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In this study, we find evidence of tunneling in mergers among affiliated firms that belong to Korean business groups. Using a recent sample of Korean mergers during the 2000–2020 period, we find that control‐motivated mergers to enhance the controlling family’s control over the business group...
Using data from Korea, we show that the second‐tier exchange—also known as the entrepreneurial market—assigns higher valuations to growth‐oriented (i.e. small yet intangibles‐rich) companies despite their low profitability. Such “growth” valuation is most pronounced among companies in an earlier...
We investigate time‐varying risk premia in Korean government bonds using a five‐factor affine model. The model generates nearly perfectly fitted yields and estimates the bonds’ expected returns with more precision than the four‐factor model. We also find the statistically significant predictive...
This paper investigates how companies adjust their cash holdings in response to media coverage. We find that firms with more media coverage and more negative tone of media coverage move the level of cash holdings faster toward the target level. More importantly, the association between media...
Examining 1114 Korean firms between 2001 and 2015, we find that positive discretionary research and development expenditures in initial public offering years positively relate to future investment but do not significantly affect future performance. Thus, managerial optimism rather than signaling...
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