Earticle

초록

영어

The 2020 Coronavirus pandemic is exerting an enormous shock on the Korean economy. Using data on the location of a firm’s headquarters and main bank branch, I find that the value of firms located in Daegu is being affected negatively since the announcement of a mass infection at the Shincheonji Daegu church. In particular, using proptech, I show that the distance between the infection’s epicenter and a firm’s headquarters affects the stock market reaction negatively. Furthermore, I find that the exogenous shock the Coronavirus crisis is causing has stronger negative effects on firms with high information asymmetry and those not Chaebol-affiliated. This study sheds light on our understanding of the economic effects of a city’s paralysis using a unique world event. My results suggest also the potential risk of clustered headquarters and factories attributable to unpredictable community quarantines.

목차

Abstract
Ⅰ. Introduction
Ⅱ. Literature Review
1. The Progress of Korea’s 2020 Coronavirus crisis
2. Local Economic Effects of Mass Infection
Ⅲ. Research Methodology
1. Empirical Method
2. Data
Ⅳ. Empirical Results
1. Main Results
2. Robustness Tests
Ⅴ. Summary and Conclusions
References

키워드

저자

• Yonghyun Kwon [ Assistant Professor, College of Economics & Business, Department of Global Business, Changwon National University ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330