은행의 대출행태에 관한 연구

학위논문(박사) -- 서울대학교대학원 : 경영대학 경영학과, 2023. 2. 조성욱.This thesis consists of essays on bank lending behavior: corporate social responsibility (CSR) and prudent banks. The first essay investigates whether CSR metrics accurately reflect firms material social impacts. Analyzing small business lending during the Great Recession, I find that banks assessed to be socially responsible exerted higher social costs by actively pulling back funds from those in need of liquidity. These banks paid more expenses on immaterial but conspicuous issues during the boom, which helped them earn favorable assessments. Once the downturn arrived, they had less slack with higher operating leverage and squeezed their loans. My results suggest that social welfare could paradoxically decrease as CSR attracts public attention without reliable metrics for firms social impacts. The second essay examines lending behaviors of prudent banks around the 2008 financial crisis. Before the 2008 crisis, risky banks showed higher lending ratios, but relatively sound banks with high capital ratios, high core deposit ratios, and low non-performing loan ratios (prudent banks) showed higher excess loan growth rates, especially in secured real estate loans and household loans. Prudent banks also approved more mortgage loan applications than risky banks did. Such aggressive lending by prudent banks led to higher non-performing loan ratios and lower profitability over time. Analyses with a prudence index confirmed these results. These findings suggest that prudent banks showed excessive loan growth and risk taking before the 2008 financial crisis.이 논문은 기업의 사회적 책임(CSR)과 대출행태, 신중한 (Prudent) 은행들의 대출행태에 관한 2개의 소논문으로 구성되어 있다. 첫 번째 논문은 기업의 사회적 책임 평가지표가 그 기업의 주요한 사회적 영향력을 정확하게 평가하는지 여부를 확인한다. 2008년 대침체기 때의 미국 은행들의 소상공인 대출을 분석한 결과, 사회적 책임을 다하는 것으로 평가 받은 은행들이 실제로는 유동성이 필요한 주체들로부터 적극적으로 대출을 회수함으로써 더 높은 사회적 비용을 부과했다는 것을 발견하였다. 이 은행들은 주요하진 않지만 눈에 띄는 부분에서 더 많은 비용을 썼었고, 이러한 행동은 더 우호적인 평가를 받을 수 있게 하였다. 경기침체가 도래하자, 이 은행들은 높은 영업 레버리지와 함께, 대출을 지속하기 위한 여유 자금이 부족해졌고, 따라서 대출을 긴축하였다. 이러한 결과는 기업의 사회적 영향에 대한 신뢰할 수 있는 측정 지표 없이 기업의 사회적 책임에 대중의 관심이 커지면, 오히려 사회 복지가 역설적으로 감소할 수 있음을 시사한다. 두 번째 논문은 미국 은행들의 2008년 금융위기 전후의 대출 행태에 대해 분석한다. 2008년 위기 이전에는 위험성이 큰 은행들은 자산대비 대출 비율이 높았다. 반면, 높은 자본비율, 시장성 수신 비중이 적은 예금 구조, 적은 부실대출 등으로 대변되는 상대적으로 건전한(신중한) 은행들은 자산 증가율 대비 높은 대출 증가율을 보였으며, 특히 부동산 담보대출, 가계 대출 항목에서 이러한 현상이 두드러졌다. 또한, 신중한 은행들은 위험한 은행들보다 주택담보대출 신청에 대한 승인 비율이 더 높게 나타났다. 신중한 은행들의 공격적인 대출은 부실대출비율을 높이고, 시간이 지날수록 수익성을 떨어뜨리는 결과로 이어졌다. 이러한 결과는 신중한 은행들이 2008년 금융위기 이전에 과도한 대출 증가와 위험 감수를 보였다는 것을 시사한다.Chapter 1. Are Socially Responsible Firms Really Responsible? Main Street Lending during the Great Recession 1 1. Introduction ２ 2. Theoretical Background １１ 2.1. Stakeholder theory, CSR, and its assessment １１ 2.2. Banks social responsibility and hypothesis development １４ 3. Data １７ 4. Empirical Findings ２０ 4.1. Difference-in-differences estimation ２０ 4.2. Other confounders – financial soundness ２４ 4.3. Should socially responsible banks rather refrain from lending? ２６ 4.4. Effects on mortgage lending ２７ 5. Channels ２８ 5.1. Uninformative or immaterial Ratings? ２８ 5.2. Resource constraint, operating leverage, and lending capacities ３１ 6. Conclusion ３４ References ３６ Appendix ５７ Appendix A: Additional Figures and Tables ５７ Appendix B: Subsample Analyses ６０ Chapter 2. Lending Behaviors of Prudent Banks