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@article{ART002061536},
author={Jong-min Park},
title={A Study of the Effects of Land Evaluation Gains and Lossesestimated by GALP on Firm Value},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2015},
volume={25},
number={4},
pages={75-90}

TY - JOUR
AU - Jong-min Park
TI - A Study of the Effects of Land Evaluation Gains and Lossesestimated by GALP on Firm Value
JO - Korea Real Estate Review
PY - 2015
VL - 25
IS - 4
PB - korea real estate research institute
SP - 75
EP - 90
SN - 2092-5395
AB - This study has been carried out to analyze whether land evaluation gains and losses estimated on the basis of GALP (government-announced land price) with listed firms would affect firm value, which study would diversify utilization of GALP. For the analysis, 2 portfolios are made up with 30 firms of largest (A portfolio) and smallest (B portfolio) land evaluation gains, then residual errors of individual firms and portfolios are estimated by subtracting expected rate of return from daily rate of return. Analysis results show that difference of daily average of cumulated residuals between portfolio A and B in year 2008 has significantly positive(+) effects on price return after announcement of GALP around end of may. Insignificant results in other years between 2005-2010 excluding 2008, however, may suggest that land evaluation gains and losses would have effected stock price before announcement day in that GALP would be announced every year periodically and stock market surroundings in 2008 when Financial Crisis happened in Korea were worst.
KW - GALP;firm value;land evaluation gains;portfolio;residual error
DO -
UR -
ER -

Jong-min Park. (2015). A Study of the Effects of Land Evaluation Gains and Lossesestimated by GALP on Firm Value. Korea Real Estate Review, 25(4), 75-90.

Jong-min Park. 2015, "A Study of the Effects of Land Evaluation Gains and Lossesestimated by GALP on Firm Value", Korea Real Estate Review, vol.25, no.4 pp.75-90.

Jong-min Park "A Study of the Effects of Land Evaluation Gains and Lossesestimated by GALP on Firm Value" Korea Real Estate Review 25.4 pp.75-90 (2015) : 75.

Jong-min Park. A Study of the Effects of Land Evaluation Gains and Lossesestimated by GALP on Firm Value. 2015; 25(4), 75-90.

Jong-min Park. "A Study of the Effects of Land Evaluation Gains and Lossesestimated by GALP on Firm Value" Korea Real Estate Review 25, no.4 (2015) : 75-90.

Jong-min Park. A Study of the Effects of Land Evaluation Gains and Lossesestimated by GALP on Firm Value. Korea Real Estate Review, 25(4), 75-90.

Jong-min Park. A Study of the Effects of Land Evaluation Gains and Lossesestimated by GALP on Firm Value. Korea Real Estate Review. 2015; 25(4) 75-90.

Jong-min Park. A Study of the Effects of Land Evaluation Gains and Lossesestimated by GALP on Firm Value. 2015; 25(4), 75-90.

Jong-min Park. "A Study of the Effects of Land Evaluation Gains and Lossesestimated by GALP on Firm Value" Korea Real Estate Review 25, no.4 (2015) : 75-90.