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We investigate whether access to the collateralized loan obligation (CLO) market as collateral managers or underwriters affects lenders' ability to overcome an idiosyncratic adverse shock in the corporate lending market. In a triple difference-in-differences setting, we find that lenders decrease their origination of loans following a negative shock; however, those with CLO access become more likely to arrange deals with securitizable facilities (Term B). Moreover, they choose to arrange deals with smaller size on-balance-sheet lending (Term A). The results suggest that securitization is actively used by lenders to switch to off-balance-sheet lending and to reduce the risk retained on the balance sheet. 相似文献
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本文对韩国国内行政区域如市郡区等小地区的失业统计共同差额比进行推定的方法有联合推定量,Woolf推定量和Mantel-Haenszel推定量等。对这个推定量的可信度是通过偏差和平均平方误差的概念来进行比较的。从对京畿地区经济活动人口调查情况看,这个地区内的24个市郡单位行政自治地区的男、女失业率差额比的偏差及平均平方误差是通过本次研究提出的推定程序来推定的。这些推定数的稳定性和效率性可以通过相对偏差和相对平均误差平方根来评价。Woolf推定量或Mantel-Haenszel推定量比联合推定量更为稳定,从其效率性来看三者很相似。 相似文献
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Previous published studies have estimated the long‐run cointegrating relationship to infer the price elasticity of imports, but a stable long‐run cointegrating relationship might not be detected in the data, especially in the case of sectoral data. This paper develops a method to estimate the price elasticity of imports based on a vector autoregression model, which can be applied when a stable long‐run cointegration relationship does not exist. The methods developed in past studies and our method are applied to Korean sectoral imports data to illustrate the usefulness of our method. 相似文献
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Using a cross‐cultural conceptualization with a targeted sample of Americans and Koreans, it was noted that Koreans exhibited more responsible financial management behavior than Americans after controlling for locus of control, financial knowledge, and income interactions. Overall, financial knowledge was positively related to responsible financial behavior. No direct effects on financial management behavior were noted for locus of control or household income. Locus of control was found to mediate the effect of financial knowledge on financial behavior for Koreans. Being Korean did moderate between financial knowledge and financial behavior. 相似文献
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Section 1502 of the Dodd–Frank Act requires SEC-registered issuers to conduct supply chain due diligence and submit conflict minerals disclosures (CMDs) that indicate whether their products contain tantalum, tin, tungsten, or gold (3TG) sourced from the Democratic Republic of the Congo (DRC) or its neighboring countries (“covered countries”). Consistent with the reputational cost hypothesis, we find that heightened public attention to CMDs increases responsible sourcing. After Section 1502 takes effect, we find higher demand for 3TG products processed in certified smelters, decreased conflicts in covered countries’ mining regions relative to other regions, and reduced sensitivity of conflict risk to conflict minerals’ price spikes. Finally, we find that conflicts decrease in Eastern DRC territories with prevalent 3T (tantalum, tin, and tungsten) mines but increase in territories with prevalent gold mines. Overall, our findings highlight the real effects of enhanced supply chain transparency regulation. 相似文献
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The conventional dividend–price ratio is highly persistent, and the literature reports mixed evidence on its role in predicting stock returns. We argue that the decreasing number of firms with a traditional dividend‐payout policy is responsible for these results, and develop a model in which the long‐run relationship between the dividends and stock price is time varying. An adjusted dividend–price ratio that accounts for the time‐varying long‐run relationship is considerably less persistent. Furthermore, the predictive regression model that employs the adjusted dividend–price ratio as a regressor outperforms the random‐walk model. These results are robust with respect to the firm size. 相似文献
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This paper examines the redistributive effects of Korea's fiscal policies, including consumption taxes and in‐kind benefits. Using the Household Income and Expenditure Survey of 2007, we find that taxes and transfers reduce income inequality in Korea by 13.8 percent. Contrary to the popular belief that direct taxes are the key tool for redistribution, in‐kind benefits, direct taxes, and social security contributions all decrease the Gini coefficient by 6.7, 4.7, and 2.9 percentage points, respectively. The redistributive effect of consumption taxes is small and negative (?0.5 percentage point). Policy simulations indicate that education spending financed by the personal income tax has a positive redistributive effect and that the lower 70 percent of households enjoy positive net benefits. Spending targeting the poor has a strong redistributive effect, which implies low popularity because the majority of households face net losses. 相似文献
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A new trend in corporate planning is to exploit uncertainty by taking investment opportunities as real options. This options approach is to complement the conventional net present value (NPV) criterion in evaluating risky investments. In this paper, we take a broad look at the real options approach to various engineering economic decision problems, laying out how it provides an immediate and important perspective on value creation in an uncertain world. Unlike financial options, real options analysisdeals with investments in real assets, which is one of the primary interest areas in engineering economics. For that reason, we believe that any advancement in the real options decision framework will benefit the field of engineering economics. 相似文献
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