| 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 |
Business Groups and Tunneling: Evidence from Private Securities Offerings by Korean Chaebols |
|
言語 |
en |
| 作成者 |
Baek, Jae-Seung
Kang, Jun-Koo
Lee, Inmoo
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| 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 |
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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: January 2004 |
|
言語 |
en |
| 内容記述 |
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内容記述タイプ |
Abstract |
|
内容記述 |
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 wealth transfer between issuers and acquirers. For deals involving issuers and acquirers in the same business group (chaebol), the announcement returns for chaebol-affiliated issuers with good past performance are lower than those for other types of issuers if the price discount is larger. In contrast, this deal leads to more value creation for chaebol-affiliated acquirers than other types of acquirers. Furthermore, well-performing chaebol-affiliated acquirers experience a larger wealth loss than other types of acquirers if they buy securities from poorly performing issuers in the same chaebol. We also find that chaebol firms with good past performance tend to sell private securities at a low price to their member firms. This evidence is consistent with tunneling within business groups. |
| 出版者 |
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出版者 |
Institute of Economic Research, Hitotsubashi University |
| 日付 |
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日付 |
2004-03 |
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日付タイプ |
Issued |
| 言語 |
|
|
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 |
|
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出版タイプ |
VoR |
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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. 2004-6 |
| 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 |
45 |
wp2004-6a.pdf (1241007 bytes)
