Korean Journal of Financial Studies最新文献_第3页

Current Regulations on Corporate Valuation and the Need for Introduction of Discounted Cash Flow Method 现行企业价值评估规定及引入现金流量折现法的必要性

Korean Journal of Financial Studies Pub Date : 2023-04-30 DOI: 10.26845/kjfs.2023.4.52.2.301

Bong-Chan Kho, Jin-Woo Kim

{"title":"Current Regulations on Corporate Valuation and the Need for Introduction of Discounted Cash Flow Method","authors":"Bong-Chan Kho, Jin-Woo Kim","doi":"10.26845/kjfs.2023.4.52.2.301","DOIUrl":"https://doi.org/10.26845/kjfs.2023.4.52.2.301","url":null,"abstract":"This study highlights inconsistency problems of domestic regulations on corporate valuation, where publicly listed stocks are evaluated by market values and unlisted stocks by the weighted average of asset and earning values. We analyze what changes have occurred in the valuation methods used in M&A practices in Korea so as to shed some light on this issue. Based on 634 merger disclosure samples from 2006 to 2021, surrounding the liberalization event of regulations on earning value for unlisted merged companies in 2012, the proportion of using the discounted cash flow method (DCF) has increased overwhelmingly after the event in not only the earning value calculation of unlisted stocks but also the valuation of listed stocks. This result confirms that DCF has been generally accepted as a corporate valuation method in practice. However, as the regulation on averaging earning and asset values based on the book value remains, the relevant regulations altogether should be revised in accordance with the purpose of the 2012 liberalization revision so that corporate valuation can be implemented by applying a generally accepted and reasonable method such as DCF.","PeriodicalId":121772,"journal":{"name":"Korean Journal of Financial Studies","volume":"86 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":"115053897","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

The Impact of Investor Type on Short Selling Performance: An Analysis of Individual Investors 投资者类型对卖空绩效的影响:基于个人投资者的分析

Korean Journal of Financial Studies Pub Date : 2023-02-28 DOI: 10.26845/kjfs.2023.2.52.1.109

M. Woo, Meong Ae Kim

{"title":"The Impact of Investor Type on Short Selling Performance: An Analysis of Individual Investors","authors":"M. Woo, Meong Ae Kim","doi":"10.26845/kjfs.2023.2.52.1.109","DOIUrl":"https://doi.org/10.26845/kjfs.2023.2.52.1.109","url":null,"abstract":"Focusing on individual investors’ transactions, we investigated the features and performance of short selling exclusively executed by each investor type. The empirical results are as follows. First, individual investors are more active in exclusive trading than are other investor types, which is distinctive in the KOSDAQ (Korea Securities and Dealers Automated Quotations) market. Second, exclusive trading by individual investors showed losses in most periods after the trading date, regardless of the short selling weight. Exclusive trading by other types of investors showed profits in the groups of stock dates, even with lower short selling weights. Exclusive trading by individual investors showed profits only in the group with the highest past return, whereas exclusive trading by other types showed profits in the groups, even with negative past returns. Third, exclusive trading by individual investors showed a negative association with trading performance when the relationship was estimated from regressions. Trading executed by all investor types, or by both foreign and institutional investors, showed a positive association with performance. These results suggest that exclusive trading by individual investors is not based on information. Individual investors can be better off by selecting stock dates that both foreign and institutional investors short sell.","PeriodicalId":121772,"journal":{"name":"Korean Journal of Financial Studies","volume":"470 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122181516","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

When Do Controlling Shareholders “Over-invest”? The Disciplinary Effect of Product Market Competition 控股股东何时“过度投资”?产品市场竞争的规训效应

Korean Journal of Financial Studies Pub Date : 2023-02-28 DOI: 10.26845/kjfs.2023.2.52.1.035

H. Kang, J. H. Lee, H. Byun

引用次数: 0

Stock Return Comovement around the ESG Index Revision in Korea 围绕ESG指数修正的韩国股票收益变动

Korean Journal of Financial Studies Pub Date : 2023-02-28 DOI: 10.26845/kjfs.2023.2.52.1.077

Soon-hong Park, Byungkwon Lim

引用次数: 1

A Study on Determinants of the Cost of Debt in Public Institutions 公共事业单位债务成本的决定因素研究

Korean Journal of Financial Studies Pub Date : 2023-02-28 DOI: 10.26845/kjfs.2023.2.52.1.001

