I study the long-term impact of class identity (chengfen) on individuals' income and households' wealth in urban China using Chinese Household Income Project (CHIP) data. Chinese government launched movements to make income and consumption in cities substantially homogeneous and assigned an...

This paper examines how the distribution of target ownership is related with takeover premium in owner-manager dominant acquisitions, in which a firm is managed by managers and directors nominated and directed closely by controlling shareholders. We find that there exists the agency problem...

Outside directors and audit committees are widely considered to be central elements of good corporate governance. We use a 1999 Korean law as an exogenous shock to assess how board structure affects firm market value. The law mandates 50% outside directors and an audit committee for large public...

With the removal of statute-based anti-takeover provisions during the aftermath of Asian crisis, a significant number of Korean firms started to introduce charter-based measures. In this paper, we make use of this unique situation where firm-level anti-takeover provisions (ATP) vary over time...

Aging is a global phenomenon for many countries and Korea is not an exception. After becoming an aging society in 2000, Korea turned an aged country in 2017 by having 14.3% of its population with older than 65 years old. It is expected to become a super-aged society by 2025 (Statistics Korea...

This paper examines whether imposing minimum wage alters the characteristics of new businesses. Applying a difference-in-differences framework to repeated cross-sectional data of new plants, we explore the impact of minimum wage introduction on characteristics of new plants in South Korea. We...

Even after almost fifty years since the publication of “Korea: The Politics of the Vortex,” the image of the vortex persists, potently characterizing the nation's political system and politics. Despite the politics of the vortex or at least in part because of it, in fact, Korea has...

Social insurance is the backbone of the Korean welfare system, but there are growing concerns over its lack of inclusiveness and sustainability, two objectives generally perceived as separate from or incompatible with each other. This study examines the structure in which inclusiveness and...