Kim, Tae-Joon; Ryou, Jai-Won; Takagi, Shinji - In: Applied Financial Economics 20 (2010) 21, pp. 1659-1666
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...