Using a large sample of firms listed on the Korea Stock Exchange over 1998-2007, this study investigates whether and how trading by foreign and domestic institutional investors improves the extent to which firm-specific information is incorporated into stock prices, captured by stock price...

Using a large sample of privately held Korean companies that are not required to obtain an external audit, this paper examines the value of voluntary external audits of financial statements with respect to the cost of debt. We find that private companies with an external audit pay a...

Using a large sample of privately held Korean companies that are not required to obtain an external audit, this paper examines the informational value of voluntary external audits of financial statements with respect to the cost of debt. We find that private companies with an external audit pay...

Using a large sample of both publicly traded and privately held firms in Korea, this paper investigates whether, and how, the deviation of controlling shareholders' control from ownership, business group affiliation, and listing status differentially affect the extent of earnings management. Our...

Using a sample of non-U.S. borrowers from 40 countries during 1997ndash;2005, this paper investigates the effect of the voluntary adoption of International FinancialReporting Standards (IFRS) on price and non-price terms of loan contracts and loan ownership structure in the international loan...

Using a large sample of both publicly traded and privately held firms in Korea, this paper investigates whether, and how, the deviation of controlling shareholders' control from ownership, business group affiliation, and listing status differentially affect the extent of earnings management. Our...

Using a large sample of firms listed on the Korea Stock Exchange over the 1992-2002 period, this paper investigates a hitherto unexplored question of whether and how trading by foreign and domestic institutional investors improves the extent to which firm-specific information is incorporated...

We examine the effect of the risk tolerance of downstream firms (i.e., customers) on the investment inefficiency of upstream firms (i.e., suppliers). Using the pilot licensing status of the CEOs as a proxy for their inherent risk tolerance, we find that customer firms led by pilot CEOs are...

This study examines the relation between province-level financial development and the cost of equity in China. Our main findings are that (1) stock market development reduces the cost of equity in general, but the effect diminishes significantly in state-owned enterprises (SOEs) and firms with...