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This paper examines whether the investment of Korean business group ("chaebol") affiliated firms behaved differently from that of non-chaebol firms in response to the COVID-19 outbreak. I show that chaebol firms cut back investment to a lesser degree than similar non-chaebol firms. Chaebol firms...
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influences their market valuations. We find that there is a diversification discount: The market …not sufficiently large to produce a diversification premium …
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