Korean Journal of Financial Studies最新文献

Day Trading Performance in High Frequency Trading 高频交易中的日间交易表现

Korean Journal of Financial Studies Pub Date : 2024-02-29 DOI: 10.26845/kjfs.2024.02.53.1.191

Mincheol Woo

引用次数: 0

A Study on the Target Price Disparate Ratio and the Effect of Disclosure Regulation 目标价格差异率与信息披露监管的影响研究

Korean Journal of Financial Studies Pub Date : 2024-02-29 DOI: 10.26845/kjfs.2024.02.53.1.149

Keon Hwa Moon

{"title":"A Study on the Target Price Disparate Ratio and the Effect of Disclosure Regulation","authors":"Keon Hwa Moon","doi":"10.26845/kjfs.2024.02.53.1.149","DOIUrl":"https://doi.org/10.26845/kjfs.2024.02.53.1.149","url":null,"abstract":"This study investigates the determinants of the target price disparate ratio and target price accuracy and the changes by period after controlling for them, to examine the effect of the target price disparate ratio disclosure regulation. The results were as follows. First, the target price disparate ratio has a significant positive(+) effect on the target price error and a negative(-) effect on the target price met. Second, we find that the disparate ratio decreased significantly after the disclosure regulation when the variables were not controlled; however, after controlling for the variables, the disparate ratio increased. Third, the target price error showed no significant change or increase after the disclosure regulation, and the probability of meeting the target price decreased. The results show a significant relationship between the target price disparate ratio and the target price error. Considering this relationship, analysts are expected to improve the target price accuracy by managing the disparate ratio through disclosure regulations. However, this study shows that disclosure regulations are limited, and it is difficult to reduce target price errors and improve the target price accuracy.","PeriodicalId":121772,"journal":{"name":"Korean Journal of Financial Studies","volume":"32 7","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140413363","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Effects of Investment Competition Rate by Investor Type on Short- and Long-term Stock Returns in the Korean IPO Market 按投资者类型划分的投资竞争率对韩国 IPO 市场短期和长期股票回报率的影响

Korean Journal of Financial Studies Pub Date : 2024-02-29 DOI: 10.26845/kjfs.2024.02.53.1.103

Sung-Hwan Choi, Kyung-Soon Kim

{"title":"Effects of Investment Competition Rate by Investor Type on Short- and Long-term Stock Returns in the Korean IPO Market","authors":"Sung-Hwan Choi, Kyung-Soon Kim","doi":"10.26845/kjfs.2024.02.53.1.103","DOIUrl":"https://doi.org/10.26845/kjfs.2024.02.53.1.103","url":null,"abstract":"This study empirically investigates whether the investment competition rate by investor type (institutional demand prediction competition rate, general public offering competition rate, and employee stock subscription rate) in the Korean IPO market is informative in predicting future stock prices after IPO. The results of analyzing the IPO sample from 2001 to 2021 are as follows. First, we find that firms with a high competition rate for institutional demand forecasting have more efficient public offering prices and an increased external monitoring effect, reducing long-term underperformance anomalies. Second, we find that firms with high public offering subscription rates show increased short-term overreaction behavior after an IPO and increased underperformance anomalies in the long term. Third, we find that firms with a high employee stock subscription rate partially reduce long-term underperformance for two years after their IPO. Overall, this study’s results empirically show that non-financial information (investment competition rate) available in the IPO market is useful for evaluating the quality of IPO firms and predicting future performance.","PeriodicalId":121772,"journal":{"name":"Korean Journal of Financial Studies","volume":"16 30","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140409429","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Does Absence of Insider Trades Before Seasoned Equity Offerings Provide Information to the Market? 季节性股票发行前没有内幕交易是否能为市场提供信息？

Korean Journal of Financial Studies Pub Date : 2023-12-31 DOI: 10.26845/kjfs.2023.12.52.6.947

