Effect of Investors Response to Changes in Advertising Spending Analyses completed Manuscript in preparation for submission to the Journal of Marketing. * * Part of the Dissertation, See abstracts in Appendix WORK IN PROGRESS Moon, Sungkyun and Kapil R. Tuli, It Takes a Team: How Marketing Executives Determine the Effectiveness of a CMO Data collection in the advanced stage and analysis in progress. Moon, Sungkyun, and Kapil R. Tuli, Marketing Executive Compensation Structure and its Impact on Marketing Conduct of the Firm, Data collection in the advanced stage and analysis in progress. CONFERENCE PRESENTATIONS AND TALKS Moon, Sungkyun*, Kapil R. Tuli, and Anirban, Mukherjee, Advertising and Shareholder Value: Exploring the Nonlinear Effect 47 th EMAC Annual Conference, May 29-June 1, 2018, University of Strathclyde, Glasgow, the United Kingdom. Moon, Sungkyun*, Kapil R. Tuli, and Anirban, Mukherjee, The Effects of Disclosure of Advertising Spending on Investors and Analysts Uncertainty Brown Bag Seminar, February 9, 2018, Singapore Management University, Singapore. Moon, Sungkyun*, Kapil R. Tuli, and Anirban, Mukherjee, Investor Uncertainty and Disclosure of Advertising Spending 39 th Annual ISMS Marketing Science Conference, June 7-10, 2017, University of Southern California, Los Angeles, California. Moon, Sungkyun, Kapil R. Tuli*, and Anirban Mukherjee, Advertising and Firm Value: Examining the Risk Perspective Theory and Practice in Marketing Asia, May 16-18, 2016, Yonsei University, Seoul, South Korea. * Presenter AWARDS, HONORS, AND GRANTS Fellow, AMA-Sheth Foundation Doctoral Consortium, University of Leeds, 2018 Graduate Fellowship, Singapore Management University, 2014-present Research Assistantship, Sungkyunkwan University,

3 Research Assistantship, National Research Foundation, Academic Scholarship, Sungkyunkwan University, 2003, 2004, 2007, 2008 Lee Hyun Goo Scholarship, Sungkyunkwan University, 2007 Mudeung Scholarship, Mudeung Scholarship Foundation, 2007 Sungkyunkwan University Alumni Scholarship, Sungkyunkwan University, 2003 SERVICE Co-authored the post-conference summary of the Asian Luxury Branding Research Conference 2018, a LVMH-SMU Asia Luxury Brand Research Initiative, hosted by Singapore Management University, Singapore Ad-Hoc Reviewer for Summer AMA 2016 Co-authored the post-conference summary of the Asian Luxury Branding Research Conference 2016, a LVMH-SMU Asia Luxury Brand Research Initiative, hosted by Singapore Management University, Singapore Co-authored the post-conference summary of the Marketing Strategy Meets Wall Street Conference 2015, hosted by Singapore Management University, Singapore TEACHING EXPERIENCE Graduate Instructor, Singapore Management University, Singapore o Marketing Research (Undergraduate, Marketing Compulsory Course), 2017/2018 Term 1 (Teaching Evaluation: 5.7/7.0, School Avg.: 5.7/7.0) Teaching Assistant, Singapore Management University, Singapore o Crafting and Providing Services (MBA), Professor Kapil R. Tuli, 2017 o Service Innovation (Master in Innovation), Professor Kapil R. Tuli, 2017 o Service Marketing (Undergraduate), Professor Kapil R. Tuli, 2016 Teaching Assistant, Sungkyunkwan University, South Korea o Marketing Strategy and Planning (Undergraduate), Professor Sangman Han, 2011 Graduate Instructor Course 2017 Graduate Development Program 2017 Faculty Teaching Forum

4 SELECTED PROFESSIONAL EXPERIENCE Korea Institute of Public Administration (KIPA), Research Associate, South Korea, September 2013 February 2014 Arthur D. Little (ADL), Research Associate, South Korea, September December 2010 DOCTORAL COURSEWORK Marketing Theory Construction Marketing Strategy Consumer Behavior Pro-Seminar in Marketing Ajay K. Kohli Jin K. Han Srinivas K. Reddy & Kapil R. Tuli Hannah H. Chang Michelle Lee & Seshan Ramaswami Sandeep R. Chandukala, Hannah H. Chang Jin K. Han, Ernst C. Osinga Srinivas K. Reddy & Kapil R. Tuli Quantitative Methods Empirical Models in Marketing Marketing Models Ⅱ Econometrics Ⅰ Econometrics Ⅱ Panel Data Econometrics (Audit) Research Method in Finance Ernst C. Osinga Sandeep R. Chandukala & Ernst C. Osinga Su Liangjun Yu Jun & Anthony S. Tay Su Liangjun Jeremy Goh Management/Strategy Introduction to Business Research Organization Theory Strategic Management Ⅰ Reddi Kotha Gokhan Ertug Kannan Srikanth Workshops/Tutorials Crafting Papers and Responding to Reviewers (2017) Reinventing Business (2017) Seminar on Teaching by the Case Method (2016) Ajay K. Kohli Sunil Gupta Sunil Gupta 4

