Kim coauthors published article about inflation and equity markets

Doh-Khul Kim, North Central College associate professor and chair of economics and finance, had his article, titled “Inflation and Equity Market: Sectoral-Level Analyses,” published in the fall issue of the Journal of Business and Economic Studies (JBES). The article was coauthored with Sung Chul No of Southern University and A&M College.

Kim’s research for this project was financially supported by North Central’s Faculty Professional Development Committee summer research grant.

Their research seeks to identify how the equity market is related to the inflation at both aggregate and sectoral levels. According to their abstract, their research found (i) inflation affects the equity market negatively at both the aggregate and sectoral levels; (ii) the effects on aggregate equity market are statistically significant during the period of 1973-2011 and the nonrecessionary period, while they are insignificant during the recent (2000-2011) and recessionary period; (iii) even though statistically insignificant, inflation affects all industries negatively except for two sectors: energy and real estate; and (iv) the size of firms does not matter when it comes to the effects on the equity market from inflation
 
Kim joined North Central’s faculty in 2008. He received his B.A. from Chung-Ang University in Seoul, Korea, his M.A. from Temple University and his Ph.D. from the University of Georgia.