Won Young Chae
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2 publications
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Does insurance hedge macro volatility? Global evidence
Paul Moon Sub Choi , Won Young Chae , Joung Hwa Choi , Young Bin Han doi: http://dx.doi.org/10.21511/imfi.14(2-2).2017.02Investment Management and Financial Innovations Volume 14, 2017 Issue #2 (cont. 2) pp. 307-315
Views: 1128 Downloads: 286 TO CITE АНОТАЦІЯInsurance is known in the literature as a contribution to economic growth. In our cross-country analysis, we found out that insurance density also appears to subdue macro volatility. In other words, an overall expansion of insurance coverage in an economy cushions aggregate risks. This empirical inference remains robust to controlling for other covariates known to co-move with economic activities. Given that the contribution of insurance to economic growth is more impactful in developing countries than in industrialized economies, not only this result is appealing to economic intuition, but also extends the claims in the existing researches.
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Do corporate governance and culture matter in cross-border acquisitions? Some Chinese evidence
Won Young Chae , Jinho Byun , Paul Moon Sub Choi , Ruilin Yang doi: http://dx.doi.org/10.21511/imfi.15(1).2018.09Investment Management and Financial Innovations Volume 15, 2018 Issue #1 pp. 90-105
Views: 1335 Downloads: 188 TO CITE АНОТАЦІЯThe Chinese market for corporate control has recently gained much academic attention. This research constructs a sample of 159 cross-border acquisitions made by 123 Chinese firms between 2010 and 2014 and relates the roles of governance and culture to the wealth effects of mergers. First, the shareholders of Chinese bidders experience gains upon the announcement of overseas mergers. Second, country- and firm-level governance notably affects the cumulative abnormal returns of Chinese acquirers. Lastly, and however, the cultural distance per Hofstede’s (1980) four cultural dimensions does not appear to be a significant factor in determining the shareholder wealth of Chinese purchasers.
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