The Role of Second-Tier Exchange in Corporate Valuation: Evidence from Korea*
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Choi, H. | - |
dc.contributor.author | Lee, D.W. | - |
dc.date.accessioned | 2022-03-10T09:41:15Z | - |
dc.date.available | 2022-03-10T09:41:15Z | - |
dc.date.created | 2022-02-09 | - |
dc.date.issued | 2021 | - |
dc.identifier.issn | 2041-9945 | - |
dc.identifier.uri | https://scholar.korea.ac.kr/handle/2021.sw.korea/138454 | - |
dc.description.abstract | Using data from Korea, we show that the second-tier exchange—also known as the entrepreneurial market—assigns higher valuations to growth-oriented (i.e. small yet intangibles-rich) companies despite their low profitability. Such “growth” valuation is most pronounced among companies in an earlier stage of their life cycle as proxied by dividend payments (i.e. dividend non-payers). Further analysis confirms that the valuation in the second-tier exchange facilitates access to capital and investments—especially in intangible assets—by the early-stage growth companies who would not have made it to public equity markets without the second-tier exchange. © 2021 Korean Securities Association | - |
dc.language | English | - |
dc.language.iso | en | - |
dc.publisher | John Wiley and Sons Inc | - |
dc.title | The Role of Second-Tier Exchange in Corporate Valuation: Evidence from Korea* | - |
dc.title.alternative | The Role of Second-Tier Exchange in Corporate Valuation: Evidence from Korea | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Lee, D.W. | - |
dc.identifier.doi | 10.1111/ajfs.12353 | - |
dc.identifier.scopusid | 2-s2.0-85120080471 | - |
dc.identifier.bibliographicCitation | Asia-Pacific Journal of Financial Studies, v.50, no.6, pp.623 - 658 | - |
dc.relation.isPartOf | Asia-Pacific Journal of Financial Studies | - |
dc.citation.title | Asia-Pacific Journal of Financial Studies | - |
dc.citation.volume | 50 | - |
dc.citation.number | 6 | - |
dc.citation.startPage | 623 | - |
dc.citation.endPage | 658 | - |
dc.type.rims | ART | - |
dc.type.docType | Review | - |
dc.identifier.kciid | ART002793437 | - |
dc.description.journalClass | 1 | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
dc.description.journalRegisteredClass | kci | - |
dc.subject.keywordAuthor | Growth | - |
dc.subject.keywordAuthor | Intangibles | - |
dc.subject.keywordAuthor | Korea | - |
dc.subject.keywordAuthor | Second-tier exchange | - |
dc.subject.keywordAuthor | Valuation | - |
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