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Jun-Koo Kang
Nanyang Technological University
FinanceBusinessEconomicsCorporate governanceFinancial system
79Publications
29H-index
6,574Citations
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Publications 77
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#1Sheng-Syan Chen (National Chengchi University)H-Index: 22
Last. Shu-Cing PengH-Index: 1
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Abstract We investigate how a shock to corporate demand for experienced directors (i.e., U.S. Congress’ grant of Permanent Normal Trade Relations status to China in 2000) affects U.S. firms’ board structure and board advisory role. We find that firms appoint more outside directors with China-related experience after the grant. Firms with such directors realize higher returns around announcements of investments involving Chinese firms and better post-deal operating performance, particularly when ...
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#1Jun-Koo KangH-Index: 29
#2Jungmin KimH-Index: 2
Last. Angie LowH-Index: 10
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We examine the value-enhancing role of unseasoned independent directors nominated through shareholder activism events (Activist RIDs). Firms appointing Activist RIDs experience a larger value increase than firms appointing other directors. The value-enhancing role of Activist RIDs is more pronounced among firms whose directors are less experienced, more homogenous, and busier, and firms with greater needs for monitoring. Firms with Activist RIDs also increase dividends, cut overinvestment, and i...
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#1Jun-Koo Kang (NTU: Nanyang Technological University)H-Index: 29
#2Jungmin Kim (PolyU: Hong Kong Polytechnic University)H-Index: 2
We examine employee-friendly policies as an important channel through which family firms create value. Using employee relations ratings as the measure of employee-friendly policies, we find that compared with nonfamily firms, family firms treat their employees better and this better treatment is associated with higher firm value. The positive relation between employee treatment and firm value for family firms is robust to controlling for endogeneity bias, and also to using firms’ inclusion in Fo...
2 CitationsSource
#1Shinichi Kamiya (NTU: Nanyang Technological University)H-Index: 4
#2Jun-Koo Kang (NTU: Nanyang Technological University)H-Index: 29
Last. René M. Stulz (Max M. Fisher College of Business)H-Index: 88
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Abstract We develop a model where a firm has an optimal exposure to cyber risk. With rational, fully informed agents and with no hysteresis, a successful cyberattack should have no impact on a financially unconstrained target's reputation and post-attack policies. In contrast, when a successful attack involves the loss of personal financial information, there is a significant shareholder wealth loss, which is much larger than the attack's out-of-pocket costs. This excess loss is higher when the ...
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#1Jun-Koo Kang (NTU: Nanyang Technological University)H-Index: 29
#2James L. Park (KU: Korea University)H-Index: 2
Stock exchanges require shareholder approval for discounted placements that make up more than 20% of existing shares. This study shows discontinuity among placement distribution around the 20% threshold, which suggests that managers tend to avoid shareholder approval by keeping the placement fraction just below 20%. Empirical results show that firms placing below 20% are less distressed, issue at higher discounts, have less managerial shares, and have lower announcement day returns than firms ab...
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#1Xinni Cai (RUC: Renmin University of China)
#2Fuxiu Jiang (RUC: Renmin University of China)
Last. Jun-Koo Kang (NTU: Nanyang Technological University)H-Index: 29
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Using unique data on board meeting types of Chinese firms, we examine the effect of remote board meetings on board monitoring effectiveness. We find that compared to face-to-face meetings, remote meetings are associated with better meeting attendance behavior of directors, higher likelihood of director dissent on monitoring-related proposals, higher forced CEO turnover-performance sensitivity, and more effective investments. Proposal-director-level analysis further shows that remote meetings inc...
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#2Jun-Koo KangH-Index: 29
Last. Bing Zhu
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Using a large sample of Chinese firms, we examine performance differences between firms with female and male chairs and the channels through which such differences arise. After controlling for the presence of female CEOs and non-chair female directors, we find that chairwoman firms perform better than chairman firms. Boards led by chairwomen also play not only a more effective supervisory role (as evidenced by a higher likelihood of director dissension, a lower likelihood of committing accountin...
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#1Jun-Koo Kang (NTU: Nanyang Technological University)H-Index: 29
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This paper examines how the coordination of venture capital (VC) investors in their syndication, as measured by their geographic concentration, affects their choice of ex ante contractual terms and firm performance. We find that compared to VC investors that are geographically dispersed, those that are geographically concentrated use less intensive staged financing and fewer convertible securities in their investments, are less likely to have board representation in their portfolio firms, and ar...
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#1Jun-Koo Kang (NTU: Nanyang Technological University)H-Index: 29
#2Limin Xu (University of Adelaide)
ABSTRACT We examine how the adoption of executive stock ownership guidelines affects debtholder wealth. We find that guideline adoption is associated with lower loan spreads, fewer collateral requi...
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1 CitationsSource
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