Essays in History & Finance

D'Acunto, Francesco University of California, Berkeley 2015 해외박사(DDOD)

To which extent may history help us understand current financial outcomes? Financial History typically tests for financial theories using historical data, or studies past financial outcomes to understand the present through analogy. This dissertation focuses on an alternative approach to the use of history in finance, which I label "History & Finance." This approach exploits facts and institutions of the past, and the persistence of the economic and social phenomena they determine, to directly explain current financial outcomes. In the first chapter of the dissertation, I define the scope of History & Finance based on its differences with Economic and Financial History. History & Finance has its roots in the Political Economy approach that exploits the long-run effects of historical shocks and institutions to understand current economic outcomes. I survey the research in History & Finance, organizing it across the subfields of Finance which have used this approach so far. I discuss the challenges that this method poses to researchers, and in particular the difficulty of making plausible causal statements in long-run settings, and of determining the channels of transmission of the effects of historical phenomena on current financial outcomes. I then propose five directions that scholars may follow to enlarge the scope of this approach to research in finance. In the second chapter of the dissertation, I use the History & Finance approach to understand the current spatial distribution of innovation. I focus on the innovation of traditional industries, a margin of innovation which is largely neglected in the literature, although it includes the vast majority of the innovations produced every year in Europe and the United States. I exploit newly assembled data on innovation and education at the level of European regions, as well as a unique firm-level data set on the innovation of traditional industries, to show that the amount of formal education of blue-collar workers is an important determinant of the innovation produced in traditional industries. The relevance of the formal education of blue-collar workers for innovation is alternative to the learning-by-doing hypothesis and the directed technical change literature, none of which recognizes a role for formal education in the productivity of jobs on the line. Moreover, I document for the first time that the variation in the amount of basic education across European regions is highly persistent over the decades, despite the major institutional and economic shocks that have differentially affected European regions over time. Hence, I use the historical variation of basic education across regions to address the issue of the reverse causality between current innovation and current basic education. I also propose an historical natural experiment, the quasi-exogenous diffusion of the printing press across Europe after 1450 AD, as a source of variation for cross-regional basic education in the past. Higher basic education increases the amount of innovation produced by firms in traditional industries, whose workers are in large part basically educated individuals. The effect is indeed stronger for firms that employ more blue-collar workers. I also document that higher basic education determines higher capital expenditures and lower financial constraints for those firms that innovate more. In the third chapter of the dissertation, which is coauthored with Marcel Prokopczuk and Michael Weber, I use the History & Finance approach to understand the limited stock market participation of households. Because the Jewish population has been associated with the provision of financial services in Europe for more than eight centuries, we test whether those German counties with a higher persecution of local Jewish communities over time tend to invest less in stocks. Indeed, in those counties where historical persecution was higher as far back as in the Middle Ages, present-day households invest less in stocks. The size of the effect is similar across cohorts, and it does not fade away over time. The evidence is consistent with a cultural norm of distrust in finance that has started in those areas where Jews were persecuted more in the past, and has transmitted across generations over the centuries. To obtain quasi-exogenous variation in the extent of Jewish persecution across German counties in the distant past, we exploit the forced migrations of the first German Jewish communities from the Rhine Valley to current Poland to instrument for the existence of Jewish communities in counties in the Middle Ages, and hence the likelihood that persecution against the communities was documented. This dissertation defines History & Finance as a rising approach to the study of financial phenomena, and it proposes several promising routes that researchers across subfields of finance may take to bring this approach from its infancy to a mature stage.

A Study on the Development of the Internet Finance Industry : Focused on the Finance Industry in China and United States

