Following the Asian financial crisis of 1997, the Korean economy experienced radical structural reforms, particularly in the financial sector. In this environment, Korea's corporate sector, once characterized by a high degree of leverage, turned to the capital market for financing, while banks...

This paper examines whether the dividend valuation changed after corporate accounting scandals such as that of Enron in October 2001 broke out. We find that dividend increasing firms experienced positive abnormal returns in the industry affected by corporate scandals up to four months after the...

This article critically examines two conventional ideas about cross-ownership: (1) it is almost impossible to takeover a cross-owned group of firms; (2) the controlling shareholder of a cross-owned group of firms extracts certain benefit from his/her control right. Through a simple analysis, we...