Synergy Between Taking-Deposits and Lending by Banks: Evidence from Small Business Financing

한중호 한국산업경제학회 2012 산업경제연구 Vol.25 No.1

This paper empirically examines how firms choose their checking account service providers and how such choices affect credit contract terms. I find that firms' choices of checking accounts are negatively associated with geographical distance between banks and depositing firms but positively associated with durable banking relationship, implying that transportation costs and early accessibility dominantly explain checking account choices. More importantly, I find that an existing checking account from a lender significantly increase loan approval probability and reduces interest rates charged on lines of credit. In sum, the findings here are consistent with the assertion that synergetic benefits of deposit-taking and lending do exist and such benefits are passed on to borrowing firms.

Information Asymmetry, Risk Rating, and Debt Maturity: Evidence from Small Business Data

한중호 서울대학교 경영연구소 2008 Seoul Journal of Business Vol.14 No.2

This paper examines the interactive effects of risk ratings and banking relationships on debt maturity choice. Previous studies posit that there exist important interactions between risk ratings and proprietary information generated from monitoring. I test their predictions by introducing banking relationships as a proxy for proprietary information about borrowers. I find that, in the absence of prior banking relationships, both low-and high-risk firms borrow on shorter-term bases than intermediate-risk firms. With long-lasting banking relationships, however, the effects of risk ratings on maturity substantially decline. The findings here suggest that information asymmetry is at the root of debt maturity choice.

CEO Inside Debt and Costs of Bank Debt Financing

한중호 서울대학교 경영연구소 2011 Seoul Journal of Business Vol.17 No.2

This study examines the role of CEO’s pensions and deferred compensations by exploring their impacts on pricing and non-pricing contract terms of bank loans. CEO’s inside debt, defined as the sum of defined benefit pension and deferred compensations, pays fixed amounts at periodic intervals. We find that higher inside debt holdings significantly reduce both loan rate spreads and demands for collateral. We also find that such effects are particularly pronounced under weak external governance proxied by a degree of anti-takeover defenses. Overall, our results support the idea that debt-like incentives for CEOs increase convergence of interests between managers and creditors.

Do Tangible Assets Support Long-Term Debt? New Evidence from Unsecured Debt Financing by Small Firms

한중호 서울대학교 경영연구소 2008 Seoul Journal of Business Vol.14 No.2

Higher liquidation value is believed to support longer-term debt. In contrast, more recent theories argue that extreme asset liquidity can indeed shorten the optimal maturity to mitigate asset substitution problems. Using industry-and region-specific tangibility suggested by Shleifer and Vishny (1992), we attempt to test these seemingly conflicting predictions. We find that the maturity of unsecured credit lines is a nonmonotonic function of liquidity, supporting Myers and Rajan (1998). Specifically, extreme asset liquidity reduces the maturity of unsecured credit lines, whereas there is no such effect for fixed asset loans, which restrict the disposition of assets financed with the loans.

Overreactions in the Foreign Currency Options Market

한중호,장기천,강병진,변석준 한국증권학회 2016 Asia-Pacific Journal of Financial Studies Vol.45 No.3

The seminal research by Stein (Journal of Finance 1989, 44, 1011) shows that long-term options overreact to short-term volatility shocks. In contrast, recent studies show that such irrational responses disappear when model-free implied volatilities are used. We extend this literature by examining overreactions in the over-the-counter currency options market. Using model-free implied volatility and by considering the estimated structural breaks around recent financial crises, we find consistent evidence for volatility overreactions during non-cri- sis periods but no conclusive evidence of such behavior during recent crises periods. Overall, our findings suggest that it is crucial to consider structural changes when testing for overre- actions in options markets.

