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Paper (literature Review & Hypothesis Setting (Read Chang Reference…
Paper
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Methodology
Event Study
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CMARs (cumulative market adjusted return)
Plot Treated firm
large_plus positive chaebol ERI ;large_plus negative chaebol ERI;large_plus non-chaebol ERI
\[ CMAR_i = \alpha + \Sigma_k (\gamma_k × D_{treat,k}) +\Sigma_j (\lambda_j × X_ j ) + \epsilon_i\]
\[D_{treat}\] Black(2015) treatment = large_plus positive chaebol ERI ;large_plus negative chaebol ERI;large_plus non-chaebol ERI
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Robustness
Change Dependent Variable : Market/Book, Market/Sales
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Data
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Proxy for TCGI : ,Control
RPT (Related Party Transaction)
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