Journal of Derivatives and Quantitative Studies: 선물연구: Volume 32 Issue 3 , Open Access

Renegotiable debt, liquidity injections and financial instability

Hyun Soo Doh, Guanhao Feng

This paper develops a debt-run model to study the effects of liquidity injections on debt markets in the presence of a renegotiation option. In the model, creditors decide when to…

Word-of-mouth effects in individual investors’ trading: evidence from Korea

Sujung Choi

This paper examines the hypothesis of local herding (i.e. own-area effects) by individual investors on a particular stock-month. Using a unique dataset on online and offline…

The impact of ESG ratings on corporate value during COVID-19 pandemic: evidence from China and South Korea

Donghoon Kim, Sun-Joong Yoon

The COVID-19 pandemic has significantly disrupted global economies, posing unprecedented business challenges worldwide. This study examines the influence of Environmental, Social…

Informational role of investment and liquidation values

Hyun Soo Doh, Yiyao Wang

We develop a credit-risk model to study the informational role of investment in an economy susceptible to large liquidity shocks. Firms' investment decisions carry information…