채권시장 접근성이 한국제조업의 현금보유와 투자정책에 미치는 효과

한중호 한국자료분석학회 2011 Journal of the Korean Data Analysis Society Vol.13 No.6

In this study, it is investigated whether and how firms' ability to access to bond markets influences investment and liquidity management policies of Korean manufacturers in order to understand the long-term consequences of 1997-1998 Korean financial crisis. It was found that investments by Korean manufacturers have significantly decreased after financial crisis, while the cash holdings have increased since the crisis. It was also found that cash holdings by firms which have no access to bond markets have more significantly increased than those by firms with access to bond markets. Finally, firms which do not belong to business groups are more likely to save cash from operating cash flows. In sum, the findings here suggest that the development of bond markets following the 1997 financial crisis has long-term effects on the liquidity and investment policies of Korean manufacturers. 본 논문은 1997-1998년 금융위기 이후 한국제조업의 현금보유와 투자정책의 장기적 변화 요인에 대한 이해를 넓히기 위해 금융위기 이후 급격하게 발달한 채권시장의 영향을 분석한다. 이를 위해 채권시장을 통한 자금조달능력의 차이가 금융위기 이후 한국제조업의 유동성관리와 투자전략에 차이를 가져오는지를 검증한다. 연구결과는 다음과 같다. 첫째, 금융위기 이후 제조업기업의 현금성 자산보유는 증가한 반면 고정자산 투자는 감소하였다. 둘째, 채권을 발행하지 못하는(채권신용등급이 없는) 기업들의 현금수요가 상대적으로 높아졌다. 셋째, 기업집단에 속하지 않는 기업의 경우 채권을 발행하지 못하는 기업의 현금-현금흐름 민감도가 높아 재무적 제약이 상대적으로 심하다는 것을 발견하였다. 이러한 결과들은 금융위기 이후 시가평가제 도입을 정점으로 한 채권시장의 변화가 기업들의 재무적 전략에 장기적인 차이를 가져왔음을 의미한다.

Fe - X% Mn - 6% Si - 9% Cr - 5% Ni 합금의 형상기억효과에 미치는 가공열처리의 영향

한중호,최종술,백승한,유계현 대한금속재료학회 1993 대한금속재료학회 학술대회 개요집 Vol.1993 No.1

Fe-X%Mn-6%Si-9%Cr-5%Ni 합금의 형상기억효과에 미치는 가공열처리의 영향

백승한,전중환,최종술,한중호 연세대학교 산업기술연구소 1994 논문집 Vol.26 No.1

The effect of thermomechanical treatment on the SME(Shape Memory Effect) of Fe-(10∼16)%Mn-6%Si-9%Cr-5%Ni alloys was investigated. The corrosion behaviors of these alloys were also investigated compared with SUS 304 stainless steel and Fe-30%Mn-6%Si shape memory alloy. Through the investigation the Fe-2%Mn-6%Si-9%Cr-5%Ni alloy showed the best SME in as-solution treated state. Training treatment consisting of repetition of cold rolling by 2% at room temperature and subsequent annealing at 650℃ for 10 minutes was performed to improve the SME. The remarkable improvement of SME was obtained at two cycles of training, and then the SME was decreased with further training. This suggests that the extra lattice defects of dislocation and stacking faults introduced by training treatment deteriorates the SME. The Fe-X%Mn-6%Si-9%Cr-5%Ni alloys showed the passive behavior similar to that of SUS 304 stainless steel in 30℃-5% H₂SO₄solution and great improvement in corrosion resistance compared with the Fe-30%Mn-6%Si shape memory alloy.