WANG YI 부경대학교 2021 국내박사

The diversification of IT technology brought about by the Fourth Industrial Revolution is leading to tremendous changes in the financial industry. The epicenter of these changes is in countries with advanced traditional financial industries such as the United States and they are being carried out across the financial sector, in fields such as organizational structure, operating rules, and technical standards. This expansion of IT technology base centered on developed countries is surpassing the limitations of the traditional financial industry and expanding consumers' exposure to Internet finance. Along with the global trend, China's Internet finance industry is also developing rapidly. In order to analyze China's Internet financial market, it is necessary to investigate it in comparison with Internet financial markets in other countries so as to propose a new development path for Chinese finance. The United States was chosen as a point of comparison as it serves a good contrast to the Chinese model. Therefore, this study focuses on analyzing the differences in IT technology innovations between the two countries and between consumers in their choices and utilization of Internet finance. It is thus necessary to understand the development history of the Internet finance industry in both China and the United States. This study then divides the reasons for the differences into political factors, demand factors and technical factors for empirical analysis. The empirical analysis confirms that Chinese and American consumers are somewhat accepting of Internet finance while remaining concerned about its security. Interestingly, Chinese consumers are more accepting of Internet finance than American consumers, meaning that Chinese financial consumers are more actively using products and services through Internet finance companies than American financial consumers. Therefore, it is necessary for the Chinese government and financial companies to make policy efforts to encourage the use of products and services more actively by minimizing consumers' perceptions of the dangers of using Internet finance. Based on the above empirical analysis and conclusions, this research proposes the following policy measures for government and financial institutions to promote the sustainable development of China's Internet financial industry. The government should improve understanding of the role of supervision so it can be made more effective, especially in terms of foresight capabilities; it should promote financial innovation; protect the rights and interests of consumers, and adjust to a more flexible monetary policy. This study believes that commercial banks should abandon their resistance to Internet financial institutions, and adopt ways to accelerate Internetization, while Internet companies need to deepen their financialization. In the development process, commercial banks should focus on improving their own financial technology capabilities, optimizing their talent structure, giving play to traditional financial advantages, and comprehensively creating higher-quality financial products. Internet financial companies need to seek sustainable development, and in the future they need to transfer more services to the provision of technical services to existing financial institutions. In the development process, Internet finance companies should pay close attention to policy changes, focus on risk aversion, and continue to focus on small and micro customers. This research contributes to studies in this field by systematically classifying the development history of Internet finance in China and the United States, and analyzes the differences in the use of Internet finance between the two countries. However, the empirical analysis of this study has limitations in terms of simple variable setting and incomplete assumptions about consumers using Internet finance. It is particularly regrettable that a discussion of how the digital currency that was introduced by the Chinese government for the development of the Internet finance industry will affect consumers' financial use, is not included. Follow-up studies will seek to resolve these limitations.

Determinants of Alternative Finance Adoption of South Korean Companies

하리드 시드라 조선대학교 대학원 2022 국내석사

본 연구의 목적은 한국 기업이 대안금융을 도입하는 데 있어 결정요인을 평가하는 것이다. 총 105명의 응답자가 연구에 참여하였으며, 설문지를 이용하여 자료를 수집하고, 정량적 방법으로 자료를 분석하였다. 한국 기업의 대체금융 도입의 주결정요인으로서 기업 소유주에 영향을 미치는 여러 요인들이 발견되었다. 공식적 금융 비용, 접근 용이성, 은행 및 기타 공식 기관의 경직성, 자금 규모, 다양한 대체 금융 출처에 대한 정보 가용성, 공식 금융 기관에 대한 업의 태도, 금융 인프라 개발, 운영 규모 및 구조, 내부 관리 태도 및 신뢰 이었다. 자본구조이론에 대한 함의와 관련하여 본 연구에서는자본조달순서이론의 특징을 관찰하였다. 연구 결과에서, 연구는 특히 기업의 사업주가 대체 금융과 관련하여 사용할 수 있는 모든 옵션을 탐색할 수 있도록 대체 금융의 다양한 출처에 대한 인식을 높이는 노력이 있어야 한다고 제안한다. 본 연구는 또한 자금을 제공하고 사업주가 대체 금융을 선택하도록 유도함으로써 대체 금융의 개발 및 보호를 장려하기 위한 정책 및 규제를 만드는 형태로 정부 개입이 있어야 한다고 제안한다. 키워드: 대체 금융, 운영 규모 및 구조, 내부경영태도와 신뢰 The objective of this study was to assess the determinants for South Korea’s Companies in adopting alternative finance. A total of 105 respondents participated in the study, data was collected using a questionnaire, and data was analysed using quantitative methods. The determinants for the adoption of alternative finance for Companies a number of factor were found to influence Companies owners on which alternative finance to adopt, these were Cost of formal finance, Ease of access, Rigidity of banks and other formal institutions, Size of funds, Availability of information on the various sources of alternative finance, Companies attitudes towards formal financial institutions, Development of financial infrastructure, Operational Size and Structure, Internal management attitude and Trust. With regard to the implication on capital structure theory the study observed characteristics of the pecking order theory. From the findings the study recommended that there should be efforts to increase awareness on the various sources of alternative finance so that business owners especially for small and medium enterprises to explore all options available to them with regard to alternative finance The researcher also recommends that there should be government intervention in the form of creating policies and regulation to encourage the development and protection of alternative finance by providing funding and inducing business owners to opt for alternative finance. Key words: Alternative finance, Operational size and structure, Internal management attitude and trust

