Korea Capital Market Institute

Trends and Challenges in Extending Stock Market Trading Hours [Senior Research Fellow] Lee, Sungbok / Oct. 28, 2025 The United States is now leading efforts to extend stock market trading hours following its recent shortening of the settlement cycle. In response, major economies such as the United Kingdom, Germany, and Hong Kong are also considering similar extensions. Longer trading hours can enhance market accessibility for both domestic and foreign investors, thereby improving market liqu... Expanding Household Participation in Capital Markets: Rationale and Challenges [Research Fellow] Jung, Whayoung / Oct. 28, 2025 The wealth-accumulation pattern of Korean households—heavily concentrated in real estate—limits the flow of surplus funds into high-productivity industries, thereby constraining the economy’s growth potential and dynamism. Research indicates that revitalizing corporate financing through capital markets promotes private-sector growth, particularly among innovative firms, and sup... Tax Base for Education Tax of Financial Companies and the Need for Profit and Loss Netting [Senior Research Fellow] JANG, GEUNHYUK / Oct. 14, 2025 Issues have been raised regarding the tax base calculation method for the financial company education tax, which reflects only gross gains regardless of overall profit and loss. For securities, foreign exchange, and derivatives, differences in calculated gains amounts occur even when the economic substance is the same, depending on various transaction methods. This has been par... Investment Performance and Asset Management of Domestic Defined Contribution Plans [Research Fellow] Hong, Wonku / Oct. 14, 2025 The domestic retirement pension system, introduced to replace the severance pay scheme, comprises two types: the Defined Benefit (DB) plan and the Defined Contribution (DC) plan. Accordingly, the amount of retirement benefits under both types is expected to be broadly comparable to severance pay. If the rate of return on DC plans matches the rate of wage growth, the benefits fr... Policy Directions to Address the Undervaluation of Asset-Rich Firms: Toward a Korea Premium [Research Fellow] Lee, Sang Ho / Sep. 30, 2025 A significant share of listed firms in Korea trade below their liquidation value, even when conservatively estimated. As of June 2025, about 12 percent of all listed firms fall into this category, commonly referred to as “asset-rich firms.” On average, their liquidation value is 62 percent higher than market capitalization, implying a higher payoff from liquidation than from re...