This study documents the danger of limiting the coverage of mandatory pay disclosure. Exploiting the 2013 rule change in Korea, we find that its restrictive coverage, confined to board members with total annual pay exceeding 500 million Korean won, led a large fraction of executives to evade...

A meta analysis of key performance indicators (KPI) for a wide range of companies across the paper industry value chain was performed to understand whether disclosure- or performance-based sustainability metrics were better indicators for financial performance of the firms. The study aimed to...

This study examined whether firm size determines the economies of scale and scope of securities firms. Results showed that the firms broadly achieved economies of scale and substantially benefitted from the economies of scope in the Korean brokerage sector. In particular, greater economies of...

We extend investor sentiment literature and apply it to tactical portfolio allocation in the Korean stock market. We first construct a Korean investors' sentiment index by considering prior literature and expert opinions. Second, we investigate whether the index can predict both time series and...

This paper investigates the effect of credit risk on the return of stocks. We construct a systematic factor in relation to credit risk using the credit spreads of individual firms measured from the Merton (1974) model. This enables us to include firms without credit spreads or ratings...

Research concerning diversification and specialization of venture capital funds typically does not consider how a VC's effort might influence performance of different portfolios. We develop a model that analyzes VC effort when there is the potential for cross-sectional and/or serial knowledge...

We use data on the sources of debt finance of U.S. majority-owned foreign affiliates in 53 countries over the period 1983 to 2001 to examine the role of financial market development, and exposure to host country-specific risk on the financing choices of these affiliates. We find that total...