This paper empirically verifies that the types of capital adjustment costs serve as an important mechanism in relation to investment decision- making after confirming that the investment dispersion of Korean firms is pro-cyclical and can affect busin ess cycles. Specifically, it is found through...

We analyze the social welfare effect when a policy-based financial system (PFS) enters a decentralized financial market. Particularly, the PFS in this case supports the interest spread for corporate loans held by firms with heterogeneous bankruptcy decisions under an imperfect information...

- There has been growing public support for a tax hike as corporate investment remains stagnant despite the recent cut in the corporate tax rate. Accordingly, this study aims to closely examine the impact of the corporate tax rate on investment. - Managerial decisions, including those on...

This paper empirically verifies that the types of capital adjustment costs serve as an important mechanism in relation to investment decision- making after confirming that the investment dispersion of Korean firms is pro-cyclical and can affect busin ess cycles. Specifically, it is found through...

We analyze the social welfare effect when a policy-based financial system (PFS) enters a decentralized financial market. Particularly, the PFS in this case supports the interest spread for corporate loans held by firms with heterogeneous bankruptcy decisions under an imperfect information...

We propose an asset pricing model in a production economy where cash flows are determined by firms' dividend and investment decisions. Managers choose extensive and intensive margins in payout policy while facing non-convex costs as firm cash holdings grow. Differences in the timing of dividend...

Korean Abstract: 본 연구는 중소기업에 대한 금융지원정책, 특히 신용보증과 이차보전에 대한 최적의 지원규모와 정책적 효과성을 연구한다. 먼저, 대출시장에서 정보의 비대칭성이 존재한다는 가정을 이용하여 정부의...

Government-owned banks have been unsuccessful in making effective progress in the restructuring of marginal large enterprises over the past few years.ｏGovernment-owned banks have a tendency to inefficiently allocate financial support by delaying the workout timing and expanding the...

Korean Abstract:본 연구는 한국기업의 투자이산(離散)이 경기순응적임을 확인한 후, 기업의 투자의사결정에서 조정비용함수(adjustment cost function)의 형태가 중요한 기제(機制)로 작동하여 경기변동에 영향을 미칠 수 있음을...