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Price Limit Relaxation and IPO Underpricing in Korea 韩国股价限制放宽与IPO抑价
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-09-25 DOI: 10.1111/ajfs.70019
Geesun Lee
{"title":"Price Limit Relaxation and IPO Underpricing in Korea","authors":"Geesun Lee","doi":"10.1111/ajfs.70019","DOIUrl":"https://doi.org/10.1111/ajfs.70019","url":null,"abstract":"<p>On June 26, 2023, Korea widened the allowable range of first-day returns for initial public offerings (IPOs) from a band of −37% to +160% to a band of −40% to +300% relative to the offer price. This study examines the impact of this regulatory change on IPO underpricing. While traditional finance theory predicts that relaxing price limits enhances price discovery, our empirical analysis finds no statistically significant effect of the reform on IPO underpricing. Although average initial returns increased modestly after the regulatory change, these differences are not statistically significant across various sample periods and model specifications. These findings suggest that the dynamics of IPO underpricing are unlikely to be driven solely by regulatory constraints. Instead, the persistently high levels of underpricing and oversubscription point to the potential importance of institutional features, such as conservative offer pricing and underwriters' reputational incentives, in shaping IPO underpricing.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"55 1","pages":"8-32"},"PeriodicalIF":1.5,"publicationDate":"2025-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147315626","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Are Environmental and Socially Responsible Firms More Resilient? Korean Firms During the COVID-19 Crash* 对环境和社会负责的公司更有弹性吗？新冠肺炎危机中的韩国企业*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-09-24 DOI: 10.1111/ajfs.70018
Chanyang Choo, Dong Beom Choi, Seongjun Jeong
{"title":"Are Environmental and Socially Responsible Firms More Resilient? Korean Firms During the COVID-19 Crash*","authors":"Chanyang Choo,&nbsp;Dong Beom Choi,&nbsp;Seongjun Jeong","doi":"10.1111/ajfs.70018","DOIUrl":"https://doi.org/10.1111/ajfs.70018","url":null,"abstract":"<p>We examine the relationship between firms' environmental and social (ES) performances and their resilience during significant negative shocks. In contrast to prior studies documenting greater resilience among US firms with higher ES scores due to social capital acquisition, we find the opposite trend among Korean firms. Following the COVID-19 outbreak, firms with higher ES scores exhibited worse stock performances. With more resources allocated toward ES engagement, these firms faced tighter financial and operational constraints, limiting their ability to respond flexibly to adverse shocks. Despite investing more in ES initiatives, Korean firms lacking transparent corporate governance failed to acquire their stakeholders' support.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 6","pages":"718-758"},"PeriodicalIF":1.5,"publicationDate":"2025-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145848390","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Proximity to Political Power, Government Subsidies, and Investment Efficiency: Evidence From China* 政治权力接近、政府补贴与投资效率：来自中国的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-09-22 DOI: 10.1111/ajfs.70017
Wen Wang, Mei-Hui Chen, Chen-Lung Chin
{"title":"Proximity to Political Power, Government Subsidies, and Investment Efficiency: Evidence From China*","authors":"Wen Wang,&nbsp;Mei-Hui Chen,&nbsp;Chen-Lung Chin","doi":"10.1111/ajfs.70017","DOIUrl":"https://doi.org/10.1111/ajfs.70017","url":null,"abstract":"<p>This paper investigates the relationship between <i>guanxi</i>-based (relation-based) proximity to political power (<i>GUPPP</i>), government subsidies, and investment efficiency within the context of China. Employing a sample of Chinese listed firms from 2007 to 2019, we find that firms in provinces with high <i>GUPPP</i> receive more government subsidies, particularly non-tax subsidies, compared to those in provinces with low <i>GUPPP</i>. Moreover, we find that the association between <i>GUPPP</i> and government subsidies is more pronounced for firms that have local political connections. We further find that subsidies improve the investment efficiency of under-invested firms but exacerbate the investment inefficiency of over-invested firms. Our results suggest that effective political connections encompass both central–province and province–firm relationships, at least within the context of our study on subsidies.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 6","pages":"759-791"},"PeriodicalIF":1.5,"publicationDate":"2025-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145848331","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Power of Collaboration: How Collaboration Depth Shapes Forecast Performance in Analyst Teams 协作的力量：协作深度如何影响分析师团队的预测绩效
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-07-22 DOI: 10.1111/ajfs.70014
Ruixuan Zhang, Yiyun Ge, Shu Lin