우리나라 주택금융의 현황과 문제점에 관한 연구

최흥규 한양대학교 행정대학원 1986 국내석사

한국 해운산업의 선박금융 리스크 요인과 평가에 관한 연구

박희철 부산대학교 2014 국내석사

The Korean shipping industry has been undergoing significant structural transformation over the last thirty years. Compared with shipping company in other countries like Europe, Japan and Singapore, it has shown its rapid growth and become one of top 5 countries in shipping industry. But both world economy and Korean shipping industry has sunk into stagnation because of global financial crisis in 2008. Shipping finance is closely related to shipping industry, shipbuilding industry and banking industry. It becomes more and more important in Korea. The reason is that considering with foreign advanced countries, Korean shipping finance is incomplete development. Therefore, we should understand shipping finance in order to develop Korean shipping industry. Chapter Ⅱ presents an outline of shipping finance and shows the structure and the type of shipping finance. Chapter Ⅲ indicates an overview of shipping industry around the world and shipping finance system between Europe and East Asia. and then it compares shipping finance system between Europe and East Asia. korean shipping finance system is studied especially. In chapter Ⅳ, We analyzes risk factors and risk evaluation of shipping finance in Korean shipping industry. Finally, summary and conclusions will be followed in chapter Ⅴ. The purpose of this study is to finding out shipping finance risk factors which exist in Korean shipping industry and to evaluate risk based on case after reviewing the current situation. With those aims, this paper defines shipping finance and analyzes shipping industry and shipping finance. Risk factors in shipping industry are country risk, market risk, currency risk, interest rates risk, credit risk, timing risk, transaction risk, and technological risk. Particularly, Korean shipping industry is exposed to country risk and interest rates risk on account of political and geographical feature. We conduct cash flow analysis, loan to value analysis and asset value risk analysis, which are evaluation method to analyze risk in shipping industry. According to the evaluation results, risk has appeared in first stage. Cash flow turn to positive number after eight years. As time passes, curve drop rapidly. and value of ship becomes double in loan balance at six years. In order to hedge against risk, a variety of swap transaction should be used together. The evaluation methods can be use helpfully when making portfolio model and premium model to manage risk.

A Study of the Green Finance’s Influences on Enterprise Financing

HUANG WEIDONG 가천대학교 일반대학원 2022 국내박사

ABSTRACT Now China has entered a healthy state of economic development, however, China's economic development is in conflict with the quality of people's lives and the quality of the environment. In order to achieve economic progress, it is necessary to guarantee the quality of life and the quality of the environment at the same time. Therefore, a development model such as green finance is needed to balance the current economic and ecological environment. On the one hand, green finance is the current financial development trend in China. Due to the characteristics of its own industry and the advantages brought by catering policies, green finance projects show a rising trend, which is in contrast to the ordinary financial industry. On the other hand, the development of green finance and the financing capacity of enterprises are important factors for the development and progress of enterprises. From the perspective of enterprise development, green finance decisions made by enterprises can affect external financing, promote sustainable development of enterprises, and improve their financing ability. Since China's economic development shifted from the stage of rapid development to the stage of high-quality development, enterprises have gradually changed from the profit maximization development mode to sustainable development as the goal of development mode. Companies themselves pay more attention to prestige, social status, and environmental protection, and this shift has a positive impact on investors, consumers as well as governments. This paper mainly introduces the definition and related theories of green finance and financing, and sorts out the literature on the relationship between green finance, financing and other related variables. Based on the theoretical background and literature review, the hypotheses and numerical models are proposed. By selecting the data of A-Share Listed Companies in Shanghai and Shenzhen stock markets from 2010 to 2020 and excluding the samples of ST, *ST and PT, an empirical analysis is made on the influence mechanism of green finance development on enterprise financing. The research results are shown as follows. First, enterprises can improve their financing ability and ease financing constraints by developing green finance and implementing green finance policies. Second, in enterprises with high social responsibility, the improvement effect of green finance on enterprise investment and financing will be more significant. Third, in enterprises with high government support, the improvement effect of green finance on enterprise investment and financing will be more significant. Fourth, if enterprises have good risk management, the improvement effect of green finance on enterprise investment and financing will be more significant; Fifth, if enterprises actively disclose environmental information, the improvement effect of green finance on enterprise investment and financing will be more significant. Sixth, the higher the average educational level of enterprise management is, the more significant the improvement effect of green finance on enterprise investment and financing will be. On a micro level, this paper has implications for promoting enterprises to develop green finance and improve corporate financing. On a macro level, the research results of this paper have reference significance for the formulation of government policies and environmental protection.

