Pub Date : 2019-07-03DOI: 10.1080/1226508X.2019.1638812
Hyesoo Kwon, Illoong Kwon
ABSTRACT This paper empirically investigates whether the productivity of a public (government-funded) R&D project improves when the aggregate R&D investment in the same technology field increases. Based on the unique project level data that cover almost entire public R&D projects in Korea, this paper shows that aggregate investment in other public R&D projects in the same technology field increases a public R&D project’s outputs both independent of its project expenditure (additive spillover effects) and interactive with its project expenditure (multiplicative spillover effects). The spillover effects from the aggregate private R&D investment in the same technology field also exist, but to a much lesser extent.
{"title":"R&D Spillovers for Public R&D Productivity","authors":"Hyesoo Kwon, Illoong Kwon","doi":"10.1080/1226508X.2019.1638812","DOIUrl":"https://doi.org/10.1080/1226508X.2019.1638812","url":null,"abstract":"ABSTRACT This paper empirically investigates whether the productivity of a public (government-funded) R&D project improves when the aggregate R&D investment in the same technology field increases. Based on the unique project level data that cover almost entire public R&D projects in Korea, this paper shows that aggregate investment in other public R&D projects in the same technology field increases a public R&D project’s outputs both independent of its project expenditure (additive spillover effects) and interactive with its project expenditure (multiplicative spillover effects). The spillover effects from the aggregate private R&D investment in the same technology field also exist, but to a much lesser extent.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2019-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85679467","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 : 2019-07-02DOI: 10.1080/1226508X.2019.1636701
Chun-Teck Lye, Jiunn-Shyan Khong, C. Hooy
ABSTRACT This study examines the effects of board gender diversity and investor protection on private information-based trading and its persistent form. The results generally show that board gender diversity plays a significant part in preventing stock trading activities based on private information as well as persistent private information-based trading. Investor protection is also found to be significant and more pronounced in mitigating private information-based trading, but its function is hindered by the persistence of private information-based trading. Overall, the findings suggest that, besides strengthening the investor protection, policymakers should also encourage the involvement of women on boards of directors.
{"title":"Board Gender Diversity, Investor Protection, and Private Information-Based Trading","authors":"Chun-Teck Lye, Jiunn-Shyan Khong, C. Hooy","doi":"10.1080/1226508X.2019.1636701","DOIUrl":"https://doi.org/10.1080/1226508X.2019.1636701","url":null,"abstract":"ABSTRACT This study examines the effects of board gender diversity and investor protection on private information-based trading and its persistent form. The results generally show that board gender diversity plays a significant part in preventing stock trading activities based on private information as well as persistent private information-based trading. Investor protection is also found to be significant and more pronounced in mitigating private information-based trading, but its function is hindered by the persistence of private information-based trading. Overall, the findings suggest that, besides strengthening the investor protection, policymakers should also encourage the involvement of women on boards of directors.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2019-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85597522","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 : 2019-06-28DOI: 10.1080/1226508X.2019.1635037
Jungho Kim
ABSTRACT This study investigates the impact of foreign direct investment (FDI) on domestic entrepreneurship in a host country by analysing a unique panel dataset of FDI and startup rates in Korean industries. It finds that FDI with a time lag has a positive effect on the startup rate, implying that inward FDI promotes domestic entrepreneurship. It shows that the strategic alliances moderate the relationship between FDI and the startup rate, depending upon the types of FDI and alliances. Both intra- and inter-industry alliances enhance the positive effect of foreign greenfield investment, while inter-industry alliances mitigate the effect of foreign acquisition.
