Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments December 12, 2012 erstellt
Description:
We examine the stock market reaction to announcements of corporate name changes for firms belonging to Korean chaebols. We find that Chaebol-affiliated firms changing their non-chaebol-name (a name not including the name of a chaebol) to a chaebol-name (a name including the name of a Chaebol) experience a positive stock price reaction on the announcement date. Another noteworthy finding is that the firms also earn a statistically significant excess return on the effective date of a name change, as well as on the announcement date. The stock price reaction on the effective date is stronger among stocks experiencing a larger increase in their investor base