around the 2008 Financial Crisis 64 1. Introduction ６５ 2. Related Literature on Bank Lending Behavior and its Consequences ６８ 3. Hypothesis Development ７０ 4. Data and Methodology ７２ 4.1. Data sources ７２ 4.2. Methodology and Variables ７４ 5. Empirical Results ７７ 5.1. Univariate Tests of Lending Behaviors ７７ 5.2. Multivariate Regression ７８ 5.3. Robustness Test Results ８１ 5.3.1. Banks with Higher Prudence Index ８２ 5.3.2. Banks Approval Rates for Home Mortgage Loan Applications ８３ 5.3.3. Bank Loan Demands ８４ 5.3.4. Variation across Bank Sizes ８４ 5.4. Summary and Discussion ８６ 6. Conclusion ８６ References ８８ Appendix A １０９ 국문초록 １１２ List of Tables and Figures Chapter 1. Figure 1. Trends in banks small business lending ４２ Figure 2. Trends in the number of regulatory sanctions received ４３ Figure 3. Yearly trends in the differential lending behaviors of high-CSR banks ４４ Table 1. Summary Statistics ４５ Table 2. Main difference-in-differences estimation, CSR and small business lending ４７ Table 3. Statistics of soundness characteristics for the two groups, distinguishing pre- and post-treatment ４８ Table 4. Difference-in-differences estimation, controlling for differential impacts of soundness characteristics ４９ Table 5. Difference-in-differences estimation, excluding banking crisis years or thinly capitalized banks ５０ Table 6. Difference-in-differences estimation, CSR and mortgage lending ５１ Table 7. Results distinguishing material and immaterial topics ５２ Table 8. Statistics of operating expenses for the two groups, distinguishing pre- and post- treatment ５５ Table 9. Difference-in-differences estimation, two groups sorted using a single category ５６ Figure A1. Trends in banks CSR scores ５７ Table A1. CSR topics assessed by the KLD ５８ Table B1. Table 2 replication based on subsamples ６０ Table B2. Table 3 replication based on subsamples ６２ Table B3. Table 8 replication based on subsamples ６３ Chapter 2. Lending Behaviors of Prudent Banks around the 2008 Financial Crisis Figure 1. Total loan ratios and Excess loan growth in bank groups over Pre, During and Post-Crisis periods ９３ Table 1. Definitions of the variables and data sources ９４ Table 2. Summary statistics ９５ Table 3. Effects of bank-specific characteristics to the lending level and growth ９６ Table 4. Effects of banks lending behavior on non-performing loans and profitability ９８ Table 5. Effects of prudence index to the lending level and growth １００ Table 6. Effects of prudence index and lending behavior on bank performance １０２ Table 7. Effects of bank-specific characteristics and prudence index on loan application approval rates １０３ Table 8. Effects of bank-specific characteristics and prudence on loan ratio and excess loan growth controlling MSA*time and bank fixed effects １０４ Table 9. Effects of bank-specific characteristics on loan ratio and excess loan growth across bank sizes １０５ Table 10. Effects of bank-specific characteristics and bank lending on bank performance across bank sizes １０６ Table 11. Effects of prudence index on loan ratio and excess loan growth across bank sizes １０７ Table 12. Effects of prudence index and bank lending on bank performance across bank sizes １０８ Table A1. Eigenvalues of the reduced correlation matrix １０９ Table A2. Standardized scoring coefficients of Factor1 １１０ Table A3. Testing the first column of Panel B of both Table 3 and Table 5 １１１박

