Korean Journal of Financial Studies最新文献_第2页

Institutional Ownership and a Firm’s Greenhouse Gas Emissions 机构所有权与企业温室气体排放

Korean Journal of Financial Studies Pub Date : 2023-08-31 DOI: 10.26845/kjfs.2023.8.52.4.497

Jaeseog Na, Hyun-Dong Kim

引用次数: 0

Effects of Shareholder Proposals on Corporate Governance and Firm Value: Focusing on Strengthening Shareholder Rights Following the Introduction of the Stewardship Code 股东提案对公司治理和公司价值的影响:以《管理守则》出台后加强股东权利为重点

Korean Journal of Financial Studies Pub Date : 2023-06-30 DOI: 10.26845/kjfs.2023.6.52.3.421

Junesuh Yi

{"title":"Effects of Shareholder Proposals on Corporate Governance and Firm Value: Focusing on Strengthening Shareholder Rights Following the Introduction of the Stewardship Code","authors":"Junesuh Yi","doi":"10.26845/kjfs.2023.6.52.3.421","DOIUrl":"https://doi.org/10.26845/kjfs.2023.6.52.3.421","url":null,"abstract":"This study examines the impact of shareholder proposals on corporate governance and stock prices. In particular, it verifies the validity of the Stewardship Code, in terms of strengthening shareholder rights, by analyzing the situation before and after its introduction. Using a sample of 474 shareholder proposals submitted in general meetings from 2010 to 2021, we find that corporate governance improves not only in the original grade, but also in the adjusted grade after the shareholder proposals. Improvement in governance structure is evident after the introduction of the Stewardship Code. The amendment to the Articles of Incorporation by the Agenda showed the greatest improvement. By type of voting right, the degree of improvement in governance structure is higher when in favor of, than against, shareholder proposals, and in opposition to management proposals. Additionally, the higher the voting rights ratio, the better the governance rating. For institutional investors, pension funds have the greatest impact on rating improvements. However, shareholder proposals do not significantly affect corporate value. The cumulative abnormal return continued to increase for two days, before and after the voting date, after the introduction of the stewardship code. Accordingly, it is demonstrated that the cumulative abnormal return increases significantly after the introduction of the Stewardship Code, especially when there is a change in the articles of incorporation.","PeriodicalId":121772,"journal":{"name":"Korean Journal of Financial Studies","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122614748","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

Share Repurchases and Insider Trading Behavior: Evidence from Korea 股票回购与内幕交易行为:来自韩国的证据

Korean Journal of Financial Studies Pub Date : 2023-06-30 DOI: 10.26845/kjfs.2023.6.52.3.379

K. Kim, J. Lee, Yujin Kim, Yun W. Park

{"title":"Share Repurchases and Insider Trading Behavior: Evidence from Korea","authors":"K. Kim, J. Lee, Yujin Kim, Yun W. Park","doi":"10.26845/kjfs.2023.6.52.3.379","DOIUrl":"https://doi.org/10.26845/kjfs.2023.6.52.3.379","url":null,"abstract":"Using the context of open-market share repurchases in Korea, we examine insider trading behavior around share repurchase disclosures. In particular, we investigate managerial opportunism as a motivation for share repurchases by analyzing how insider trading behavior differs between direct share repurchases with a strong signal effect and indirect share repurchases with a weak signal effect. We obtained the following research findings. First, in direct share repurchases, insiders become net sellers after share repurchase disclosure. Second, insider net selling is the highest when a company’s stock is overvalued rather than when its liquidity is the highest. Third, insider buy trades are followed by insider sell trades in direct share repurchases. Fourth, this negative relationship is more pronounced in firms with low ownership concentration. Finally, in direct share repurchases, opportunistic firms experience inferior stock performance compared with non-opportunistic firms. Overall, our findings support the managerial opportunism hypothesis, that is, in direct share repurchases, managers engage in informed trades based on the market confirmation bias that a share repurchase is a signal of undervaluation.","PeriodicalId":121772,"journal":{"name":"Korean Journal of Financial Studies","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130793556","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

Relationship between Extreme Idiosyncratic Returns and Expected Returns in the Korean Stock Market 韩国股票市场极端特殊收益与预期收益的关系

Korean Journal of Financial Studies Pub Date : 2023-06-30 DOI: 10.26845/kjfs.2023.6.52.3.449

Woo-Mi Seo, Jinhwan Kim, Hoon Cho, S. Seok

引用次数: 0

Do Managers Change Pension Plan Assumptions to Meet/Exceed Earnings Threshold? Korean Evidence

Korean Journal of Financial Studies Pub Date : 2023-06-30 DOI: 10.26845/kjfs.2023.6.52.3.331

Ji-ahn Nam, Jong-seo Choi

引用次数: 0

Do Employees Have Information on Firm’s Future Performance? Evidence from SEO and ESOP 员工知道公司未来的业绩吗?来自SEO和ESOP的证据

Korean Journal of Financial Studies Pub Date : 2023-04-30 DOI: 10.26845/kjfs.2023.4.52.2.173

