KAIST 금융전문대학원

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KAIST 금융전문대학원

Banking and Corporate Governance (미시금융과 기업지배구조)



Paper Number	KCB-PP-2008-023
Title	Disappearing Internal Capital Markets: Evidence from Diversified Business Groups in Korea
Author	Lee;Sangwoo; Park;Kwangwoo; Shin;Hyun-Han
publisher	Korea Money and Finance Association(KMFA)
citation	Proceedings of KMFA 2008. pp.1~36
Keywords	Internal capital market; Korean chaebol; Financial crisis
Abstract	This paper examines how the onset of a financial crisis affects the operation of internal capital markets among firms within a diversified business group. We find that active internal capital markets within Korean business groups (chaebols) attenuated the financial constraints of the group-affiliated firms, allowing them to make efficient capital allocations during the early 1990s. However, these markets are barely functioning after the financial crisis of 1997. Instead, we observe public debt markets serving as a substitute for internal capital markets. Our results suggest that chaebol firms’ coordinated attempts to achieve healthier financial structures in the wake of the crisis have taken place at the expense of investment efficiency.
URI	http://www.kmfa.or.kr/sub4-1.phphttp://hdl.handle.net/10203/6483
Full-Text	PDF

※ Journal

Paper Number	Title	Author	Abstract	Full-Text
KCB-PP-2011-012	국내저축은행 자료를 이용한 차등예금보험 제도의 경기순응성 완화에 관한 실증연구	강, 호성 박, 광우 최, 원호 한, 중호	HTML	PDF
KCB-PP-2010-039	Financial Distress, Information Asymmetry, and Syndicate Structure: Evidence from Japanese Borrowers	Lee, Sang W. Kwag, Austin Mullineaux, Donald J. Park, Kwangwoo	HTML	PDF
KCB-PP-2010-038	Informational Quality of Implied Volatility and the Volatility Risk Premium	Ferris, Stephen Kim, Woojin Park, Kwangwoo	HTML	PDF
KCB-PP-2010-007	해외진출과 은행의 경영성과: OECD 30개국 자료를 이용한 실증분석	박광우, 성채은 이상휘,	HTML	PDF
KCB-PP-2009-050	Diversification and Bank Performance: International Evidence from 66 Countries	이, 재화 곽, 병진 박, 광우 박, 래수	HTML	PDF
KCB-PP-2009-011	겸업화와 은행의 경영성과: 66개국 상업은행자료를 이용한 실증연구 (Diversification and Bank Performance: International Evidence from 66 Countries)	이재화, 곽병진 박광우, 박래수	HTML	PDF
KCB-PP-2009-002	Disappearing Internal Capital Markets: Evidence from Diversified Business Groups in Korea	Lee, Sangwoo Park, Kwangwoo Shin, Hyun-Han	HTML	PDF
KCB-PP-2008-102	금융회사의 해외진출과 경영성과: OECD 30개 국가 은행자료를 이용한 실증분석	박광우, 성채은	HTML	PDF
KCB-PP-2007-080	은행대형화와 예금보험기금의 건전성 제고 방안	박광우, 박현성	HTML	PDF
KGSM-PP-2006-058	Long-term performance following mergers of Japanese companies: The effect of diversification and affiliation	Kruse, Timothy A. Park, Hun Y. Park, Kwangwoo Suzuki, Kazunori	HTML	PDF
KCB-PP-2007-037	자본시장 접근성 차이에 따른 투자-현금흐름 민감도 분석	박광우, 박래수 윤석헌,	HTML	PDF
KCB-PP-2007-108	Harming Depositors and Helping Borrowers: The Disparate Impact of Bank Consolidation	Pennacchi, George Park, Kwangwoo	HTML	PDF
KCB-PP-2007-036	기업간 신용거래와 최초공모주의 초기성과	박광우, 김종일 성상용,	HTML	PDF
KCB-PP-2007-101	Accessibility to Capital Markets and the Sensitivity of Investment to Cash Flow	Park, Kwangwoo Park, Raesoo Yoon, Sukheun	HTML	PDF
KGSM-PP-2006-057	은행과의 관계가 최초공모주 가격결정에 미치는 영향에 관한 연구	박광우, 임성준 성상용,	HTML	PDF
KCB-PP-2009-003	Harming Depositors and Helping Borrowers: The Disparate Impact of Bank Consolidation	Park, Kwangwoo Pennacchi, George	HTML	PDF
KGSM-PP-2005-107	기업지배구조와 주주부의 배분에 관한 연구	박광우, 박래수 황이석,	HTML	PDF
KGSM-PP-2005-122	Foreign Ownership and Firm Value in Japan	Ferris, Stephen P. Park, Kwangwoo	HTML	PDF
KGSM-PP-2004-123	Alternative Indicators for Predicting the Probability of Declining Inflation	Kang, Sungjun Park, Kwangwoo Ratti, Ronald A.	HTML	PDF
KGSM-PP-2004-132	Do Main Banks Extract Rents from their Client Firms? Evidence from Korean Chaebol	Kim, Kevin Y Park, Kwangwoo Ratti, Ronald A. Shin, Hyunhan	HTML	PDF
KGSM-PP-2002-131	How different is the long-run performance of mergers in the telecommunications industry?	Ferris, Stephen P. Park, Kwangwoo	HTML	PDF
KGSM-PP-2002-132	Volatility, open interest, volume, and arbitrage: evidence from the S&P 500 futures market	Ferris, Stephen Park, Hun Park, Kwangwoo	HTML	PDF
KGSM-PP-2001-142	The Effects of Deregulation, Reregulation and Diversification in the Banking Industry: Evidence from the USA and Australia	Evans, John Park, Kwangwoo Simpson, John	HTML
KGSM-PP-2000-231	Firm Value, Free Cash Flow and Financing Decisions: Evidence from Japan	Evans, John P. Park, Kwangwoo	HTML
KGSM-PP-2000-230	Real Activity, Inflation, Stock Returns, and Monetary Policy	Park, Kwangwoo Ratti, Ronald A.	HTML	PDF

