business adminstration A NEW PARADIGM OF management and technology

Wednesday, December 04, 2019 11:45~13:00 BAB 503

[Research Seminar 2019.12.04] Can the Disposition Effect Explain the Market Reaction to SEO Announcements?

Abstract This study investigates the association between the disposition effect and the stock price reaction to announcements of seasoned equity offers (SEOs). We find that SEO issuing firms in which investors have greater unrealized capital gains exhibit a more severe SEO announcement reaction. This result is consistent with the well-known disposition effect, whereby investors tend

Hope H. Han
Friday, November 22, 2019 11:45~13:00 BAB 503

[Research Seminar 2019.11.22] Capitalizing on Sustainability : Value of Going Green (with Taehyun Kim)

Abstract  This paper investigates how corporate Environmental, Social, and Governance (ESG) actions affect firm value. By employing an event study around two 5-to-4 Supreme Court rulings and using portfolio-based approaches, we document that prices capitalize sustainability in the cross-section. When the Court awards broader regulatory authority to the EPA, polluting firms with the largest discrepancies

Yongjun Kim
Wednesday, November 20, 2019 10:30~12:00 BAB 503

[Research Seminar 2019.11.20] Overcoming the Challenges of Mobile Marketing: Content Marketing in a Mobile and Distracted World

Abstract Mobile marketing, despite its popularity among marketers, has yet to overcome the persistent challenges of consumer’s short attention span and apathy towards digital ads, thus resulting in low engagement and conversion. Although mobile content marketing (MCM) has emerged as an alternative solution to such challenges in practice, academic research on the effectiveness and strategies

Minki Kim
Thursday, November 07, 2019 16:30~17:30 BAB 503

[Research Seminar 2019.11.07] Bond Funds and Credit Risk

Abstract We show both theoretically and empirically the extent to which the supply side effects arising from mutual fund holdings matter for the credit risk of bond issuers. In our model, funds’ willingness to roll over expiring bonds depends on the flow consequences of future fund performance. The presence of these flow-motivated investors interacts with

Ji Yeol Jimmy Oh
Wednesday, November 06, 2019 11:45~13:00 BAB 503

[Research Seminar 2019.11.06] Effect of Venture Capital Investments on Product Failures: Evidence from Recalls in the Medical Device Sector

Abstract In this study, we argue that a misalignment of interests between ventures and venture capitalists (VCs) may arise and that VCs can negatively affect ventures’ product innovation quality in the long run. We show that VC-backed ventures experience a higher rate of product failures than non-VC-backed ventures after these ventures go public. We further

Joonhyung Bae
Wednesday, October 30, 2019 10:30~12:00 BAB 503

[Research Seminar 2019.10.30] Learning by Doing and Corporate Diversification

Abstract We examine how learning-by-doing rates in manufacturing affect firms’ decisions upon diversification. Prior research based on Penrose’s (1959) perspective has tended to hold a view that learning-by-doing fosters diversification by resulting in redundant resources that firms can use to diversify. However, we argue and show that firms from industries featured by high learning-by-doing rates

Wonsang Ryu
Wednesday, October 16, 2019 11:45~13:00 BAB 503

[Research Seminar 2019.10.16] Heterogeneous Intermediary Capital, Asset Prices, and Fire Sales

  Abstract This paper examines how heterogeneity in intermediary capital – the equity capital ratio of the largest financial intermediaries in the U.S. – affects the cross-section of stock returns. We estimate the exposure (i.e., beta) of individual stocks to a shock in the dispersion of intermediary capital and find that stocks in the lowest

Sang-Ook(Simon) Shin
Wednesday, September 11, 2019 11:45~13:00 BAB 503

[Research Seminar 2019.09.11] When to pull the plug? Time allocation and the exploration-exploitation balance in drug discovery projects

Abstract Firms in the biotechnology and pharmaceutical industry are investing billions of dollars in their R&D, especially in new drug discovery. Nevertheless, the industry witnessed declining returns on R&D investments in the past several years. Failure to discontinue less promising new drug discovery projects is an important driver behind this decreased productivity. Hence, firms in

Moren Lévesque
Thursday, September 05, 2019 16:30~18:00 BAB 503

[Research Seminar 2019.09.05] Free Lunches for Insiders under Investor Inertia

Abstract This paper examines how investor inertia might benefit the controlling families of business groups in a way that is distinct from explicit tunneling or diversion of resources. Our analysis is based on a sample of new parent-subsidiary relationships created through spin-offs followed by stock-for-stock tender offers in Korean business groups. We find that family

Shu-Feng Wang
Tuesday, July 23, 2019 11:00~13:00 BAB 503

[Research Seminar 2019.07.23]The Rise of a Network: The Spillover of Political Patronage and Cronyism to the Private Sector

Abstract   The misallocation of government resources to the politically connected is considered to impose substantial economic costs. We document that preferential access for the politically connected extends to resources allocated by private sector firms. Following a presidential election in Korea in 2007, private banks appoint executives from the new president’s networks to establish links

David Schoenherr