정정공시가 주가에 미치는 영향

Abstract

This study empirically examines the information content of disclosure system and investigates the effect on the stock prices using revised disclosure of annual report reported on the DART system of the Financial Supervisory Service (FSS). Sample periods are 2004 to 2005, selected from listed manufacturing firms. The empirical results show the differentiated response of stock market based on information content. In all the sample, rate of return was negative. This means the market responds to revised disclosure in negative way. The empirical result reveal highest effect on stock prices with revised disclosure of P/L. when 'loss' is applied in P/L or C/F, it works as a negative factor to influence on stock price. It is vice versa when profit is applied.