Hyun Han Shin, Pyung Sig Yoon

引用次数: 0

Do Managers Always Make Optimal Investment Decisions: Relationship between Managerial Optimism Measured by BERT and Investment Decision-making 管理者是否总能做出最佳投资决策？用 BERT 衡量的管理者乐观情绪与投资决策之间的关系

Korean Journal of Financial Studies Pub Date : 2023-12-31 DOI: 10.26845/kjfs.2023.12.52.6.881

Jinho Byun, Hae Rin Choi, Yoonjung Lee

{"title":"Do Managers Always Make Optimal Investment Decisions: Relationship between Managerial Optimism Measured by BERT and Investment Decision-making","authors":"Jinho Byun, Hae Rin Choi, Yoonjung Lee","doi":"10.26845/kjfs.2023.12.52.6.881","DOIUrl":"https://doi.org/10.26845/kjfs.2023.12.52.6.881","url":null,"abstract":"This paper aims to investigate the effect of managerial optimism on corporate investment and performance. BERT’s methodology, a machine learning method developed by Google, was used to measure managerial optimism for companies listed on KSE (Korea Stock Exchange) and KOSDAQ from 2009 to 2019. Optimism, when there are capital constraints of companies, is defined as overconfidence, and unlike previous studies, the meaning of managerial optimism and overconfidence is distinguished. The empirical analysis revealed the following: higher the manager’s optimism, higher the cash flow, smaller the size of the firm, larger the debt ratio and lastly, higher the growth potential, higher the investment. Furthermore, in analyzing the relationship between performance and investment, higher optimism and investment was associated with higher corporate performance. Finally, when a company is in a capital constraint state, it was found that managerial optimism negatively affected corporate performance. These findings are consistent with previous studies that showed that more optimistic managers have higher investment and that excessive optimism is not good for corporate value.","PeriodicalId":121772,"journal":{"name":"Korean Journal of Financial Studies","volume":" 377","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139136871","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Is the Overheated Short-selling Stock Designation Regulation Properly Designed? Based on the Clustering Analysis of Overheated Short-selling Stocks 过热沽空股票认定规制设计得当吗？基于过热沽空股票的聚类分析

Korean Journal of Financial Studies Pub Date : 2023-12-31 DOI: 10.26845/kjfs.2023.12.52.6.911

Heeseok Ryou, Taeyeon Kim

{"title":"Is the Overheated Short-selling Stock Designation Regulation Properly Designed? Based on the Clustering Analysis of Overheated Short-selling Stocks","authors":"Heeseok Ryou, Taeyeon Kim","doi":"10.26845/kjfs.2023.12.52.6.911","DOIUrl":"https://doi.org/10.26845/kjfs.2023.12.52.6.911","url":null,"abstract":"This paper examines whether the overheated short-selling stock designation regulation is effectively designed. The regulation prohibits short sales of overheated short-selling stocks for one day to call investors’ attention and prevent stock price declines. Comparing overheated short-selling stocks with control group, we find no statistically significant difference in their stock prices after the prohibition. This finding indicates that the one-day short sale ban is not effective in preventing stock price declines. We further show that the difference in short sale rates between overheated short-selling stocks and control group varies by types of overheated short-selling stocks. This result means that the regulation can stabilize short trading in certain types of stocks while it can also decrease market stabilization in other types. Lastly, we present the cluster of overheated short-selling stocks that is effective in preventing stock price declines through clustering analysis. It indicates that the effectiveness of the regulation is selective when a stock exhibits certain patterns, suggesting that the regulation should be designed more carefully.","PeriodicalId":121772,"journal":{"name":"Korean Journal of Financial Studies","volume":"114 8","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139135409","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

A Study on the Long-Term Performance of Mergers in the Korean Stock Market 韩国股票市场兼并的长期表现研究

Korean Journal of Financial Studies Pub Date : 2023-12-31 DOI: 10.26845/kjfs.2023.12.52.6.845

Kyung Suh Park, C. Jung

引用次数: 0

Channel Effects of Korean Fund Distributors and Affiliates: Focusing on Historical Return-Chasing Phenomenon and Financial Regulations 韩国基金分销商和关联公司的渠道效应:基于历史追逐收益现象和金融监管

