Earticle

초록

영어

The Regulation Fair Disclosure of 1999 (FD) intends to promote the full and fair disclosure of price information and further prevent insider trading. As a result, the public investors are expected to be empowered with more quality and relevant information. This study examines a behavioral shift in investor reaction to quarterly earnings announcements after the passage of the FD due to the expected improvement in information asymmetry. The empirical findings suggest that investors show a behavioral shift after the FD in response to biased earnings forecasts. Investors become more active in that they place a discount on optimistic earnings forecasts during the earnings announcement period. It is less obvious that they place a premium on pessimistic forecasts. Another coherent finding is that investors attempt to correct for the announcement-period mis-adjustments during the post-announcement period.

목차

Abstract
 1. Introduction
 2. Regulation FD and Informational Efficiency
  2.1 Theoretical View
  2.2 Empirical Evidence in Prior Studies
 3. Data and Portfolio Construction
 4. Research Design and Hypothesis Development
 5. Empirical Results
  5.1. Descriptive Analysis
  5.2. Pooled Regression Analysis
  5.3. Robustness Checks: Random and Fixed Effects Models
 6. Conclusions
 Figure
 Table
 References

키워드

저자

• 곽승욱 [ Seung Woog Kwag | 숙명여자대학교 경상대학 경영학부 부교수 ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330