전북대학교
Abstract
Based on the knowledge-based view and network theory of an entity, this study analyzed the effect of the relevance of internal capabilities between the acquisition and the acquiree in M&A and the association of external capabilities, such as the network of alliances held by each entity, on the acceptability. In previous studies on acquisition or strategic alliances, acquisitions and strategic alliances were treated separately, or as a topic of choice. However, there was a lack of research into the impact of a strategic alliance network formed by the acquiree and the acquisition firm respectively after the merger. Therefore, in this study, the association was identified by analyzing the network of alliances formed by each company at the same time that the association of internal capabilities was examined on the performance of the factors.
Keyword: M&A, Network theory, Strategic Alliance, Internal Capability
MyoungShik Choi
Abstract
This study investigates the value-added effects of exchange rate and income on Korean trade flows focused on the global value chains (GVCs). We apply a traditional trade model into a value-added bilateral trade model in the GVCs framework. We find that Korean exports and value-added exports increase by 1.57% and 1.36% respectively on average on a 1% increase of foreign income. Trade balance improves by 7.62% on a 1% depreciation of Korean Won. But value-added trade balance deteriorates by 44.9% on a 1% depreciation of Won due to trade transaction costs and intermediate imports. Bilateral trade and value-added trade with major trading partners have similar results in the case of US. This analysis of value-added trade flows will address the trade policy implications that help to mitigate the global imbalances and exchange rate conflicts.
Keyword: Exchange Rate, Global Value Chains, International Trade, Trade Balance, Value-Added Exports
Abstract
This paper examines whether the government spending multipliers vary depending on a level of macroeconomic uncertainty using U.S. historical quarterly time series data from 1900 onwards. The empirical findings reveal that the government spending multipliers in uncertain times are below unity and smaller than those in normal times.
Keyword: Government spending multipliers, Macroeconomic uncertainty, Local projection, State dependency
SeongHoon KIim, Kyoung Sun Park
Abstract
We examine the effects of fiscal policy uncertainty on output, consumption, investment, employment and unemployment. We take the U.S. categorical policy uncertainty indices along with federal debt to GDP ratio and identify orthogonal shocks to the fiscal policy within a Bayeisan VAR model. Our main findings are as follows: First, a shock to the fiscal policy uncertainty affects output, consumption, investment, employment and unemployment up to 3 years. Second, the fiscal policy uncertainty attributes as much as 2 to 10 percent of the total volatility of output, consumption, investment, and employment and unemployment. This is as high as either federal funds rate or inflation rate can attribute. By implication, untrustworthy fiscal policy can be harmful for economic performance.
Keyword: Fiscal Policy Uncertainty, Economic Policy Uncertainty, VAR Model
Abstract
This study analyzed the determinants of domestic infrastructure investment returns and risk factors. In addition, a variety of risk factors have been compiled from the failures of the global infrastructure mega project. In doing so, it suggested that financial investors in public sectors, including pension funds and credit associations, should establish efficient investment strategies and risk management measures in investing in domestic and global infrastructure in the future. The results of the analysis on 60 infrastructure projects in Korea are as follows; First, the proposed business yield as a private sector project is very closely related to the level of return on Korea treasury bonds(five-year maturity). Second, risk premium for each business sector is 3.58%p for the road sector, 5.1%p for railways, 4.34%p for ports, and 2.20%p for logistics bases. Third, the size of equity and the size of subordinary bond played an important factor in the process of determining the return on business. The above results suggest that the return on the project is determined by reflecting the level of risk and financing structure that exists within the business sector during the infrastructure project planning phase. The reason why the National Pension Fund sharply reduced domestic infrastructure investment was the abolition of the MRG system. The abolition of the MRG system is a matter of over-estimating demand and under-estimating construction costs, a problem observed simultaneously in domestic and global infrastructure investment projects. Thus, the introduction of systematic risk management processes and systems is required for domestic and global infrastructure investment and management operations.
Keyword: National Pension Fund, Infrastructure Investment, Minimum Revenue Guarantee, Risk Management, Alternatives