Pub Date : 2019-06-19DOI: 10.1080/1226508X.2019.1632217
Jaehoon Lee
ABSTRACT Two ETFs were listed to track the secondary-battery industry on 12 September 2018 in the Korea Stock Exchange market. They are virtually identical except that one is designed by humans while the other is made by machines. This paper compares the two ETFs and find little difference in their investment strategies except that machines are more likely to pick high book-to-market stocks than humans. Machines are also more likely to pick past losers and outperform human-designed ETF afterwards. The results suggest that machines can do equally good as humans as ETF/index designers.
{"title":"New Revolution in Fund Management: ETF/Index Design by Machines","authors":"Jaehoon Lee","doi":"10.1080/1226508X.2019.1632217","DOIUrl":"https://doi.org/10.1080/1226508X.2019.1632217","url":null,"abstract":"ABSTRACT Two ETFs were listed to track the secondary-battery industry on 12 September 2018 in the Korea Stock Exchange market. They are virtually identical except that one is designed by humans while the other is made by machines. This paper compares the two ETFs and find little difference in their investment strategies except that machines are more likely to pick high book-to-market stocks than humans. Machines are also more likely to pick past losers and outperform human-designed ETF afterwards. The results suggest that machines can do equally good as humans as ETF/index designers.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"46 1","pages":"261 - 272"},"PeriodicalIF":1.7,"publicationDate":"2019-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80792361","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-04-19DOI: 10.1080/1226508X.2019.1605922
Tae Bong Kim
ABSTRACT This paper provides a macroeconomic model that can simultaneously explain output and unemployment multipliers which are consistent with empirical evidence. To this end, this paper has merged and investigated a model with deep habit formation in private and public consumptions and a model with a labour market friction that generates involuntary unemployment stemming from the monopolistic power of differentiated labour services. The model with a baseline calibration seems to produce quantitatively plausible responses of key macroeconomic variables in response to a government expenditure shock.
{"title":"Reconciling Output and Unemployment Fiscal Multipliers","authors":"Tae Bong Kim","doi":"10.1080/1226508X.2019.1605922","DOIUrl":"https://doi.org/10.1080/1226508X.2019.1605922","url":null,"abstract":"ABSTRACT This paper provides a macroeconomic model that can simultaneously explain output and unemployment multipliers which are consistent with empirical evidence. To this end, this paper has merged and investigated a model with deep habit formation in private and public consumptions and a model with a labour market friction that generates involuntary unemployment stemming from the monopolistic power of differentiated labour services. The model with a baseline calibration seems to produce quantitatively plausible responses of key macroeconomic variables in response to a government expenditure shock.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"397 1","pages":"378 - 395"},"PeriodicalIF":1.7,"publicationDate":"2019-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85495813","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-03-11DOI: 10.1080/1226508X.2019.1588767
Nguyễn Quang Mỹ, Mustafa Sayim, Hamid Rahman
ABSTRACT This study aims to determine whether increasing a firm’s leverage significantly changes its level of bankruptcy risk in the innovative industry by using the CHS model [Campbell, J. Y., J. Hilscher, and J. Szilagyi. 2008. “In Search of Distress Risk.” The Journal of Finance 63 (6): 2899–2939] to test 395 American innovation companies. These companies are categorised into four groups based on their debt ratios and their performance on the NYSE and NASDAQ stock exchanges is analysed in three separate periods. The findings reveal that innovation companies with a higher debt level are no riskier than those with a lower debt level.
