전북대학교
Abstract
Based on a SVAR(Structural Vector Autoregression) approach, the effects of public SOC(Social Overhead Capital) spending shocks on the Korean business cycle are empirically investigated. In identifying unexpected shocks to public SOC spending, the sign restriction approach is employed. The basic idea behind the sign restriction approach is that structural shocks of a SVAR model can be identified by determining whether the signs of the corresponding impulse response functions over the first k horizon are consistent with the sign restrictions implied by the economic theory. In applying the sign restriction approach, the theoretical predictions implied by the simple Keynesian-cross model and the IS-LM model are exploited. The results show that when public SOC spending increases, output, consumption, investment rise, implying the existence of the multiplier effects associated with shocks to SOC spending. However, the results also indicate that it is not statistically significant that the increase in public SOC spending crows out output, even though there is substantial increases in the interest rate. The impulse response functions imply that instead of the crowding-out effect, the effects of shocks to public SOC spending on output, consumption and investment are critically depend on their impacts on unemployment. Therefore, it is found that for an increase in public SOC spending to have large multiplier effects and thereby to stimulate the economy, the increase in public SOC spending should have large and persistent impacts on employment.
Keyword: Public SOC(Social Overhead Capital) Spending, SVAR (Structural Vector Autoregression) Model, Bayesian Approach
Taeyeon Hwang, Hyeoncheol Shin
Abstract
Empirical studies have frequently found that the lump-sum grant has a more stimulating effect on expenditures than the residents’ income increase effect. A phenomenon called the Flypaper effect. This paper tests to the ordinary local shared tax effect on the local government expenditure. Using a panel data on classification korean city and country with the population covering the period 2007-2010. The results of this study are as follows. First, the flypaper effect is found in the counties but it is not exist in the city. Second, conditional grant have increasing effect to government expenditure in the city. But in the country, conditional grant have increasing effect to government expenditure in the heavy population area, even though it have decreasing effect on the small population area
Keyword: lump-sum grant, flypaper effect, government expenditure, ordinary local shared tax
Abstract
This study is an empirical study on the effects between the Korean stock market and bond market around 20110311 earthquake in Japan. We examine the interdependence of the Korean stock market and bond market around 20110311 earthquake in Japan for 48 daily data from January 31, 2011 to April 13, 2011. We employ impulse response function based on VAR model as well as variance decomposition after unit root tests and cointegration test. The finding that many macro time series may contain a unit root has spurred the development of the theory of non-stationary time series analysis. Engle and Granger (1987) pointed out that a linear combination of two ro more non-stationary series may be stationary. If such a stationary linear combination exists, the non-stationary time series are said to be cointegrated. This research showed following main results. First, from basic statistic analysis, both the Korean stock market and bond market around 20110311 earthquake in Japan has unit roots, Second, there is at least one cointegration between them.
Keyword: Korean stock market, Korean bond market, 20110311 earthquake, VAR model, variance decomposition
Abstract
The purpose of this paper is to show the empirical measurement and trend analysis for the clustering of Chinese banks by using Context-dependent model for 15 Chinese banks(4 Chinese state-owned commercial banks and 11 share holding commercial banks) during 9 years(1999-2007) for using 3 inputs(number of employees, equity capital, and fixed assets) and 2 outputs(loans, and operational profit). The main empirical results of this paper are as follows. First, ①clustering under the most high-level appeared among the first group, ICBC(Industrial Commercial Bnak of China Limited), BOC(Bank of China), CEB(China Everbright Bank), SPD Bank, and CMBCL(China Minsheng Banking Corp., Ltd.,) and the second group, ICBC, ABC(Agricultural Bank of China), BOC, CCB(China Construction Bank), Bank of Communications, CITIC Industrial Bank, CEB, CMB(China Merchant Bank), SPD Bank, Industrial Bank and China Minsheng Banking Corp. Ltd ② high-level clustering [(ABC, Bank of Communications, CITIC Industrial Bank, CEB, SPD Bank, CGB(China Fuangfa Bank), CMB)],and [BOC, Huaxia Bank, SPD Bank, SDB(Shenzhen Development Bank and CMBCL)] ③middle level clustering(BOC, Huaxia Bank and SDB), ④low level clustering[CCB, CGB, SDB, YHSB(Yantai Housing and Savings Bank)] ⑤the most low level clustering(SDB, and YHSB). Second, the result of attractiveness measurement in 2004 shows the ranking order Industrial Bank, SPD Bank, CMBCL, BOC, Bank of Constructions, ICBC. Third, YHSB shows the most low level clustering, therefore it should increase the outputs and decrease the inputs after benchmarking the efficient banks. The policy implication to the Chinese banks and policy planner is that they should consider the clustering and M&A by introducing the context-dependent model.
Keyword: Clustering, DEA, Context-dependent Model, Chinese Banks, M&A
Abstract
The purpose of this study is to see if business ethics affects the competitive advantage of the firms. It distinguishes itself from most of the previous studies in that it focuses on Chinese businesses as units of analysis, rather than Korean businesses. Another distinction is it uses the competitive advantages of the firms as dependent variables instead of management performance. The results of the empirical research are as follows. All the three independent variables such as individual factors, organizational factors and social factors, which compose the dimension of business ethics, have significant effects both on cost advantages and differentiation advantages. In addition, the firm size has a moderating effect on the relationship between business ethics and cost advantages, while it has a moderating effect in part on the relationship between business ethics and differentiation advantages.
Keyword: business morality, competitive advantage, cost advantage, differentiation advantage, management performance
Bohyung Lee, Donghoon Kim, Hyuntak Oh
Abstract
It has a lots of complains to valuate of technological venture company by using conventional valuation model on account that venture companies have many potential assets and services and uncertainties to be unable to assume. The purpose of this paper is to evidence ROVM (real option valuation model) is more useful to valuation of technical venture company than DCFM(discount cash flow model). For the former can solve much uncertainty valuation factors and diversifiable pliability by using real option, ROVM has been long time recommened to valuate technical venture company than DCFM. As empirical testing data, we use variables derived from representative listed 117 venture companies in KOSDAQ during 2003.1-2009.12. The result of this study indicate that the value of ROVM is more by 1.64 than that of DCFM in relation analysis among market value and model value, so it has implied that ROVM has a powerful forecast on future potential value and is more useful to valuate on technical venture company. Also, in other analysis by three groups (high-tech manufacture, info-communication, gen-manufacture) and a conversion factor of knowledge-assets, ROVM shows more useful to valuate on technical venture company. In conclusion, We do like to say, for resonable assumption of high-tech variabilities caused by ventures characteristics as like the future potentials and uncertainties by using OPM, the real option model is more suitable and valuable than conventional discounted cash flow model.
Keyword: real option valuation, technical venture company, potential value, conversion factor