Tunneling Or Value Addition Evidence From Mergers By Korean Business Groups
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Tunneling Or Value Added Evidence From Mergers By Korean Business Groups
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Author : Kee-Hong Bae
language : en
Publisher:
Release Date : 2003
Tunneling Or Value Added Evidence From Mergers By Korean Business Groups written by Kee-Hong Bae and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
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 chaebol-affiliated firm makes an acquisition, its stock price on average falls. While minority shareholders of a chaebol-affiliated firm making an acquisition lose, the controlling shareholder of that firm on average benefits because the acquisition enhances the value of other firms in the group. This evidence is consistent with the tunneling hypothesis.
Tunneling Or Value Addition Evidence From Mergers By Korean Business Groups
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Author : Kee-Hong Bae
language : en
Publisher:
Release Date : 2003
Tunneling Or Value Addition Evidence From Mergers By Korean Business Groups written by Kee-Hong Bae and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
Business groups in emerging markets have the potential to create either value or agency problems. Using Korean mergers, we investigate the nature of business groups in emerging markets and examine whether Korean business groups (chaebols) add value to their member firms or provide the controlling shareholders with an opportunity for wealth transfer (tunneling). We show that chaebol-affiliated firms that performed well prior to the merger realize significantly negative announcement returns. We also find that chaebol bidders who acquired poorly performing targets within the same group and/or had concentrated equity ownership by owner-managers experience significantly negative abnormal returns. These types of mergers, however, have a significantly positive effect on the market value of the portfolio of other firms in the group. Our results support the tunneling view that firms belonging to business groups pay less attention to the maximization of individual firm value and make takeover decisions that are beneficial to only controlling shareholders.
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.
Research Handbook On Alternative Finance
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Author : Franklin Allen
language : en
Publisher: Edward Elgar Publishing
Release Date : 2024-04-12
Research Handbook On Alternative Finance written by Franklin Allen 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 2024-04-12 with Business & Economics categories.
Promoting a comparative perspective, this comprehensive Research Handbook aids in the understanding of alternative finance and its values in a global setting. Readers are encouraged to view alternative finance through the lens of economic mechanisms rather than terminology.
Oecd Economic Surveys Korea 2018
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2018-06-20
Oecd Economic Surveys Korea 2018 written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-06-20 with categories.
Economic growth picked up in 2017, but reforms are needed to sustain Korea's convergence toward the income levels in the most advanced countries. Its labour productivity is 46% below the top half of OECD countries, reflecting problems in the service sector. In addition, productivity in small ...
Korean Business Law
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Author : Hwa-jin Kim
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-01-01
Korean Business Law written by Hwa-jin Kim 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 2012-01-01 with Business & Economics categories.
This book is a detailed overview of the corporate and financial laws of Korea and analyzes current issues within those fields from both academic and practical perspectives, providing a unique tool for understanding Korean law in a business and financial context. The approach of the book is two-fold. On the one hand the book offers valuable insight into the fundamental principles of Korean business law, and landmark cases in the field. On the other hand there is extensive analysis of more recent developments and of current issues raised by recent court cases. The book combines coverage of Korean corporate law and Korean financial law and includes detailed examination of corporate law issues such as director liability, minority shareholder protection, and the dynamic practice area of mergers and acquisitions, and of financial law topics, including private equity, structured finance and foreign financial institutions. A rich and extensive resource with insight from leading scholars and practitioners, Korean Business Law will be of great benefit both to lawyers who have clients with business interests in Korea, and to scholars of international corporate law and governance.
Developments In Chinese Entrepreneurship
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Author : Douglas Cumming
language : en
Publisher: Springer
Release Date : 2016-01-12
Developments In Chinese Entrepreneurship written by Douglas Cumming and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-01-12 with Business & Economics categories.
Developments in Chinese Entrepreneurship offers empirical evidence from cutting-edge research into the experiences and challenges of entrepreneurial activities and small business issues within China. As a leading emerging country, the entrepreneurial landscape in China provides useful insight for other developing economies in the areas of: Entrepreneurial finance The role of venture capital and angel finance in new venture development The influence of family dynamics on small business management The impact of prevailing local institutional norms and barriers on small business management Innovation, R&D, and entrepreneurial strategies The impact of government policy on small business management Survival and growth strategies for small businesses
Collaborative Value Creation
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Author : Hady Farag
language : en
Publisher: Springer Science & Business Media
Release Date : 2009-06-12
Collaborative Value Creation written by Hady Farag and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-06-12 with Business & Economics categories.
Collaboration plays an important role in the early development of com- nies. Among others, they provide opportunities to combine complementary resources, develop additional competencies, and generate valuable signals for investors. They are particularly important for biotechnology firms, whose resource base often is not sufficient to realize the market potential of their R&D findings. Strategic alliances thus are an integral part of the business model of most biotechnology companies, but their economic re- vance is not yet fully understood, since research has thus far neglected most industry-specific drivers of alliance value. Based on an event study, Hady Farag analyzes the capital-market re- tion to alliance-related news announcements and assesses their complex - fects on company value. In this regard, the present work represents the first comprehensive study of European biotechnology alliances. In addition to this unique database, the research approach and techniques in sample - lection, econometric and cross-sectional analyses are state-of-the-art. The author develops and empirically tests an integrative dynamic model of collaborative value drivers. These reflect the specific characteristics of biotechnology firms and biotechnology alliances. Moreover, the work - tends to so far entirely unresearched dynamic aspects of alliances, such as the value of contractual flexibilities, the impact of environmental unc- tainty, and the evolution of alliances over time. Overall, Hady Farag’s work underscores the need to consider pluralistic influences on the value of collaborative ventures.
The Routledge Companion To Non Market Strategy
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Author : Thomas C. Lawton
language : en
Publisher: Routledge
Release Date : 2015-04-24
The Routledge Companion To Non Market Strategy written by Thomas C. Lawton and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-04-24 with Business & Economics categories.
It is commonplace for today’s transnational enterprises to undertake political risk analysis when choosing foreign markets and creating entry strategies. Despite this, non-market elements of corporate strategy are less well researched than the traditional market-based perspectives. Providing comprehensive and leading edge overviews of current scholarship, this Companion surveys the current state of the field and provides a basis for improving our understanding of the non-market environment, encouraging new insights to improve strategies for enhancing a firm’s performance and legitimacy. With a foreword by David Baron, the international team of contributors includes Jean-Philippe Bonardi, Bennet Zelner, and Jonathan Doh, who combine to create a book that is essential reading for students and researchers in business, management, and politics, including those interested in business regulation, environmental policy, political risk and corporate social responsibility.
Encyclopedia Of Sustainable Management
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Author : Samuel Idowu
language : en
Publisher: Springer Nature
Release Date : 2023-11-21
Encyclopedia Of Sustainable Management written by Samuel Idowu and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-11-21 with Business & Economics categories.
This encyclopedia is the most comprehensive and up-to-date source of reference for sustainability in business and management. It covers both traditional and emerging concepts and terms and is fully international in its scope. More than 700 contributions of internationally renowned experts provide a definitive access to the knowledge in the area of sustainable and responsible management. All actors in the field will find reliable and up to date definitions and explanations of the key terms and concepts of management in this reference work. The Encyclopedia of Sustainable Management represents all aspects of management and business conduct. It takes sustainability as a management concept that gives due credit to the complexity and diverging constraints in which businesses and corporations act today, and it emphasizes and focuses approaches that help ensure that today's management decisions and actions will be the basis for tomorrow's prosperity.