정지웅 교수

Lifetime incomes of private equity general partners (GPs) are affected by their current funds' performance not only directly, through carried interest profit-sharing provisions, but also indirectly by the effect of the current fund's performance on GPs' abilities to raise capital for future funds. In the context of a rational learning model, which we show better matches the empirical relations between future fund-raising and current performance than behavioral alternatives, we estimate that indi

Lifetime incomes of private equity general partners are affected by their current funds' performance through both carried interest profit sharing provisions, and also by the effect of the current fund's performance on general partners' abilities to raise capital for future funds. We present a learning-based framework for estimating the market-based pay for performance arising from future fundraising. For the typical first-time private equity fund, we estimate that implicit pay for performance fr

Incentives from the explicit fee structure (“two and twenty”) of private equity funds understate the actual incentives facing private equity general partners because they ignore the rewards stemming from the effect of current performance on the ability to raise larger funds in the future. We evaluate the importance of these implicit incentives in the context of a learning model in which investors use current performance to update their assessments of a general partner’s ability, and, in turn, de

Abstract We document a dramatic increase in the market valuation of cash holdings of US firms from 1988 to 2013. The value of one dollar of cash has increased by $0.019 per year during the period, indicating that shareholders place more value on cash in recent years. We also find that the increasing trend in cash value is driven mainly by increases in institutional shareholdings and accounting conservatism. We further decompose cash change into cash flows from operation ( CFO ) and cash flows fr

Using the setting of funds of hedge funds (FoFs), we show that prime brokers (PBs) facilitate investors’ search for informed hedge fund managers. We find that FoFs exhibit PB bias, a disproportionate preference for hedge funds serviced by their connected PBs. This PB bias is stronger when the cost of hedge fund due diligence is higher relative to capital and when the FoF’s management firm generates higher prime brokerage fees. PB bias also predicts FoF performance: the highest PB-bias quartile o

본 연구에서는 국내 상장 기업의 자본구조와 임금의 관계를 분석한다. 2003년부터 2015년까지의 표본을 대상으로 한 실증분석 결과 부채비율과 종업원 1인당 평균 임금은 유의한 음(-)의 관계를 갖는 것으로 나타났다. 추가적으로 본 연구에서는 2008년 금융위기의 영향과 기술기업과 비기술기업의 이질성, 산업별 노동시장 상황이 부채-임금관계에 미치는 영향을 분석하였다. 분석 결과 금융위기 이후 국내 기업들의 부채-임금의 음(-)의 효과는 강화된 것으로 확인되었고 또한 비기술 기업일수록, 노조 조직률이 낮은 산업일수록, 인력 부족률이 낮은 산업일수록 부채-임금의 음(-)의 효과는 강화되었다. 전반적으로 이러한 증거들은 부채 증가가 노동을 규율함을 예측한 Hanka(1998), Hovakimian and Li(2011)의 기존연구와 일치하며 부채-임금관계는 기업과 종업원 사이의 상대적 임금협상력에 크게 영향 받을 수 있음을 시사한다. 한편, 이는 균형에서 부채의 증가로 인한 실직 위험의

Background and Objectives Individuals with similar degrees of hearing impairment frequently show significantly different speech understanding in noise stimulation. A Korean version of the Hearing in Noise Test (KHINT) has been developed to assess the ability to recognize speech in noise. However, sentences in KHINT have been designed for subjects older than 16 years old and there have been no reports on KHINT related to the effect of age in the children younger than that age. The objective of th