Institutional quality and trade in intermediate goods

현혜정 한국무역학회 2018 Journal of Korea trade Vol.22 No.2

Purpose – Recently published studies stress the importance of trade in intermediate goods. The literature on determinants of trade, however, have largely focused on the sources of comparative advantage in determining aggregate trade flows rather than trade in intermediate goods. The purpose of this paper is to examine the role of institutional quality and trade costs to explain the determinants of trade in intermediates. Design/methodology/approach – The simple model is based on the model of comparative advantage in the gravity framework used by Eaton and Kortum (2002) and Chor (2010) to relate trade flows of intermediate goods to institutional parameters, factor endowments and geography. The empirical tests use a data set containing 172 countries and 17 industries spanning ten years. Findings – The results confirm the theoretical prediction that a country with higher institutional quality has a comparative advantage in institution-intensive goods and trade costs have a negative effect on trade. The author further finds that these effects are stronger in share of trade in intermediate goods vis-à-vis final goods. Originality/value – To highlight the distinct nature of trade in intermediate goods, the author separates industry trade flows as intermediate input trade and final goods (consumption goods) trade to compare the importance of different sources of comparative advantage among different types of trade flows. Unlike Eaton and Kortum (2002) and Chor (2010) who used cross-sectional data for final goods trade, the ten-year industry-level panel data are used to compare the relative importance of institutions and geography as determinants in trade in intermediate goods compared to final goods trade and capture themacroeconomic time variant factors aswell as industry–country pair characteristics. A significant caveat in gravity regression is that an empirical finding may often be driven by omitted variables. Inclusion of a set of country variables such as GDP, production costs and institutional level may still allow omitted variables to bias the estimation. To avoid this problem, the author includes a fixed effect of exporter and importer as well as industry and year, instead of a set of country characteristics.

Market Timing and Selectivity in Feedback Trading : Retail vs. Institutional Funds

Miyoun Paek,Yong H. Kim,Kwangsoo Ko 한국재무학회 2017 한국재무학회 학술대회 Vol.2017 No.05

This study compares the differences in equity fund investment between retail and institutional investors by developing a new empirical feedback model. First, we find that retail investors engage in positive feedback trading for market timing and selectivity. Second, positive feedback trading for market timing of retail investors is due to sell-side trades. Positive feedback trading for selectivity is generated by a combined effect of both sell- and buy-side trades. Third, there is limited evidence of overconfidence in equity mutual funds. Fourth, we fail to find any indirect evidence of disposition effect from both investors. Finally, attribution bias affects positive feedback trading of retail investors, and they apply feedback trading for market timing and selectivity according to market conditions.

The Effect of International Trade on Rule of Law

양준석 대외경제정책연구원 2013 East Asian Economic Review Vol.17 No.1

In this paper, we look at the relationship between international trade and the rule of law, using the World Justice Project Rule of Law Index, which include index figures on human rights, limits on government powers, transparency and regulatory efficiency. Based on regression analyses using the rule of law index figures and international trade figures (merchandise trade, service trade, exports and imports as percentage of GDP,) international trade and basic human rights seem to have little relationship; but trade has a close positive relationship with strong order and security. Somewhat surprisingly, regulatory transparency and effective implementation seems to have little or no effect on international trade and vice versa. International trade shows a clear positive relationship with the country’s criminal justice system, but the relationship with the civil justice system is not as clear as such. For regulatory implementation and civil justice, services trade positively affect these institutions, but these institutions in turn affect exports more strongly than services trade. Finally, the effect of trade on rule of law is stronger on a medium to long term (10-20 year) time horizon.

