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- 저자 : 노경석(Kyung Seok Roh) (검색결과 1 건)
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김석진(Seok Chin Kim),노경석(Kyung Seok Roh) 한국경영학회 2000 經營學硏究 Vol.29 No.2
This study investigates the price response of parent shares to equity carve-outs(ECOs) occurred from 1987 to 1996 in the Korean stock market. Our empirical analysis shows that parent shareholders earn the significant cumulative average abnormal return(CAAR) of +0.65%, on average, during the event window(0 day, +1 day). However. CAAR is -0.23% for homo-industry ECOs, whereas CAAR is +1.00% for hetero-industry ECOs. When we partition the sample into dominance ECOs and non-dominance ECOs, both groups earn positive CAAR during the event window, but CHAR of non-dominance ECOs, where the fraction of equity retained by the parent is no more than 50%, is negative thereafter. Regression analyses report that parent return on assets affects parent CAAR of the event window significantly negatively for the whole sample, and parent leverage influences it significantly negatively only for hetero-industry ECOs. On the other hand, subsidiary leverage has a significant positive relationship with parent CAAR of the event window for the whole sample, and fraction of equity retained by the parent has a significant positive impact on it for homo-industry ECOs. In sum, the effect of ECOs is existent but inconsistent in the Korean market. However. the fact that homo-industry ECOs result in a negative impact and hetero-industry ECOs bring a positive influence on parent shares suggests useful implications about industrial policy or restructuring.
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