Korean Journal of Financial Studies最新文献_第5页

The Interaction Effect of ESG and Innovation on Firm Value ESG与创新对企业价值的互动效应

Korean Journal of Financial Studies Pub Date : 2022-08-31 DOI: 10.26845/kjfs.2022.08.51.4.471

Mookwon Jung, Young-Lin Kim

引用次数: 1

Regulation on Intra-group Transactions of Financial Affiliates in Non-financial Groups: The Current Status and Issues 非金融集团金融关联方集团内交易的监管:现状与问题

Korean Journal of Financial Studies Pub Date : 2022-04-30 DOI: 10.26845/kjfs.2022.04.51.2.097

Haerin Shim

引用次数: 0

The Effect of the Securities Transaction Tax Rate Cut on the Liquidity in KRX 证券交易税率下调对证券交易所流动性的影响

Korean Journal of Financial Studies Pub Date : 2022-04-30 DOI: 10.26845/kjfs.2022.04.51.2.131

Woo–baik Lee

{"title":"The Effect of the Securities Transaction Tax Rate Cut on the Liquidity in KRX","authors":"Woo–baik Lee","doi":"10.26845/kjfs.2022.04.51.2.131","DOIUrl":"https://doi.org/10.26845/kjfs.2022.04.51.2.131","url":null,"abstract":"This study evaluated the impact of the securities transaction tax rate cut implemented in 2019 on the liquidity of the stock market. The empirical results are summarized as follows. First, cutting the transaction tax rate affects trading volume rather than spread or price. Additionally, this liquidity improvement more strongly affects low liquid stocks in the period before the transaction tax rate cut. Second, in low liquid stocks that showed effects in trading volume, individuals and foreigners took the leadership in overall trading. Third, liquidity improvement persisted not only in the short term immediately after the transaction tax rate cut, but also until the second half of the sample period. These empirical results show the differing effect of the transaction tax on improving liquidity by liquidity level and a limited effect in low-liquidity stocks. As investors trading low-liquidity stocks with high tax elasticity were sensitive to the burden of transaction costs, the effect of transaction tax cuts was strong, while such effects could not be found in stocks with high liquidity. These empirical results provide practical implications for the level of transaction costs and the method of setting as a means to revitalize market liquidity.","PeriodicalId":121772,"journal":{"name":"Korean Journal of Financial Studies","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128734670","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

Do Equity Indices Remember Cash Dividends? 股票指数会记住现金股利吗?

Korean Journal of Financial Studies Pub Date : 2022-04-30 DOI: 10.26845/kjfs.2022.04.51.2.213

Kwangsoo Ko

引用次数: 0

Discount Rates, Subscription Prices, and Subscription Rates in Equity Rights Offerings 股权发行中的折扣率、认购价格和认购率

Korean Journal of Financial Studies Pub Date : 2022-04-30 DOI: 10.26845/kjfs.2022.04.51.2.177

Seung-Hyun Jang, P. Yoon

{"title":"Discount Rates, Subscription Prices, and Subscription Rates in Equity Rights Offerings","authors":"Seung-Hyun Jang, P. Yoon","doi":"10.26845/kjfs.2022.04.51.2.177","DOIUrl":"https://doi.org/10.26845/kjfs.2022.04.51.2.177","url":null,"abstract":"This study analyzes the wealth effect of discount rates, subscription price announcement effects, and subscription rates with 407 equity rights offerings (with unsubscribed shares to the public) announced between 2004 and 2016. The major results of this study are as follows. First, the market not only responds negatively to the right offering announcements (3-day CAR of -13.83%) but also to announcements of final subscription prices (3-day CAR of -4.85%). The announcement effects of final subscription prices are not related to changes in subscription prices, but become more negative as announcements are delayed. Second, the discount rate significantly affects the wealth effects. This means that discount rates provide the information on firms’ future prospects. Firms with low information asymmetry and high ownership by the largest shareholders choose lower discount rates. Third, the non-subscription rate is about 14% and wealth transfer due to non-subscription is 7.08% of the amount raised by the right offerings. As the offering process is delayed, the subscription rates decrease. In addition, the listing of subscription rights have a significant positive impact on subscription rates. However, as market value decrease due to a right offering is similar to the amount raised, firms should consider alternative financing methods.","PeriodicalId":121772,"journal":{"name":"Korean Journal of Financial Studies","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115016970","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

Long-term Performance of Going Public through SPACs 通过SPACs上市的长期表现

Korean Journal of Financial Studies Pub Date : 2022-02-28 DOI: 10.26845/kjfs.2022.02.51.1.001

Youngkyun Park

{"title":"Long-term Performance of Going Public through SPACs","authors":"Youngkyun Park","doi":"10.26845/kjfs.2022.02.51.1.001","DOIUrl":"https://doi.org/10.26845/kjfs.2022.02.51.1.001","url":null,"abstract":"Despite a surge in the merger of companies listed on the KOSDAQ market with special purpose acquisition companies (SPACs), limited domestic studies have systematically compared the listing through SPAC mergers and the general IPO. This study analyzes the impact of such companies going public after merging with SPACs as well as their performance by comparing them with the conventional IPOs. First, the firms listed through SPAC mergers are smaller and have a higher proportion of non-manufacturing industries than the conventional IPOs. Second, the operational and stock price performance of the firms listed through SPACs are not inferior to that of the conventional IPOs. Finally, a higher share allocation to institutional investors and subscription rates, for the shares recorded at the time of the SPAC listing, are related to the stock price performance observed after SPAC mergers. According to the empirical results of this study, going public by merging with SPACs provides early listing opportunities to small- and medium-sized companies; they do not experience a deterioration in their financial performance after being listed. The listing of SPACs creates a different and valuable path to enter the KOSDAQ market for such companies as compared to the conventional IPOs.","PeriodicalId":121772,"journal":{"name":"Korean Journal of Financial Studies","volume":"234 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132946729","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 KRX Designated Market Maker on Liquidity 韩国证券交易所指定做市商对流动性的影响

