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Bond Ratings, Corporate Governance, and Cost of Debt: The Case of Korea
Seung-Hun Han,Kichun Kang,Yoon S Shin 한국유통과학회 2016 The Journal of Asian Finance, Economics and Busine Vol.3 No.3
This study examines whether Korean rating agencies such as Korea Investors Service (KIS), National Information & Credit Evaluation (NICE), and Korea Ratings Corporation (KR), incorporate corporate governance into their corporate bond ratings in Korea. We find that the Korean rating agencies assign higher ratings to the bonds issued by Chaebol (Korean business group) affiliated firms. Our results also indicate that those rating agencies give higher ratings to the bonds with greater foreign investor share ownership. Moreover, if the rating agencies value corporate governance, higher rated firms should issue bonds at lower yield to maturity. We discover that Chaebol affiliation is counted favorably by the rating agencies. We find that investors are willing to pay lower risk premium for bonds with higher institutional ownership, but higher risk premium to bonds with greater equity ownership in the form of depository receipts. Therefore, even if the rating agencies and investors in Korea consider corporate governance (Chaebol affiliation and ownership structure) an important determinant in bond ratings and the yields to maturity, they have opposite views on institutional ownership and share ownership in the form of depository receipts
Neuroanatomical analysis for onomatopoeia : fMRI study
Jong-Hye Han(한종혜),Wonil Choi(최원일),Yongmin Chang(장용민),Ok-Ran Jeong(정옥란),Kichun Nam(남기춘) 한국정보과학회 언어공학연구회 2004 한국정보과학회 언어공학연구회 학술발표 논문집 Vol.16 No.1
The purpose of this study is to examine the neuroanatomical areas related with onomatopoeia (sound-imitated word). Using the block-designed fMRI, whole-brain images (N=11) were acquired during lexical decisions. We examined how the lexical information initiates brain activation during visual word recognition. The onomatopoeic word recognition activated the bilateral occipital lobes and superior mid-temporal gyrus.