Earticle

초록

영어

We examine the stock market reaction to announcements of corporate name changes for firms belonging to Korean chaebols. We find that chaebol-affiliated firms changing their non-chaebol-name (a name not including the name of a chaebol) to a chaebol-name (a name including the name of a chaebol) experience a positive stock price reaction on the announcement date. Another noteworthy finding is that the firms also earn a statistically significant excess return on the effective date of a name change, as well as on the announcement date. The stock price reaction on the effective date is stronger among stocks experiencing a larger increase in their investor base.

목차

Abstract
 1. Introduction
 2. Sample and Methodology
  2.1. Sampling procedure
  2.2. Procedures for changing corporate names
  2.3. Measures of abnormal returns
 3. Results
  3.1. The pattern in name changes of chaebol-affiliated firms
  3.2. Price Reactions around the Announcement Date
  3.3. Price Reactions around the Effective Date
  3.4. The investor recognition hypothesis
 4. Conclusion
 References
 Table
 Fig

키워드

저자

• Suk Joon Byun [ KAIST College of Business, 85 Heogiro, Dongdaemoon-gu, Seoul 130-722, Korea ]
• Da Hea Kim [ KAIST College of Business, 85 Heogiro, Dongdaemoon-gu, Seoul 130-722, Korea ]
• Sang Hyun Yun [ KAIST College of Business, 85 Heogiro, Dongdaemoon-gu, Seoul 130-722, Korea ] Corresponding Author

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간행물

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• 간행물명

  한국재무학회 학술대회

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  부정기

• 수록기간

  2006~2024

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  KDC 325 DDC 330