... in the market to test these explanations. The results show that they are not higher at the TOM than at the rest-of-the-month (ROM), but lower. When I calculate trading volumes of individual, institutional and foreign investors, trading volumes by the individual and institutional traders at the TOM...

... of foreign investors. The impact of dividends on earnings quality differs by firm ownership structure, and I provide evidence that foreign ownership can be a substitute for deterring management misbehavior. Dividend increases and foreign ownership act as substitutes in improving earnings quality where...

... to the drop of ABX, domestic institutional investors buy, whereas foreign investors sell. Furthermore, we find KOSPI reacts to ABX less than the response implied by KOSPI response to S&P 500 and S&P 500 response to ABX, which are considered as an efficient channel of information transmission...