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Finance를 담당하는 육영석 교수의 최근 논문이 Finance 분야 최고의 학술지 중 하나인 Journal of Finance의 심사를 통과, 곧 등재될 예정임을 알립니다.

이번 논문의 제목은 Political Uncertainty and Corporate Investment Cycles 이며 주요 내용은 아래와 같습니다.

We document cycles in firm-level investment corresponding with the timing of national elections across a sample of 48 countries between 1980 and 2005. During the year leading up to the election outcome, firms reduce investment expenditures by an average of 4.8% relative to nonelection years, controlling for growth opportunities and economic conditions. We investigate several potential explanations and find evidence consistent with the hypothesis that political uncertainty leads firms to temporarily reduce investment expenditures until uncertainty over the election outcome is resolved. This investment pattern is more pronounced when an election outcome is harder to predict. We also document that the magnitude of investment cycles varies with different country and election characteristics. Decreases in corporate investment correspond with temporary increases in corporate cash holdings. Overall, these findings suggest that political uncertainty is an important channel through which the political process affects real economic outcomes.

육영석 교수는 기업재무와 시장미시구조를 주로 연구하여 왔으며, 경영통계와 재무관리, 기업재무전략에 대해 강의하고 있습니다.