한국 서비스무역의 특화패턴과 동태적 변화에 관한 연구

• 영문명: A Study on Specialized Pattern of Trade in Service and Dynamic Change in Korea
• 발행기관: 한국무역연구원
• 저자명: 최원석(Won-Seok Choi) 홍승린(Seung-Lin Hong)
• 간행물 정보: 『무역연구』제17권 제2호, 175~189쪽, 전체 15쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2021.04.30

영문 초록

Purpose - This study investigates the effects of income inequality across provinces of export firms on their initial and long-term stock returns in the Korean initial public offering (IPO) market. Design/Methodology/Approach - Using 520 IPO firms listed on the Korea Exchange (KRX) from 2002 to 2016 and financial and accounting, regional population data and IPO information, we study the effects of income inequality, measured in relative Gini coefficients over provinces of Korea, of export firms on initial returns (IR) and their long-term cumulative abnormal returns (CARs). Findings - The Gini income inequality index is found to have a positively significant effect on the IR of IPO for the whole and the export firm sample, but without statistical significance for the non-export firm sample. Second, the level of exports has a negative and significant effect on the initial returns of IPO for the pooled sample. Third, the income inequality not only affects IR, but also affects the long-term CARs. Fourth, the export ratio does not show any statistically significant effect on the long-term CARs for all the samples in the CAPM model. Fifth, the income inequality index also has a significant positive effect on all the three measures of CARs in the Fama-French 3, 4 and 5 factor models. Research Implications - We propose to allocate IPO shares based on income level, hopefully more shares to be assigned to lower income investors.

목차

Ⅰ. 서론

Ⅱ. 선행연구

Ⅲ. 연구방법론

Ⅳ. 실증분석 결과

Ⅴ. 결론

키워드

Lafay Index Trade in Service Trade Specialization