...Jun Sik Kim Purpose This paper aims to investigate the impact of uncertainty on the predictive power of term spread and its components for future stock market returns and economic activity in Korea and the USA. This paper finds that the stock market’s expected excess return and growth of economic...

... and January 2014. This paper evaluates the performance of the system for four years from 2011 to 2014. In addition, we examined the effect of institutional implementation and changes on tax haven investors through empirical analysis using Korean stock market data. Assuming that Koreans disguised as foreigners...