기관투자자 거래비중과 재량적 발생액이 이익반응계수에 미치는 영향

이용석 한국회계정보학회 2016 한국회계정보학회 학술대회발표집 Vol.2016 No.1

기관투자자는 국내자본시장에서 외국인투자자와 함께 가장 높은 지분율과 실제 투자를 수행하는 투자자로 Batove(2000)와 김지홍 등(2004)의 선행연구에서 합리적인 의사결정을 수행할 것으로 예상되는 투자자이다. 또한 개인투자와 비교하여 자본시장에서 피투자기업에 대한 정보 수집능력과 수집된 정보를 분석하는 능력에서 상대적인 우위가 있을 것으로 기대되며, 국내자본시장에서 상대적으로 국내 기업에 대한 정보 수집 기간이 짧고 환율과 같은 거시적인 지표의 영향을 받는 외국인 투자자와도 투자의사 결정과정에 차이가 있을 것으로 기대된다. 본 연구는 이러한 기관투자자의 주식거래 내역을 이용하여 측정한 거래비중과 재량적 발생액이 이익반응계수에 어떠한 영향을 주는지에 대하여 실증연구 하였다. 구체적인 실증 연구결과는 다음과 같다. 첫째, 기관투자자 거래비중이 높을수록 이익반응계수가 높아짐을 알 수 있었다. 이는 투자자의 합리성에 따라 회계정보의 하나인 이익을 투자자가 차별적으로 투자에 반영하는 것을 확인 할 수 있었다. 둘째 재량적 발생액과 이익반응계수의 관계만을 살펴보는 경우 예상과는 다르게 재량적 발생액이 좋을수록 이익반응계수가 낮아지는 결과가 나타났다. 마지막으로 기관투자자 거래비중과 재량적 발생액이 이익반응계수에 주는 영향을 분석한 결과 재량적 발생액과 이익반응계수는 기관투자자 거래비중이 높아질수록 강화된다. 이러한 결과는 상대적으로 합리적인 기관투자자가 재량적 발생액을 투자에 잘 활용함으로써 이익과 수익률의 관련성이 강화되는 것으로 판단된다. 본 논문의 공헌점은 자본시장을 구성하고 있는 투자자중 보다 합리적일 것으로 기대되는 기관투자의 관심정도를 추정할 수 있는 기관투자자 거래비중을 재무제표 자료와 함께 분석하였다는 것이다. 특히 2004년도 이후 기관투자자 소유지분율의 공시가 사업보고서에서 제외됨으로써 기관투자자와 관련된 연구에 어려움을 겪고 있는 이때 기관투자자와 관련된 연구를 할 수 있는 하나의 단초를 제공할 수 있을 것이라 예상된다. 또한 기관 투자자 거래비중은 매년 주식시장의 수익률과 함께 변동함으로써 Batove(2000)에서 사용하였던 기관투자자 전체 보유비중이 가지고 있는 한계점을 상당부분 완하시킬 수 있을 것이라 기대된다. Institutional investors who have the highest share ratio and they are the implementers of actual investments. According to the previous studies of Batove(2000) and Kim Ji-hong and others(2004), they have been assumed to perform rational decision making. In addition, in comparison to private investment, they are expected to have superiority in information gathering of investee companies and analytical ability of the gathered data. Also, in comparison to foreign investors who have relatively shorter term of information gathering on domestic companies and are effected by macroscopic indicators such as exchange rates, differences in investment decision making is expected to occur. In this study, an empirical research was conducted on the effects of trading ratio and discretionary accruals on earnings response coefficient by using the history of share trading by such institutional investors. The detailed results of the study are as follows. First, earnings response coefficient was found to increase with higher institutional share trading. Here, the investor was found to discriminatorily apply profit, one of the accounting information, to the investment in accordance with the rationality of the investor. Second, when observing only the discretionary accruals and association of earnings response coefficient, the earnings response coefficient was found to decrease with the increase in the quality of discretionary accruals unlike the expected outcome. Finally, according to the analysis result of the effects of earning response coefficient on institutional share trading and discretionary accruals, discretionary accruals and earnings response coefficient were found to improve when there is higher institutional share trading. Such results are determined to be the reinforcement of profit and earnings yield association through relatively good utilization of discretionary accruals in the investment by the rational investors. The contribution of this study is that the institutional share trading, which can estimate the level of interest from institutional investors who are expected to be more rational than investors who constitute the capital market, has been analyzed along with the financial statements. In particular, in these current times of difficulty in conducting research related to institutional investors due to the exclusion of institutional investor’s ownership share from publication since 2004, this study is expected to provide a lead toward studies concerning institutional investors. In addition, because institutional share trading is fluctuating along with the rate of earning in the stock market each year, the significant proportion of limitations on the relative importance of retention concerning all institutional investors used by Batove(2000) is expected to be alleviated.