Jingfeng An, S. Park

{"title":"A Study on Determinants of the Cost of Debt in Public Institutions","authors":"Jingfeng An, S. Park","doi":"10.26845/kjfs.2023.2.52.1.001","DOIUrl":"https://doi.org/10.26845/kjfs.2023.2.52.1.001","url":null,"abstract":"This study examines the factors affecting the cost of debt in public institutions from the perspective of the risk premium paid to investors when issuing public finance bonds. The results of comparing the sample of public finance bonds for four years and six months with the sample of corporate bonds issued by private companies during the same period are as follows. First, compared with corporate bonds, financial and operating risks have relatively weaker effects on the yield spread in public finance bonds. This is because investors in the bond market underestimate the default risk on public finance bonds because of the positive effects of government guarantees, which is why they consider the issuer's financial risks to be less important. Second, as the term and credit spreads increase, the issuance yield spread of public finance bonds increases. In addition, unlike corporate bonds, only public finance bond samples have significant relationships between supply/demand variables and issuance yield spread. The results demonstrate that the market risk factor is the main factor affecting the cost of debt, rather than the firm-specific risk factor of the issuing agency.","PeriodicalId":121772,"journal":{"name":"Korean Journal of Financial Studies","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130906487","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

Cost Sensitivity Analysis on Merchant Discount Rates 商家折扣率的成本敏感性分析

Korean Journal of Financial Studies Pub Date : 2022-12-31 DOI: 10.26845/kjfs.2022.12.51.6.821

Y. Jo, K. Lee

{"title":"Cost Sensitivity Analysis on Merchant Discount Rates","authors":"Y. Jo, K. Lee","doi":"10.26845/kjfs.2022.12.51.6.821","DOIUrl":"https://doi.org/10.26845/kjfs.2022.12.51.6.821","url":null,"abstract":"Credit card companies provide payment services between merchants and members (i.e., cardholders) and charge merchant discount rates and annual membership fees, respectively. There is a discriminatory price structure in which merchants pay a higher commission rate than members because of the recognition that the utility of merchants is relatively greater than that of members and they have an obligation to accept cards. To prevent aggravating the burden on merchants due to the discriminatory price structure, regulations on the merchant discount rate were adopted in Korea. This study suggests a direction to improve the understanding of the credit card markets and to solve structural problems through a cost sensitivity analysis of merchant discount rates determined in the qualifying cost system introduced by the Financial Services Commission. First, we found empirical evidence that the effect of changes in each cost ratio on the merchant discount rate (price) differs depending on the intensity of the cost regulation (regulation effect). In addition, the merchant discount rate was lowered by government policy, regardless of cost. Combining the analysis results, we demonstrated that some expenses could not be recovered as merchant discount revenue when the related expenses rose due to the increase in card usage amount. To fix the structural problem of the card payment business, we suggest changing the preferential commission rates according to market conditions, reflecting eligible costs in member recruitment costs, reflecting adjustment costs in the loss rate due to the application of preferential merchant discount rates, and excluding the decrease in cost ratio due to management efficiency when the merchant discount rate is re-adjusted.","PeriodicalId":121772,"journal":{"name":"Korean Journal of Financial Studies","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116066133","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

Left-Tail Momentum of Korean Stock Markets 韩国股市的左尾势头

Korean Journal of Financial Studies Pub Date : 2022-12-31 DOI: 10.26845/kjfs.2022.12.51.6.693

C. Eom, Yunsung Eom, J. Park

引用次数: 1

Utilization of Weekly Options for the Improvement of the Volatility Index 利用周期权改善波动率指数

Korean Journal of Financial Studies Pub Date : 2022-12-31 DOI: 10.26845/kjfs.2022.12.51.6.755

Tae Hun Kang

{"title":"Utilization of Weekly Options for the Improvement of the Volatility Index","authors":"Tae Hun Kang","doi":"10.26845/kjfs.2022.12.51.6.755","DOIUrl":"https://doi.org/10.26845/kjfs.2022.12.51.6.755","url":null,"abstract":"As the liquidity of KOSPI 200 index options is concentrated on the nearest expiration contract, the V-KOSPI 200 index, which is based on near- and next-term months options, fluctuates abnormally, and the designated market makers of V-KOSPI 200 futures suffer from hedging their inventory positions. This study suggests the volatility index, which includes KOSPI 200 weekly options instead of next-term monthly options. The index can mitigate rare spikes and the low volatility of the V-KOSPI 200 index, which mainly arise from stale market prices and low-frequency trading in the second and third contract months. The empirical results show that the monthly trading volume of weekly options more than triples compared to second- and third-contract month options, and the microstructure of both markets is roughly similar. The trading frequency of weekly options is six times higher than that of next-term monthly options. Therefore, V-KOSPI 200 futures market makers can use weekly options traded more actively instead of second-month options as components of hedging portfolios, while helping the new volatility index mitigate the abnormal fluctuation of the V-KOSPI 200 index.","PeriodicalId":121772,"journal":{"name":"Korean Journal of Financial Studies","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131999516","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

Effect of Treasury Shares on Firm Value: Evidence from Korea 国库股对企业价值的影响:来自韩国的证据

Korean Journal of Financial Studies Pub Date : 2022-12-31 DOI: 10.26845/kjfs.2022.12.51.6.787

Woojin Kim, Jieun Im

引用次数: 0

Target Date Funds: Current Status and Issues 目标日期基金:现状和问题

Korean Journal of Financial Studies Pub Date : 2022-12-31 DOI: 10.26845/kjfs.2022.12.51.6.729

Heejin Park

引用次数: 0