都市地域住民의 運動實態와 關聯要因

南喆鉉,韓重鎬 韓國保健敎育學會 1991 보건교육건강증진학회지 Vol.8 No.1

This study was carried out to investigate consciousness level of physical exercise and analyze factors affection to the practice of exercise. The main purpose of the study was to give basic and necessary data in developing of program regarding to the physical exercise of the people and social athletics. This study was conducted by trained surveyers, for dweller in three cities(Seoul, Taegu and Ulsan) during January 4. 1990 to January 24. 1990. The results of this study can be summarized as follows 1. The subject of criticism an investigation for general characteristic be conducted in Seoul, Taegu and Ulsan city area an objective 417 person, 432 person and 366 person was among those comparatively little more by male was higher rate than female. Those in classification was adopted by age group 20 years old adult 4l.3% of most higher rate, age group evaluation, were 24.9% and other group were 18.4% comprehensively appearanced by adult group has most many value rate. 2. An objective of investigation survey was made to personnel were comparative an educated level significantly higher such as college graduated 48.8% this rate of value has most higher, High school graduated ; 30.1% and middle School gratuated were 11.7% . In addition the native comes from large city, Farming and fishing villages and rural area rate were shown as 29.6% ,28.4% and 19.9% each other. There by classfication of occupational job was shown by students has 27.4% are most higher significantly, also there sales and service field job appearanced 15.1% and expert technical job is 9.0%. Although nonreligion person rate were 37.3%, buddist, Christianity, Roman Catholicism all them each other shown 33.6%, 16.7% and 12.4%. An evaluation in economic situation value rate was appearanced by middle class level 61.7% and higher and low level are 14.4% and 23.9% with each other and married were 59.2% . 3. The people resident in cities area has pratice of health development by exercise person were 43.5% and value of rata for male has exercise practice is 52.5%, was significantly higher than female has by age group 10 years old and age group 50 years old is 52.6% and 47.3% was comparative higher rate also age group 30 is 35.1% of low factor was indicated. Although evaluated an economic situation rate was higher level get more taken the practice of health develop exercise(higher level 60.0% and low level is 32.9% ). Although by higher level of educated were more taken practice of their proper physical exercise(college graduated rate ; 52.2% of most higher and high school graduted : 39.7% and then middle school graduated is 19.1%) unmarried taken exercise rate : 48.4% is significantly higher than married person rate ; 40.8%. Although objective of native area of exercise rate of Urban area cities : 52.5% are significantly higher farming and fishing native person rate : 40.4% shown is most low. 4. The reason of not desired to applicant to physical exercise was reflect their owing to unavoidable circumstances rate 46.4% is significant higher rate, also not desired to have rate was 37.1%, not proper to take interest rate is 9.3%, applicant not desired to have exercise concerned to health program situation rate : 3.8%, Nevertheless health is weakness unable to take exercise rate ; 3.4% with each other. The reason of unable to taken exercise on comparatively appearanced by female has more higher than male, Although, when not desired to have person for unavoidable circumstances was appearanced female has more higher rate than male. This implication has shown age group 10 to 60 years old group has significantly higher than compare with other age group. Thereby classification of education level has been evaluated for its rate "by the not to desired" middle school graduated; 43.2 personnel owing to unavoidable circumstance rate of college graduated ; 43.9% is significantly higher. The classification of occupation by job be evaluated "personnel" circumstance in administrative job ; 69.2% and product job of rate : 66.7% , expert technic job of rate ; 65.0% was shown is significantly higher "not desired to" take exercise rate for students and unemployed were 47.4% and 36.4% of higher value rate. 5. The resident of people desired to have exercise required of the answered ; 49.4%, have an interest rate ; 24.7%, when get to opportunity is 4.3% and recommand by medical health member was adopted 0.9% is shown most low. The classification by resident of area to conduct the physical exercise rate of middle and small to town is 68.1% and 57.8% and resident large cities were having physical exercise rate ; 30.3% compare with them shown twice more higher rate appeared. However that the conduct of exercise with their interest by habit value appearances with resident in large cities has 31.3% significant higher compare with middle and small town person has practice rate: 20.8% and 18.8% rate of factors The objective of conduct the health development by sex was interested the goal of health improvement and their owing habitually practice sports were significantly higher by male than female. Although recommanded by families or medical health development members of female case has more higher than male. Nevertheless by age group be appearanced old person has significantly higher than young group age. Although there age 40 to 50 years old people were more higher than age 20 to 30 years old group. To evaluated the higher educated were more taken physical exercise by interest of habit but lower educated was most taken for goal of improve health situation by proper exercise make an effort. The classification of job performance respondent to practice the purpose of develop health with the practice of exercise when school teacher case; 81.8% was most significantly higher and having to take habit of interest were administrative job person has most higher rate. 6. The weekly taken practice of exercise person rate : 26.7% also twice taken rate is 15.7% but daily practice people are 17.1% by the male taken exercise once in a week has significantly higher but daily taken rate is female has more higher than male value of rate. The practice of weekly exercise rate was comprehensively higher avoid of age group 30 years old. Compare to age 30 years old has 37.0% is significantly higher by educated level be evaluated rate for daily taken exercise value has significantly higher. Although by classification of job was product job performance has most higher rate but practice of weekly taken exercise to be evaluated by labor job and administrative working group level has higher rate was indicated. 7. During weekly taken once exercise to practice an hour rate. 59.1% significantly higher and than halo hours taken rate is 2l.2% each other, and 30 minute taken rate: 7.2% also 3 hours taken rate ; 5.3. When male case taken an hour is significantly higher than female, but to three hours taken practice of exercise were shown female has more higher rate, younger age group has don't taken are more to increased of physic exercise, by the classification of job conduct of exercise taken an hour case appearanced significantly higher by product job and exper technical job performance has more higher rate, and then two hours taken exercise case were labor and unemployed level has significant higher rate be appearanced. 8. Although after taken drinking of exercise rate is about 40%, by the frequently taken or should be taken case are 7.3%, among by male is 52.8% be taken drinking after excecise and female was about 20% be takers the drinking. The comprehensive evaluation of after drinking by exercise by age group 50 to 60 were low rate to taken practice of exercise. However that have to be drinking were by age 20 to 30 years old got more higher rate than age of 40 to 50 years older. By the classification of educational level to evaluated be taken exercise for drinking rate by higher educated level and by classification of job in the drinking habit are after the exercise in product people job has shown 75.0% significantly higher compare with other group of age. When administrative job performance people has after drinking habit rate : 61.9% for secondly higher level be appearanced. To consideration by area in resident in larger cities for taken drinking for after the practiced the exercise were higher than compare to middle and small to town dweller. 9. To conduct in order to improve health maintain practice by conduct of exercise with sex β= .2011 of most affect higher influence level of education was BETA= .1288, By job EETA= .0578 and age group shows BETA = .0728. Those valuable rate about one percent level needed keep out attention (P<0.01). Their explanation capacity rate is 18.9% be point out 10. To discussed mention as above instruction was in order to maintain health development by practice of physical exercise dweller in cities capacity has compratively short rate compare to over all in the evaluations. Although, in the most larger city dweller has by age group 30 years old and middle to low level and female has practice of low in the conduct of physical exercise, nevertheless habit of after exercise to taken drinking habit shows in dweller in larger city people for age group was adult they got higher educated level person has job performance in the product field and male has significant higher rate was indicated. Therefore required gives constructive sprit of sports to having by their proper exercise be taken consciousness and prevent of illness for adult campaign required practice of proper physical exercise conduct is needed for the people of community life develop the health by sports to be proper taken action of an effort campaign is necessary under the conduct of development for physical health control by department of health and social affairs to cooperation mutual activities including department of government sports association committee and respectively medical health member assistance, committee of sports association members and all school been organized board of development health and education committee involve expert member for health development education conduct by effort of campain with under the political comprehensive performance by proper action be taken in order to proper program establishment for the dweller be attend increase to practice of physical exercise and sports conduct by the program be established of prevent illness for the adult effective in health maintain campain to achive community life to be make livelihood under the mutual cooperation and then establishment of proper political measurement program in order to dweller practice most handiness to exercise availabled to require facilities of installation for functional program develop and renovation activities campain is necessary.