摘要本文采用CHS模型研究创新产业中增加企业杠杆是否会显著改变其破产风险水平[Campbell, J. Y. Hilscher, and J. Szilagyi. 2008]。“寻找遇难风险。”[j]科研管理，2013(6):1 - 4。这些公司根据负债率被分为四类，它们在纽约证交所(NYSE)和纳斯达克(NASDAQ)上市的表现被分三个时间段分析。研究结果显示，负债水平较高的创新型企业风险并不高于负债水平较低的创新型企业。
{"title":"Debt Financing and the Failure of Innovation Companies: The Application of the CHS Model in U.S. Stock Markets","authors":"Nguyễn Quang Mỹ, Mustafa Sayim, Hamid Rahman","doi":"10.1080/1226508X.2019.1588767","DOIUrl":"https://doi.org/10.1080/1226508X.2019.1588767","url":null,"abstract":"ABSTRACT This study aims to determine whether increasing a firm’s leverage significantly changes its level of bankruptcy risk in the innovative industry by using the CHS model [Campbell, J. Y., J. Hilscher, and J. Szilagyi. 2008. “In Search of Distress Risk.” The Journal of Finance 63 (6): 2899–2939] to test 395 American innovation companies. These companies are categorised into four groups based on their debt ratios and their performance on the NYSE and NASDAQ stock exchanges is analysed in three separate periods. The findings reveal that innovation companies with a higher debt level are no riskier than those with a lower debt level.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"55 1","pages":"180 - 212"},"PeriodicalIF":1.7,"publicationDate":"2019-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79725674","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-03-01DOI: 10.1080/1226508X.2019.1587310
Inbin Hwang, Deokjong Jeong, Sunyoung Park
ABSTRACT This study examines the effect of global investor sentiment on capital inflows in the Korean stock and bond markets using textual analysis. First, we conclude that global investor sentiment about Korea causes fluctuations in capital inflows to the Korean stock market. Second, global investor sentiment about Korea causes foreign investors to modify their investments but not by enough to cause drastic changes. Third, positive sentiment about Asia-Pacific countries results in more foreign investment in Korea. The results suggest that research on global investor sentiment provides insight into the determinants of capital flows and has implications for capital flow management policies.
{"title":"Crossing Borders: Foreign Investment and Sentiment in Korea","authors":"Inbin Hwang, Deokjong Jeong, Sunyoung Park","doi":"10.1080/1226508X.2019.1587310","DOIUrl":"https://doi.org/10.1080/1226508X.2019.1587310","url":null,"abstract":"ABSTRACT This study examines the effect of global investor sentiment on capital inflows in the Korean stock and bond markets using textual analysis. First, we conclude that global investor sentiment about Korea causes fluctuations in capital inflows to the Korean stock market. Second, global investor sentiment about Korea causes foreign investors to modify their investments but not by enough to cause drastic changes. Third, positive sentiment about Asia-Pacific countries results in more foreign investment in Korea. The results suggest that research on global investor sentiment provides insight into the determinants of capital flows and has implications for capital flow management policies.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"15 1","pages":"213 - 236"},"PeriodicalIF":1.7,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90519285","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-02-26DOI: 10.1080/1226508X.2019.1584762
M. Wang, Hong Zhuang
ABSTRACT This paper studies perceptions of business constraints in China using rich firm-level data from the 2005 and 2012 World Bank Enterprise Surveys conducted jointly by the China National Bureau of Statics and the World Bank. In addition, we focus on the variations of perceptions across foreign and indigenous Chinese firms. Our results show that there exist significant differences in perceptions between foreign and domestic firms in China in the 2005 survey, but such differences are no long present in the 2012 survey. Our analysis also identifies several elements perceived as more severe constraints by both domestic and foreign firms.
{"title":"How Do Firms in the Private Sector Perceive Constraints to Doing Business in China?","authors":"M. Wang, Hong Zhuang","doi":"10.1080/1226508X.2019.1584762","DOIUrl":"https://doi.org/10.1080/1226508X.2019.1584762","url":null,"abstract":"ABSTRACT This paper studies perceptions of business constraints in China using rich firm-level data from the 2005 and 2012 World Bank Enterprise Surveys conducted jointly by the China National Bureau of Statics and the World Bank. In addition, we focus on the variations of perceptions across foreign and indigenous Chinese firms. Our results show that there exist significant differences in perceptions between foreign and domestic firms in China in the 2005 survey, but such differences are no long present in the 2012 survey. Our analysis also identifies several elements perceived as more severe constraints by both domestic and foreign firms.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"133 1","pages":"113 - 143"},"PeriodicalIF":1.7,"publicationDate":"2019-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86334977","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-02-19DOI: 10.1080/1226508X.2019.1583590
Woong Lee, Yeo Joon Yoon
ABSTRACT This paper analyzes 2015-TPA voting patterns of Congress in the context of the trade negotiating objectives. By setting them Congress lays out important trade agenda that the administration is expected to address when it is negotiating trade deals with foreign countries. Therefore it is an important part of the TPA. The probit model is used to evaluate the importance of each objective in Congress’s voting decision. The objective of promoting U.S. exports in agriculture, transportation equipment and metal affected the voting decision. Also the issues of labour rights and intellectual property rights mattered.
