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SGF — Strategic Governance Factor: Governance changes before price

SGF is a research program developed by Jin S. Chun, CFA, FRM (Managing Partner, CAT Ventures LLC) in collaboration with Prof. G. Michael Phillips (MacroRisk Analytics). The program examines how governance architecture drives capital outcomes — and why the analytical infrastructure built to measure governance quality has systematically failed to detect the risks that matter most.

Author

Jin S. Chun, CFA, FRM
Managing Partner, CAT Ventures LLC
jin@catventures.com
SSRN: https://ssrn.com/author=10995249

Published Work

Working Papers

  • The Gaps: Governance Physics and the Cybersecurity Capability Break (April 2026)
    URL: https://sgf.catventures.com/the-gaps
    Abstract: Across nineteen cybersecurity and cyber insurance firms, zero link executive pay to a measurable cybersecurity outcome. This paper traces the structural reason and asks whether the cybersecurity industry is approaching the threshold at which the historical answer is utility regulation.
  • Antifragile Capital Efficiency (ACE): A Multiplicative Diagnostic for Capital Asymmetry Under Risk-Based Solvency Regimes (April 2026)
    URL: https://sgf.catventures.com/ace
    SSRN: https://ssrn.com/abstract=6512158
    Abstract: ACE is a multiplicative diagnostic evaluating capital asymmetry during financial stress regimes. It measures capital retention, stress volatility behavior, and recovery participation in a non-compensable framework aligned with Solvency II, NAIC RBC, and K-ICS.

Op-Eds

Citation Format

Chun, J.S. (2026). [Title]. CAT Ventures LLC. Available at: sgf.catventures.com/[slug]

Publisher

CAT Ventures LLC
https://sgf.catventures.com

Terms

Content may be cited with attribution. Working papers are subject to revision. For permissions beyond citation, contact jin@catventures.com.