채권시장 접근성이 한국 제조업의 자본구조에 미치는 영향

한중호(JoongHo Han),제상영(Sang Young Jei) 한국경제연구학회 2011 한국경제연구 Vol.29 No.4

1997~1998년의 금융위기 이후 우리나라 채권시장은 비약적인 변화를 겪었다. 본 논문은 이러한 변화가 우리나라 기업의 재무적 전략에 미친 영향에 대한 이해를 넓히기 위해 채권신용등급의 유무로 측정한 채권시장 접근성의 차이가 부채구조와 부채의 만기구조에 미친 영향을 경험적으로 분석한다. 연구결과는 다음과 같다. 첫째, 금융위기 이후 제조업기업의 부채비율이 감소하였으나 이러한 현상은 채권평가등급이 없는 기업들에게 더 크게 발생하였다. 둘째, 채권을 발행할 수 있는 기업의 단기부채 의존율이 그렇지 않은 기업보다 평균 4% 더 낮음을 발견하였다. 셋째, 채권등급이 없는 기업집단 소속기업들의 경우 부채비율이 낮아지고 단기부채 의존율이 급격하게 높아졌다. 이러한 결과는 금융위기 이후 채권시장이 발달됨에 따라 채권시장을 통한 자금조달 능력의 차이가 우리나라 기업들의 자본구조를 결정하는 중요한 요인이 되고 있음을 의미한다. We empirically examine the impact of access to bond markets on capital and debt maturity structure of Korean manufacturers. Firstly, we find that the leverage has sharply decreased since the financial crisis and such effect is more pronounced for the firms without bond ratings. Secondly, we find that debt maturity of the firms without bond ratings is lower by 4% than that of firms with bond ratings. In sum, the findings here indicate that, as the bond markets have developed since the financial crisis, the access to debt markets has become an important determinant of capital structure of Korean manufacturers.