Sang Yong Park

TL;DR: In this article, the determinants of business groups' ownership structure using unique panel data on Korean chaebols were studied. And they found that poor past performance predicts an increase in the degree of pyramiding in a firm's ownership structure.

TL;DR: In this paper, the determinants of business groups' ownership structure using a unique dataset of Korean chaebols, and a set of new metrics of group ownership structure were studied, and it was shown that controlling families optimally design the ownership structure of the group in a manner that is consistent with theory.

TL;DR: In this paper, the authors studied the unusual price behavior of Treasury bills that mature at the turn of calendar months and found that the exceptionally large premium on the first bill in a month tended to be earned throughout the lifetime of the bill.

TL;DR: This article proposed new measures to describe the ownership structure of family business groups that go beyond the standard measures of cash flow and voting rights, and found that firms with high investment requirements and/or low profitability are more likely to be set up in pyramids (a selection effect).

TL;DR: In this paper, the authors proposed new metrics to describe the complex ownership structure of business groups, and provided simple formulas and algorithms to compute these metrics, irrespective of the degree of complexity of the group structure.