'●제목 : Effect of the BIS Capital Adequacy Regulation on Return on Investment in Korean Banks Stocks
●저자 : 송종한,장동한(건국대)
●개요 : The aim of this paper is to examine how promulgation of the BIS capital adequacy regulation influenced the return on investment in Korean banks stocks between 1992 and 2005. The regulation may not achieve its goal of enhancing a banks soundness if investors dissatisfied with stock performance refuse to participate in additional capital infusion. It finds that investment in low BIS ratio banks resulted in larger loss when 5 commercial banks were ordered to close in 1998. But the result does not show any positive impact of the regulation on bank stock investment. This implies that the regulation needs to incorporate a profit-related factor that induces shareholders to participate in paid-in capital increases to strengthen the capital base. '