The Impact of Digital Finance on Corporate Leverage Ratio : Evidence from Chinese Listed Companies

CHENG MIAO 가천대학교 일반대학원 2023 국내박사

It is impossible to deny that excessive leverage is a risk factor for the Chinese economy in its current state. After the 2008 financial crisis, the Chinese government undertook the "four trillion" plan to boost economic recovery, leaving a "legacy" while actively responding to the crisis. Under the "debt-investment" driven growth paradigm, China's overall leverage level has risen. Reasonable leverage is an effective instrument for promoting rapid economic development, while excessive leverage or leverage abuse ultimately causes various issues. The high macro leverage level threatens China's economic development prospects and investment efficiency. It also may generate liquidity issues or even a financial crisis. Large amounts of evidence indicate that China's excessive macro leverage is concentrated in the non-financial corporate sector. Meanwhile, state-owned companies are significantly overleveraged within the non-financial corporate sector. Therefore, reducing the leverage of the corporate sector is a key issue in decreasing China's macro leverage and preventing significant risks. To this end, the Chinese government has proposed a supply-side structural reform to achieve corporate leverage targets. With the implementation of the compulsory deleveraging policy, China's debt risk has been significantly reduced. However, a great number of indebted enterprises suffer from more intense financing discrimination, which in turn, has an enormous impact on the real economy. To offset this detrimental effect, the Chinese government has adopted a structural deleveraging policy that clarifies different criteria for various sectors and forms of leverage ratio. The structural deleveraging policy not just could cut down the corporate leverage ratio but also could direct capital flows to corporate entities and modify their capital structure. In light of the above, facing the downward macroeconomic trend, how to grasp the structural nature of the deleveraging policy and accomplish a smooth adjustment of corporate leverage levels? The emergence of digital finance provides an opportunity for Chinese companies to restructure their leverage. Digital finance is reshaping China's financial landscape driven by data and technology. Digital finance has broadened and deepened China's financial services, continuously reduced the degree of credit rationing, and effectively improved the rational allocation of financial resources. Digital finance could not only enhance the growth of a financial industry dominated by indirect financing but also offer a feasible solution for companies to improve their leverage levels. This means that digital finance provides new ideas for debt-operated companies to adjust their corporate leverage ratio by exploiting the value of data and information and exploring the importance of financial inclusion services. How could digital finance contribute to financial inclusion? Could digital finance effectively mitigate the issue of excessive corporate leverage ratio? What mechanism allows digital finance for companies to deleverage? Does the influence of digital finance on corporate leverage ratio vary based on the firm's characteristics? Hence, these research questions require answers. This paper investigated the effect of digital finance growth on corporate leverage ratio and the specific methods of structural deleveraging. The data set of this study used 3082 Chinese A-share listed firms over the years 2011 to 2021 and was collected from the China Stock Market & Accounting Research (CSMAR) and Peking University Digital Financial Inclusion (PKU_DFIIC). The empirical analysis was carried out using an industry-year-level fixed effect model to examine the impact of digital finance on corporate leverage reduction. Based on this, the mediating and moderating effects models were further conducted to investigate the channel and mechanism of digital finance on the decrease in corporate leverage. The findings demonstrated that the growth of digital finance could significantly reduce the corporate leverage ratio, mainly through three mechanisms: reducing financing costs, easing financing constraints, and weakening financial risks. Moreover, the empirical study indicated that the influence of digital finance development on the adjustment of corporate leverage is greater among state-owned enterprises and low-profit enterprises. This study departs from the conventional paradigm of research on the influence of finance on firms' adjustment leverage levels and analyses China's corporate debt problem from the micro-level perspective. This contributes to the advancement of research in the field of digital financial development and strengthen the theoretical basis for the effective reduction of corporate leverage. What’s more, we use dynamic and static panel models to analyze the influence of digital finance on corporate leverage ratio based on the theoretical framework. In addition, this study provides micro-empirical evidence of how digital finance has contributed to the reduction of corporate leverage with an in-depth examination mechanism. This study offers insights for regulating the growth of digital finance, supporting corporate structural deleveraging, and facilitating the coordinated development of technology and finance.

