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...

In this paper we estimate the causal effect of having brothers as compared to having sisters on individuals' happiness in China. To identify the effect, we explore random gender assignment of siblings, conditional on the number of siblings, among urban residents born before the One Child Policy...

This paper uses the China General Social Survey (CGSS) 2003 to evaluate the long-term consequences of a forced migration, the state's “send-down” movement (shang shan xia xiang, or up to the mountains, down to the villages) during the Chinese Cultural Revolution, on individuals' non-material...

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...