기관투자자 거래비중과 재량적 발생액이 이익반응계수에 미치는 영향

이용석 한국회계정보학회 2016 회계정보연구 Vol.34 No.2

기관투자자는 국내자본시장에서 외국인투자자와 함께 가장 높은 지분율과 실제 투자를 수행하는 투자자로 Batove(2000)와 김지홍 등(2004)의 선행연구에서 합리적인 의사결정을 수행할 것으로 예상되는 투자자이다. 또한 개인투자와 비교하여 자본시장에서 피투자기업에 대한 정보 수집능력과 수집된 정보를 분석하는 능력에서 상대적인 우위가 있을 것으로 기대되며, 국내자본시장에서 상대적으로 국내 기업에 대한 정보 수집 기간이 짧고 환율과 같은 거시적인 지표의 영향을 받는 외국인 투자자와도 투자의사 결정과정에 차이가 있을 것으로 기대된다. 본 연구는 이러한 기관투자자의 주식거래 내역을 이용하여 측정한 거래비중과 재량적 발생액이 이익반응계수에 어떠한 영향을 주는지에 대하여 실증연구 하였다. 구체적인 실증 연구 결과는 다음과 같다. 첫째, 기관투자자 거래비중이 높을수록 이익반응계수가 높아짐을 알 수 있었다. 이는 투자자의 합리성에 따라 회계정보의 하나인 이익을 투자자가 차별적으로 투자에 반영하는 것을 확인 할 수 있었다. 둘째 재량적 발생액과 이익반응계수의 관계만을 살펴보는 경우 예상과는 다르게 재량적 발생액이 좋을수록 이익반응계수가 낮아지는 결과가 나타났다. 마지막으로 기관투자자 거래비중과 재량적 발생액이 이익반응계수에 주는 영향을 분석한 결과 재량적 발생액과 이익반응계수는 기관투자자 거래비중이 높아질수록 강화된다. 이러한 결과는 상대적으로 합리적인 기관투자자가 재량적 발생액을 투자에 잘 활용함으로써 이익과 수익률의 관련성이 강화되는 것으로 판단된다. 본 논문의 공헌점은 자본시장의 참여자중 가장 합리적일 것으로 기대되는 기관투자의 피투자기업 관심정도를 추정하는 대용 치로 기관투자자 거래비중을 측정하고 회계정보와 함께 분석하였다는 것이다. 특히 2004년도 이후 기관투자자 소유지분율의 공시가 사업보고서에서 제외됨으로써 기관투자자와 관련된 연구에 어려움을 겪고 있는 이때 기관투자자와 관련된 연구를 할 수 있는 하나의 단초를 제공할 수 있을 것이라 예상된다. 또한 기관 투자자 거래비중은 매년 주식시장의 수익률과 함께 변동함으로써 Batove(2000)에서 사용하였던 기관투자자 전체 보유비중이 가지고 있는 한계점을 상당부분 완하시킬 수 있을 것이라 기대된다. Institutional investors who have the highest share ratio and they are the implementers of actual investments. According to the previous studies of Batove(2000) and Kim Ji-hong and others(2004), they have been assumed to perform rational decision making. In addition, in comparison to private investment, they are expected to have superiority in information gathering of investee companies and analytical ability of the gathered data. Also, in comparison to foreign investors who have relatively shorter term of information gathering on domestic companies and are effected by macroscopic indicators such as exchange rates, differences in investment decision making is expected to occur. In this study, an empirical research was conducted on the effects of trading ratio and discretionary accruals on earnings response coefficient by using the history of share trading by such institutional investors. The detailed results of the study are as follows. First, earnings response coefficient was found to increase with higher institutional share trading. Here, the investor was found to discriminatorily apply profit, one of the accounting information, to the investment in accordance with the rationality of the investor. Second, when observing only the discretionary accruals and association of earnings response coefficient, the earnings response coefficient was found to decrease with the increase in the quality of discretionary accruals unlike the expected outcome. Finally, according to the analysis result of the effects of earning response coefficient on institutional share trading and discretionary accruals, discretionary accruals and earnings response coefficient were found to improve when there is higher institutional share trading. Such results are determined to be the reinforcement of profit and earnings yield association through relatively good utilization of discretionary accruals in the investment by the rational investors. The contribution of this study is that the institutional share trading, which can estimate the level of interest from institutional investors who are expected to be more rational than investors who constitute the capital market, has been analyzed along with the financial statements. In particular, in these current times of difficulty in conducting research related to institutional investors due to the exclusion of institutional investor’s ownership share from publication since 2004, this study is expected to provide a lead toward studies concerning institutional investors. In addition, because institutional share trading is fluctuating along with the rate of earning in the stock market each year, the significant proportion of limitations on the relative importance of retention concerning all institutional investors used by Batove(2000) is expected to be alleviated.

