We study the evolution of Korean chaebols (business groups) using ownership data. Chaebols grow vertically (as pyramids) when the controlling family uses well-established group firms ("central firms") to acquire firms with low pledgeable income and high acquisition premiums. Chaebols grow...

In order to cope with climate change, the development and deployment of Hydrogen Fuel Cell Vehicles (HFCVs) is becoming more important. In this study, we developed a forecasting model for HFCVs based on the generalized Bass diffusion model and a simulation model using system dynamics. Through...

By 2020, Korea has set itself the challenging target of reducing nationwide greenhouse gas emissions by 30%, more than the BAU (Business as Usual) scenario, as the implementation goal required to achieve the new national development paradigm of green growth. To achieve such a target, it is...

In this paper we study the determinants of business groups' ownership structure using unique panel data on Korean chaebols. In particular, we attempt to understand how pyramids form over time. We find that chaebols grow vertically (that is, pyramidally) as the family uses well-established group...

This article analyzes the impact of prime rate changes on stock prices of prime rate change initiating banks relative to noninitiating banks. The prime rate as a "sticky price" is analyzed, and the potential directions (and sizes) of information effects are discussed and empirically examined. It...