Hyun Joong Im, Yang Liu and Janghoon Shon
Working Paper | No. 2017002 |
Using the US firm-level patent data for the period 1977–2005, we find that there are inverted U-shaped relationships between technological imitation and industry-average innovation activities, and between technological imitation and market value of.
Keywords: Corporate innovation, Technological imitation, Value of innovation
Working Paper | No. 2017001 |
This paper proposes a politico-economic theory of public debt dynamics that a policy maker decides on fiscal policies for being elected by voters of overlapping generations who face uninsurable idiosyncratic risk on their disposable incomes.
Keywords: Government debt, Cyclical property of public debt, Idiosyncratic risk, Political economy of public debt, Public debt dynamics
Hyun Joong Im, Heungju Park and Gege Zhao
Working Paper | No. 2016009 |
This study examines the effects of uncertainty on the value of cash holdings.
Keywords: Uncertainty, Cash holdings, Real options, Financial constraints, Agency costs
Kwangwon Ahn, Jacqueline B. Dai, Domenico Tarzia and Fan Zhang
Working Paper | No. 2016008 |
Detecting and predicting financial bubbles have become crucially important because of the economic significance of endogenous market crashes.
Keywords: Critical time, Bubbles, Log-periodic, power law Econophysics
Working Paper | No. 2016007 |
Observed bequest patterns of widely diverse societies are polarized into equigeniture (dividing bequests equally) and unigeniture (giving all to one child).
Keywords: Bequest motive, Unigeniture, Equigeniture
Chang Yong Ha, Hyun Joong Im, Ya Kang
Working Paper | No. 2016006 |
This study proposes a generalized partial adjustment model of dividends in which managers set target dividends based on adaptively-formed earnings prospects.
Keywords: Payout policy, Speed of adjustment, Dividend dynamics, Adaptive expectations
Qing Wang, Ting Ren, Ti Liu
Working Paper | No. 2016005 |
The massive rural-to-urban migration is one of the most important features of China’s labor market during the past decades.
Keywords: Human capital, Migration, Skill-upgrading, Training
Kwangwon Ahn, Jacqueline B. Dai, Chang Yong Ha and Basak Yakis-Douglas
Working Paper | No. 2016004 |
We investigate collective behavior in corporate bankruptcies and its relationship with business cycle .
Keywords: Collective behavior,Corporate bankruptcy,Business cycle,Power law distribution,Agent- based model
Chang Yong Ha, Hyun Joong Im, Ya Kang and Janghoon Shon
Working Paper | No. 2016003 |
This study examines the effects of uncertainty on firms’ capital structure dynamics We find that high-uncertainty firms have substantially lower target leverage while those firms’ leverage adjustment speeds increase only if they are over-levered.
Keywords: Uncertainty, Leverage, Capital structure dynamics, Major investments
Hyun Joong Im, Colin Mayer, Oren Sussman
Working Paper | No. 2016002 |
This is one of the most comprehensive studies of corporate finance to date, which employs filtering techniques to distinguish between the financing of routine investments and “investment spikes ”.
Keywords: Capital structure, Corporate finance, Lumpy investment, Investment spikes
Hyun Joong Im, Ya Kang, Young Joon Park
Working Paper | No. 2016001 |
This study investigates whether peer firms affect corporate investment policies, using accounting and stock market data of Chinese manufacturing firms over the period 1999-2013.
Keywords: Corporate investment policy, Peer effects, Economic policy uncertainty, Underinvestment
Working Paper | No. 2015009 |
This paper examines the effects of privatizing pay-as-you-go public pensions on economic and welfare responses to aggregate productivity shocks.
Keywords: Public pension privatization, Volatility, Responsiveness to aggregate shocks
Hyun Joong Im, Young Joon Park and Janghoon Shon
Working Paper | No. 2015008 |
This study investigates the relationship between product market competition and market value of innovation using firm-level patent data of US firms over the period 1977-2005.
Keywords: Innovation, Product Market Competition, Value of Innovation, Tariff Cuts
Hyun Joong Im and Ya Kang
Working Paper | No. 2015007 |
This study investigates whether there are “peer effects” in capital structure adjustments using an instrumental variable (IV) approach proposed by Leary and Roberts (2014, Journal of Finance) .
Keywords: Peer effects, Capital structure, Speed of adjustment, Leverage adjustments
Does Ownership Matter in the Selection of Service Providers?Evidence from Nursing Home Consumer Surveys
Avner Ben-Ner, Darla J. Hamann and Ting Ren
Working Paper | No. 2015006 |
This study considers the role of ownership in consumer choice of service providers in mixed-ownership industries.
Keywords: Ownership, Service providers, Nursing Home Consumer Surveys
Hyun Joong Im
Working Paper | No. 2015005 |
This study investigates the relation between market liquidity of firms’ shares and their propensity to raise debt in funding large investment requirements.
Keywords: Share liquidity, Debt finance, Investment spikes, Information spillover
Hyun Joong Im
Working Paper | No. 2015004 |
This study investigates how firms meet exceptional financing needs at the time of “investment spikes” or years with unusually large investment programs, and finds that the financing of investment during an investment spike differs from that at other.
Keywords: Capital structure, Financing patterns, Lumpy investment, Investment spikes
Kwangwon Ahn, Jacqueline B. Dai, Chansoo Kim, Dimitrios Tsomocos
Working Paper | No. 2015003 |
This paper proposes the metric for a financial fragility index for Chinese banking sector This metric is a weighted average of two variables: multiple probability of default and bank profitability.
Keywords: Chinese economy, Financial fragility, Insolvency risk
David Ong, Jue Wang
Working Paper | No. 2015002 |
We measured gender differences in preferences for mate income ex-ante to interaction (“income attraction”) in a field experiment on one of China’s largest online dating websites.
Keywords: Online dating, Field experiment, Gender differences, Matching, Marriage
Kwangwon Ahn, Daeyong Lee
Working Paper | No. 2015001 |
This article revisits the Lucas illustration of the Quantity Theory of Money (QTM) and investigates whether it holds in the US monetary market.
Keywords: Cash-in-Advance, Default, Financial Intermediary, Quantity Theory of Money
Kwangwon Ahn, Chansoo Kim, Dimitrios Tsomocos, Lucy Wang
Working Paper | No. 2014006 |
We investigate the effects of monetary uncertainty on the aggregate economy, especially default.
Keywords: Default, Monetary policy, Uncertainty shock
Working Paper | No. 2014005 |
This paper characterizes an optimal nonlinear income tax that incorporates individualsdecisions regarding tax evasion and labor supply and an optimal rate of tax enforcement when implementing tax code is costly.
Keywords: Tax evasion, Optimal nonlinear income tax, Tax evasion, Effect of tax rate on tax evasion, Effect of enforcement rate on tax evasion
Jun Lu, Olivia S. Mitchell, Stephen P. Utkus, Jean A. Young
Working Paper | No. 2014004 |
Most active 401(k) participants have the option of borrowing from their retirement accounts, and many people - 40%- do so over a five-year period.
Keywords: 401(k) loans, Retirement wealth, Household debt, Loan default, Consumption
Deming Zhou, Uday S. Karmarkar, Jiang Bo
Working Paper | No. 2014003 |
We study competition in multi-echelon supply chains with a distributive structure.
Keywords: 401(k) loans; retirement wealth; household debt; loan default; consumption
Working Paper | No. 2014002 |
It has long been observed that the change in exchange rate of a country is positively correlated with Foreign Direct Investment (FDI) inflow into its border.