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title page
Abstract
Contents
Chapter 1. Private Benefits of Control and Firm Leverage 12
1.1. Introduction 12
1.2. Hypotheses and Related Empirical Evidence 14
1.3. Measuring the Private Benefits of Control 16
1.4. Data and Variables 21
1.4.1. Data Formation 21
1.4.2. Variables 22
1.4.3. Descriptive Statistics 26
1.5. Empirical Results 27
1.5.1. Private Benefits of Control and Firm Leverage 27
1.5.2. Private Benefits of Control, the Ownership Structure, and Firm Leverage 31
1.5.3. Private Benefits of Chaebols, the Role of Debt, and Firm Leverage 35
1.6. Conclusion 37
Appendix A: Alternative measures of private benefits of control 39
References 43
Tables and Figures 47
Chapter 2. Private Benefits of Control and Dividend Policy 58
2.1. Introduction 58
2.2. Measuring the Private Benefits of Control 62
2.3. Sample Selection and Descriptive Statistics 65
2.4. Empirical Results 70
2.4.1. Dividend Adjustment Decisions 70
2.4.2. Stock Price Reactions to Dividend Adjustments 73
2.4.3. Robustness Check 80
2.5. Conclusion 83
References 85
Tables and Figures 88
Chapter 3. Trading Costs on the Korea Stock Exchange 95
3.1. Introduction 95
3.2. Data Sources 99
3.3. Comparison of Transaction Costs between KSE and NYSE 100
3.3.1. Market Structure of KSE and NYSE 100
3.3.2. Measurement of Trading Costs 102
3.3.3. Matching Sample of KSE and NYSE Firms 104
3.3.4. Trading Cost Comparison 105
3.4. Tick Size and Market Quality on KSE 111
3.4.1. The Impact of a Reduction in Tick Size on Market Quality 111
3.4.2. A Discrete Model of a Spread 113
3.4.3. Projection of Spread, Depth, and Volume 114
3.5. Tick Size and the Probability of Informed Trading 119
3.6. Conclusions 120
References 121
Tables and Figures 123
요약문 133
Acknowledgement 135
Curriculum Vitae 136
Table 1.1. Descriptive Statistics 49
Table 1.2. Private Benefits of Control and Frm Leverage 50
Table 1.3. Private Benefits of Control and Firm Leverage: Yearly Estimation 52
Table 1.4. Private Benefits of Control, the Ownership Structure, and Firm Leverage 53
Table 1.5. Private Benefits of Chaebols, the Role of Debt, and Firm Leverage 55
Table 1.6. Alternative Measure of Private Benefits of Control 57
Table 2.1. Distribution of Dividends 88
Table 2.2. Summary Statistics of Variables of Interest 89
Table 2.3. Mean and Median of Variables by Dividend Adjustment Group 90
Table 2.4. Dividend Adjustment Decisions: Logit Analysis 91
Table 2.5. Mean and Median of Dividend Yields by Private Benefits of Control Group 92
Table 2.6. Stock Market Reactions to Dividend Adjustment Announcements 93
Table 2.7. Determinants of Stock Market Reactions to Dividend Adjustment Announcements 94
Table 3.1. Descriptive Statistics 123
Table 3.2. Comparison of Trading Costs between KSE and NYSE by Firm Size 125
Table 3.3. Comparison of Trading Costs between KSE and NYSE by Trade Size 126
Table 3.4. Comparison of Trading Costs between KSE and NYSE by Tick Size 127
Table 3.5. Regression Analysis of Trading Costs 128
Table 3.6. Maximum Likelihood Estimation of the Discrete Spread Model 129
Table 3.7. Projected Spread and Binding Frequency 130
Table 3.8. Regression Analysis of Depth, Volume, and the Probability of Informed Trades 131
Figure 1.1. Private Benefits of Control 47
Figure 1.2. Book Leverage 47
Figure 1.3. Private Benefits of Control: Chaebol vs. Non-chaebol 48
Figure 1.4. Book Leverage: Chaebol vs. Non-chaebol 48
Figure 3.1. Tick Size Structure of KSE and NYSE 132
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