"Chapter 1, using individual Korean bank loans outstanding data by loans sector, calculates the intensity of herding for lending to specific sector as well as overall lending market by a way of two methods. By looking at the time series pattern of two measures, I examine the change in banks' lending behavior. With the results from two measures, I try to find empirical evidence of significant herding in the past and find some features related to the herd behavior. Also, using the loans data by industry, I investigate further rationality of herding by calculating after adjustment LSV measure to exclude industry-specific rational factor from before adjustment LSV measure. Finally, using one of measures which allows us to get the intensity of individual economic agents, this paper empirically analyze the factors that intensify Korean bank's herding. The result implies that significant extent of herding was followed by Korean banks for lending to both overall lending market and household sector during 2002-2003, and in lending to SME, the herding is considered to have been greatly intensified around 2003 and during 2006 and 2008. In addition, herding tends to get most intensified during times when banks change their lending decisions under the increased uncertainty about expectation for economic conditions. The extent to which the bank characteristics and structural/macroeconomic factors affect the herding intensity seems to vary by the lending sectors. Chapter 2 investigate whether the bank health and the credit shock to the bank affects its client firm's export using firm-level data for Korean firms, bank-level data on Korean banks, and matched bank-firm loans data during the period 2010-2013. Also, by adding the interaction term between the bank health and the ownership concentration measure, the analysis is extended to test the role of the ownership structure for the firm. I find that the more shares of the firm are held by the family members, the more likely that firm is to participate in the exports activity. It also implies that the more shareholdings by the family members helps the firm's export activity more resilient when financial health of banks from which the firm borrows get worse. It is not only financial health of its main bank, but also that of all other creditor banks that affects the firm's export activity. Also, when separating the effects transmitted by main bank and other banks at the same time, the main bank plays more significant role than other creditor banks. Chapter 3 explores the extensive literatures on the effects of the financial shocks and the corporate governance on the firm's real activities. With the growing interest in the global trade collapse after the financial crisis, I am focusing on the impact on the firm's exports. There have been many studies regarding transmission of financial shocks to banks to the firm's real activity and how the quality of the ownership structure affects the firm's decision and dynamics. I explore them and summarize the findings in this paper."--Page ii-iii.
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