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In this study, we empirically test whether firms that belong to a business group (chaebol) behave differently from stand‐alone firms in their decisions regarding internal corporate governance, given product market competition. The existing literature has ignored the possibility that firm...
Debt is an effective mechanism to mitigate agency costs in relieving manager–shareholder conflicts. Similarly, debt maturity choice allows the firm to discipline entrenched managers. In this paper we show cross‐country evidence that national culture, along with corporate governance factors,...
This study investigates whether accruals quality (AQ) influences the expected returns of stock investors. We employ estimates of the implied cost of equity capital (ICOE) as the expected returns of stock investors because they are well specified ex ante without the need for noisy realized...
This study investigates the information content of implied volatilities extracted from over‐the‐counter individual equity put options to explain credit default swap (CDS) spreads in the Korean market. Using out‐of‐the‐money put options, we demonstrate that the implied volatility dominates...
By comparing liquidity and price discovery effects, the market microstructure literature insists that in‐the‐money options (ITMs) are informationally inferior to out‐of‐the‐money options. However, such an argument is at odds with the anecdotal point that ITMs may be more effective for hedging...
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