Pub Date : 2019-02-28DOI: 10.37197/ARFR.2019.32.1.1
Young K. Park, 교수 성균관대학교경영대학, H. Joo
{"title":"The Effect of Fund Manager Replacement on Fund Performance, Risk, and Money Flows","authors":"Young K. Park, 교수 성균관대학교경영대학, H. Joo","doi":"10.37197/ARFR.2019.32.1.1","DOIUrl":"https://doi.org/10.37197/ARFR.2019.32.1.1","url":null,"abstract":"","PeriodicalId":197115,"journal":{"name":"Asian Review of Financial Research","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123533155","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-02-28DOI: 10.37197/ARFR.2019.32.1.2
Chan-Kyoo Park, 교수 동국대학교경영대학, Jin Q. Jeon
{"title":"Credit Ratings and Centrality of Chaebol-Affiliated Firms","authors":"Chan-Kyoo Park, 교수 동국대학교경영대학, Jin Q. Jeon","doi":"10.37197/ARFR.2019.32.1.2","DOIUrl":"https://doi.org/10.37197/ARFR.2019.32.1.2","url":null,"abstract":"","PeriodicalId":197115,"journal":{"name":"Asian Review of Financial Research","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116535204","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-02-28DOI: 10.37197/ARFR.2019.32.1.3
Y. Ha, 부산대학교 경영대학 학술연구교수
{"title":"Market Returns and Equity Fund Performance","authors":"Y. Ha, 부산대학교 경영대학 학술연구교수","doi":"10.37197/ARFR.2019.32.1.3","DOIUrl":"https://doi.org/10.37197/ARFR.2019.32.1.3","url":null,"abstract":"","PeriodicalId":197115,"journal":{"name":"Asian Review of Financial Research","volume":"38 4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125928072","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-11-30DOI: 10.37197/arfr.2018.31.4.2
D. Kang, 국민연금연구원 연구위원, Jong-Ho Park, Kyong S. Eom
{"title":"Stop-Loss Strategies and National Pension Fund Active-Risk Management in Korean Stocks","authors":"D. Kang, 국민연금연구원 연구위원, Jong-Ho Park, Kyong S. Eom","doi":"10.37197/arfr.2018.31.4.2","DOIUrl":"https://doi.org/10.37197/arfr.2018.31.4.2","url":null,"abstract":"","PeriodicalId":197115,"journal":{"name":"Asian Review of Financial Research","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130835876","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-11-30DOI: 10.37197/arfr.2018.31.4.4
Wonnho Choi
{"title":"Asset Allocation and Determinants of Households with Debts","authors":"Wonnho Choi","doi":"10.37197/arfr.2018.31.4.4","DOIUrl":"https://doi.org/10.37197/arfr.2018.31.4.4","url":null,"abstract":"","PeriodicalId":197115,"journal":{"name":"Asian Review of Financial Research","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128803215","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-11-30DOI: 10.37197/ARFR.2018.31.4.1
Sungmin Kim, Yong-won Jang
{"title":"A Study on the Optimal Dividend Policy based on the Permanence of Earnings","authors":"Sungmin Kim, Yong-won Jang","doi":"10.37197/ARFR.2018.31.4.1","DOIUrl":"https://doi.org/10.37197/ARFR.2018.31.4.1","url":null,"abstract":"","PeriodicalId":197115,"journal":{"name":"Asian Review of Financial Research","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125003303","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-08-31DOI: 10.37197/ARFR.2018.31.3.3
Youngjune Kim, Hyoung-Goo Kang, Sewon Kwon
Almost all prior studies on the Korean accrual anomaly focus on the stock market. In contrast to prior studies, our study examines whether or not the accrual anomaly exists in the Korean corporate bond market. Using the corporate bond data traded in the Korean market from 2000 to 2011, we find supporting evidence of the accrual anomaly in the Korean corporate bond market using three approaches: (1) hedge portfolio return test, (2) the Fama-French five factor (three equity market factors plus two bond market factors) time series regression test, and (3) the Fama-MacBeth cross sectional test. Next, we examine whether the unique Korean corporate governance system, chaebol, affects the magnitude of the accrual mispricing in the corporate bond market and find evidence that the accrual anomaly exists only for bonds issued by non-chaebol firms. This finding indicates that bond investors’ expectation about explicit or implicit subsidy from chaebol-affiliated subsidiaries dampens accrual mispricing of a chaebol firm. Taken together, our results suggest that investors in the Korean corporate bond market fixate on earnings, in particular, for non-chaebol firms.
{"title":"The Accrual Anomaly in the Corporate Bond Market : Korean Evidence","authors":"Youngjune Kim, Hyoung-Goo Kang, Sewon Kwon","doi":"10.37197/ARFR.2018.31.3.3","DOIUrl":"https://doi.org/10.37197/ARFR.2018.31.3.3","url":null,"abstract":"Almost all prior studies on the Korean accrual anomaly focus on the stock market. In contrast to prior studies, our study examines whether or not the accrual anomaly exists in the Korean corporate bond market. Using the corporate bond data traded in the Korean market from 2000 to 2011, we find supporting evidence of the accrual anomaly in the Korean corporate bond market using three approaches: (1) hedge portfolio return test, (2) the Fama-French five factor (three equity market factors plus two bond market factors) time series regression test, and (3) the Fama-MacBeth cross sectional test. Next, we examine whether the unique Korean corporate governance system, chaebol, affects the magnitude of the accrual mispricing in the corporate bond market and find evidence that the accrual anomaly exists only for bonds issued by non-chaebol firms. This finding indicates that bond investors’ expectation about explicit or implicit subsidy from chaebol-affiliated subsidiaries dampens accrual mispricing of a chaebol firm. Taken together, our results suggest that investors in the Korean corporate bond market fixate on earnings, in particular, for non-chaebol firms.","PeriodicalId":197115,"journal":{"name":"Asian Review of Financial Research","volume":"458 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116503109","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-08-31DOI: 10.37197/arfr.2018.31.3.1
Jai-Woong Chung, 고려대학교 기업지배구조연구소, Joonghyuk Kim
{"title":"Underwriter-Investor Relationships and IPO Holding Periods in Korea","authors":"Jai-Woong Chung, 고려대학교 기업지배구조연구소, Joonghyuk Kim","doi":"10.37197/arfr.2018.31.3.1","DOIUrl":"https://doi.org/10.37197/arfr.2018.31.3.1","url":null,"abstract":"","PeriodicalId":197115,"journal":{"name":"Asian Review of Financial Research","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114547757","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-08-31DOI: 10.37197/arfr.2018.31.3.2
Joo-Hyung Yoon, 연세대학교 경영대학 박사과정, Hyun-Han Shin
{"title":"Implied Cost of Capital and Corporate Investment Decisions : An Empirical Study of the Internal Capital Market Effect","authors":"Joo-Hyung Yoon, 연세대학교 경영대학 박사과정, Hyun-Han Shin","doi":"10.37197/arfr.2018.31.3.2","DOIUrl":"https://doi.org/10.37197/arfr.2018.31.3.2","url":null,"abstract":"","PeriodicalId":197115,"journal":{"name":"Asian Review of Financial Research","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129019216","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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