5 PERSONAL INFORMATION, SKILLS, AND ACTIVITIES Nationality Languages Analytical Skills Volunteer Korean Korean, English STATA, SAS, SPSS, R, Pajaek Korea IT Volunteer, Ministry of Public Administration and Security Laos, July-August 2008 Vietnam, July-August 2009 REFERENCES Kapil R. Tuli Professor of Marketing Director, Retail Center of Excellence Lee Kong Chian School of Business Singapore Management University 50 Stamford Road, Singapore, (+65) Anirban Mukherjee Visiting Assistant Professor of Marketing INSEAD 1 Ayer Rajah Road, Singapore, (+65) anirban.mukherjee@insead.edu Jin K. Han Professor of Marketing Research Director for LVMH-SMU Luxury Brand Initiative Lee Kong Chian School of Business Singapore Management University 50 Stamford Road, Singapore, (+65) jkhan@smu.edu.sg 5

6 APPENDIX: RESEARCH ABSTRACTS Moon, Sungkyun, Kapil R. Tuli, and Anirban Mukherjee, Does Disclosure of Advertising Spending Help Investors and Analysts? 1 st essay of the dissertation Invited to the 2 nd round of review at Journal of Marketing Research. Regulators such as the Securities and Exchange Commission (SEC) and Financial Accounting Standard Board (FASB) keep a close watch on disclosure practices of publicly listed firms. This is because these disclosures provide valuable information to investors about the financial prospect of the firms. Little research, however, examines the efficacy of the current regulations pertaining to the disclosure of metrics related with marketing such as advertising spending. Indeed, most publicly listed firms do not disclose advertising spending even though firms spend almost $200 billion on advertising every year. Accordingly, the first essay of my dissertation synthesizes research in marketing, accounting, and finance to evaluate the impact of disclosures of advertising spending by publicly listed firms. This study analyzes publicly listed firms in U.S. over two decades and adopts propensity score matching analyses to isolate the effect of disclosure of advertising spending on investors and analysts uncertainty, two metrics that are closely watched by FASB and SEC in making disclosure policies. In addition, I examine the effects of disclosure of advertising spending on the future stock returns, to explore any potential positive or negative effects of this choice made by the firm. In sharp contrast to the assumptions of the current regulatory framework, I find that that disclosure of advertising spending has a significant negative impact on investors and analysts uncertainty about future earnings of a firm. Moreover, the disclosure of advertising spending has a significant positive effect on future stock returns, a result that is consistent with the argument that such disclosures provide valuable information to investors and therefore lower the cost of capital for the firm. Furthermore, drawing on information theory, I identify specific conditions under which disclosure of advertising spending has stronger (or weaker) effects on the proposed dependent variables. The results are robust to alternative measures for dependent variables, sampling choices, and the use of alternative econometric methods such as the use of instrumental variable estimation. Importantly, the results are of direct import to SEC and FASB as they suggest that the regulators need to reconsider the current regulation on disclosure of advertising spending. 6

7 Moon, Sungkyun, Kapil R. Tuli, and Anirban Mukherjee, Examining the Nonlinear Effect of Investors Response to Changes in Advertising Spending 2 nd essay of the dissertation Manuscript in preparation for submission to the Journal of Marketing. Advertising spending is undoubtedly a critical marketing instrument for managers and a large body of academic research empirically examines its effects on different dimensions of financial performance such as stock returns and risk. Interestingly, an underlying assumption in the current literature is advertising has linear effects on these performance metrics. However, an implication of the linear assumption is that shareholder value continues to increase as the level of advertising spending increases. The second essay of my dissertation, therefore, examines this assumption and explores, theoretically and empirically, the nonlinear effect of changes in advertising spending on stock returns, and systematic and idiosyncratic risk. Integrating multiple data sources, I test the proposed nonlinear effects on a dataset that comprises almost 3,000 publicly listed firms over two decades. To test the proposed hypotheses, I adopt an econometric approach that simultaneously addresses two critical concerns, potential endogeneity of advertising spending and a selection bias that is likely to arise due to the selective disclosure of advertising spending data by publicly listed firms. Accordingly, I simultaneously estimate a control function approach with a maximum likelihood estimation of the Heckman selection model to address these two issues. Results show that investors have nonlinear response to unanticipated changes in advertising spending. Specifically, I find that unanticipated changes in advertising spending have diminishing returns on stock returns. Results also bring to fore the nonlinear effect of unanticipated changes in advertising spending on systematic risk. Furthermore, I find that unanticipated changes in advertising spending have the nonlinear effect on idiosyncratic risk such that the magnitude of the negative effect becomes smaller for larger values of this metric. Importantly, the results are robust to multiple sensitivity analyses such as the use of alternative measures of dependent variables, alternative instruments, and sample selection criteria. Taken together, the results show that managers, financial analysts, and future research in this domain need to take into account the nonlinear nature of the effects of advertising spending on different dimensions of shareholder value. Indeed, drawing on the results, I identify the optimal level of unanticipated changes in advertising spending that is of direct import to senior managers and financial analysts that closely follow publicly listed firms. 7