조회공시의 정보효과에 관한 연구

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This study classified inquiry disclosure of exchanges and KOSDAQ enterprises according to cases and types to positively analyse how inquiry disclosure influences on AR and CAR.
For exchange enterprises, in respect to supply contract, merger, change of market condition, and capital increase, CAR showed persistently positive earning for more than a minimum of 3 days before disclosure to a maximum of 10 days after disclosure. So it is suggested that inquiry disclosure works as a good material. For KOSDAQ enterprises, disclosure involved in supply contract and change in market conditions showed the results identical with those of exchange enterprises, but disclosure involved in business in head office did not show clear reaction in markets. However, disclosure of KOSDAQ enterprises in respect to business in head office showed a clearly negative CAR, which may be interpreted as a worse material.
According to types, the CAR of confirmed disclosure was 17.2%, that of disclosure under examination was 0.01%, and that of negative disclosure was -4.77%. Previous studies suggested that though reaction of stock price increases before disclosure, stock price is persistently maintained after disclosure. However, this study found that confirmed and investigation disclosures showed significantly positive CARs on the day of disclosure, and the stock price persisted while negative disclosure showed lower CAR after disclosure as predicted. Therefore, based on the results above, it is suggested that inquiry disclosure in our markets reacts to markets with exact information.
Confirmed, investigation and negative disclosures showed reactions to markets before disclosure based on the day of disclosure, had the most influence on the day of disclosure and after disclosure, the information is persistently reflected. It indicates that for inquiry disclosure in our country, as investors show excessively strong reactions to rumors, they sensitively react to any type of disclosure. So it is concluded that our market supports an assumption of semi-strong type efficient market.
This study intended to analyse inquiry disclosure according to types and cases, but extensive research on disclosure was not achieved because of insufficient information. In particular, it is another limit that the study on the KOSDAQ markets depended on only confirmed disclosure data.
Alternative Title
A Study on information effect of Inquiry Disclosure
Alternative Author(s)
Lee, Hee-Jung
朝鮮大學校 經營大學院
경영대학원 경영학과
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Table Of Contents
제 1 장 서론 = 1
제 1 절 문제의 제기 = 1
제 2 절 연구의 목적 = 4
제 2 장 이론적 배경 = 5
제 1 절 기업공시제도의 의의 = 5
1.1 공시의 신속성 = 5
1.2 정보의 정확성 = 5
1.3 정보내용 이해의 용이성 = 6
1.4 정보전달의 공평성 = 6
1.5 기업공시제도의 유형 = 7
제 2 절 공정공시제도 = 9
2.1 공정공시제도의 도입 = 9
2.2 공정공시제도의 의의 및 제도적 기능 = 10
2.3 공정공시 의무의 발생요건 = 11
2.4 공시시한 = 14
2.5 공정공시 방법 = 15
2.6 공정공시 의무 위반에 대한 제개 = 15
2.7 공정공시사항 중 예측정보에 면책조항적용 = 15
2.8 수시공시 등 기타 공시와의 관계 = 16
2.9 조회공시 = 16
제 3 장 선행연구 = 17
제 4 장 표본의 선정과 연구 방법 = 19
제 1 절 표본선정 = 19
제 2 절 연구방법 = 20
제 5 장 실증분석 = 22
제 1 절 거래소 기업의 조회공시 분석 = 22
1. 사안별 조회공시 분석 = 22
2. 사안별 평균의 차이분석 = 30
제 2 절 코스닥 기업의 조회공시 분석 = 31
1. 사안별 조회공시 분석 = 31
2. 사안별 평균의 차이분석 = 36
제 3 절 거래소 조회공시 유형별 결과 = 37
제 6 장 요약 및 결론 = 43
참고문헌 = 45
朝鮮大學校 經營大學院
李姬貞. (2004). 조회공시의 정보효과에 관한 연구.
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