Study on the measures of improvement for project finance funding : based on the case of Central Asia

안병학 Hankuk University of Foreign Studies. Graduate Sch 2016 국내석사

Study on the Measures of Improvement for Project Finance Funding: Based on the case of Central Asia Geoeconomical and geopolitical value of Central Asia has been gradually increased. Central Asia areas have an important geopolitical factor with rich amount of energy resources and connection in South-North and East-West axis in Eurasian Continent. Central Asia areas possess rich amount of oil and gas and is currently in a limelight as a new place for supplying energy resources. Countries in Central Asia have recorded a high economic growth rate due to an increase in the price of international resources. At the same time, countries in Central Asia ended up desperately realizing how limited it was for them to achieve growth only with a simple resource-led economy from exportation of oil and gas through the financial crisis in 2008. Therefore, each of the countries in Central Asia has started proceeding industrial diversification and advancement for sustainable growth. Central Asia is a geoeconomically and geopolitically important area in Korea. As countries in Central Asia started proceeding large scale project for the economic growth, Korea equipped with global competitiveness in the field of plant is currently witnessing an important opportunity. Central Asia areas are different from the middle-east markets where Korea has been actively advancing to. First of all, countries in Central Asia have rich amount of resources but insufficient amount of capital for proceeding the large scale plant unlike countries in Middle-East with high fund power. This tendency has been much remarkable as the global energy price decreased after financial crisis in 2008. Secondly, countries in Central Asia are not equipped with solid institutional structure that could support economic development plans as a relatively newly emerging country. Third, it is the keen competition. China, Japan, and Russia have already been intensely competing with each other to occupy the leading position in Central Asia based on large amount of loan, ODA, and historical and political influences. In spite of keen competition in the areas of Central Asia, competitiveness of Korea are as follows. First of all, it is the global competitiveness of Korea in the field of plant. Korea has a global competitiveness in the field of plant EPC. Secondly, it is an experience of growth in Korea. Korea is a country that has achieved economic growth and the development of democracy in a relatively short amount of time. This experience of Korea not only provides validity on authoritarian countries in Central Asia but also serves as an important role model. Third, it is the position of Korea as a developed country. Countries in Central Asia are showing their concern on influence of Russia and China that are continuously growing. Countries in Central Asia regard Korea as a country that does not pursue supremacy. Countries in Central Asia most likely suffer from insufficient amount of funding with payment made out to other countries. Therefore, funding ability of the companies has become an important element of competitiveness for obtaining orders of projects. Therefore, companies are in need of a course for providing capital that is required on the project from financial institutions in security for economic feasibility of the project. Companies establish the project company that is independent from Subsidiary and provide capital from financial institutions with future cash flow as a resource of repayment as a project finance technique for proceeding the project. In order to participate in industry modernization project of countries in Central Asia, strategy from Korea is required. Project finance is guaranteed with success only if both internal elements for creating sophisticated financial structure and external factors including risk management are accomplished. Therefore, project in Central Asia will only be successfully proceeded if developing project finance in reflection of regional characteristics that are relevant to external factors.

