학회 소식
공지사항
[2004년 제 2차] The Very Dark Side of Internal Capital Markets: Evi
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게시일 :
2004-05-24
We find strong evidence that during the pre-Asian financial crisis period in the early 1990s, poorly performing chaebol firms with less growth opportunities invest more than well-performing chaebol firms with greater investment opportunities. It appears that the existence of the 'dark' side of internal capital markets explains most part of this striking phenomenon where tunneling wealth has been common during the pre-crisis period. This pattern disappears during the post-crisis period as banks gain more power and market disciplines chabeol firms.