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Uncertainty, Major Investments, and Capital Structure Dynamics
This study examines the effects of uncertainty on firms’ capital structure dynamics, finding that high-uncertainty firms have substantially lower target leverage while those firms’ leverage adjustment speeds increase only if they are over-levered

Chang Yong Ha, Hyun Joong Im, Kose John and Janghoon Shon

Working Paper | No. 2016003 |

Keywords: Uncertainty, Leverage, Capital structure dynamics, Major investments

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Investment Spike Financing
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 ”

Hyun Joong Im, Colin Mayer, Oren Sussman

Working Paper | No. 2016002 |

Keywords: Capital structure, Corporate finance, Lumpy investment, Investment spikes

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Economic Policy Uncertainty and Peer Effects in Corporate Investment Policy: Evidence from China
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

Hyun Joong Im, Ya Kang, Young Joon Park

Working Paper | No. 2016001 |

Keywords: Corporate investment policy, Peer effects, Economic policy uncertainty, Underinvestment

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Public Pension Privatization and Economic Volatility over the Business Cycle
This paper examines the effects of privatizing pay-as-you-go public pensions on economic and welfare responses to aggregate productivity shocks

Insook Lee

Working Paper | No. 2015009 |

Keywords: Public pension privatization, Volatility, Responsiveness to aggregate shocks

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Product Market Competition and Value of Innovation: Evidence from US Patent Data
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

Hyun Joong Im, Young Joon Park and Janghoon Shon

Working Paper | No. 2015008 |

Keywords: Innovation, Product Market Competition, Value of Innovation, Tariff Cuts

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Asymmetric Peer Effects in Capital Structure Dynamics
Using a semi-parametric smooth-coefficient partial adjustment model, we find evidence for asymmetric peer effects on capital structure adjustment speeds for overlevered and underlevered firms

Hyun Joong Im, Kose John, Ya Kang

Working Paper | No. 2015007 |

Keywords: Peer effects, Capital structure, Speed of adjustment, Leverage dynamics

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Does Ownership Matter in the Selection of Service Providers?Evidence from Nursing Home Consumer Surveys
This study considers the role of ownership in consumer choice of service providers in mixed-ownership industries

Avner Ben-Ner, Darla J. Hamann and Ting Ren

Working Paper | No. 2015006 |

Keywords: Ownership, Service providers, Nursing Home Consumer Surveys

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Does Share Liquidity Increase the Propensity to Raise Debt Finance?
This study investigates the relation between market liquidity of firms’ shares and their propensity to raise debt in funding large investment requirements

Hyun Joong Im

Working Paper | No. 2015005 |

Keywords: Share liquidity, Debt finance, Investment spikes, Information spillover

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Determinants of Investment Spike Financing
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

Hyun Joong Im

Working Paper | No. 2015004 |

Keywords: Capital structure, Financing patterns, Lumpy investment, Investment spikes

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Measuring financial fragility in China
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

Kwangwon Ahn, Jacqueline Dai, Chansoo Kim, Dimitrios Tsomocos

Working Paper | No. 2015003 |

Keywords: Chinese economy, Financial fragility, Insolvency risk

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