This study investigates the effects of information asymmetry on shareholder participation. We find that a drop in analyst coverage following brokerage house closures and mergers is associated with an increase in the number of shareholder proposals. This effect is more pronounced for firms with...

Using a unique institutional feature of the South Korean initial public offerings (IPO) market, in which firms can opt to list on a pre-IPO market (pre-market), we investigate the effect of pre-market trading on IPO performance. We find that firms that were involved in pre-markets are less...

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...

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...

I study the effects of taxes on parent{subsidiary structures. To do so, I investigate mergers involving Korean firms during a period in which tax consolidation was not allowed. In particular, I analyze mergers through which a parent company and a wholly owned subsidiary combine into one legal...