Joonghyuk Kim

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We show that financial analysts from sell-side firms generally recommend “glamour” (i.e., positive momentum, high growth, high volume, and relatively expensive) stocks. Naïve adherence to these recommendations can be costly, because the level of the consensus recommendation adds value only among stocks with positive quantitative characteristics (i.e., high(More)
Recent studies have documented that various factors such as discretionary accounting accruals, underwriter reputation, venture capital backing, and firm size will affect the long-run performance of IPOs. However, it is not clear whether the return predictability of these attributes are the manifestation of one phenomenon, or independent results. In this(More)
Event studies have been used to assess the financial impact of cyber incidents on firms since the methodology is believed to reflect tangible, intangible and potential gains/losses. While most prior studies examined the impact of security breach announcements on the United States? market reaction, our study examines the South Korean market's reaction to(More)
We examine liquidity effects of dual-class stock splits that change firms’ ownership structure from one share one vote to two classes with disparate voting rights. Following dual-class splits, effective spreads, price impacts, and order execution difficulty increase and the investor base decreases significantly for both superiorand inferior-voting shares.(More)
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