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ABSTRACTKorean chaebol firms, characterized by excessive debt financing and overinvestment, experienced restructuring after the 1997 crisis. By reducing debt financing and thus overinvestment, they tried to reorganize financing structure and ownership structure. Chaebols’ debt reduction turns out to have improved performance. However, polarization between chaebol and non-chaebol firms has become more significant. Even after the crisis, firms that give higher cash flows to a controlling shareholder take more capital investment, indicating that agency problems still exist within chaebols. Chaebol-affiliated firms continue to be more active in R&D than non-chaebol firms. However, the pattern is limited to the group of top 10 chaebols after the crisis.Abbreviations: KFTC: Korea Fair Trade Commission 相似文献
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Glascock John L. Michayluk David Neuhauser Karyn 《The Journal of Real Estate Finance and Economics》2004,28(4):339-354
Real estate investment trusts (REITs) are viewed as low risk/low return stocks that exhibit defensive stock characteristics. The stock market decline of October 1997 provides an excellent opportunity to examine the riskiness of REITs during high levels of market uncertainty. We find that the decline in REIT stock values was about one-half as large as the decline of non-REIT stocks. Additionally, market uncertainty on the event day was shown with an increased bid-ask spread for all stocks. On the following day when the market decline was partially reversed, the bid-ask spreads continued to increase for non-REIT stocks, but declined for REIT stocks. This suggests that REITs, like defensive stocks in general, are less prone to significant declines during market-wide disturbances. Also, we order stocks based on the standard deviation measures of risk and show that this risk measure explains the cross-section of returns for non-REITs but is not valid for REITs. 相似文献
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万淼 《广西质量监督导报》2008,(11)
国家标准GB7258-2004中对机动车前照灯远光光束发光强度检测时对应的发动机转速规定不明确,在车主和检测机构之间容易引发争议。而鉴于汽车发电机的工作特性,不同的发动机转速可能导致完全相反的检测结果,因此需要对机动车前照灯远光光束发光强度检测附加一个限制条件,以解除争议,维护国家标准的权威性。 相似文献
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构建有效的金融风险防范机制应包括:宏观上:强化中央银行监管力度,规范商业银行经营行为;微观上:完善资产负债比例管理,增强自我调节功能;参照国际金融界惯例和经验,建立贷款风险约束机制;强化信贷行为约束,提高营运资产质量;加强内部监督检查,建立健全经营约束机制 相似文献
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在交通事故中行人是一个弱势群体,是交通事故中受危害最大的一方。随着汽车技术的发展,各国已经制定行人保护的标准。文章主要分析我国在汽车对行人发生碰撞方面保护头型碰撞试验的法规要求,提出一些满足汽车对行人碰撞保护要求的发动机罩开发策略。 相似文献
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在煤炭的工业分析项目中,挥发分是一个确定煤炭分类的重要指标。该文对挥发分测定结果的影响因素进行分析和讨论,并提出在测定过程中的注意事项。 相似文献