The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Business Groups and Tunneling: Evidence from Private Securities Offerings by Korean Chaebols
Open accessAbstract
We examine whether equity‐linked private securities offerings are used as a mechanism for tunneling among firms that belong to a Korean chaebol. We find that chaebol issuers involved in intragroup deals set the offering prices to benefit their controlling shareholders. We also find that chaebol issuers (member acquirers) realize an 8.8% (5.8%) higher (lower) announcement return than do other types of issuers (acquirers) if they sell private securities at a premium to other member firms, and if the controlling shareholders receive positive net gains from equity ownership in issuers and acquirers. These results are consistent with tunneling within business groups.
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Cites
Corporate financing and investment decisions when firms have information that investors do not have
Myers, S. C., & Majluf, N. S. (1984) · Journal of Financial Economics · doi:10.1016/0304-405x(84)90023-0 · Cited by 18,957
The separation of ownership and control in East Asian Corporations
Claessens, S., Djankov, S., & Lang, L. H. P. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00067-2 · Cited by 5,754
Cited by
Masulis, R. W., Pham, P. K., & Zein, J. (2011) · Review of Financial Studies · doi:10.1093/rfs/hhr052 · Cited by 523
Bhaumik, S. K., Driffield, N., & Pal, S. (2010) · Journal of International Business Studies · doi:10.1057/jibs.2009.52 · Cited by 365
Business Groups in Emerging Markets: Paragons or Parasites?
Khanna, T., & Yafeh, Y. (2005) · SSRN Electronic Journal · doi:10.2139/ssrn.787625 · Cited by 256
Direction of outward FDI of EMNEs: Evidence from the Indian pharmaceutical sector
Bhaumik, S. K., & Driffield, N. (2011) · Thunderbird International Business Review · doi:10.1002/tie.20438 · Cited by 49
Metadata
- Authors
- BAEK, J., KANG, J., & LEE, I.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2006-09-19
- Volume
- 61
- Issue
- 5
- Pages
- 2415-2449
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2153082366
- Cited by
- 586
- References
- 2
- FWCI
- 74.59
- Type
- journal article
- Language
- en
- Open access
- bronze
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- BAEK, J., KANG, J., & LEE, I. (2006). Business Groups and Tunneling: Evidence from Private Securities Offerings by Korean Chaebols. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2006.01062.x
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