An Equity Market Perspective on the Korean Financial Crisis

被引：0
|
作者：
Sohn, Wook [1 ]
Choi, Bobae [2 ]
机构：
[1] KDI Sch Publ Policy & Management, Seoul 130868, South Korea
[2] Univ Newcastle, Sch Business, Newcastle, NSW 2308, Australia
来源：
GLOBAL ECONOMIC REVIEW | 2010年 / 39卷 / 01期
关键词：
Stock market volatility; financial crisis; corporate restructuring; Korea;
D O I：
10.1080/12265081003696403
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We examine the movement of Korean stock prices before and after the 1997 financial crisis. Unlike in Japan, as documented by Hamao et al. (Journal of Money, Credit and Banking, 39, pp. 901-923, 2007), we find an increase in firm-level volatility in Korea, which may make it easier for investors to distinguish low-quality from high-quality firms and thus encourage ocleansingo during recessions. The result appears to derive from government efforts to restructure the corporate sector, which targeted highly leveraged firms and chaebol affiliates immediately after the market crash.
引用
收藏
页码：83 / 90
页数：8
相关论文
共 50 条
12345