Since the Korean government announced its Corporate Value-Up program in January, the Korean stock market has risen by 12.3 percent, primarily due to foreign investor buying. The program is designed to unleash companies' corporate valuation potential to make them more attractive to investors via numerous reform measures. For decades, Korean companies have been under the shadow of the Korea Discount, which attributes Korea's persistent under-valuation to a lack of corporate transparency, low dividends and weak rights afforded to minority shareholders.