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HOW DOES CORPORATE GOVERNANCE RISK AT HOME AFFECT INVESTMENT CHOICES ABROAD?
Woochan Kim,Taeyoon Sung,Shang-Jin Wei 한국계량경제학회 2008 한국계량경제학회 학술대회 논문집 Vol.2008 No.2
Disparity between control and ownership rights gives rise to the risk of tunneling by the controlling shareholder. This disparity is prevalent in many emerging market economies and present in some developed countries. This paper studies whether and how the degree of control-ownership disparity in investors home countries affects their portfolio choice in an emerging market. It combines two unique data sets on ownership and control in business groups, and investor-stock level foreign investment in Korea. A key finding is that, investors from low-disparity countries disfavor high-disparity stocks in Korea, but investors from high-disparity countries are indifferent. Moreover, investors from low-disparity countries became averse to disparity only after the Asian financial crisis. These results suggest that the nature of corporate governance in international investors home countries affects their portfolio choice abroad, and therefore that these investors should not be lumped together in analyses of their portfolio choice.
Flexible and Biodegradable Nanoporous Films for Application in Active Food Packaging Systems
( Woochan Kim ),( Taeseong Han ),( Yonghyun Gwon ),( Sunho Park ),( Hyoseong Kim ),( Jangho Kim ) 한국농업기계학회 2023 한국농업기계학회 학술발표논문집 Vol.28 No.1
Nanotechnology has facilitated the development of active food packaging systems with functions that could not be achieved by their traditional counterparts. Such smart and active systems can improve the shelf life of perishable products and overcome major bottlenecks associated with the fabrication of safe and environmentally friendly food packaging systems. Herein, we used a plasma-enabled surface modification strategy to fabricate biodegradable and flexible nanoporous polycaprolactone-based (FNP) films for food packaging systems. Their capacity for preserving tomatoes, tangerines, and bananas at room and refrigeration temperatures was tested by analyzing various fruit parameters (mold generation, appearance changes, freshness, weight loss, firmness, and total soluble solids contents). Compared with commonly used polyethylene terephthalate-based containers, the proposed system enhanced the fruit storage quality (i.e., retained appearance, reduced weight loss, better firmness, and sugar contents) by controlling moisture evaporation and inhibiting mold generation. Thus, the FNP film represents a new active food packaging strategy.
What makes firms issue death spirals? A control enhancing story
Woochan Kim,Woojin Kim,Hyung-Seok Kim 한국재무학회 2008 한국재무학회 학술대회 Vol.2008 No.11
In this paper, we study the motive of issuing floating-priced convertibles or warrants, known as death spirals, in a country setting where the private benefit of control is high. Using a total of 199 death spiral issuances by public firms listed in the Korea Stock Exchange during 1998-2006, we find a number of empirical evidences that are not consistent with the last-resort financing hypothesis, but rather consistent with the control enhancing or control transferring hypothesis. First, death spirals are not necessarily issued by firms with poor operating performances. Second, death spiral issuers, where control is preserved within the family, experience an increase of ownership by affiliated firms. Third, this group of death spiral issuers tends to perform better than those in which family loses control.
What makes firms issue death spirals? A control enhancing story
Woochan Kim,Woojin Kim,Hyung-Seok Kim 한국재무학회 2009 한국재무학회 학술대회 Vol.2009 No.08
This paper studies the motive of issuing floating-priced convertibles or warrants, known as death spirals, in a country where the private benefit of control is high. Using a total of 199 death spiral issuances by public firms listed in the Korea Stock Exchange during 1998-2006, we find a number of pieces of empirical evidence that are not consistent with the last-resort financing hypothesis, but rather consistent with the control enhancing or control transferring hypothesis. First, operating performance of death spiral issuers are not necessarily poor at the time of the issue nor do they deteriorate over time following the issue. Second, death spiral issuers that are more likely to be motivated by control enhancing or transferring purposes - firms with no subsequent changes in control - exhibit superior operating performance at the time the issue compared to other death spiral or non-death spiral issuers. Third, these firms do not experience a decrease in proportional ownership by the controlling party, while family members other than the controlling shareholder experience the most pronounced increases in the number of shares held. Fourth, in approximately half of these firms, at least one member of the controlling party holds hybrid securities that can be later converted into the firm’s voting shares.
Woochan Kim,Sunho Park,Yonghyun Gwon,Jangho Kim 대한기계학회 2021 대한기계학회 춘추학술대회 Vol.2021 No.11
Here, we present an analysis of nanoscale deformation of PDMS molds in response to heat and pressure during the repetitive molding process of thermoplastic polymers. The width and height of the nano-sized ridges of PDMS molds decreased as the number of replications of thermoplastic polymers increased. Using the precisely controlled deformation of nanostructures in PDMS molds, we demonstrated that nanostructures of different sizes can be fabricated on representative thermoplastic and UV-curable polymers consistently. Using the precisely tunable methodologies of nanoscale structures, we propose a methodology to fabricate hierarchical multiscale scaffolds with controlled hydrophilic and hydrophobic properties by employing capillary force lithography in combination with oxygen plasma modification. In response to multiscale nanotopographic and chemically modified surface cues, the O-FMN patch enhanced regeneration of the mineralized fibrocartilage tissue of the tendon–bone interface and the calvarial bone tissue in vivo in rat models.
Death Spiral Issues in Emerging Market : A Control Related Perspective
Woochan Kim,Woojin Kim,Hyung-Seok Kim 한국재무학회 2009 한국재무학회 학술대회 Vol.2009 No.11
This paper studies the motive of issuing floating-priced convertibles or warrants, known as death spirals, in a country where the private benefit of control is high. Using a total of 199 death spiral issuances by public firms listed in the Korea Stock Exchange during 1998-2006, we find a number of pieces of empirical evidence that are less consistent with the last-resort financing hypothesis, but rather consistent with the control enhancing or control transferring hypothesis. First, operating performance of death spiral issuers are not necessarily poor at the time of the issue, nor do they deteriorate over time following the issue. Second, we do not observe subsequent changes in the controlling shareholder in more than 60% of the issuers and these firms exhibit superior operating performance at the time of the issue compared to other death spiral or non-death spiral issuers. Third, this same set of firms do not experience a decrease in proportional ownership by the controlling party, while family members other than the controlling shareholder experience the most pronounced increases in the number of shares held. Finally, in approximately half of these firms, at least one member of the controlling party holds hybrid securities that can be later converted into the firm’s voting shares.