Bae, Kee-Hong; Kang, Jun-Koo; Kim, Jin-Mo - In: Journal of Finance 57 (2002) 6, pp. 2695-2740
We examine whether firms belonging to Korean business groups (chaebols) benefit from acquisitions they make or whether such acquisitions provide a way for controlling shareholders to increase their wealth by increasing the value of other group firms (tunneling). We find that when a...