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논문 기본 정보
- 자료유형
- 학술대회자료
- 저자정보
- 발행연도
- 2009.8
- 수록면
- 499 - 520 (22page)
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초록· 키워드
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This research examines the announcement effect of block sales of foreign investors on firm's market value and the differences in market responses by the type of the previously announced purpose of acquisition at the time of block trades (management control us. financial investment) and the position of resulting ownership level after the trades concerning the maintenance of the position of outside blockholders (5% or more us. less thin 5%)) in Korean stock market.
We find tint when the disclosures of block sales by investors with the initial intention of management control are sub-grouped by the position of resulting ownership level after the trades in standard of maintaining the position of blockholders, in which case, the market does not regard significantly when the resulting ownership level is higher than 5%, while the market exhibits significant and negative responses when the resulting ownership level is less thin 5%. However, when the disclosures of block sales by investors with the intial purpose of financial investment only are sub-grouped by the position of resulting ownership level after the trades in reference to sustaining the position of blockholders, the market responds more negatively in which case of maintaining the position of outside blockholders thin forgoing the position. On the other band, when the disclosures of block sales by investors who abdicate the position of outside blockholders are sub-grouped, the market responds more negatively when the acquisition is aimed to participate in management than to invest for financial purposes only.
We find tint when the disclosures of block sales by investors with the initial intention of management control are sub-grouped by the position of resulting ownership level after the trades in standard of maintaining the position of blockholders, in which case, the market does not regard significantly when the resulting ownership level is higher than 5%, while the market exhibits significant and negative responses when the resulting ownership level is less thin 5%. However, when the disclosures of block sales by investors with the intial purpose of financial investment only are sub-grouped by the position of resulting ownership level after the trades in reference to sustaining the position of blockholders, the market responds more negatively in which case of maintaining the position of outside blockholders thin forgoing the position. On the other band, when the disclosures of block sales by investors who abdicate the position of outside blockholders are sub-grouped, the market responds more negatively when the acquisition is aimed to participate in management than to invest for financial purposes only.
목차
Abstract
Ⅰ. Introduction
Ⅱ. Previous Research and Hypothesis Development
Ⅲ. Sample and Research Methodology
Ⅳ. Empirical Results
Ⅴ. Conclusion and Discussion
References
[Appendix]
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UCI(KEPA) : I410-ECN-0101-2010-326-003121828