Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/147598
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dc.titleCORPORATE GOVERNANCE ISSUES OF CIRCULAR-SHAREHOLDING AND DEBT PRICES: EVIDENCE FROM KOREA
dc.contributor.authorKIM KYUNGMOOK
dc.date.accessioned2018-09-24T09:05:38Z
dc.date.available2018-09-24T09:05:38Z
dc.date.issued2015
dc.identifier.citationKIM KYUNGMOOK (2015). CORPORATE GOVERNANCE ISSUES OF CIRCULAR-SHAREHOLDING AND DEBT PRICES: EVIDENCE FROM KOREA. ScholarBank@NUS Repository.
dc.identifier.urihttp://scholarbank.nus.edu.sg/handle/10635/147598
dc.description.abstractThis paper investigates the impact of circular-holding ownership structure on debt prices, taking advantage of the new rule in Monopoly Regulation and Fair Trade Act (MRFTA), which prohibits additional circular financing, as a natural experiment. The empirical methodology adopts difference-in-difference analysis with matching techniques. The result shows the policy has had no significant impact on bond returns of affected firms, suggesting that bondholders are indifferent to the circular-holding structure itself. The paper attributes the apparent ineffectiveness of the policy to the lack of sophistication in targeting specific corporate governance issues created by the circular-holding model
dc.subjectOwnership structure, Corporate governance, Conglomerate, Debt price, cross-holding, circular-holding
dc.typeThesis
dc.contributor.departmentNUS Business School
dc.contributor.supervisorDAVID MITCHELL REEB
dc.description.degreeBachelor's
dc.description.degreeconferredBACHELOR OF BUSINESS ADMINISTRATION WITH HONOURS
Appears in Collections:Bachelor's Theses

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