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Session 2 : 기업재무 III

Sticky Chains : Spillover Effect of Future Operating Shocks on Supply Chain Network

초록

영어

This paper examines how the network of supply chain propagates future operating shocks. For this purpose, we first build a network of supply chain by merging customer information directly extracted from 10-K statements in conjunction with the Compustat customer segment database. We also construct a wide range of similarity indices that identify firm-level shocks to future operating outcomes by comparing year-on-year 10-K/Q filings. We then map these future operating shocks into the supply chain network to empirically test their spillover effects. Our empirical analysis shows significantly negative spillover effects of the future operating shocks on firms’ revenues at least two connections away from the origin. Our findings contribute to literature by supporting and quantifying externalities and spillovers along firm connections.

목차

Abstract
1. Introduction
2. Data and Summary Statistics
3. Spillover Effect of Firm-specific Future Operating Shocks in Network
A. Changes in Reporting Behavior as Firm-specific Future Operating Shocks
B. Spillover Effect of Firm-specific Future Operating Shocks in Network
4. Concluding Remarks
References

저자정보

  • Chan Kim Seoul National University
  • Se-jik Kim Seoul National University
  • Jeong Hwan Lee Hanyang University

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