À繫¿¬±¸ Á¦ ±Ç È£ (2018³â 11¿ù)
Asian Review of Financial Research, Vol., No..
pp.297~312
pp.297~312
Information disparity and collective phenomena in corporate bankruptcy
Guseon Ji KAIST
Bingcun Dai University of Oxford
Sung-Pil Park KAIST
Kwangwon Ahn KAIST
This study aims to elucidate the origin of collective phenomena in rm size distribution. Our explanation is that corporate bankruptcy is a source of emerging complexity and that information disparity works as a supplementary factor aecting the power law behavior. The model predicts a negative association between information disparity and collective mechanism in rm sizes, which is conrmed by US corporate bankruptcy data. Findings indicate that the \dragon-king" rms would encounter higher probabilities of bankruptcy in a better information environment, which further implies that their in uence might become even stronger.
Guseon Ji
Bingcun Dai
Sung-Pil Park
Kwangwon Ahn
This study aims to elucidate the origin of collective phenomena in rm size distribution. Our explanation is that corporate bankruptcy is a source of emerging complexity and that information disparity works as a supplementary factor aecting the power law behavior. The model predicts a negative association between information disparity and collective mechanism in rm sizes, which is conrmed by US corporate bankruptcy data. Findings indicate that the \dragon-king" rms would encounter higher probabilities of bankruptcy in a better information environment, which further implies that their in uence might become even stronger.
Corporate bankruptcy,Information disparity,Collective system