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Geographical Concentration and Creditor Coordination: Evidence from Syndicated Loan Covenants
Joongho Han(한중호),Chao Jin,Heungju Park(박흥주) 한국경영학회 2021 한국경영학회 통합학술발표논문집 Vol.2021 No.8
This paper examines how the geographical distance between the lead and the participant bank lenders influences syndicated loan covenants. We find that greater distance is associated with the presence of covenants, the number of covenants, and the probability of covenant violation. These results hold when we use the introduction of new airlines to proxy the decrease in the travel time among lenders. Our results suggest that geographic proximity reduces agency conflicts among syndicated loan creditors.
Corporate Taxes and Securitization
JoongHo Han,Kwangwoo Park,George Pennacchi 한국재무학회 2010 한국재무학회 학술대회 Vol.2010 No.05
This paper highlights how corporate income taxes create incentives for banks to securitize loans. Most banks are subject to corporate income taxation while special purpose corporations that hold securitized loans are not. We present a model that analyzes different banks’ securitization incentives. The model shows that if a bank has significant loan origination opportunities but limited deposit market power, its incentive to sell loans is an increasing function of its corporate income tax rate. Empirical tests of the model’s predictions are carried out on two different samples of U.S. commercial banks’ loan sales during the period 2001 to 2008: one sample using Call Report data and the other sample based on Home Mortgage Disclosure Act (HMDA) filings. Consistent with the model’s predictions, both sets of data show that banks having relatively high lending opportunities are more likely to sell mortgages and non-mortgage loans when they operate in states that impose higher corporate income taxes. An implication is that corporate taxation of bank income may have contributed to the recently excessive growth in securitization.
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.
Lee Joongho,Kim Minsoo,Han Kyudong,Yoon Seokhyun 한국유전학회 2023 Genes & Genomics Vol.45 No.12
Background Reconstruction of amino acid sequences from assembled transcriptome is of interest in personalized medicine, for example, to predict drug-target (or protein-protein) interaction considering individual’s genomic variations. Most of the existing transcriptome assemblers, however, seems not well suited for this purpose. Methods In this work, we present StringFix, an annotation guided transcriptome assembly and protein sequence reconstruction software tool that takes genome-aligned reads and the annotations associated to the reference genome as input. The tool ‘fixes’ the pre-annotated transcript sequence by taking small variations into account, finally to produce possible amino acid sequences that are likely to exist in the test tissue. Results The results show that, using outputs from existing reference-based assemblers as the input GTF-guide, StringFix could reconstruct amino acid sequences more precisely with higher sensitivity than direct generation using the recovered transcripts from all the assemblers we tested. Conclusion By using StringFix with the existing reference-based assemblers, one can recover not only a novel transcripts and isoforms but also the possible amino acid sequence stemming from them.
PR 제어기를 이용한 3상 4선식 인버터 Neutral Leg 제어 방법
한정호(Jungho Han),송중호(Joongho Song) 한국조명·전기설비학회 2015 조명·전기설비학회논문지 Vol.29 No.2
In 3-phase 4-wire inverter, the unbalanced loads cause to increase the neutral current which brings the voltage deviation between the split dc-link capacitors to be larger. In order to solve this problem, a neutral leg is provided additively to the ordinary inverter circuit and the associated control methods are devised. This paper proposes a new neutral-leg controller based on a PR controller and shows relatively good performance even under unbalanced linear loads and nonlinear loads. The proposed control strategy illustrates its effectiveness under the various operating conditions through simulation works.