Earticle

초록

영어

Electronic disclosure systems are designed to reduce information frictions in cross-border capital markets, yet improved access does not necessarily translate into more informed investment behavior. We develop a two-barrier framework in which information accessibility and information utilization are distinct components of acquisition cost, each addressed by a different type of intervention. We test this framework using two sequential changes in Korea's OpenDART system: an August 2021 expansion of API-accessible disclosure data and a July 2023 expansion of English-language functionality. Foreign investors' trade quality, measured by the predictive relationship between abnormal net buying and subsequent cumulative abnormal returns, improves after the processing-side intervention but not the access-side intervention. The Stage 2 effect is foreign-specific: foreign net buying becomes more positively associated with future returns, whereas domestic individuals show the opposite pattern. These findings indicate that disclosure-system effectiveness depends on the match between intervention type and the binding user constraint.

목차

Abstract
Introduction
Two-Barrier Framework
Research Setting and Hypotheses
The Korean Stock Market and OpenDART
Hypotheses
Empirical Strategy
Data and Variables
Results
Decoupling at Stage 1 and Recoupling at Stage 2
Cross-Investor Asymmetry
Discussion
Reference

키워드

저자

• Bongjin Sohn [ Korea University Business School, Information Systems ]
• Ziru Li [ Arizona State University Thunderbird School of Global Management ]
• Jee-Hae Lim [ University of Hawaii Shidler College of Business ]
• Gunwoong Lee [ Korea University Business School, Information Systems ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국경영정보학회 정기 학술대회 [KMIS Conference]

• 간기

  반년간

• 수록기간

  1990~2026

• 십진분류

  KDC 325 DDC 658