| アイテムタイプ |
デフォルトアイテムタイプ（フル）その２(1) |
| 公開日 |
2017-05-20 |
| タイトル |
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|
タイトル |
The Very Dark Side of Internal Capital Markets: Evidence from Diversified Business Groups in Korea |
|
言語 |
en |
| 作成者 |
Lee, Sangwoo
Park, Kwangwoo
Shin, Hyun-Han
|
| 寄与者 |
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|
寄与者タイプ |
Editor |
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|
姓名 |
Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University |
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言語 |
en |
| アクセス権 |
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|
アクセス権 |
open access |
|
アクセス権URI |
http://purl.org/coar/access_right/c_abf2 |
| 内容記述 |
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内容記述タイプ |
Other |
|
内容記述 |
This Version: May 8, 2005 |
|
言語 |
en |
| 内容記述 |
|
|
内容記述タイプ |
Abstract |
|
内容記述 |
This paper examines the capital allocation within Korean chaebol firms during the period from 1991 to 2000. We find strong evidence that, during the pre-Asian financial crisis period in the early 1990's, poorly performing firms with less investment opportunities invest more than well-performing firms with better growth opportunities. We also find the evidence of cross-subsidization among firms in the same chaebol group during the pre-crisis period. It appears that the existence of the “dark” side of internal capital markets explains most part of this striking phenomenon where “tunneling” practice has been common during the pre-crisis period. However, the inefficient capital allocation seems to disappear after the crisis as banks gain more power and market disciplines inefficient chaebol firms. |
| 出版者 |
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|
出版者 |
Institute of Economic Research, Hitotsubashi University |
| 日付 |
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|
日付 |
2005-10 |
|
日付タイプ |
Issued |
| 言語 |
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|
言語 |
eng |
| 資源タイプ |
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|
資源タイプ識別子 |
http://purl.org/coar/resource_type/c_18gh |
|
資源タイプ |
technical report |
| 出版タイプ |
|
|
出版タイプ |
VoR |
|
出版タイプResource |
http://purl.org/coar/version/c_970fb48d4fbd8a85 |
| 関連情報 |
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|
関連タイプ |
isPartOf |
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|
関連名称 |
CEI Working Paper Series ; No. 2005-7 |
| 関連情報 |
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|
識別子タイプ |
URI |
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|
関連識別子 |
http://cei.ier.hit-u.ac.jp/index.html |
| 収録物識別子 |
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|
収録物識別子タイプ |
NCID |
|
収録物識別子 |
AA11590659 |
| ページ数 |
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|
ページ数 |
41 |
wp2005-7a.pdf (832792 bytes)
