엄찬영 교수

This study explores the role of social media in social change by analyzing Twitter data collected during the 2011 Egypt Revolution. Particular attention is paid to the notion of collective sense making, which is considered a critical aspect for the emergence of collective action for social change. We suggest that collective sense making through social media can be conceptualized as human-machine collaborative information processing that involves an interplay of signs, Twitter grammar, humans, an

Abstract Despite the growing body of research on creativity in team contexts, very few attempts have been made to explore the team‐level antecedents and the mediating processes of team creative performance on the basis of a theoretical framework. To address this gap, drawing on Paulus and Dzindolet's (2008) group creativity model, this study proposed team creative efficacy, transformational leadership, and risk‐taking norms as antecedents of team creative performance and team proactivity as an i

Abstract We document that corporate investment contributes to stock liquidity. This study demonstrates a positive relationship between abnormal corporate investment and stock liquidity in the cross‐section. Moreover, stock liquidity improves more apparently for firms with financial constraints. Our robustness check confirms that the existing regularities cannot explain the current finding. This analysis suggests that corporate investment decreases the risk of a firm and that a change in the risk

Purpose This study aims to empirically validate that a knowledge-based view (KBV) is an important framework to understand price discovery processes in initial public offerings (IPOs) by emphasizing the unique feature of knowledge creation jointly invoked by underwriters and institutional investors during the book building phase. Design/methodology/approach The authors decompose underwriters’ incremental knowledge acquisition into objective knowledge – acquired from premarket bids – and subjectiv

<span style="font-family: "Times New Roman","serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">This paper questions if the anomaly in the events of seasoned equity offerings has remained significant after it was first documented and analyzed in the year 1995. I find that U.S. domestic firms issuing primary and combined SEOs underperform

Using unique initial public offering (IPO) bookbuilding datasets, we examine how premarket auctioning activities, measured using oversubscription and institutional bids, affect the price-setting practices of underwriters in Korean IPOs. Three key findings emerge. First, final offer prices are set higher when institutional investors consider IPOs more favorably and thus bid more aggressively. Next, IPO underpricing increases with oversubscription and institutional bids increase with positive pric

Purpose This research investigates the differential impact of information technology (IT) investments based on their features, such as investment in data management capability, security improvement, IT outsourcing or new IT infrastructure. The Long-Horizon Event Study (LHES) is essential for providing a more appropriate measure of the value of IT investments because firms' strategic decisions often set long-horizon and large-scale organizational goals, and there is inherent uncertainty regarding

Abstract We analyze how foreign ownership relates to the short‐term pricing efficiency of common stocks listed on the Korea Stock Exchange. We find that stocks with greater foreign holdings are priced less efficiently. This result is robust to different efficiency measures, estimation methods, and reverse causality concerns. Our evidence suggests that foreign trading deters price corrections, at least in the short term, and thus, has a negative effect on utilitarian traders. Our findings in rela

Stock issuance predicts future stock returns in the Korean market. This creates profitable trading opportunities. Abnormal returns exist in the zero-cost portfolio that short the firms issuing large numbers of shares and longs those issuing small numbers of shares. Their average abnormal return is 12 percent per annum, which is highly significant even after controlling for market, size, value, and momentum factors as well as transaction costs. The authors suggest the possibility of fixed costs i

New equity shares are sold for