This study examines the effect of CEO characteristics on the value of excess cash using the listed firm data in Korea. We find that firms with business major CEO have significantly higher value of excess cash compared to the other firms, but science and engineering major have no significant...

This study examines the announcement effect of convertible bond issue in Korea where the issuance of convertible bonds is increasing rapidly. We find that abnormal stock returns are positive for the firms with unusual high trading volume using a sample of listed firms in Korea Stock Exchange...

In this paper, we examine the impact of excess cash on firm decisions about accretive share repurchases — those increasing earnings per share (EPS) by at least one cent — and the impact of these repurchases on firm investments and value. Employing a fuzzy regression discontinuity design, we...

This study examines relative performance evaluation (RPE) for the compensation of CEOs of business groups called “chaebols” in Korea. We find strong evidence of RPE when peers are other member firms in the same business group, particularly when a firm has an established compensation or is...

This study examines relative performance evaluation (RPE) for the compensation of CEOs of business groups called “chaebols” in Korea. We find strong evidence of RPE when peers are other member firms in the same business group, particularly when a firm has an established compensation or is...

This study examines the effect of internal monitoring mechanisms on a firm’s environmental and social (ES) performance level, in emerging markets of Korea which has a chaebol-centric governance system. We find a positive relationship between institutional investor holdings, especially pension...

We examine whether banks offer reduced debt financing costs to green projects. The results show that the loan spread of green projects is lower than that of non-green projects, and there is no statistically significant difference between fossil fuel and non-fossil fuel projects. Especially,...

This article investigates whether acquiring telecommunications firms managed their earnings by means of discretionary accruals prior to the announcement of stock-for-stock takeovers in the U.S. telecommunications industry during the period of 1990 to 2006. The results show that acquiring...

This paper examines the impact on firm value from the restructuring process of the keiretsu system due to Japan's deregulation. We focus on unique internal restructuring transactions called “spin-ins” that are triggered by the Amendment of the Commercial Code in 2001. We show that...