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@article{ART001913355},
author={Jong-min Park and 윤춘선 and Hyunchul Chung},
title={A Study of the Effects of Land Valuation Gains & Losses on Stock Prices, basing on Korea Government-Announced Land Price},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2014},
volume={24},
number={3},
pages={7-21}

TY - JOUR
AU - Jong-min Park
AU - 윤춘선
AU - Hyunchul Chung
TI - A Study of the Effects of Land Valuation Gains & Losses on Stock Prices, basing on Korea Government-Announced Land Price
JO - Korea Real Estate Review
PY - 2014
VL - 24
IS - 3
PB - korea real estate research institute
SP - 7
EP - 21
SN - 2092-5395
AB - In this study, we estimate the market value and net valuation G/L (gains and losses) of land owned by listed firms on KRX based on annual GALP (Government-Announced Land Price) and then analyze effects of valuation G/L on stock price. Moreover, we examine the rate of GALP over land market value and analyze relationship between asset re-valuation G/L and stock price through method of multi regression analysis. Analysis results show that land valuation G/L have positive (+) effect on stock price during the period 2004~2007 before Global Financial Crisis which broke in 2008, however it changed to negative (-) after the Crisis and its effect was not so big. Asset re-valuation G/L has positive (+) relationship with stock price during the period 2008~ 2010. In case we maintain asset re-valuation G/L from the re-valuation year until 2010 instead of turning the G/L into book value in the years next to re-valuation year, the relation of the year 2010 turned negative (-). Book value per share (BPS) of prior term (t-1) and net income (EPS) show positive (+) effects on stock price at any time. BPS affects more on stock price in total amount, however, EPS coefficient is bigger than BPS’s, which means that investors weigh the cashflow-in originated from EPS higher than BPS, the holding asset.
KW - stock price;gongsijiga;public land price;land evaluation gains and losses;asset revaluation
DO -
UR -
ER -

Jong-min Park, 윤춘선 and Hyunchul Chung. (2014). A Study of the Effects of Land Valuation Gains & Losses on Stock Prices, basing on Korea Government-Announced Land Price. Korea Real Estate Review, 24(3), 7-21.

Jong-min Park, 윤춘선 and Hyunchul Chung. 2014, "A Study of the Effects of Land Valuation Gains & Losses on Stock Prices, basing on Korea Government-Announced Land Price", Korea Real Estate Review, vol.24, no.3 pp.7-21.

Jong-min Park, 윤춘선, Hyunchul Chung "A Study of the Effects of Land Valuation Gains & Losses on Stock Prices, basing on Korea Government-Announced Land Price" Korea Real Estate Review 24.3 pp.7-21 (2014) : 7.

Jong-min Park, 윤춘선, Hyunchul Chung. A Study of the Effects of Land Valuation Gains & Losses on Stock Prices, basing on Korea Government-Announced Land Price. 2014; 24(3), 7-21.

Jong-min Park, 윤춘선 and Hyunchul Chung. "A Study of the Effects of Land Valuation Gains & Losses on Stock Prices, basing on Korea Government-Announced Land Price" Korea Real Estate Review 24, no.3 (2014) : 7-21.

Jong-min Park; 윤춘선; Hyunchul Chung. A Study of the Effects of Land Valuation Gains & Losses on Stock Prices, basing on Korea Government-Announced Land Price. Korea Real Estate Review, 24(3), 7-21.

Jong-min Park; 윤춘선; Hyunchul Chung. A Study of the Effects of Land Valuation Gains & Losses on Stock Prices, basing on Korea Government-Announced Land Price. Korea Real Estate Review. 2014; 24(3) 7-21.

Jong-min Park, 윤춘선, Hyunchul Chung. A Study of the Effects of Land Valuation Gains & Losses on Stock Prices, basing on Korea Government-Announced Land Price. 2014; 24(3), 7-21.

Jong-min Park, 윤춘선 and Hyunchul Chung. "A Study of the Effects of Land Valuation Gains & Losses on Stock Prices, basing on Korea Government-Announced Land Price" Korea Real Estate Review 24, no.3 (2014) : 7-21.