복잡한 시스템 아키텍처의 설계 복잡도 평가 프레임워크

학위논문 (석사)-- 서울대학교 대학원 : 공학전문대학원 응용공학과, 2018. 2. 서은석.As recent market and customers are demanding more functional requirements, safety, durability and connection with IT technology, modern engineered systems are becoming more complex. The increased complexity leads to more development cost and effort to meet the target performance and schedule. Thus system architects or engineers need to analyze the causes of systems complexity and determine how they can measure such complexity. This thesis focuses on a new complexity quantification measure for system architecture in the context of product development. Through literature reviews, a new complexity quantification measure, which is easily applicable by allocating requirements to components, is proposed. This measure utilizes the domain mapping matrix (DMM) and matrix energy. Through a case study using a vehicle steering system and expert interview, the proposed measure is shown to have a good correlation with design effort.CHAPTER 1. INTRODUCTION 1 1.1 STUDY BACKGROUND 1 1.2. PURPOSE AND CONTRIBUTION OF RESEARCH 2 CHAPTER 2. LITERATURE REVIEW 3 2.1 SYSTEM ARCHITECTURE, DSM AND GRAPH ENERGY 3 2.1.1 System Architecture 3 2.1.2 Design Structure Matrix 4 2.1.3 Graph Energy 6 2.2 COMPLEXITY IN ENGINEERING DESIGN 8 2.2.1 Definition of Complexity 8 2.2.2 Why Complexity Matters in Engineering Design? 9 2.3 CONTRIBUTORS OF COMPLEXITY IN ENGINEERING DESIGN 10 2.3.1 Contributors Addressed in Complexity Taxonomy 12 2.3.2 Previous Complexity Metrics 14 2.4 ANALYSIS OF PREVIOUS METRICS AND RESEARCH GAP 19 CHAPTER 3. A NEW COMPLEXITY MEASURE FOR SYSTEM ARCHITECTURE 22 3.1 DERIVATION OF MATHEMATICAL FORMULA 25 3.2 INTER-MODULAR COMPLEXITY 31 CHAPTER 4. CASE STUDY 35 4.1 VEHICLE STEERING SYSTEM 35 4.2 EMPIRICAL VERIFICATION 37 4.3 EXPERT GROUP INTERVIEW AND CORRELATION ANALYSIS 41 4.4 SUMMARY OF THE CASE STUDY 43 CHAPTER 5. CONCLUSIONS AND FUTURE WORK 44 5.1 CONCLUSIONS 44 5.2 FUTURE WORK 45 BIBLIOGRAHPY 48 ABSTRACT IN KOREAN 51 APPENDIX A 52 REQUIRED PROPERTIES OF COMPLEXITY METRICS 52 APPENDIX B 54 DMMS AND COMPLEXITY CALCULATIONS FOR 10 SUBSYSTEMS. 54 1. Subsystem 1, I-Shaft 54 2. Subsystem 2 – UC1 55 3. Subsystem 3 – RDU1 56 4. Subsystem 4 – UC2 57 5. Subsystem 5 – RDU2 58 6. Subsystem 6 – RDU3 59 7. Subsystem 7 – RDU4 60 8. Subsystem 8 – UC3 61 9. Subsystem 9 – UC4 62 10. Subsystem 10 – UC5 63Maste

풍화된 암에 근입된 현장타설말뚝에서 하중-저항계수 설계법의 저항계수 평가

Thesis(doctors) --서울대학교 대학원 :건설환경공학부,2010.2.Docto

All-inkjet-printed solar cells

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Self-powered flexible integrated electronic systems

