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- 저자 : Ai-Lian Bian (검색결과 5 건)
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Foreign Ownership and Exchange Rate Risks
Ai Lian Bian,Jin Wan Cho 한국경영학회 2012 經營學硏究 Vol.41 No.5
In this paper, we estimate several measures of a firm`s ``exposure to exchange rate risks`` -hereafter ``F/X exposure``-, and analyze how these exposures are affected by different firm characteristics including foreign ownership. By using the foreign ownership and stock return data of 571 Korean firms from 2000 to 2006, we find that foreign ownership is an important factor affecting the F/X exposures. In particular, during a month of home currency depreciation, the stock returns of firms with a higher ownership experience a greater negative shock, but during a month of increased exchange rate volatility, those firms with a lower ownership that experience a greater negative shock. Overall, various firm characteristics are found to affect F/X exposures in different directions, weakening the statistical significance of the exposure measures. This finding helps explain the previously documented weak association between exchange rates and stock returns.
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변애련(Ai-lian Bian),박경인(Kyung-In Park),문하영(Ha-young Moon) 한국무역연구원 2014 무역연구 Vol.10 No.4
This paper studies the relationship between corporate social responsibility and financial performance with a focus on the experience of CSR reporting in Korea. The sample size for this study consisted of 183 firms in Korea during the period covering 2006-2009, using the KEJI index as CSR performance proxy. Specifically, this study examined the effect of CSR performance on subsequent financial performance and the effect of subsequent financial performance on CSR performance in Korean firms. The next phase of the study looked into the differences between firms that do CSR reporting and those that do not. In conclusion, the findings suggest that CSR performance is positively associated with some aspects of subsequent financial performance In addition, results showed that: (1) there is no effect in expediency of CSR reporting; (2) CSR performance is positively associated with prior financial performance more thus strongly supporting the slack resource theory.
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변애련 ( Ai Lian Bian ),박경인 ( Kyung In Park ),조진완 ( Jin Wan Cho ) 한국국제경영학회 2006 國際經營硏究 Vol.17 No.3
In this paper, we analyze the currency risk exposure borne by the Korean manufacturing firms that are listed in Stock Market at Korea Exchange. More specifically, we use the data from 1994 to 2002 to measure the extent of currency risk exposure, and investigate the factors that are known to affect the degree of exposure. Note that after the currency crisis that occurred around December 1997, the exchange rate regime for Korean Won changed from the managed float to the free float. Therefore, the data provide a natural experimental ground to investigate whether the firms react to the fundamental changes in the international monetary system. One of the features of this paper is that we use the trade-weighted exchange rates, namely JP Morgan Index of Korean Won to measure the currency risk more accurately. In order to measure the exposure, we estimate the sensitivity of stock returns to the changes in the local currency value. In order to do so, we base our analyses on the empirical model developed by He and Ng (1998). First we find that the currency beta actually decreases after the free float is adopted. This is surprising in that the exchange rate volatility actually increased dramatically after the flexible exchange rate regime was adopted. Second, when we conduct the cross-sectional analysis of the estimated currency beta against firm characteristics, we find that prior to the currency crisis, the currency beta is negatively related to the firm size, Book- to-Market ratio, dividend yield, and positively related to the quick ratio, but none of these factors become statistically significant after the free float was adopted. These findings imply that even though the exchange rate volatility increased with the introduction of flexible exchange rate regime, the currency risk exposure actually decreased at the firm level. Whether the reduction of the risk exposure results from the improved skills in managing risks is an interesting question, but we believe that this is beyond the scope of this paper and left for future research.
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The Dynamic Relationship between the NFT Index and Macroeconomic Factors in Korea
Ke-Qin Liu,Ai-Lian Bian 한국무역연구원 2023 무역연구 Vol.19 No.3
Purpose – This study attempts to analyze the dynamic relationship between the NFT index and macroeconomic factors, and make effective suggestions using research methods in the field of management finance. Design/Methodology/Approach – The study sample was from January 2020 to March 2023. The variables used in the analysis were based on monthly time series data, measured on the basis of the Metaverse–NFT Index (MVNX) index released by Wavebridge Limited in Korea to reflect the growth trend of the NFT market, money supply, US dollar–won exchange rate, gross domestic product, consumer price index, and other macroeconomic indicators. The analytical tools in this study included a unit root test based on the VAR model, the Johansen cointegration Test, Granger causality test, impulse response analysis, and variance decomposition. These methods are very effective in analyzing time series data. Findings – The results of the analysis show that macroeconomic factors, such as money supply, exchange rate, GDP, and consumer price index are important sources of information in predicting the NFT index. Research Implications – The results of this study are expected to provide practical information for NFT users, virtual asset trading platforms, investors, and policymakers related to NFT ecology. Furthermore, this study’s findings are of great significance, being the first global study to explore the relationship between NFTs and macroeconomic factors.
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