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JOURNAL OF ECONOMIC RESEARCH update

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수록정보
수록범위 : 1권1호(1996)~26권1호(2021) |수록논문 수 : 323
JOURNAL OF ECONOMIC RESEARCH
26권1호(2021년 05월) 수록논문
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KCI등재

1Estimating labor income shares at the sectoral level in Korea during 1975-2018 using input-output tables

저자 : Dongseok Kim

발행기관 : 한양대학교 경제연구소 간행물 : JOURNAL OF ECONOMIC RESEARCH 26권 1호 발행 연도 : 2021 페이지 : pp. 1-26 (26 pages)

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The goal and contribution of this paper is to estimate the sectoral labor income shares in Korea with the same methods over a long period. For this purpose, I harmonized the input-output (IO) tables of Korea for the period 1975-2018 according to a common 26-sector classification, and applied various methods for computing labor income shares to the variables available in IO tables and the accompanying employment tables. It is expected that the results of this paper can be utilized in a variety of studies.
In this paper, three methods were applied. First method is to use compensation of employees (CE), the narrowest definition of labor income, as the labor income. Second method is to assume that the average labor income of non-wage workers equals the average wage level of employees. Third method is to estimate the average labor income of non-wage workers using micro survey data. All three methods use domestic income (DI), the sum of CE and operating surplus (OS), as the total factor income. In this paper, I used the estimates by Im (2020) for the third method.
The economy-wide labor income share by the first method is highly close to the official income share published by the Bank of Korea, and is believed to underestimate the true labor income share. On the other hand, the share by the third method is expected to highly overestimate the true value. The accuracy and the reliability of the estimated shares can be greatly improved by estimating the relative average labor income share of non-wage workers more thoroughly based on more accurate survey data.

KCI등재

2Abnormal returns around mergers and acquisitions for US firms

저자 : Justice Kyei-mensah

발행기관 : 한양대학교 경제연구소 간행물 : JOURNAL OF ECONOMIC RESEARCH 26권 1호 발행 연도 : 2021 페이지 : pp. 27-62 (36 pages)

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We examine the cumulative abnormal returns (CARs) surrounding merger announcements for NYSE, NASDAQ and AMEX-listed firms. We estimate the Fama-French-Carhart four-factor CAPM under both the standard OLS method and the asymmetric GARCH(1,1)-in-mean, hereafter GJR-GARCH-M. The statistical significance of the CARs is determined using the adjusted Boehmer et al. (1991) t-statistics modified by Kolari and Pynnonen (2010). The GJR-GARCH-M method provides stronger support for the view that shareholders of both acquirers and targets gain around merger announcements. To illustrate, at the announcement date, the CAR of 0.233% is insignificant under the OLS for acquirers, whereas, the CAR of 0.386% is significant under the GJR-GARCH-M method. The gain of 0.386% is sizable supporting the neoclassic theory of M&A. Small and low liquidity acquirers and targets exhibit larger CARs than their medium counterparts. Cash and mixed payments are associated with significant CARs but not stock payments.

KCI등재

3Identifying local labor markets in Korea

저자 : Woojin An , Insoon Kang

발행기관 : 한양대학교 경제연구소 간행물 : JOURNAL OF ECONOMIC RESEARCH 26권 1호 발행 연도 : 2021 페이지 : pp. 63-79 (17 pages)

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The purpose of the paper is the delineation of local labor market areas in Korea on the basis of the travel-to-work flows surveyed at the basic administrative area. We sketch the local labor market areas using the commuting matrix derived from the sample data of the population and housing census.
Given such Origin-Destination trips to work, the rule based agglomerative algorithm creates a partition of the territory such that all areas satisfy the relevant validity rule. As a result of analyzing different self-containment criteria of 60-70%, 65-75%, and 70-80%, local labor market areas are classified into 37, 34 and 30 areas, respectively. These results suggest that the current administrative areas and local labor market areas are not consistent with each other. Above all, the problem identified in this study is the spatial discrepancy between the jurisdiction of the Employment Welfare Plus Center, which provides employment-related services, and the regional labor market area. These spatial discrepancies are likely to reduce the efficiency of the administration performance, so adjustment is necessary.

KCI등재

4Difference in the determinants of debt default by the business sector of the self-employed

저자 : Dong-jun Byun , Daekeun Park

발행기관 : 한양대학교 경제연구소 간행물 : JOURNAL OF ECONOMIC RESEARCH 26권 1호 발행 연도 : 2021 페이지 : pp. 81-103 (23 pages)

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This study explores the determinants of debt default by the self-employed with a focus on the difference in the determinants by the business sector. Estimation of Logit models using the data constructed by linking the Korea Credit Bureau data with the data from the Korea Credit Information Services reveals the following. First, in addition to the demographic characteristics and the financial characteristics of the debtor, the business sector of the self-employed also has a significant power in explaining the likelihood of debt default. Second, the effect of economic factors on the likelihood of debt default by the self-employed differs with the business sector. While the food & lodging sector is sensitive to interest rate shocks, the manufacturing sector and the wholesale & retail trade sector are sensitive to regional business cycle shocks. The real estate rental sector is sensitive to interest rate shocks and housing price shocks. Lastly, we find that information about the enterprise loans owed by the self-employed is useful in evaluating the default risk of the self-employed. The larger is the size of enterprise loans, the higher is the risk of default. The effect of the size of enterprise loans on the default risk of the self-employed also differs with the business sector.

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(2006)홍길동 외 1명심리학41회 피인용

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2미국의 비트코인 규제

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