{"title":"The Power of Collaboration: How Collaboration Depth Shapes Forecast Performance in Analyst Teams","authors":"Ruixuan Zhang,&nbsp;Yiyun Ge,&nbsp;Shu Lin","doi":"10.1111/ajfs.70014","DOIUrl":"https://doi.org/10.1111/ajfs.70014","url":null,"abstract":"<p>This paper investigates how collaboration depth influences forecast performance in analyst teams. Based on Chinese A-share market data from 2007 to 2022, we find that teams with deeper collaboration experience produce more accurate and timely forecasts. Cross-sectional analyses indicate that the effect on forecast accuracy becomes more significant when the lead analyst has more firm-specific experience, there is greater gender diversity in the analyst teams, and when the firm has high information opacity. For timeliness, the effect is stronger in teams with high education diversity and in firms with highly volatile revenues, but weaker in teams with more star analysts. Furthermore, the positive effect of collaboration depth on forecast accuracy is more significant in brokerage firms with stronger collaboration cultures. However, deeper collaboration among analyst teams is also associated with increased herding behavior. These findings have practical implications for brokers and analysts.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 4","pages":"402-432"},"PeriodicalIF":1.5,"publicationDate":"2025-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144888495","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Corporate Investment in the Absence of Peer Firms' Disaggregated Cost Information* 缺乏同行企业分类成本信息的企业投资研究*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-07-14 DOI: 10.1111/ajfs.70013
Seunghee Yang, Hyungjin Cho, Sehee Kim, Woo-Jong Lee
{"title":"Corporate Investment in the Absence of Peer Firms' Disaggregated Cost Information*","authors":"Seunghee Yang,&nbsp;Hyungjin Cho,&nbsp;Sehee Kim,&nbsp;Woo-Jong Lee","doi":"10.1111/ajfs.70013","DOIUrl":"https://doi.org/10.1111/ajfs.70013","url":null,"abstract":"<p>This study investigates how the availability of proprietary cost information influences corporate investment. By leveraging the regulatory cessation of disaggregated cost reporting in Korea, we document a decline in investment-<i>q</i> sensitivity after peers stop disclosing the detailed cost information, suggesting significant externalities arising from peers' proprietary information contained in cost reports. This finding is robust to alternative measures and estimation methods. We echo the importance of disaggregated cost information in product market competition and managerial learning from peer disclosure.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 4","pages":"433-462"},"PeriodicalIF":1.5,"publicationDate":"2025-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144888198","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Window Dressing, Fund Performance, and Fund Flows: Insights into Taiwan's Equity Mutual Funds* 粉饰帐面、基金业绩与资金流动：台湾股票型共同基金之研究*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-07-11 DOI: 10.1111/ajfs.70012
Pi-Hsia Hung
{"title":"Window Dressing, Fund Performance, and Fund Flows: Insights into Taiwan's Equity Mutual Funds*","authors":"Pi-Hsia Hung","doi":"10.1111/ajfs.70012","DOIUrl":"https://doi.org/10.1111/ajfs.70012","url":null,"abstract":"<p>This research examines the relationships among window dressing, fund performance, and fund flows in Taiwan's equity fund industry. The empirical findings reveal several important insights. Equity fund managers are actively involved in window dressing, with underperforming managers being more prone to such practices. These managers demonstrate a stronger preference for increasing their holdings of winner stocks more than avoiding loser stocks. Additionally, funds with a higher portfolio concentration and turnover rates are more likely to engage in window dressing activities compared to other funds. The study also highlights the adverse effects of window dressing on performance and fund flows. Window dressing negatively impacts both short- and long-term fund performances. Furthermore, window dressing fails to attract short-term fund inflows and instead exacerbates the decline in long-term outflows. This comprehensive analysis highlights the implications of window dressing on fund performance and investor behavior, shedding light on its prevalence and consequences within Taiwan's equity fund industry.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 4","pages":"498-530"},"PeriodicalIF":1.5,"publicationDate":"2025-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144888305","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Directors' and Officers' Liability Insurance, Liquidity Risk, and Stock Returns: Evidence from Taiwan's Stock Market 董事责任保险、流动性风险与股票收益：来自台湾股票市场的证据
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-06-20 DOI: 10.1111/ajfs.70005
Chih-Yuan Cheng, Yun-Lan Tseng
