Chaebol Affiliated Analysts

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Chaebol Affiliated Analysts

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Author : Ayca Altintig
language : en
Publisher:
Release Date : 2011

Chaebol Affiliated Analysts written by Ayca Altintig and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.

Some Korean business groups, or chaebols, have a large stake in securities firms that issue analysts' reports on their member companies. This structure is unique in that industrial companies and securities firms are affiliated and operate within the same group. We investigate the informational content of earnings forecasts, stock recommendations and target prices made by the chaebol-affiliated analysts, using data collected between 2000 and 2008. The chaebol analysts tend to make more optimistic earnings forecasts for the member companies. The mean EPS forecast error (5.36%) of the affiliated analysts for the same chaebol company are significantly larger than that (3.23%) of other chaebol and independent analysts. The chaebol analysts also assign better recommendations by almost one level and set target prices 2.5% higher to the member companies after controlling for company and analyst characteristics. These results are consistent with the hypothesis that chaebol analysts' reports are biased by conflicts of interest. Stock market reactions do not differ in response to announcements of stock recommendations issued by affiliated vs. non-affiliated analysts. This suggests that capital markets do not recognize the conflicts of interest inherent in chaebol analysts' reports.

Ownership Structure And Firm Value

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Author : Soodong Kim
language : en
Publisher:
Release Date : 2005

Ownership Structure And Firm Value written by Soodong Kim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Conglomerate corporations categories.

The Evolution Of Large Corporations In Korea

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Author : Sung-Hee Jwa
language : en
Publisher: Edward Elgar Publishing
Release Date : 2002-10-29

The Evolution Of Large Corporations In Korea written by Sung-Hee Jwa and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-10-29 with Business & Economics categories.

Author Jwa provides a new economic perspective on the evolution of large corporations in Korea.

Analysis Of Loan Guarantees Among The Korean Chaebol Affiliates

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Author : Keunkwan Ryu
language : en
Publisher:
Release Date : 2005

Analysis Of Loan Guarantees Among The Korean Chaebol Affiliates written by Keunkwan Ryu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.

This paper analyses corporate loan guarantees among the Korean chaebol affiliates. Loan guarantees are found to be efficiency-neutral under a set of ideal conditions characterized by perfect and symmetric information, no agency problem, and no governmental interference in private financial contracts. In reality though, corporate loan guarantees have negative as well as positive effects. The negative effects of loan guarantees arise from the agency problem between the controlling minority shareholders and outside investors. Government's implicit support to financial institutions worsens the problem. Without such distortions, a loan guarantee by the guarantor firm may signal the quality of the investment project of the borrowing firm, if the guarantor firm has more information than the lending bank with regards to the type of the borrowing firm's investment project.

An Economic Analysis Of The Efficiency Of Korean Chaebol S Diversification

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Author : Su-bong Chŏn
language : en
Publisher:
Release Date : 1997

An Economic Analysis Of The Efficiency Of Korean Chaebol S Diversification written by Su-bong Chŏn and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Conglomerate corporations categories.

Business Groups And Tunneling

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Author : Jae-Seung Baek
language : en
Publisher:
Release Date : 2005

Business Groups And Tunneling written by Jae-Seung Baek and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.

Using a comprehensive sample of equity-linked private securities offerings by Korean firms from 1989 to 2000, we examine whether such offerings can be used as a mechanism for tunneling among firms belonging to a chaebol. We find that the chaebol-affiliated issuers sell private securities at a larger discount when the controlling shareholders are expected to receive greater wealth gains from the discount. We also find that the chaebol-affiliated issuers realize an 8.8% higher announcement return than do other types of issuers if they sell private securities at premium to other member firms in the same group, and if the controlling shareholders receive positive net gains from equity ownership in issuers and acquirers. In contrast, the member acquirers realize a 5.8% lower announcement return for such deals. Furthermore, a one standard deviation increase in the discount rate is associated with a 9.3% (11.4%) lower (higher) return for chaebol-affiliated issuers with good past performance (member acquirers) than for other types of issuers (acquirers). These results are consistent with tunneling within business groups and suggest that the tunneling effect is economically large and significant.

What Makes Group Affiliated Firms Go Public

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Author : Woochan Kim
language : en
Publisher:
Release Date : 2010

What Makes Group Affiliated Firms Go Public written by Woochan Kim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.

