Korean Abstract: 본 논문은 금융산업지수(KOSPI 금융업 지수와 KRX Banks 지수)와 개별 금융기관(6개 시중은행과 4개 지방은행)의 주가 수익률의 조건부 분산을 GARCH-ARJI 모형을 활용하여 분석하고, 수익률의 급격한 변화와 관련 있는...

We examine the capital structure of firms that are newly added to the S&P 500 index. Leverage gradually decreases during the two-year pre-addition period and then increases during the two-year post-addition period, resulting in a U-shaped trend. This trend is more pronounced in financially weak...

This paper examines corporate carbon-offsetting, in which firms compensate for carbon emissions by financing carbon-reduction projects elsewhere. Analyzing offset purchase disclosures by Korean firms during the 2011-2019 period, we examine what drives companies to buy offsets and what effects...

We examine the effects of taxes on Corporate Social Responsibility (CSR). Employing a tax reform in Korea that imposed a new tax on cash retention, we find that treated firms improve CSR performance after the tax reform was enacted. This result is driven by improvement in environmental and...

We find that a firm is more likely to engage in acquisitions when its private information, measured by changes in purchase obligations, predicts that future profitability will fall and thus that its shares are overvalued in the current stock market. Overvalued acquirers are as likely to pay with...

I investigate how a CEO's prior performance affects her managerial decision making. Controlling for CEO fixed effects and employing reference points, I find that CEOs choose less risky projects after making gains. This result suggests that following good performance, a CEO feels relaxed and...

We hypothesize that firms are incentivized to manage corporate social responsibility (CSR) strategically as a result of social pressure, uncertain value implications, and investors' reliance on delimited measures of CSR performance. To test our hypotheses, we analyze Korean firms, whose ratings...

We investigate the effects of incentive-alignment mechanisms on voluntary disclosure of carbon emissions in Korea, a latecomer in incorporating environmental practices into business operations. We consider in particular the effects of corporate governance and compensation mechanisms. We find...