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막단백질 생성에서 Sec62의 기능 조사

학위논문 (석사)-- 서울대학교 대학원 : 생명과학부, 2014. 2. 김현아.Membrane and secretory proteins are synthesized by ribosomes in cytoplasm and targeted to the ER membrane via two pathwaysco-translational translocation pathway or post-translational translocation pathway. Membrane proteins are targeted by either the co- or the post-translational translocation pathway and are inserted into the ER membrane by the Sec61 protein conducting channel, which provide a polar passage for polypeptides. During the translocation of polypeptides, Sec61 recognizes a putative transmembrane (TM) segment of about ~20 hydrophobic amino acids and inserts it to the ER membrane through a lateral gate formed by the second and seventh TM segments of the Sec61 channel. Particular for the post-translational translocation pathway is the Sec63/62 protein complex associated with the Sec61 channel. Here, Sec62 acts as a receptor for incoming polypeptides and is found in close proximity to the lateral gate of Sec61. Recently, Reithinger et al (2013) unraveled a novel function of Sec62 in orienting single spanning membrane proteins with a marginally hydrophobic TM segment. However, the function of Sec62 in integration of multi-spanning membrane proteins remained elusive. To investigate the function of Sec62 in integration of multi-spanning membrane proteins, mutations were introduced into several domains of Sec62. When a set of model membrane proteins was expressed in Sec62 mutant strains, the translocation of marginally hydrophobic TM segment of multi spanning membrane proteins into the ER membrane was specifically decreased in Sec62 N-terminal mutant strains. In addition, the interaction between Sec63 and Sec62 was lost in these mutants. Also, reduction of C-terminal translocation of multi spanning membrane proteins was found in Sec62 C-terminal mutant strains as well. Taken together, it is concluded that N-terminus of Sec62 functions by associating Sec62 to the Sec62/63 complex, where Sec62 mediates C-terminal translocation of multi spanning membrane proteins and C-terminus of Sec62 also involves in the process in the ER of Saccharomyces cerevisiae.Ι. INTRODUCTION 9 Protein targeting to the Endoplasmic reticulum 9 Identification of Sec62 13 II. MATERIALS AND METHOD 15 II. A. Yeast strains 15 II. B. Primer design 16 II. C. Construction of plasmids 16 II. D. Western blotting 16 II. E. Pulse labeling and autoradiography 16 II. F. Co-immunoprecipitation 18 III. RESULTS 19 III. A. Preparation of Sec62 mutant strains. 19 III. B. Protein translocation assay 23 III. C. Sec62 N-terminal mutant strains have defects in targeting and translocation of single spanning membrane protein 28 III. D. Sec62 N- and C-terminal mutant strains show reduction of translocation of C-terminal portions of double spanning membrane proteins. 35 III. E. Translocation of C-terminus of multi spanning membrane proteins is decreased in Sec62 N-terminal mutant strains. 41 III. F. Natural multi spanning membrane proteins 45 III. G. Protein level of Sec62 is slightly decreased in Sec62 35DDD and 103DDD strains 49 III. H. N-terminal mutations disrupt the interaction between Sec62 and Sec63 49 IV. DISCUSSIONS 53 The N-terminus of Sec62 53 The C-terminus of Sec62 54 The TM domain of Sec62 54 Future perspectives 55 Reference 57 국문초록 61Maste

“The impact and spreading of an inkjet-printed drop on a non-porous substrate over an extended

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The role of viscoelasticity in drop impact and spreading for inkjet printing

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교류형 플라즈마 표시기의 방전 시 발생하는 불순물이 방전 특성에 미치는 영향 연구

학위논문(석사)--서울대학교 대학원 :전기.컴퓨터공학부,2001.Maste

그래픽 라이브러리 `DirectX`를 이용한 가려지는 물체 제거 기법(Occlusion Culling)에 관한 연구

학위논문(석사)--서울대학교 대학원 :조선해양공학과,2002.Maste