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Avoidance Powers and Incentives to File for Bankruptcy
주상룡,김정유 한국증권학회 2010 Asia-Pacific Journal of Financial Studies Vol.39 No.4
In this paper, we examine the incentives for a failing debtor and creditors to file for bankruptcy either under Chapter 7 or Chapter 11, and discuss whether avoidance powers can provide proper incentives to file. We show that if the future profitability of a failing firm is known, avoidance powers can eliminate an inefficient delay in bankruptcy filing. However, if profitability is uncertain, in particular, if a creditor is pessimistic, what might result is an inefficient rush to file under Chapter 7. We also demonstrate that the conditional avoidance powers can give creditors a stronger incentive to gather information pertinent to future profitability, thereby enhancing efficiency.
朱相龍 홍익대학교 산업기술연구소 2001 産業技術 Vol.11 No.-
This study introduces definition, history, merit, demerit, types, economic theory about stock option and illustrates other nations cases and discusses the strategies for the efficient establishment of stock option in Korea. Government must strengthen the regulation to monitor mulfuntions of stock option and deregulate tight action plans. Firms must introduce several, flexible stock option plans, considering firm's characteristics and situations.
주상룡,선정훈,이지수 한국증권학회 2016 Asia-Pacific Journal of Financial Studies Vol.45 No.3
This paper investigates the effect of overnight trading on the price discovery process over the course of a trading day in the Korean stock index futures market. The paper uses Trade and Quote data on nearest-to-maturity KOSPI 200 futures contracts from 2 January 2009 to 31 March 2011 and finds the following results. We find evidence that overnight trading con- tributes significantly to price discovery and, as a result, accelerates the process, and improves the efficiency, of price discovery. We also find evidence that 26.27% of the entire day’s price discovery occurs during overnight trading by impounding private information as well as pub- lic information. Altogether, our results provide insights that the futures market serves as a price discovery vehicle for the cash index where the cash market closes, and that futures trades during overnight trading play an important role in price discovery, as they aggregate investors’ private information about the fundamental values of the cash index.
朱相龍 홍익대학교 산업기술연구소 2003 産業技術 Vol.13 No.-
This study analyzes the models for predicting firm bankruptcy in previous research. The models in this paper are EDF model, univariate analysis model, multiple regression analysis model, multivariate regression model, logit model, survival analysis model, nonparametric analysis model, and neutral network model, The results of this paper could be used for selecting the appropriate bankruptcy model in Korea.
朱相龍 홍익대학교 산업기술연구소 1994 産業技術 Vol.4 No.-
After analyzing the effect of New Issues Announcement on stock prices based on the firms which increased capital during 1992. and 1993. I have the following results. first, abnormal returns based on market adjusted and market model show positive figures. second, discount ratio, capital increase ratio and capital before increase have insignicant positive, ownership ratio and net assest pershare have insignificant negative relationship with abnormal return. third, allocation ratio has a positive effect on abnormal return.