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제목 The Impact of Corporate Real Estate Holdings on Cor-porate Performance and Risk: Evidence from Korea(정영식)
작성자 관리자 조회수 4614 작성일 2009.06.09
The purpose of this study was the examination of the impact of corporate real estate (CRE) hold-ings on returns to shareholders as well as systematic risk for firms. The study drew on data from 673 Korean firms in 33 industries other than real estate. Korea in many respects is a particularly valuable case study for CRE holdings in light of the fact that it maintains one of the highest CRE ratios among major industrialized economies. Korea has also experienced often drastic changes, including the IMF bailout in 1997. Overall, the results showed a significant negative correlation between CRE hold-ings and abnormal returns to shareholders. With respect to systematic risk, the results indicated that higher CRE holdings ratios posed less systematic risk. Furthermore, this paper found variation across the sub-sample period when analyses were conducted to see if structural changes affected the relations of CRE holdings and firm performance and risk. The results of the IMF bailout provide evidence to support claims that massive CRE holdings are likely to result in lower abnormal returns and higher systematic risk, exactly contrary to the situation before the IMF bailout. The results for the post IMF bailout period show CRE holdings have a significant negative correlation with abnormal re-turns and systematic risk. Furthermore, results by industry also exhibit substantial variation across in-dustries, both in terms of abnormal stock returns and systematic risk.
첨부파일 첨부파일 [정영식].pdf