Korean Journal of Financial Studies Pub Date : 2023-08-31 DOI: 10.26845/kjfs.2023.8.52.4.543

J. Bae, Inwook Song, Young K. Park

{"title":"Channel Effects of Korean Fund Distributors and Affiliates: Focusing on Historical Return-Chasing Phenomenon and Financial Regulations","authors":"J. Bae, Inwook Song, Young K. Park","doi":"10.26845/kjfs.2023.8.52.4.543","DOIUrl":"https://doi.org/10.26845/kjfs.2023.8.52.4.543","url":null,"abstract":"This study investigates the channel effects of fund distributors, specifically in terms of past return chasing, while also considering whether these fund distributors are affiliated with asset management firms or not. The empirical findings are summarized as follows. First, affiliated funds exhibit about 24% lower past return chasing compared to their non-affiliated counterparts. This result suggests that the criteria employed for selection and management of affiliate funds are notably less stringent in their reliance on past performance compared to non-affiliated funds. Second, the past return chasing behavior of affiliated funds has increased subsequent to the implementation of regulations governing fund distribution for such funds. In other words, the management of return rates for affiliate funds has become more stringent. Third, affiliate funds sold by fund distributors have higher searching costs or higher sales remuneration, particularly evident among small and low-age funds, compared to non-affiliated funds. This indicates that there is a difference in fund attributes depending on the affiliation status. This paper make a substantive contribution by providing empirical evidence on the impact of financial sales regulations, such as restrictions imposed on sales of affiliated funds.","PeriodicalId":121772,"journal":{"name":"Korean Journal of Financial Studies","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130471727","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

An Empirical Research on Heterogeneity of Mortgage Prepayment Behavior: Focusing on Debtor’s Income and Age Level 按揭提前还贷行为异质性的实证研究:基于债务人收入和年龄水平的分析

Korean Journal of Financial Studies Pub Date : 2023-08-31 DOI: 10.26845/kjfs.2023.8.52.4.519

JeongHwan Yoon, Jongil Kim

引用次数: 0

Analysis of Relationship between Long-Term Market Reaction and Financial Stability Resulting from Corporate Name Changes: Focusing on IT Firms 企业名称变更导致的长期市场反应与财务稳定的关系分析——以IT企业为例

Korean Journal of Financial Studies Pub Date : 2023-08-31 DOI: 10.26845/kjfs.2023.8.52.4.575

Jung-Mi Park, Chi-Seung Song

{"title":"Analysis of Relationship between Long-Term Market Reaction and Financial Stability Resulting from Corporate Name Changes: Focusing on IT Firms","authors":"Jung-Mi Park, Chi-Seung Song","doi":"10.26845/kjfs.2023.8.52.4.575","DOIUrl":"https://doi.org/10.26845/kjfs.2023.8.52.4.575","url":null,"abstract":"The purpose of this study is to analyze the variance in the impact of market response on a firm's financial stability subsequent to a corporate name change, based on whether or not it is delistable. In view of this, a regression analysis was conducted on IT firms listed on the KOSDAQ market spanning the years 2000 to 2019. The main findings are as follows. First, the higher the market response to the corporate name change, the higher was the firm's financial stability. Second, financial stability varies depending on the potential for delisting. In other words, for firms classified as delistable (listable), the implementation of corporate name change triggers a negative (positive) effect on their financial stability. Third, regardless of the delisting status, the better the market response to the corporate name change strategy, the more positive is the impact on the financial stability of both groups. These findings are reaffirmed through robustness analysis, and it is confirmed through additional analysis that they are maintained for a protracted period of 3 years. Therefore, this study posits that KOSDAQ IT firms can elicit different market reactions depending on how they plan their corporate name change strategy, thereby potentially influencing their financial stability.","PeriodicalId":121772,"journal":{"name":"Korean Journal of Financial Studies","volume":"98 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121466527","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0