Kim Jeongsim
Department of Business Administration, Sangji University, 83 Sangjidae-gil, Wonju-si, Gangwon-do 26339, Republic of Korea.
Heliyon. 2023 Apr 26;9(5):e15758. doi: 10.1016/j.heliyon.2023.e15758. eCollection 2023 May.
This paper investigates how a developing stock market responds to US interest rate increases, using Korean firm data. We find that the Fed's sharp rate hike causes the flight to quality of investors in the emerging market. Furthermore, firms with more export sales, higher foreign ownership, and larger market capitalization outperform during a US interest rate shock. We also find that financial flexibility is particularly valuable for small-cap firms when the US aggressively raises interest rates.
本文利用韩国企业数据，研究了发展中股票市场如何应对美国加息。我们发现，美联储的大幅加息导致新兴市场投资者转向优质资产。此外，在美国利率冲击期间，出口销售额更高、外资持股比例更高和市值更大的公司表现更优。我们还发现，当美国大幅加息时，财务灵活性对小盘股公司尤为重要。
