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초록
영어
We examine the stock market reaction to announcements of corporate name changes for fi rms belonging to Korean chaebols. We fi nd that chaebol-affiliated fi rms changing their non-chaebol-name (a name not including the name of a chaebol) to a chaebol-name (a name including the name of a chaebol) experience a positive stock price reaction on the announcement date. Another noteworthy finding is that the fi rms also earn a statistically signifi cant excess return on the effective date of a name change, as well as on the announcement date. The stock price reaction on the effective date is stronger among stocks experiencing a larger increase in their investor base.
목차
Abstract
1. Introduction
2. Sample and Methodology
2.1. Sampling procedure
2.2. Procedures for changing corporate names
2.3. Measures of abnormal returns
3. Results
3.1. The pattern in name changes of chaebol-affiliated fi rms
3.2. Price Reactions around the Announcement Date
3.3. Price Reactions around the Effective Date
3.4. The investor recognition hypothesis
4. Conclusion
References
Table
Fig
1. Introduction
2. Sample and Methodology
2.1. Sampling procedure
2.2. Procedures for changing corporate names
2.3. Measures of abnormal returns
3. Results
3.1. The pattern in name changes of chaebol-affiliated fi rms
3.2. Price Reactions around the Announcement Date
3.3. Price Reactions around the Effective Date
3.4. The investor recognition hypothesis
4. Conclusion
References
Table
Fig
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참고문헌
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