We investigate whether the newly introduced outside director system affected firm ownership structure in South Korea, where the governance system changed significantly after the 1997 financial crisis. Using a unique dataset, we conduct panel data analyses for publicly traded Korean non-financial...

There is growing evidence that economic crises are transmitted across economies and equity markets. This motivates two questions. First, can the direction and magnitude of a country's stock market reaction during an extreme case (quot;contagionquot;) be explained by economic fundamentals?...

The primary objective of this research is to investigate aspects of the length of time between a LBO and a subsequent IPO (reverse LBO). Short LBO times benefit from the relevance of pre-LBO information, and long LBO times benefit from less uncertainty about future performance. A sample of 251...

Comparable company analysis (CCA) has become the standard tool for measuring the beta of a non-traded firm or division. The average beta of the comparable companies is taken as the estimate for the non-traded company. We apply a framework for testing the usefulness of CCA in estimating beta to a...

This study provides evidence of common bivariate jumps (i.e., systematic cojumps) between the market index and style-sorted portfolios. Systematic cojumps are prevalent in book-to-market portfolios and hence, their risk cannot easily be diversified away by investing in growth or value stocks....