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Common Ownership and Bank Stability: Evidence from the U.S. Banking Industry
Haerang Park,Byungmin Oh 한국재무학회 2020 한국재무학회 학술대회 Vol.2020 No.08
We empirically test competing theoretical arguments about the impact of common ownership on bank stability: the common ownership hypothesis, where banks decrease risk-taking by internalizing risk externalities on commonly held banks, and the diversification hypothesis, where banks increase risk-taking incentivized by the common owners who diversify away idiosyncratic risks. Using data from the U.S. banking industry from 1991 to 2016, we find that banks with more common ownership linkages undertake less risk, as predicted by the common ownership hypothesis. This relation is statistically significant and economically sizable, which is consistent across alternative measures of common ownership and bank risk and robust to potential endogeneity. Our study adds the financial stability perspective to the ongoing discussions on common ownership and antitrust regulations.
Common Ownership and Product Market Competition: Evidence from the U.S. Airline Industry
Alex Haerang Park(박해랑),Kyoungwon Seo(서경원) 한국증권학회 2019 한국증권학회지 Vol.48 No.5
본 연구는 기업간 공동주주(common ownership)가 상품시장 경쟁에 미치는 영향이 있는지 검증한다. 기존의 내생성 문제를 해결하기 위해 수요·공급 구조모형 및 도구변수를 도입하고 미국 항공산업 데이터를 분석하였다. 실증분석 결과, 공동주주는 항공권 가격을 높이고 항공사간 경쟁을 저하시키는 것으로 나타났다. 따라서 주주가 경쟁기업의 지분을 많이 가지고 있으면 해당기업은 다른 기업의 이익에 미치는 가격효과를 내재화하는 것으로 보인다. We study how common ownership in a financial market can affect competition in product markets. We adopt a structural demand and supply model and use additional instrumental variables to overcome endogeneity problems. We then analyze data from the U.S. airline industry. We find that common ownership raised airfare prices and softened the competition between airline companies. Firms with higher common ownership linkage are more likely to internalize their price effects on the competitors’ profits and thus coordinate on prices to a larger degree.
문현경,정해랑,송범호,박혜련 대한보건협회 1991 대한보건연구 Vol.17 No.1
This study of low-income households was carried out on 679mother-infant pairs to investigate the factors that are associated with infant growth. Mother's body size, birth order, age difference between siblings, pregnancy period, and baby's health at birth were associated with birth weight. Current weight was associated with mother's or father's education level, birth weight and frequency of diarrhea. Such factors as formula growth period and yoghurt drink, which were considered important for infant health by mothers, were not related to current weight. Moreover, stressing on early introduction of supplements or various food intake were not proved to be sufficient to affect current weight during weaning period. Along with frequent feeding, sufficient food intake rather than early introduction of supplements after the second part of the first year has to be stressed to ensure better growth of Korean children in the future.
소나무, 벚나무, 느티나무 단근 후 연고 처리에 따른 발근 비교
박준형,김지연,권시균,김해랑,권준형,이하림,김다원,마지원,김판기,고상현,김기우,Park, Junhyung,Kim, Jiyeon,Kweon, Si-Gyun,Kim, Haerang,Kwon, Junhyung,Lee, Harim,Kim, Dawon,Ma, Jiwon,Kim, Pan-Gi,Koh, Sang-Hyun,Kim, Ki Woo 한국산림과학회 2019 한국산림과학회지 Vol.108 No.2
본 연구에서는 뿌리 수술과 수목 이식 현장에서 단근 부위에 처리하는 뿌리연고에 대한 상처 반응 및 세근 발달을 3종의 수종에서 비교하였다. 2014년 5월부터 2016년 11월까지 경상북도 상주시에 식재된 소나무, 벚나무, 느티나무 성목에서 직경 2~4 cm에 해당하는 뿌리를 절단하고 상처 부위를 바셀린과 유기질 비료로 연고 처리하여 6개월이 경과한 후, 시료를 채취하여 세근 생장량을 조사하였다. 단근 후 세근 발달은 전반적으로 느티나무와 벚나무에서 우수하였지만 소나무에서는 저조하였다. 세근 생장량은 느티나무에서 단근과 유기질 비료 처리구에서 높게 나타났다. 벚나무에서는 처리별로 뚜렷한 효과가 없었다. 이상의 결과는 단근과 상처 처리에 대한 세근 발달이 수종별로 상이하므로 단근 후 수종별로 처리방법의 세분화가 필요함을 시사한다. The aim of our study was to compare the wound responses and fine root development after root cutting and wound dressing among different tree species. The roots (2~4 cm in diameter) of mature Pinus densiflora, Prunus serrulata var. spontanea, and Zelkova serrata grown in Sangju, South Korea, were cut every 6 months from May 2014 to November 2016. The cut roots were subjected to pastes of vaseline and organic fertilizer. Six months after cutting, fine root development in the cut roots was examined. There was a significant increase in the fine root development in P. serrulata and Z. serrata; however, the development was rarely observed in P. densiflora. Zelkova serrata showed the highest fine root development among the three species in both the control and organic paste treatment groups. No significant differences in fine root development were observed in P. serrulata among the treatments. These results indicate that different tree species exhibit different responses to wound dressing after root cutting, which suggests that specific treatments must be applied to specific tree species.
Research using a remote observation for the Radio Telescope of Gwacheon National Science Museum
Jaeil Cho,Bong Won Shon,Tae Hyun Kim,Hyo Ri Jeon,Jae Seong Noh,Ye Som Jung,Chae Rin Kim,Jung Si Woo,Son Young Jin,YoungPyo Hong,Haerang Park,Sungmin Lim,Yuna Hahn,Taehyun Jung,Jung-Hoon Kim 한국천문학회 2022 天文學會報 Vol.47 No.1