Research on the effect of traditional inclusive finance and digital inclusive finance on income gap between urban and rural residents

Huang Xin Sungkyunkwan University 2021 국내석사

배경: 디지털 금융과 전통적인 금융의 급속한 발전으로 지난 수십 년 동안 급속도로 확대되고 있다. 2010 년부터 중국에서 디지털화된 포용적 금융이 신속적인 성장하고 있다.따라서 수많은 선행연구에서 디지털 금융포용하고 전통 금융포용의 성장은 도시와 농촌 주민의 소득 격차를 좁게 만든다고 하는 결과가 나왔다. 선행 논문은 전통적인 금융과 디지털 금융을 결합하는 것이 어떻게든 서로를 보완할 수는 있지만 그들 사이의 관계를 깊게 발견하지는 못한다는 것을 발견했다..따라서 이 논문은 2011~2018 년 패널 데이터를 활용하고 디지털 금융포용과 전통 금융포용을 독립 변수로서 도시와 농촌 주민의 소득 차이에 미치는 영향을 연구하게 된다. 더욱이, 전통적인 금융포용과 소득 격차의 상관 계수를 분석하는 것은 디지털 금융포용의 여러 단계에 기초한다. 또한 문턱모형을 적용하여 전통적 금융포용의 여러 단계에서 디지털금융포용과 소득격차근거의 상관계수를 추정한다. 목적: 전통 금융포용과 디지털 금용포용은 도시과 농촌의 빈부격차에 대한 영향을 연구한다. 또한 이번 연구는 전통적인 금융포용의 발전수준에 따라 도시와 농촌주민의 소득차이에 대한 디지털 금융포용의 역할이 다른지 여부를 규명하는 데 초점을 맞추고 있다. 그리고 중국에서 전통적인 금융포용이 디지털 금융포용의 발전수준이 다르는 경우에서 소득 격차에 더 큰 영향을 미칠 수 있는지 여부를 알아내는 것이다. 방법: Stata 에 통해서 패널 회귀 분석 모델 하고 임계값 모델을 검증한다. 결과 :(1)디지털금융포용과 전통금융포용은 농촌 주민의 소득격차에 대한 영향을 보면 지역적 차이가 있다. (2)포용적 디지털 금융포용을 문턱값으로 하는 경우에서 전통적인 포용적 금융은 소득 격차에 더블 문턱 효과가 있다. 더욱이 디지털 금융포용지수가 상승하면서 전통적인 금융포용도 빈부격차를 더욱 벌리게 된다. (3)게다가 전통 금융포용을 문턱값으로 하는 경우에서 디지털금융포용은 소득격차에도 더블 문턱의 효과가 있다. 디지털금융포용이 전통적인금융포용을 성장하는 경우에서 빈부격차를 효과적으로 줄일 수 있다는 결과를 보인다. Background: The rapid development of digital finance and traditional inclusive finance is expanding quickly in the past decades. Significantly, digital finance is rising rapidly in China after the 2011 year. Some articles discovered that the growth of inclusive digital finance and traditional inclusive finance boosts the income gap between urban and rural residents becomes narrow. Some articles found that combining traditional finance and digital finance could complement each other somehow but do not profoundly discover the relation between them. This article will use digital finance and traditional finance as the independent variable to discover their impact on the income differences between urban and rural residents using panel data during 2011-2018 in 31 provinces. Besides an alyzing the correlation coefficient of the traditional inclusive finance and income gap is based on a different stage of inclusive digital finance. It also estimates the correlation coefficient of inclusive digital finance and income gap base on a different stage of traditional inclusive finance by applying the threshold model. Purpose: It studies the effects of traditional financial inclusion and digital inclusion on the urban and rural income gap. The study focuses on discovering whether the role of inclusive digital finance on the income differences between urban and rural residents would be different based on different development levels of traditional inclusive finance. Moreover, to discover whether the traditional inclusive finance would affect the income gap more significantly as the different development levels of inclusive digital finance in China. Method: estimation of Panel regression model and the Threshold model through using Stata. Result: There is a regional disparity between inclusive digital finance and traditional inclusive finance on the rural-urban income gap. Traditional inclusive finance has a double threshold effect on the income gap, with inclusive digital finance as the threshold value. Moreover, as the digital financial inclusion index rises, traditional financial inclusion will widen the gap between the rich and the poor. Besides, inclusive digital finance also has a double threshold effect on the income gap with the traditional inclusive finance as the threshold value. It means digital inclusive finance will effectively reduce the gap between the rich and the poor by improving traditional inclusive finance.

住宅金融의 國際比較를 통한 發展方案에 관한 硏究

최준연 漢陽大學校 經營大學院 1995 국내석사