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Title:Essays in Banking and International Corporate Governance
Author(s):Park, Kwangwoo
Doctoral Committee Chair(s):George Pennacchi
Department / Program:Finance
Degree Granting Institution:University of Illinois at Urbana-Champaign
Subject(s):Economics, Finance
Abstract:In the third essay, we find that cash ratios for chaebol (business group) firms are lower than for non-chaebol firms for the 1991--2000 period. We do however find that there is a shift in the degree of bank power over the last decade. After the financial crisis in 1997, the interest differential charged to chaebol firms is significantly higher than the earlier period, suggesting extraction of rents against chaebol client firms by main banks. We also provide the dark side of internal capital markets as a competing explanation where independent firms with a more focused line of business are more responsive in investment to good investment opportunities, while this is not the case for diversified chaebol firms.
Issue Date:2003
Description:165 p.
Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 2003.
Other Identifier(s):(MiAaPQ)AAI3101945
Date Available in IDEALS:2015-09-28
Date Deposited:2003

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