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The Determinants of Foreign Currency Debt Financing: Borrower Incentives or Lender Incentives?
배성철,김현숙,권택호 한국증권학회 2017 Asia-Pacific Journal of Financial Studies Vol.46 No.6
We offer new evidence that firm-level determinants of foreign currency (FC) and local currency (LC) debt financing differ significantly. While LC debt financing is affected mainly by demand-side borrower incentives, such as operating profitability, financing deficit, and depreciation expenses that reflect borrowers’ capital needs, FC debt financing is affected mostly by supply-side lender incentives, such as tangible assets, firm size, asset growth, and R&D expenses, which FC debt lenders consider in assessing the potential value of collateral, in addition to the widely-reported export ratio. Our results remain robust in the presence of macro-level factors.
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배성철,정서빈,임도균 고려대학교 교과교육연구소 2015 교과교육연구 Vol.8 No.1
The purpose of this research is to suggest problem posing and provide concrete explanation about learning development process and its example. First, problem posing activity through situation progress in the following order: situation proposal, problem posing, interchange problem solving, problem reflection, group discussion. Second, problem posing activity through mathematical problem solving progress in the following order: problem proposal, problem solving, problem solving using diverse representation, group discussion, individual problem posing activity, interchange problem solving, problem reflection, group discussion. Problem posing activity of proposed research restructure problem posing activity of Ellerton(2013) toward the center group discussion to stress communication. This activity will provide didactic implication in the mathematical classroom.
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배성철,민재훈,정선봉 한국증권학회 2011 Asia-Pacific Journal of Financial Studies Vol.40 No.2
We examine the trading behavior and performance of foreigners, local institutions, and individual investors in the Korean stock market. The key research issue is whether the commonly-documented information disadvantage of foreign investors translates into their underperformance relative to local institutional and individual investors. Our results show the opposite, that the stocks foreigners buy significantly outperform the stocks they sell in terms of both stock returns and operating profitability, leading to the significant outperformance of foreigners’ trading strategies over those of local investors. Our results provide strong evidence that the superior performance of foreigners is attributed to their ability to discern between company stocks with good versus bad, at least short-term, prospects. Our findings on the trading behavior of investors in the Korean market are, in general, consistent with those for other markets documented in the published literature. Foreigners behave like short-term momentum traders pursuing a growth strategy. Local institutions also trade like momentum traders but tend to buy value stocks. In contrast, individual investors trade like contrarians who buy past losers and sell past winners. Our findings show that foreigners prefer large-cap stocks with high dividends. In sharp contrast, individual investors have a strong preference for small-cap, high-leverage, low dividend paying stocks, whereas local institutions tend to buy small-cap, low leveraged stocks.
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