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Barry S. Miller College of Business

Biography

Joonki Noh is an Assistant Professor of Finance at the Department of Finance in the Barry S. Miller College of Business. Prior to joining UCF, he served on the finance faculty at Case Western Reserve University. He earned a Ph.D. in Finance from Emory University, a Ph.D. in Electrical Engineering, an M.A. in Statistics, and an M.S. in Electrical Engineering from the University of Michigan, and a B.S. in Electrical Engineering from Seoul National University.

His research has lied at the intersection of asset pricing, market microstructure, information economics, and machine learning and artificial intelligence. He studies how information is incorporated into financial markets, with a particular focus on investor heterogeneity, market efficiency, textual and visual disclosures, and financial machine learning.

Dr. Noh’s research has been published in leading academic journals, including the Journal of Financial Economics, Review of Financial Studies, Journal of Financial Markets, Journal of Banking and Finance, and Review of Corporate Finance Studies. His work has received support from external funding sources, including a U.S. Department of Energy (DoE) research grant.

His recent research explores how advances in artificial intelligence, large language models, and multimodal data can improve our understanding of financial markets, corporate disclosures, innovation, and investors’ decision making. Current projects examine visual disclosure and IPO pricing, and the role of informed and retail traders in stock price formation.

Publications and Working Papers

  • Empirical Tests of Asset Pricing Models with Individual Assets: Resolving the Errors-in-variables Bias in Risk Premium Estimation, (with N. Jegadeesh, K. Pukthuanthong, R. Roll, and J. Wang), Journal of Financial Economics, 2019.
  • Illiquidity and Stock Returns II: Cross-section and Time-series Effects, (with Y. Amihud), Review of Financial Studies, 2021.
  • The Pricing of the Illiquidity Factor’s Conditional Risk with Time-varying Premium, (with Y. Amihud), Journal of Financial Markets, 2021.
  • Executives’ Blaming External Factors and Market Reactions: Evidence from Earnings Conference Calls, (with D. Zhou), Journal of Banking and Finance, 2022.
  • Uncertain Text and Price Reactions to Earnings Releases, (with E. Hong and B. Kottimukkalur), Journal of Banking and Finance, 2026.
  • Speculative and Informative: Lessons from Market Reactions to Speculation Cues, (with J.A. Cookson, and S.K. Moon), Review of Corporate Finance Studies, 2027.
  • Rational Speculation Around News Releases, (with T. Chordia and B. Miao), 2026.

Research Interests

Asset Pricing, Market Microstructure, Artificial Intelligence and Machine Learning in Finance, Financial Representation Learning, FinTech, and Financial Innovation.