{"title":"Directors' and Officers' Liability Insurance, Liquidity Risk, and Stock Returns: Evidence from Taiwan's Stock Market","authors":"Chih-Yuan Cheng,&nbsp;Yun-Lan Tseng","doi":"10.1111/ajfs.70005","DOIUrl":"https://doi.org/10.1111/ajfs.70005","url":null,"abstract":"<p>This study reveals a notable anomaly in Taiwan's stock market, where stocks with substantial directors' and officers' (D&amp;O) insurance coverage tend to yield higher expected returns, partly due to their exposure to liquidity risk. First, firms purchasing extensive D&amp;O insurance coverage experience increased stock illiquidity, which is influenced by the inadequate quality of information disclosure. This observation supports the moral hazard-based information opacity hypothesis. Second, we introduce an illiquidity-based mimicking factor and show that portfolios with higher (lower) D&amp;O insurance coverage display positive (negative) loadings on this factor, underscoring the importance of liquidity risk in asset pricing. Third, this market-wide illiquidity mimicking factor explains approximately one-third of the observed premium associated with variations in D&amp;O insurance coverage across certain model specifications. This research challenges the behavioral mispricing hypothesis by highlighting the liquidity-driven covariance risk linked to the D&amp;O insurance anomaly, thereby providing fresh insights into asset pricing dynamics in emerging markets.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 3","pages":"365-395"},"PeriodicalIF":1.8,"publicationDate":"2025-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144493010","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Ex-Officers on the Board: Military Experience and Corporate Ethics 前董事会成员：军事经验和企业道德
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-06-13 DOI: 10.1111/ajfs.70008
Hyun-Dong Kim, Taeyeon Kim, Ji Yeol Jimmy Oh, Kwangwoo Park
{"title":"Ex-Officers on the Board: Military Experience and Corporate Ethics","authors":"Hyun-Dong Kim,&nbsp;Taeyeon Kim,&nbsp;Ji Yeol Jimmy Oh,&nbsp;Kwangwoo Park","doi":"10.1111/ajfs.70008","DOIUrl":"https://doi.org/10.1111/ajfs.70008","url":null,"abstract":"<p>We examine whether board directors with previous experience as military officers improve corporate ethics. Using information about Korean board directors, we show that firms with ex-military-officer (EMO) CEOs and inside directors are substantially less likely to commit fraud, highlighting the importance of exposure to military values as former officers while serving as corporate executives. The positive impact of EMO directors' presence on corporate ethics is particularly prominent among Korean business group (chaebol) firms that are otherwise prone to fraudulent behaviors without their presence. Our results suggest that firms with board members of heightened personal integrity from their military officer experience have a higher standard in corporate ethics.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 3","pages":"340-364"},"PeriodicalIF":1.8,"publicationDate":"2025-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajfs.70008","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492581","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Relaxation of Antitrust Regulations and Shareholder Returns: Evidence from the Korean Market* 反垄断规制放宽与股东回报：来自韩国市场的证据*
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-06-10 DOI: 10.1111/ajfs.70010
Hye Seok Kim, Chung Young Chung, Hong Kee Sul, Farzan Yahya
{"title":"Relaxation of Antitrust Regulations and Shareholder Returns: Evidence from the Korean Market*","authors":"Hye Seok Kim,&nbsp;Chung Young Chung,&nbsp;Hong Kee Sul,&nbsp;Farzan Yahya","doi":"10.1111/ajfs.70010","DOIUrl":"https://doi.org/10.1111/ajfs.70010","url":null,"abstract":"<p>This study examines the effects of the 2007 antitrust regulations on the value of acquiring firms engaged in mergers and acquisitions (M&amp;A) in Korea. By employing a difference-in-differences model and analyzing 5-day cumulative average abnormal returns (CAR), the study reveals that horizontal acquisitions lead to increased shareholder returns. However, there is no indication that market power or cost efficiency are contributing factors. For <i>chaebol</i> firms, M&amp;A significantly decreases firm value, likely due to tunneling. Subsample analyses suggest that managerial entrenchment causes this decline, while non-<i>chaebol</i> firms show no empirical support for the market power or cost efficiency hypotheses.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 3","pages":"276-308"},"PeriodicalIF":1.8,"publicationDate":"2025-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492850","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does Industry-specific Disclosure Regulation Affect Accounting Estimation Intensity?* 行业披露制度对会计估计强度的影响？＊
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-06-10 DOI: 10.1111/ajfs.70009
Wang Shengnian, Hou Danyang, Liu Ying
{"title":"Does Industry-specific Disclosure Regulation Affect Accounting Estimation Intensity?*","authors":"Wang Shengnian,&nbsp;Hou Danyang,&nbsp;Liu Ying","doi":"10.1111/ajfs.70009","DOIUrl":"https://doi.org/10.1111/ajfs.70009","url":null,"abstract":"<p>This study uses China's stock exchange disclosure guidelines in a quasi-natural experiment to build a difference-in-differences model, examining how industry-specific disclosure regulation affect accounting estimation intensity. The results show these regulations reduce intensity due to better information comparability and stricter auditor oversight. The effect is stronger for firms with weak governance, in less competitive industries, or far from regulators. Tests also find such regulation lowers capital costs. The findings have implications for refining regulatory frameworks and capital market reforms in developing economies.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 4","pages":"463-497"},"PeriodicalIF":1.5,"publicationDate":"2025-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144888201","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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