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Université de Fribourg

Investors' perception of business group membership during an economic crisis : Evidence from the COVID-19 pandemic

Ducret, Romain

(Working Papers SES ; 524)

This paper examines how investors perceive business group membership in Korea during the COVID-19 pandemic. Stock price performance analysis reveals evidence of a time-varying and heterogeneous value of affiliation: investors discount business group affiliation during a market collapse, but are willing to pay a premium for affiliation during market recovery. Overall, this pattern is more...

Université de Fribourg

The Korea discount and chaebols

Ducret, Romain ; Isakov, Dušan

(Working Papers SES ; 511)

Finance practitioners frequently claim that stocks of Korean firms are undervalued and trade at a discount relative to foreign firms. This phenomenon is commonly called «the Korea discount». It is based on anecdotal evidence comparing either the price- earnings ratios of different market indexes or those of different individual stocks. This paper provides empirical evidence on the existence...