國立高雄大學圖資館 |

Essays on Macro Finance and Corporate Finance /

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on Macro Finance and Corporate Finance /Minseog Kim.
Author:	Kim, Minseog,
Description:	1 electronic resource (236 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 87-06, Section: A.
Notes:	Advisors: Bhattarai, Saroj; Coibion, Olivier Committee members: Fracassi, Cesare; Drenik, Andres.
Contained By:	Dissertations Abstracts International87-06A.
Subject:	Finance.
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=32458972
ISBN:	9798270230432

Essays on Macro Finance and Corporate Finance /
Kim, Minseog,

Essays on Macro Finance and Corporate Finance /Minseog Kim. - 1 electronic resource (236 pages)

Source: Dissertations Abstracts International, Volume: 87-06, Section: A.

The financial market plays a crucial role in shaping the decisions of both firms and households. Exogenous shocks originating in financial markets can transmit to the broader economy through various channels. As a result, understanding the link between financial market conditions and macroeconomic outcomes has remained a central topic in the literature. This dissertation comprises three chapters that examine: (i) the macroeconomic implications of corporate debt maturity for inflation dynamics; (ii) the causal effects of local credit supply shocks on individual fertility choices; and (iii) firms' hiring responses to local public health shocks. Chapter 1, coauthored with Geunyong Park, studies the effect of firms' debt maturity composition on their product pricing behavior. To empirically examine this relationship, we construct a novel micro-level dataset by linking manufacturers' product-level price data with detailed information on their debt maturity schedules. Leveraging both a quasi-exogenous credit supply shock and a monetary policy shock, we show that firms with higher short-term debt ratios increase product prices more substantially when refinancing maturing debt becomes more costly and refinancing options are limited. Our findings suggest that firms respond to refinancing challenges by strategically raising prices to mitigate rollover risk. To rationalize these results, we develop a dynamic firm model in which firms issue both short- and long-term debt to finance operations in the face of negative cash-flow shocks. In the model, firms set prices strategically, which in turn affects the accumulation of customer capital. The results indicate that under increased debt repayment pressure and unfavorable refinancing conditions, firms raise product prices to manage rollover risk, even at the cost of losing future customers. Overall, the findings underscore the critical role of debt maturity profiles in shaping firms' pricing decisions. Chapter 2, coauthored with Bokyung Kim and Narae Park, focuses on the fact that the Great Recession marked the beginning of a historic downward trend in U.S. fertility rates. However, little is known about the role of credit supply shocks in explaining this decline. This chapter investigates whether, and to what extent, negative credit supply shocks contributed to falling fertility rates. We construct county-level credit supply shocks using variation in year-to-year changes in small business and home mortgage lending. Using exogenous shocks derived from Bartik (1991)'s shift-share design, we find that negative credit supply shocks reduce fertility rates both in the short and long run. Counties that experienced an average-sized credit contraction in 2009 saw a 3.17% long-term decline in fertility rates between 2009 and 2019. Our heterogeneity analysis shows that white individuals and those under age 30 responded most strongly to adverse credit conditions. These findings highlight that credit availability plays a key role in fertility decisions and that negative credit supply shocks can have long-lasting demographic consequences. Chapter 3, coauthored with Bokyung Kim and Geunyong Park, explores how the opioid crisis has affected firms' recruitment decisions. Using data on the near universe of U.S. job vacancies, we examine the impact of the opioid crisis on employers' job skill requirements. Specifically, we study the effect of the 2010 reformulation of OxyContin, which substantially reduced the availability of abusable prescription opioids and triggered a transition toward more dangerous illicit opioids. Using a difference-in-differences event study design that exploits firm-level variation in exposure to the reformulation, we show that this shift reduced employment at the firm level. Furthermore, we find that firms increased requirements for cognitive and computer-related skills in response to the crisis. Finally, we document that the reformulation led to declines in local store sales, firm revenue, and capital stock, illustrating how the opioid crisis can affect firms' hiring decisions by altering a broad set of operational constraints and economic considerations.

English

ISBN: 9798270230432Subjects--Topical Terms:

183252
Finance.
Subjects--Index Terms:

Financial market

Essays on Macro Finance and Corporate Finance /
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