재무연구 제 권 호 (2009년 8월)
Asian Review of Financial Research, Vol., No..
pp.450~469
pp.450~469
An Equity Market Perspective of the Korean Financial Crisis
Wook Sohn KDI School
Bobae Choi University of Newcastle Business School, Newcastle NSW 2300, Australia
We examine the movement of Korean stock prices before and after the 1997 financial crisis. In contrast to the case of Japan documented by Hamao, Mei and Xu (2005), we find an increase in firm-level volatility. The results appear to derive from government efforts to restructure the corporate sector, specifically Chaebol firms, immediately after the market crash.
Wook Sohn
Bobae Choi
We examine the movement of Korean stock prices before and after the 1997 financial crisis. In contrast to the case of Japan documented by Hamao, Mei and Xu (2005), we find an increase in firm-level volatility. The results appear to derive from government efforts to restructure the corporate sector, specifically Chaebol firms, immediately after the market crash.