Seung-Hyun Jang, P. Yoon

{"title":"Do Employees Have Information on Firm’s Future Performance? Evidence from SEO and ESOP","authors":"Seung-Hyun Jang, P. Yoon","doi":"10.26845/kjfs.2023.4.52.2.173","DOIUrl":"https://doi.org/10.26845/kjfs.2023.4.52.2.173","url":null,"abstract":"Using a sample of 576 equity right offerings announced between 2006 and 2015, this study analyzes the wealth effects of the discretionary or no allocation of new shares to Employee Stock Ownership Plan (ESOP) and the relationship between ESOP subscription rates and the long-run performance. The major results are as follows. First, for KOSPI firms that have obligation to allocate new shares to ESOP, those that do not allocate new shares have more negative announcement effects and long-run performance than those that do. Similarly, for KOSDAQ firms that have the discretion to allocate new shares to ESOP, those that allocate have less negative announcement effects and long-run performance than those that do not. Second, the significant positive relationship between ESOP subscription rates and long-run performance means that employees have significant information on the firms’ future prospects. Third, news on the large number of shares unsubscribed by ESOP provide negative information to the market. Firms in the top quartile of ESOP subscription rates outperform those in the bottom quartile by 27.54% in the year after purchase. Overall, ESOP members’ decisions regarding allocation and subscription provide valuable information on firm’s future performance.","PeriodicalId":121772,"journal":{"name":"Korean Journal of Financial Studies","volume":"18 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121947248","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

Relationship between the Reduction of Opening Price Auction-process Time and Effect of Price Discovery 开盘价拍卖过程时间缩短与价格发现效应的关系

Korean Journal of Financial Studies Pub Date : 2023-04-30 DOI: 10.26845/kjfs.2023.4.52.2.213

Y. Park, Illtae Ahn

{"title":"Relationship between the Reduction of Opening Price Auction-process Time and Effect of Price Discovery","authors":"Y. Park, Illtae Ahn","doi":"10.26845/kjfs.2023.4.52.2.213","DOIUrl":"https://doi.org/10.26845/kjfs.2023.4.52.2.213","url":null,"abstract":"On April 29, 2019, the KOSPI market of Korea Exchange reduced the opening price auction-process time from 1 hour (08:00-09:00+) to 30 minutes (08:30-09:00+) for the first time in more than 20 years. We examine whether this event was useful in improving price discovery in the market. Using the real-time indicative prices before and after the event, we analyze the price-discovery effect via unbiased regression analysis and the price-discovery speed with weighted price contribution (WPC). We derive the following results. First, the opening price-discovery effect after the event was at least the same as that during the second-half 30 minutes before the event, and the measure of reducing time was somewhat useful to improve the market’s operational efficiency. Second, the slope of the WPC inverse J-shaped pattern was much steeper after the event, implying that the speed of the opening price discovery improved too much and quickly so that about five minutes before opening was needed to be hastily adjusted. Third, analyses by liquidity level revealed that most were similar to those of the overall market analysis, but they were less effective in the price-discovery effect and speed of the group with the lowest liquidity (Q1).","PeriodicalId":121772,"journal":{"name":"Korean Journal of Financial Studies","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131802685","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

Pro-forma Financial Statements of Technology-growth Company 科技成长型公司的预估财务报表

Korean Journal of Financial Studies Pub Date : 2023-04-30 DOI: 10.26845/kjfs.2023.4.52.2.139

Sungho Choi, Youjung Kang

引用次数: 0

Do IOC Orders Improve the Market Quality? Evidence from the KOSPI 200 Futures Market 国际奥委会订单是否提高了市场质量?来自KOSPI 200期货市场的证据

Korean Journal of Financial Studies Pub Date : 2023-04-30 DOI: 10.26845/kjfs.2023.4.52.2.275

Byungwook Choi

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Mandatory Disclosure of Derivative Losses: Survey and Assessment 衍生品损失的强制披露:调查与评估

Korean Journal of Financial Studies Pub Date : 2023-04-30 DOI: 10.26845/kjfs.2023.4.52.2.239

Y. J. Kim, Eugenia Y. Lee, Su Jeong Lee

{"title":"Mandatory Disclosure of Derivative Losses: Survey and Assessment","authors":"Y. J. Kim, Eugenia Y. Lee, Su Jeong Lee","doi":"10.26845/kjfs.2023.4.52.2.239","DOIUrl":"https://doi.org/10.26845/kjfs.2023.4.52.2.239","url":null,"abstract":"The Korea Exchange requires firms listed in the exchange to disclose derivative losses as major events. This study surveys disclosure practices of listed firms to assess the current disclosure regulation. Using hand-collected data on mandatory derivative loss disclosures from 2008 to 2021, we find that most disclosures concern losses from items that are not classified as derivatives under the Financial Investment Services and Capital Markets Act. Such disclosures are unrelated to the objective of the disclosure regulation, which is to inform investors of the riskiness of derivative transactions. This discrepancy in the regulation and practice is caused by the failure to incorporate significant changes in accounting standards to the regulation. This study proposes two regulatory suggestions: either clarify the regulation’s objectives and scope of derivatives under the current regulation, or amend the regulations to expand the scope of derivatives to accounting-based derivatives. This study aims to enhance market participants’ understanding of the disclosure regulations and efficiency of the information environment in the Korean capital market.","PeriodicalId":121772,"journal":{"name":"Korean Journal of Financial Studies","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132826131","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