기관투자자의 투자기간과 내부자거래 간의 관계에 관한 연구

김태연 한국재무관리학회 2023 財務管理硏究 Vol.40 No.4

This paper investigates the relationship between institutional investment horizons and insider trading. Using a sample of firms listed on the KOSPI market from 2010 to 2018, this paper finds that longer institutional investment horizons are negatively related to insider trading. Specifically, long-term institutional ownership has a negative impact on insider trading frequency and volume, while short-term institutional ownership has a positive impact. This paper also finds that insider trading profitability is not associated with long-term institutional ownership, but it is positively associated with short-term institutional ownership. These results suggest that, unlike short-term institutional investors, long-term institutional investors prevent insider trading using undisclosed information through monitoring activities on firms and increase the firms’ information transparency which can reduce the value of information held by insiders.

Domestic versus Multilateral Institutions in Bilateral Trade: A Comparative Gravity Analysis

D. V. Pahan Prasada 한국국제경제학회 2013 International Economic Journal Vol.27 No.1

The role of domestic and multilateral institutional variables in determining bilateral trade is estimated using recent cross-sectional data covering 192 countries. Linear estimations are conducted using lognormal and Tobit models while multiplicative models use Poisson and hurdle Poisson-logit estimators. The multiple indices of domestic institutional quality available are scaled into four categories using multidimensional scaling. Membership of trade and political organizations proxy for multilateral institutional heterogeneity. Count data models a report better model fit and conservative estimates compared with linear estimations. Domestic institutional quality has a significant but moderate association with bilateral trade while multilateral institutions have a substantially large and statistically significant association with trade.

제도논리가 상이한 조직간 협력을 통한 공정무역마을운동 - 부천시 사례연구 -

최혜연,장승권 전남대학교 지역개발연구소 2023 지역개발연구 Vol.55 No.2

This study aims to analyze the practices of Korea's Fair Trade Towns movement from the neo-institutional theory. The research question is ‘why’ and ‘how’ organizations with different institutional logic in different sectors could cooperate with each other persistently. In order to answer the research question, the Fair Trade Town case of Bucheon City was analyzed through the concept of 'boundary object'. The results of the study are as follows. In order to cooperate with organizations with different institutional logic, the hybrid institutional logic of these organizations must be revealed and the legitimacy to accept must be provided. Bucheon City tried to provide economic and social benefits to local organizations and Fair Trade producers participating in the Fair Trade Towns movement. Furthermore, cooperation was possible through the sustainability of the Fair Trade movement and the creation of social values. As boundary objects to continue this cooperative relationship, the ‘Fair Trade Promotion Ordinance’, symbols of Fair Trade Towns movement that integrate organizations cooperating with Fair Trade, and Fair Trade Town certification were operated in Bucheon City. The theoretical implications of this study lie in the study of the organizational practice process in the context of boundary object and institutions. The practical implication is that it provided strategies for communication and coordination to activists practicing the Fair Trade Towns movement.

