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Institutional investors and opportunistic seasoned equity offerings in the Korean stock market

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  • Chune Young Chung
  • Chang Liu

Abstract

This study examines the impact of institutional monitoring on opportunistic seasoned equity offerings (SEOs) in the Korean stock market. With a firm’s accrual quality as a measurement for the degree of information asymmetry between managers and investors, we hypothesize that the managers of firms with poor accrual quality are likely to engage in opportunistic SEOs, but such opportunistic activity is weak in firms strongly monitored by institutional investors. The empirical findings indicate that opportunistic SEOs tend to be deterred by institutional monitoring.

Suggested Citation

  • Chune Young Chung & Chang Liu, 2017. "Institutional investors and opportunistic seasoned equity offerings in the Korean stock market," Applied Economics, Taylor & Francis Journals, vol. 49(5), pages 446-455, January.
    • Handle: RePEc:taf:applec:v:49:y:2017:i:5:p:446-455
    DOI: 10.1080/00036846.2016.1200183
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    Cited by:

    1. Chang Liu & Chune Young Chung & Hong Kee Sul & Kainan Wang, 2018. "Does hometown advantage matter? The case of institutional blockholder monitoring on earnings management in Korea," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(2), pages 196-221, February.
    2. Chune Young Chung & Sang Jun Cho & Doojin Ryu & Doowon Ryu, 2019. "Institutional blockholders and corporate social responsibility," Asian Business & Management, Palgrave Macmillan, vol. 18(3), pages 143-186, July.
    3. Oi-Ping Chong & A.N. Bany-Ariffin & Annuar Md Nassir & Junaina Muhammad, 2019. "An Empirical Study of Herding Behaviour in China’s A-Share and B-Share Markets: Evidence of Bidirectional Herding Activities," Capital Markets Review, Malaysian Finance Association, vol. 27(2), pages 37-57.

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