Korean Journal of Financial Studies Pub Date : 2022-02-28 DOI: 10.26845/kjfs.2022.02.51.1.027

Woo–baik Lee

{"title":"Effect of KRX Designated Market Maker on Liquidity","authors":"Woo–baik Lee","doi":"10.26845/kjfs.2022.02.51.1.027","DOIUrl":"https://doi.org/10.26845/kjfs.2022.02.51.1.027","url":null,"abstract":"The transformation of order-driven markets into a hybrid market by introducing market makers reflects the global trend to increase market quality factors, such as liquidity. This study evaluates how market makers influence liquidity, using the data on market maker-designated stocks collected in 2020. The analysis of the effectiveness of the market maker and significance of individual stock-level liquidity shows that the effect of newly designated stocks is higher than that of undesignated stocks. The study finds that the effect of increasing the stock liquidity of consecutively designated market makers is lower than that of the newly designated market makers; in particular, the effect of increased liquidity dominated the effect of the entire sample period during which short selling was banned. These empirical findings are interpreted as the effect of funds inflow, which occurred due to the monetary policies adopted and prohibition of short selling by financial authorities during the coronavirus disease 2019 pandemic, combined with the liquidity provision of market makers. Overall, we compare the level of liquidity in the stocks designated by market makers to highly liquid stocks; the market maker’s role is assessed to have an effect on liquidity.","PeriodicalId":121772,"journal":{"name":"Korean Journal of Financial Studies","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131392197","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

Formulation of Effective Regulations to Protect Financial Consumers from the Sale of High-risk Financial Products 制定有效法规保护金融消费者免受高风险金融产品销售的影响

Korean Journal of Financial Studies Pub Date : 2022-02-28 DOI: 10.26845/kjfs.2022.02.51.1.063

Sehoon Kwon, Juil Ban

{"title":"Formulation of Effective Regulations to Protect Financial Consumers from the Sale of High-risk Financial Products","authors":"Sehoon Kwon, Juil Ban","doi":"10.26845/kjfs.2022.02.51.1.063","DOIUrl":"https://doi.org/10.26845/kjfs.2022.02.51.1.063","url":null,"abstract":"The DLF, Lime fund and Optimus fund scandals highlight the unethical management and sales behavior of financial companies as well as consumers’ lowered trust in them; this has raised awareness regarding high-risk financial products and the need for financial consumer protection in Korea. Financial authorities have devised various measures to prevent the recurrence of scandals. Examining the current state of high-risk financial product sales and the newly introduced regulatory measures, this study investigates whether there exists any lack in the financial consumer protection and regulatory measures. If financial companies play a responsible role in protecting financial consumers while manufacturing and selling risky and complex financial products and providing innovative investment opportunities and profit structures that cannot be found in the existing financial products, financial consumers’ trust may be restored in them. High-risk financial products should not be the means of exploiting financial consumers who lack financial literacy, but rather to enhance the dynamics of the capital market through efficient capital intermediation and risk diversification.","PeriodicalId":121772,"journal":{"name":"Korean Journal of Financial Studies","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126882783","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: 1

Comparing the Performance and Management Style of Retirement Pension Funds before and after the Private Pension Activation Plan 私人养老金激活计划前后退休养老基金绩效与管理方式的比较

Korean Journal of Financial Studies Pub Date : 2021-12-31 DOI: 10.26845/kjfs.2021.12.50.6.593

Young K. Park, Inwook Song, Jaeyoon Choi

{"title":"Comparing the Performance and Management Style of Retirement Pension Funds before and after the Private Pension Activation Plan","authors":"Young K. Park, Inwook Song, Jaeyoon Choi","doi":"10.26845/kjfs.2021.12.50.6.593","DOIUrl":"https://doi.org/10.26845/kjfs.2021.12.50.6.593","url":null,"abstract":"We analyzed and compared the performance and management style of retirement pension funds before and after the private pension activation plan (PPAP). First, we found that retirement-pension funds showed better performance than public funds before the PPAP. However, after the PPAP, the retirement-pension market size increased and the difference in performance disappeared. Second, we found that the difference between top and bottom performance group in the retirement pension fund becomes more significant after the PPAP. Third, we found that various investment strategies such as small-medium size stock investment and sector investment are offered in the retirement-pension fund only to result in the inferior performance. Finally, when we compared the management style, the retirement-pension funds showed a smaller value factor compared to public funds for the period after the PPAP. Therefore, we argue that the fund selection has become a more significant factor in determining the retirement fund performance after the PPAP. However, considering that the average retirement-pension holders’ financial knowledge is rather low, the expansion of fund choices may adversely affect the pension holder’s performance. Therefore, a retirement-pension provider’s role as fund selection authority has become more critical, and it is necessary to establish an institutional device that can manage, supervise, and monitor their activities.","PeriodicalId":121772,"journal":{"name":"Korean Journal of Financial Studies","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128908060","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

Why do Fund Managers Increase the Lottery-Like Characteristics of the Fund? 为什么基金经理要增加基金的彩票特征?

Korean Journal of Financial Studies Pub Date : 2021-12-31 DOI: 10.26845/kjfs.2021.12.50.6.557

Minyeon Han, Hyoung-Goo Kang, Kyounghun Bae

引用次数: 1