공정경쟁 옴부즈만 도입에 관한 연구

최주필 한국법정책학회 2022 법과 정책연구 Vol.22 No.1

Public institution is a private economic entity under competition law and maintains monopolistic competition in relevant market. For these reasons, it is hard for other party to a transaction to dissent from unfair trade practices such as ‘refusals to deal’, ‘customer restriction’, ‘price discrimination’, ‘abuse of superior bargaining power’. With unfair trade practices being a major legal and economic problem in the world, generally competition agency conducts competition law and public enforcement in order to ensure fair trade. Public enforcement on Monopoly Regulation And Fair Trade Act in Korea is not enough to protect consumer and unfair trade practices in terms of both speedy resolution and internal control system. Against this background, to find to effective public enforcement means, I explore in this article new role of the Ombudsman with regard to public institutions’ unfair trade practices. I show that the ombudsman institution has the authority to cover all general interest and private economic activity by public institutions, as “The Venice Principles” of The European Commission for Democracy through Law and UN Resolution adopted by the General Assembly on 16 December 2020 about “The role of Ombudsman and mediator institutions in the promotion and protection of human rights, good governance and the rule of law” show. I argue that Ombudsman promotes fair and free competition, protects unfair trade practices under competition market. I conclude that Competition Ombudsman for Public Institutions is necessary as a new public enforcement. 공기업과 지방공기업으로 대표되는 공공기관은 사경제의 주체임과 동시에 공공성의 요청 아래 독점적 지위를 가진 경우가 많다. 독점적 지위 또는 우월적 지위를 가진 공공기관의 거래 상대방은 거래거절, 가격차별, 거래강제, 경영간섭 등 불공정거래행위에 대해 적극적인 이의를 제기하기 어려운 지위에 서게 된다. 공공기관은 사경제의 주체로서 경쟁법의 수범자이나, 현행 공정거래법은 경쟁법 위반 사안에 대하여 공정거래위원회를 통한 사후적 규제 중심으로 경쟁제한적 행위를 억제하고 사익의 보호는 별도의 손해배상소송을 통해 구제하도록 하여, 사익의 보호와 경쟁제한적 행위의 사전 예방이 충분하지 않다는 문제가 제기된다. 본 논문은 공정거래위원회를 통한 공공기관의 경쟁제한적 행위의 규제 이외에 불공정거래행위를 시정하고 거래 상대방에 대한 신속한 권리구제를 도모하며, 제도적 개선을 통해 불공정거래행위를 예방할 수 있는 방안으로 옴부즈만 제도를 검토한다. 국제연합의 옴부즈만 결의안과 법을 통한 민주주의 유럽위원회의 옴부즈만에 관한 베니스원칙에 나타난 옴부즈만 의의와 기능을 분석하여 옴부즈만의 공정한 경쟁에 관한 의무와 권한을 확인한다. 우리나라의 공공기관 모범거래기준에 나타난 공공기관에 대한 경쟁중립성 확보 방안을 살펴보고, 공공기관에 대한 공정경쟁 옴부즈만의 도입을 제안한다. 공정경쟁 옴부즈만의 도입 방안으로 지방자치단체 옴부즈만 기구의 활용이 필요하다는 결론을 바탕으로 부패방지 및 국민권익위원회의 설치와 운영에 관한 법률의 개정안을 제시한다.

한국증권시장에서 내부자 거래에 대한 개인, 기관 및 외국인 투자자 거래의 정보효과

김종오,조은영 한국무역통상학회 2016 무역통상학회지 Vol.16 No.1

We examine the asymmetric information and trading between inside and outside investors in the Korea stock market. We present evidence that domestic individual investors are the liquidity providers of aggregate insider trading in the Korea stock market. Korea stock market is characterized by the larger individual investors’ ownership and frequency of trading than those of the institutional investors. Given the major differences between Korea and other developed stock markets, we find that (1) the insider trading is inversely related to individual trading measured over the same day, unlike U.S. studies that view institutional investors as the liquidity provider of insider trading; (2) compared with other investors, the insiders have different preferences: the insiders demonstrate a preference for stocks with lower total and idiosyncratic volatility and lower trading volume, while individual investors favor lottery-type stocks; (3) stocks with the greatest insider purchasing subsequently outperform those with the greatest insider selling, also there are evidence that insiders’ trades are more profitable than individual and institutional investors’ trades. These inconsistent results with previous U.S. studies could be due to different market position of domestic investors in the Korea stock market by comparison with the U.S. market. Taken together, our results indicate that the proportion and trading behavior of individuals and institutions in the stock market are crucial factors of the liquidity provision of insider trading.