Eunjung Yeo's research while affiliated with Chung-Ang University and other places
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Publications (10)
Central bank digital currencies (CBDCs), which are legal tenders in digital form, are expected to reduce currency issuance and circulation costs and broaden the scope of monetary policy. In addition, these currencies may also reduce consumers’ need for conventional demand deposits, which, in turn, increases banks’ loan provision costs because depos...
This study examines whether an influence from a difference in corporate governance structure exists on firms’ agency costs between Chinese companies cross-listed on the Hong Kong Stock Exchange (HKSE) and those that are domestically listed ones. We determine that, overall, companies with an HKSE cross-listing had better corporate governance than th...
Literature suggests that consumers expect disutility not only from payment uncertainties but also from reference uncertainties embedded in mobile plans. This paper develops a model of mobile plan choice incorporating both reference and payment uncertainties and uses this model to derive testable implications. The paper argues that consumer choice r...
This study examined how the expansion of peer-to-peer (P2P) lending affects bank risks, particularly insolvency and illiquidity risks. We compared a benchmark case wherein banks are the only players in the loan market with a segmented market case wherein the loan market is segmented by borrowers’ creditworthiness, P2P lending platforms operate only...
This article investigates the effects of upstream regulation that aims to create niches and attract new type of entrants on the competitive environment of downstream markets. Using unique cross-country data of Nordic mobile telecommunications markets, we show that upstream regulation leads to (i) increases in both number and aggregate market share...
We investigate the effects of entry of financial technology (FinTech) based firms on competition in the retail payments market. With a model of two-sided market with vertical restraints, we derive the following results. When only the entry of a vertically integrated (or end-to-end service) provider is allowed, either all merchants opt for multi-hom...
This paper investigates both theoretically and empirically the influence of search and analysis costs of information on consumer's choice of cell phone plans. We assume that choosing optimal cell-phone plans requires consumers to go through a costly process of information search and analysis, which departs from the naive assumption in typical compe...
When an agent overstates his/her true performance, a rational market can still correctly guess the true performance. This paper shows, however, that such rational market expectation and a profit-maximizing principal can exacerbate the lack of productive effort by the agent.
This paper explores the relationship between CEO incentive compensation and the resulting stock return sensitivities in response to firms' earnings announcements. Using Dow Jones Industrial data over the period from 1994 to 2001, I find that the stock returns are more sensitive to the higher CEO pay-performance ratios, regardless of earnings catego...
Citations
... Mancini-Griffoli et al. (2018) and BIS (2020) explore many of the pertinent concerns about structuring CBDCs. Jun and Yeo (2021) build a microeconomic banking model that analyzes the impact of account-type CBDCs 2 on bank loan supplies and bank failure risk. The model optimizes a bank's decisions about reserves, loan quantity, loan interest rates, and deposit interest rates. ...
... Cross-border listing is the listing of company's securities on different stock exchange rather than its original or primary stock exchange (Ndirangu, 2016). Kim (2021) defines crosslisting as the case of listing company's securities on more than one international stock exchange. ...
... Service providers in some industries provide various pricing schemes to allow their consumers to select the tariff they prefer (and thus to induce consumers to reveal their preferences). The three-part tariff (3PT), an important and flexible nonlinear pricing scheme that comprises fixed fee (access price), number of free units (usage allowance), and price per unit for consumption higher than the allowance (unit price), is becoming increasingly popular and is widely used by many service providers in telecommunication, information, and transportation industries (e.g., Jang and Kwon 2014;Malone et al. 2014;Baek and Brueckner 2015;Li et al. 2016;Reck et al. 2020;Han et al. 2021;Chen et al. 2022). ...
... Peer-to-peer lending is a new financial alternative introduced by fintech. (Yeo and Jun, 2020) explain about the idea of peer-to-peer lending, which is utilizing online platforms to establish a direct relationship between investors and borrowers. DOI: https://doi.org/10.14505/tpref.v15.2 (30). ...
... Available historical data on MVNO access obligations from earlier studies -such asJun et al. (2018),Kim et al. (2011), andCricelli et al. (2012) -was either limited in coverage (time, scope) or based on heterogeneous sources. By obtaining the required information directly from the regulatory authorities, we ensure consistency and reliability of our data. ...
... They show that monopolistic competition exists in the Russian FinTech market, similar to the results we find for Spain. Related research includes Romanova and Kudinska (2016), who find increasing competition in the FinTech industry of the US and several European countries, and Jun and Yeo (2016), who suggest that proper regulation is needed to avoid vertically integrated incumbent banks from not providing back-end services to the FinTech firms entering the retail payments market. ...
... And several models that capture this tradeoff do not consider different objectives of the principal. While Crocker and Slemrod (2005) and Kwon and Yeo (2009) do not model shareholder benefits from overstatements, Dye (1988), Bolton et al. (2006), and Goldman and Slezak (2006) do not offer empirically testable implications to distinguish between principals that discourage and principals that encourage overstatements. ...
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