@article{ART001050390},
author={김경식},
title={A Study on the Performance of the M&A Firm in KOSDAQ},
journal={Journal of The Korea Society of Computer and Information},
issn={1598-849X},
year={2007},
volume={12},
number={1},
pages={221-232}
TY - JOUR
AU - 김경식
TI - A Study on the Performance of the M&A Firm in KOSDAQ
JO - Journal of The Korea Society of Computer and Information
PY - 2007
VL - 12
IS - 1
PB - The Korean Society Of Computer And Information
SP - 221
EP - 232
SN - 1598-849X
AB - The results of the research on M&A firms in the KOSDAQ market are as follows. First, the effect of the M&A disclosure at the time of disclosure was that the positive (+) cumulative abnormal return (CAR) can be interpreted as an increase in the value of the firm; however, in the long run, firms which used the KOSDAQ index and the control firm, which did not use the index were found to have conflicting results. Second, the findings show that the rise in value of general firms resulting from a M&A were higher that those of venture firms. Third, in testing the performance extrapolation hypothesis, it was shown that the performance of "value" firms (firms with a high B/M ratio but poor performance in the past) was better after a M&A than those of the "glamour" firms and that the performance extrapolation hypothesis was substantiated. Fourth, it can be construed that a size effect in a merger exists. The CAR of the small firms surpasses those of large firms. Fifth, in verifying operating performance, most variables showed a positive (+) value at the time of M&A but showed a negative (-) value after a M&A. These results show that because on the Korean KOSDAQ market, M&As are approached from a financial rather than an economic aspect, it can be inferred that it lowers the firm’s value.
KW - 합병(M&A);합병공시효과(effect of the M&A disclosure));성과추정가설(performance extrapolation hypothesis);규모효과(size effect)
DO -
UR -
ER -
김경식. (2007). A Study on the Performance of the M&A Firm in KOSDAQ. Journal of The Korea Society of Computer and Information, 12(1), 221-232.
김경식. 2007, "A Study on the Performance of the M&A Firm in KOSDAQ", Journal of The Korea Society of Computer and Information, vol.12, no.1 pp.221-232.
김경식 "A Study on the Performance of the M&A Firm in KOSDAQ" Journal of The Korea Society of Computer and Information 12.1 pp.221-232 (2007) : 221.
김경식. A Study on the Performance of the M&A Firm in KOSDAQ. 2007; 12(1), 221-232.
김경식. "A Study on the Performance of the M&A Firm in KOSDAQ" Journal of The Korea Society of Computer and Information 12, no.1 (2007) : 221-232.
김경식. A Study on the Performance of the M&A Firm in KOSDAQ. Journal of The Korea Society of Computer and Information, 12(1), 221-232.
김경식. A Study on the Performance of the M&A Firm in KOSDAQ. Journal of The Korea Society of Computer and Information. 2007; 12(1) 221-232.
김경식. A Study on the Performance of the M&A Firm in KOSDAQ. 2007; 12(1), 221-232.
김경식. "A Study on the Performance of the M&A Firm in KOSDAQ" Journal of The Korea Society of Computer and Information 12, no.1 (2007) : 221-232.
