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이정도,안영규,강창봉 한국생산성학회 2004 生産性論集 Vol.18 No.1
This paper empirically investigates the announcement effect of overseas equity related securities issuance by the 336 Korean firms between 1992 and 2001. After we reviewed the performance of overseas securities issuance firms from the existing literature, we collected data from the Korea Stock Exchange. The research was conducted by an event study. Specifically, abnormal returns are calculated by market model with parameters estimated over the 190 trading days before the event period. For each case, average abnormal returns and cumulative average abnormal returns are calculated by using daily stock returns obtained from the KSRI-Stock database. We also analyse the relation between cumulative average abnormal returns and the change of overseas securities issuance restricts, issuing size, growth opportunity by cross sectional regression. The results of this study can be summarized as follows. First, the announcement effect of overseas securities issuance is indistinct. Second, there are no particular differences of the announcement effect among overseas securities issuance firms. Third, issuing size is confirmed as a significant variable explaining cumulative average abnormal returns.