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Contents

Value-destroying mergers : evidence from Korean business groups / Kee-Hong Bae ; Kyunghyun Kim 1

Abstract 1

1. Introduction 1

2. Data 7

3. Revisiting the Evidence of Tunneling in BKK 11

3.1. Acquirer Abnormal Returns 12

3.2. Acquirer Returns and Acquirer Characteristics 12

4. Value-destroying Mergers 19

4.1. Subsample of Mergers with Listed Targets 19

4.2. Market-adjusted Cumulative Abnormal Returns of Acquirers and Targets and their Value-weighted Portfolios 22

4.3. Control-motivated Mergers and Value Destruction 25

5. Summary and Conclusion 30

References 31

Appendix : Variable definitions 34

초록보기

In this study, we find evidence of tunneling in mergers among affiliated firms that belong to Korean business groups. Using a recent sample of Korean mergers during the 2000–2020 period, we find that control-motivated mergers to enhance the controlling family’s control over the business group significantly decrease the target’s value and that of the value-weighted combined portfolio of the acquirer and target. Our evidence indicates that tunneling persisted even after the implementation of several governance reforms in Korea following the 1997 Asian financial crisis, casting doubt on the effectiveness of those reforms in curbing the tunneling behaviors of Korean business groups.

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Value-destroying mergers : evidence from Korean business groups Kee-Hong Bae, Kyunghyun Kim p. 589-622

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(The) role of second-tier exchange in corporate valuation : evidence from Korea Heejung Choi, Dong Wook Lee p. 623-658

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(An) extension of the five-factor affine term structure model : predicting future bond returns Ga-Young Jang, Hyoung-Goo Kang, Dong-Joon Lee p. 659-689

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Media coverage and cash holding adjustment Hyungjin Cho, Meeok Cho, Sehee Kim p. 690-717

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Managerial over-optimism and research and development investment : evidence from Korean initial public offering firms Kyung Soon Kim, Chune Young Chung, Jin Hwon Lee, Jongchan Park p. 718-745

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