※ Conference

Paper Number	Title	Author	Abstract	Full-Text
KCB-PP-2008-023	Disappearing Internal Capital Markets: Evidence from Diversified Business Groups in Korea	Lee, Sangwoo Park, Kwangwoo Shin, Hyun-Han	HTML	PDF
KCB-PP-2007-052	경영자에 대한 주식증여 및 스톡옵션부여와 기업가치에 관한 실증연구	강선우, 박광우 이지환,	HTML	PDF
KCB-PP-2007-082	The Determinants of Open-Market Share Repurchase	Huh, Ju Park, Kwangwoo	HTML	PDF
KCB-PP-2007-081	Do Soft Budget Constraints Cause Borrowers’ Default?	Kim, Sunghwan Park, Kwangwoo Seol, Byungmoon	HTML	PDF
KGSM-PP-2006-056	사모투자펀드의 은행 소유와 거래기업의 장단기 성과에 관한 연구	박광우, 박래수 정광선, 김경민	HTML	PDF
KGSM-PP-2006-078	투자-현금흐름 민감도 분석: 기업지배구조와 관계금융의 영향을 중심으로	박광우, 박래수 윤석현,	HTML	PDF
KGSM-PP-2006-076	Agency Conflicts, Financial Distress, and Syndicate Structure: Evidence from Japanese Borrowers	Lee, SangWhi Kwag, Seung-Woog(Austin) Mullineaux, Donald J. Park, Kwangwoo	HTML	PDF
KGSM-PP-2006-077	The Disparate Policy Impact of Improving Corporate Governance on Shareholder Wealth	Huh, Jun Kim, Wi-Saeng Park, Hyun-Sung Park, Kwangwoo	HTML	PDF
KGSM-PP-2002-139	The Value of Corporate Diversification: Evidence from Post-Merger Performance in Japan	PARK, HUN Y. PARK, KWANGWOO KRUSE, TIMOTHY A. SUZUKI, KAZUNORI	HTML	PDF

※ ETC

Paper Number	Title	Author	Abstract	Full-Text
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Contact : 김행란 (hrkim@business.kaist.ac.kr)