{"title":"Does Foreign Direct Investment Matter to Domestic Entrepreneurship? The Mediating Role of Strategic Alliances","authors":"Jungho Kim","doi":"10.1080/1226508X.2019.1635037","DOIUrl":"https://doi.org/10.1080/1226508X.2019.1635037","url":null,"abstract":"ABSTRACT This study investigates the impact of foreign direct investment (FDI) on domestic entrepreneurship in a host country by analysing a unique panel dataset of FDI and startup rates in Korean industries. It finds that FDI with a time lag has a positive effect on the startup rate, implying that inward FDI promotes domestic entrepreneurship. It shows that the strategic alliances moderate the relationship between FDI and the startup rate, depending upon the types of FDI and alliances. Both intra- and inter-industry alliances enhance the positive effect of foreign greenfield investment, while inter-industry alliances mitigate the effect of foreign acquisition.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2019-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75491561","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 : 2019-06-24DOI: 10.1080/1226508X.2019.1632729
D. Joe, Frederick Dongchuhl Oh, H. Yoo
ABSTRACT This study examines whether foreign equity investment promotes domestic firms’ innovation activities. Using panel data on the Korean firms during the 1999–2013 period, we find that foreign ownership has a positive effect on firms’ innovation activities. Furthermore, we also show that, as compared to non-chaebol firms, chaebol firms’ innovation activity becomes much greater with the increase of foreign ownership. Finally, we investigate industry-level spillover effects of innovation. Specifically, we find that foreign ownership promotes innovation activities via forward linkage, the effect of which is also more pronounced in chaebol firms.
{"title":"Foreign Ownership and Firm Innovation: Evidence from Korea","authors":"D. Joe, Frederick Dongchuhl Oh, H. Yoo","doi":"10.1080/1226508X.2019.1632729","DOIUrl":"https://doi.org/10.1080/1226508X.2019.1632729","url":null,"abstract":"ABSTRACT This study examines whether foreign equity investment promotes domestic firms’ innovation activities. Using panel data on the Korean firms during the 1999–2013 period, we find that foreign ownership has a positive effect on firms’ innovation activities. Furthermore, we also show that, as compared to non-chaebol firms, chaebol firms’ innovation activity becomes much greater with the increase of foreign ownership. Finally, we investigate industry-level spillover effects of innovation. Specifically, we find that foreign ownership promotes innovation activities via forward linkage, the effect of which is also more pronounced in chaebol firms.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2019-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86229736","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 : 2019-06-21DOI: 10.1080/1226508X.2019.1633377
W. Kim, Seohyun Lee, Myungkyu Shim, Hee-Seung Yang
ABSTRACT This paper analyzes the extent to which technology progress and youth employment are related. In doing so, we divide workers into two groups – young workers and old (prime-aged) workers - and then estimate the elasticity of substitution between (physical) capital and workers à la Jaimovich et al. (2013. “The Demand for Youth: Explaining Age Differences in the Volatility of Hours.” American Economic Review 103 (7): 3022–3044) by using the Korean labour market data between 2000 and 2014. Our findings indicate that the elasticity of substitution is greater (or at least not smaller) for young workers than for old workers.
摘要本文分析了技术进步与青年就业的关系程度。在此过程中，我们将工人分为两组-年轻工人和老年(壮年)工人-然后估计(物质)资本和工人之间的替代弹性(la Jaimovich et al.， 2013)。“对年轻人的需求:解释工作时间波动的年龄差异”。《经济评论》(7):2000 - 2014年韩国劳动力市场数据。我们的研究结果表明，年轻工人的替代弹性大于(或至少不小于)老年工人。
{"title":"Technological Progress and Youth Employment in South Korea","authors":"W. Kim, Seohyun Lee, Myungkyu Shim, Hee-Seung Yang","doi":"10.1080/1226508X.2019.1633377","DOIUrl":"https://doi.org/10.1080/1226508X.2019.1633377","url":null,"abstract":"ABSTRACT This paper analyzes the extent to which technology progress and youth employment are related. In doing so, we divide workers into two groups – young workers and old (prime-aged) workers - and then estimate the elasticity of substitution between (physical) capital and workers à la Jaimovich et al. (2013. “The Demand for Youth: Explaining Age Differences in the Volatility of Hours.” American Economic Review 103 (7): 3022–3044) by using the Korean labour market data between 2000 and 2014. Our findings indicate that the elasticity of substitution is greater (or at least not smaller) for young workers than for old workers.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2019-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76572412","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 : 2019-06-19DOI: 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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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}
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