The paper attempts to shed light on how group-affiliated firms make their decision on initial public offerings. In particular, we highlight the importance of group-level factors. From our ex ante analysis, using a sample of chaebol affiliated firms in Korea, we find that firms are more likely to go public (i) if a group-controlling shareholder holds high direct share ownership in the company; (ii) if the firm's contribution to group control is low; or (iii) if firms are less likely to benefit from the internal capital market. From our ex post analysis, we find that IPO firms do make heavy capital investments in the IPO year and in the year after.

Financial Analysts And Information Processing On Financial Markets

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Author : Jan-Philipp Matthewes
language : en
Publisher: BoD – Books on Demand
Release Date : 2015-01-28

Financial Analysts And Information Processing On Financial Markets written by Jan-Philipp Matthewes and has been published by BoD – Books on Demand this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-28 with Law categories.

Financial analysts play an ambivalent role on financial markets: On the one hand investors and the media frequently follow their advice, on the other hand they are regularly discredited when their forecasts or recommendations prove to be erroneous. This cumulative thesis explores the informational content of financial analysts’ forecasts for investors by addressing three specific topics: Consensus size as a rudimentary investment signal, the association of analysts’ target prices with business sentiment, and the consistency of analysts’ different investment signals in the context of the 2008 financial crisis. Overall, the thesis provides additional evidence that investors can profit from analysts’ forecasts and recommendations. However, it is also shown that investors need to be very selective about which signal to rely on and in which context to use these because analysts’ investment signals can also be heavily biased and erroneous. About the author: Jan-Philipp Matthewes studied ‘Economics’ at the University of Cologne, Germany, and holds a Dean’s Award from the Faculty of Economics and Social Sciences. His research focus on financial analysts evolved while working in equity research at a leading German bank. The PhD-thesis was supervised by Prof. Dr. Martin Wallmeier, Finance and Accounting, at the University of Fribourg, Switzerland. Since 2013 Jan-Philipp Matthewes is the managing director of the boutique private equity firm ‘Matthewes Capital Invest GmbH’.

Information In And Market Reactions To Recommendations From Chaebol Brokerages

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Author : Junhwan Jung
language : en
Publisher:
Release Date : 2010

Information In And Market Reactions To Recommendations From Chaebol Brokerages written by Junhwan Jung and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Conglomerate corporations categories.

This study examines the pattern of recommendations on companies listed on the Korean Stock Exchange and the response of stock prices to the recommendations. There is evidence that brokerages affiliated with chaebols make overall less favorable recommendations than those unaffiliated with any chaebols. But a chaebol brokerage tends to make more favorable recommendations to firms affiliated with its own chaebol. I find that stock prices respond more to recommendations made by chaebol brokerages. In particular, the stock price of a firm affiliated with a chaebol tends to respond more to recommendations issued by the brokerage affiliated with the same chaebol. Market responses also depend on whether the recommendations are anticipated. Prices respond to unanticipated recommendations much stronger than they do to anticipated recommendations: stock prices rise more following unanticipated upgrade recommendations than they decline following unanticipated downgrade recommendations.

Strategy Structure And Corporate Governance

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Author : Nabyla Daidj
language : en
Publisher: CRC Press
Release Date : 2016-07-01

Strategy Structure And Corporate Governance written by Nabyla Daidj and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-01 with Business & Economics categories.

Since the beginning of the 2000s, important changes in external environments have affected the corporate governance practices of firms all around the world. The corporate governance structure in each country develops in response to country-specific factors and conditions. Firms are currently engaged in a variety of dynamic business relationships such as business networks, strategic alliances, and conglomerates especially in high technology sectors. Strategy, Structure and Corporate Governance by Nabyla Daidj, proposes to analyze the main trends and drivers of change in corporate governance of several kinds of organizations: - Large conglomerates. The development of large and complex conglomerate organizations have played an important role in the economy in Japan but also in other countries such as Korea with chaebols, which can be defined as closely intertwined industrial groupings. - Inter-firms networks (districts, clusters etc.); and, - 'Recent' forms of inter-firms networks (business ecosystems). The author examines several case studies and shows how shifts in markets and global competition are reconfiguring transactions within these organizations and are impacting corporate governance systems.