{"title":"The Role of Trade Negotiating Objectives in TPA-2015 Voting","authors":"Woong Lee, Yeo Joon Yoon","doi":"10.1080/1226508X.2019.1583590","DOIUrl":"https://doi.org/10.1080/1226508X.2019.1583590","url":null,"abstract":"ABSTRACT This paper analyzes 2015-TPA voting patterns of Congress in the context of the trade negotiating objectives. By setting them Congress lays out important trade agenda that the administration is expected to address when it is negotiating trade deals with foreign countries. Therefore it is an important part of the TPA. The probit model is used to evaluate the importance of each objective in Congress’s voting decision. The objective of promoting U.S. exports in agriculture, transportation equipment and metal affected the voting decision. Also the issues of labour rights and intellectual property rights mattered.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"61 1","pages":"161 - 179"},"PeriodicalIF":1.7,"publicationDate":"2019-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91130318","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-02-18DOI: 10.1080/1226508X.2019.1581073
Jung Hur, Haeyeon Yoon, Taehyun Ahn
ABSTRACT Using Korean employer-employee matched data, we investigate the difference in occupational structure between domestic and multinational firms in manufacturing sectors. The main result shows that the occupational composition of the multinational firms is more skewed toward high-skills and service occupations than domestic firms. Furthermore, we find the heterogeneous labour structure among multinational firms upon types and locations of foreign affiliates. The multinationals that are establishing production plants or locating their affiliates in emerging countries tend to be composed of relatively smaller share of high-skills and service occupations than those with foreign R&D centres or business branch or with affiliates located in advanced countries.
{"title":"Occupational Composition Within Multinational Firms: Evidence From Korean Employer-Employee Matched Data","authors":"Jung Hur, Haeyeon Yoon, Taehyun Ahn","doi":"10.1080/1226508X.2019.1581073","DOIUrl":"https://doi.org/10.1080/1226508X.2019.1581073","url":null,"abstract":"ABSTRACT Using Korean employer-employee matched data, we investigate the difference in occupational structure between domestic and multinational firms in manufacturing sectors. The main result shows that the occupational composition of the multinational firms is more skewed toward high-skills and service occupations than domestic firms. Furthermore, we find the heterogeneous labour structure among multinational firms upon types and locations of foreign affiliates. The multinationals that are establishing production plants or locating their affiliates in emerging countries tend to be composed of relatively smaller share of high-skills and service occupations than those with foreign R&D centres or business branch or with affiliates located in advanced countries.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"7 1","pages":"144 - 160"},"PeriodicalIF":1.7,"publicationDate":"2019-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89473471","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-01-02DOI: 10.1080/1226508x.2019.1575582
{"title":"Global Economic Review: SPECIAL ISSUE ON NEW INDUSTRIAL PLATFORM AND INNOVATION IN EAST ASIA: ECONOMICS OF THE 4TH INDUSTRIAL REVOLUTION","authors":"","doi":"10.1080/1226508x.2019.1575582","DOIUrl":"https://doi.org/10.1080/1226508x.2019.1575582","url":null,"abstract":"","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"109 1","pages":"111 - 111"},"PeriodicalIF":1.7,"publicationDate":"2019-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86729074","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-01-02DOI: 10.1080/1226508X.2019.1571429
Y. Lai
ABSTRACT Using Manpower Utilization Survey data for 14 years from 1999 to 2012, we applied the DDDD (Differences–in–differences–in–differences–in–differences) estimation method to check if rising presence of foreign migrant workers in Taiwan’s domestic labour market had any impact on employment opportunities and wages earned by native Taiwanese workers over time. We used the data capturing the effect of college premium (viz., the additional cost to be borne for getting admission into college) paid by the natives on domestic wage rate during this period. College premium is an indicator of demand and supply for educated labour and we intend to see if the premium has grown with time when influx of foreign migrant workers has grown too. From the results, two interesting phenomena caught our attention. First, labour policy adopted by the Government in Taiwan has played an important role in increasing the influx of foreign workers into domestic labour market, which resulted in significant change in college premium paid by the natives. And, this effect lasted even when instances of strikes and reported cases of labour disputes were relatively higher. Second, the effect of the policy has been varying across genders as our data shows that policy on employment of foreign workers has affected job opportunities of native men workers more than it affected job opportunities of their female counterpart.
