Geopolitical Risk on Stock Returns: Evidence from Inter-Korea Geopolitics
Geopolitical Risk on Stock Returns: Evidence from Inter-Korea Geopolitics

Author: Seungho Jung

Publisher: International Monetary Fund

Published: 2021-10-22

Total Pages: 36

ISBN-13: 1557759677

DOWNLOAD EBOOK

We investigate how corporate stock returns respond to geopolitical risk in the case of South Korea, which has experienced large and unpredictable geopolitical swings that originate from North Korea. To do so, a monthly index of geopolitical risk from North Korea (the GPRNK index) is constructed using automated keyword searches in South Korean media. The GPRNK index, designed to capture both upside and downside risk, corroborates that geopolitical risk sharply increases with the occurrence of nuclear tests, missile launches, or military confrontations, and decreases significantly around the times of summit meetings or multilateral talks. Using firm-level data, we find that heightened geopolitical risk reduces stock returns, and that the reductions in stock returns are greater especially for large firms, firms with a higher share of domestic investors, and for firms with a higher ratio of fixed assets to total assets. These results suggest that international portfolio diversification and investment irreversibility are important channels through which geopolitical risk affects stock returns.

The Driving Force of Korea’s Economic Growth Korea’s High-speed Rail Construction and Technology Advances
The Driving Force of Korea’s Economic Growth Korea’s High-speed Rail Construction and Technology Advances

Author: The Korea Transport Institute (South Korea)

Publisher: 길잡이미디어

Published: 2014-11-19

Total Pages: 95

ISBN-13: 8955036264

DOWNLOAD EBOOK

Chapter 1 Status of Korean Railway Technology Chapter 2 Strategy for Technology Transfer of Korean High-speed Railway 1. Necessity of Technology Transfer 2. Concept of Technology Transfer 3. Scope of Technology Transfer 4. Subject of Technology Transfer 5. Procedures for Technology Transfer 6. Results and Implications of Technology Transfer Chapter 3 Rolling Stock Technology Transfer 1. Before and After Contract Signing 2. Manufacturing, Delivery and Commissioning Phases 3. Technology Transfer Chapter 4 Construction and Civil Work 1. Railway-based Technology Before High-speed Railway Construction 2. Phased Approach to High-speed Railway Technology 3. Securing HSR Track Bed Design Technology 4. Supervision of Track Bed Construction 5. Conclusion Chapter 5 High-speed Railway Track 1. Background 2. Selection of Track Structure and Basic Design 3. Preparation of Construction Specification and Track Material Design 4. Inspection of Material Manufacturing & Production 5. Construction Experience 6. Verification of Completed Structures and Use of Tracks 7. Conclusion Chapter 6 Operation Technology 1. Overview 2. Training and Operation Support Program 3. Estimation of Manpower Required and Depot Completion 4. Commissioning of High-speed Rolling Stock 5. Final Pre-operation 6. Major Results Chapter 7 Conclusion and Implications