| Is Information Transfer Faster among Chaebol Affiliated Companies? : Evidence from Asset Management Firms` Investment Performance |
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Young Kyu Park, In Ho Kim |
| 재벌그룹 계열사 간의 정보전달 우위는 존재하는가? |
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박영규, 김인호 |
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| Abstract |
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This study examines the fund management behavior and performance of Korea asset management companies to identify the information transfer among Chaebol affiliated companies. For this purpose, we compare the investment performance of Chaebol group and of non-Chaebol group asset management companies for the periods from the end of 2001 to the end of 2009. We found that Chaebol group asset management companies show better investment performance compared to non-Chaebol group asset management companies in the investment to the same group affiliated firms. This indicates that there exists an information transfer between the same group affiliated companies. Chaebol group asset management companies also tend to hold more shares of affiliated companies when the stock prices fall, maybe to prevent the further decline. On the other hands, we do not find significant differences in the firm characteristics between Chaebol group asset management companies and non Chaebol group asset management companies to invest. |
| Key Words:
자산운용사,재벌그룹,정보전달,투자성과,펀드,Asset Management Company,Chaebol Group,Fund,Information Transfer,Investment Performance |
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