Sang Gyu Kang
Seoul National University · 経営学
研究室紹介
Professor Sang Gyu Kang's research lab focuses on corporate finance, corporate governance, and information economics, with a particular emphasis on the role of information asymmetry, institutional monitoring, and capital structure in shaping firm behavior and market outcomes. The lab investigates how information quality, ownership structures, and institutional monitoring influence innovation, insider trading, and corporate restructuring, especially in emerging and transitional markets such as South Korea. It also explores historical and geopolitical dimensions of institutional change, as seen in studies on the Ryukyu Kingdom’s integration into the Japanese state. The lab combines empirical corporate finance with institutional and historical analysis to understand the interplay between governance, transparency, and market efficiency.
Research Overview
Research Output Trend
Figures are computed from collected data and may differ slightly.
Selected Papers
15We examine the effects of institutional ownership on insider exploitation of asymmetric information. Because institutional investors monitor firm activities in order to improve the corporate information environment, such monitoring could decrease the intensity of insider trading on private information. We find that large, long-term institutional ownership is negatively and significantly related to the extent of insider trading associated with information risk. This suggests that institutional mo
Using extensive manually collected data on granted patents, this study examines the effects of the degree of a firm’s information asymmetry on corporate innovation in the Korean market, which is characterized by weak transparency and active firm innovation. Based on four measures of information asymmetry, we find that the quality of information about a firm has a positive influence on its innovation activities. In addition, this influence is more evident in firms with poor corporate governance p
오키나와에는 19세기 후반까지 중국적 세계질서에 적극적으로 참여하면서‘비무장의 섬’으로서 독특한 정체성을 간직하고 있던 유구왕국이 존재하고 있었다. 그러나 유구왕국은 19세기의 위기상황 속에서 일본의 메이지정부에 의해 강제로 병합되고 말았다. 유구병합에 관한 일본 측 연구는 상당히 많이 축적되어 있다. 하지만 한반도 정황과의 상관관계에 주목하는 시각은 거의 찾아보기 어렵다. 본 연구는 유구왕국의 해체가 동아시아 질서가변동하는 과정에서 특히 한반도‘안과 밖’의 정치적 상황 변화와 어떻게 맞물리게 되는지 고찰하는 것을 그 목적으로 한다. 중국적 세계질서의 변동은 아편전쟁이라는 외부로부터의 충격에서 비롯되었다. 하지만 동아시아 삼국 간의 구체적인 관계 변동은 메이지 유신이라는 일본 국내의 정치변동을 기점으로 본격적으로 가시화되었다고 할 수 있다. 일본의 메이지 신정부는 중국적 세계질서의 가장 약한 고리에 해당하는유구왕국을 기점으로 거대한 전환기 동아시아 질서의 재편을 모색하게 된다. 18
Abstract Research Question/Issue We examine whether bond‐blockholders provide additional, distinct monitoring roles in merger and acquisition (M&A) processes beyond those of equity‐blockholders. Using a sample of 4309 M&A deals reported between 2001 and 2010, we shed new light on the monitoring spillover effects of bondholders to shareholders in the context of M&As. Research Findings/Insights Our findings demonstrate a positive relationship between the presence of bond‐blockholders (
Background: This study aims to examine the fundamental driving forces of the high market-level stock return volatility in a recession. Methods: A production-based asset pricing model is used to show the important roles of both financial and operating leverage and their simultaneous amplification effects on volatility. Results: The quantitative results show that both financial and operating leverage significantly explain the stock return volatility, and that this explanatory power is highest duri