摘要本研究以1999年至2012年的14年人力资源利用调查数据，运用DDDD (difference - in - difference - in - difference - in - difference - in - difference - in - difference - in - difference)估计方法，检视外劳在台湾劳动市场的增加，是否随著时间的推移，对台湾本地劳工的就业机会与薪资有影响。我们使用的数据捕捉了在此期间本地人支付的大学溢价(即为进入大学而承担的额外成本)对国内工资率的影响。大学溢价是对受过教育的劳动力的需求和供应的一个指标，我们想看看溢价是否随着时间的推移而增长，而外国移民工人的涌入也在增加。从结果来看，两个有趣的现象引起了我们的注意。首先，台湾政府采取的劳工政策在增加外国工人涌入国内劳动力市场方面发挥了重要作用，导致当地人支付的大学保险费发生了重大变化。而且，这种影响即使在罢工事件和报告的劳资纠纷案件相对较高的情况下也会持续存在。其次，该政策的影响因性别而异，因为我们的数据显示，外国工人就业政策对本地男性工人就业机会的影响大于对女性工人就业机会的影响。
{"title":"Effect of Participation of Foreign Migrant Workers in Labour Market on Native Workers: Evidence Based on Change Noticed in College Premium in Taiwan ROC","authors":"Y. Lai","doi":"10.1080/1226508X.2019.1571429","DOIUrl":"https://doi.org/10.1080/1226508X.2019.1571429","url":null,"abstract":"ABSTRACT Using Manpower Utilization Survey data for 14 years from 1999 to 2012, we applied the DDDD (Differences–in–differences–in–differences–in–differences) estimation method to check if rising presence of foreign migrant workers in Taiwan’s domestic labour market had any impact on employment opportunities and wages earned by native Taiwanese workers over time. We used the data capturing the effect of college premium (viz., the additional cost to be borne for getting admission into college) paid by the natives on domestic wage rate during this period. College premium is an indicator of demand and supply for educated labour and we intend to see if the premium has grown with time when influx of foreign migrant workers has grown too. From the results, two interesting phenomena caught our attention. First, labour policy adopted by the Government in Taiwan has played an important role in increasing the influx of foreign workers into domestic labour market, which resulted in significant change in college premium paid by the natives. And, this effect lasted even when instances of strikes and reported cases of labour disputes were relatively higher. Second, the effect of the policy has been varying across genders as our data shows that policy on employment of foreign workers has affected job opportunities of native men workers more than it affected job opportunities of their female counterpart.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"76 1","pages":"110 - 88"},"PeriodicalIF":1.7,"publicationDate":"2019-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77540334","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-01-02DOI: 10.1080/1226508X.2018.1559074
K. Park
ABSTRACT While South Korea has achieved remarkable economic and democratic transformation during the past decades, it has suffered from two major economic crises, both of which are essentially liquidity crises. In this regard, the purpose of this study is twofold: one is to review the debates on capital market liberalisation and highlight the dark sides of South Korea’s experience. The other is to explain why South Korea has experienced another crisis in 2008 even though it already experienced the same liquidity crisis in 1997. We highlight the unintended consequences of policies with their own legitimate purposes and provide lessons on capital market liberalisation for emerging economies.
{"title":"Unintended Consequences of Well-Intentioned Policies of South Korea: Lessons for Emerging Economies on Capital Market Liberalisation","authors":"K. Park","doi":"10.1080/1226508X.2018.1559074","DOIUrl":"https://doi.org/10.1080/1226508X.2018.1559074","url":null,"abstract":"ABSTRACT While South Korea has achieved remarkable economic and democratic transformation during the past decades, it has suffered from two major economic crises, both of which are essentially liquidity crises. In this regard, the purpose of this study is twofold: one is to review the debates on capital market liberalisation and highlight the dark sides of South Korea’s experience. The other is to explain why South Korea has experienced another crisis in 2008 even though it already experienced the same liquidity crisis in 1997. We highlight the unintended consequences of policies with their own legitimate purposes and provide lessons on capital market liberalisation for emerging economies.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"109 1","pages":"63 - 87"},"PeriodicalIF":1.7,"publicationDate":"2019-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80312371","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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