Asset Revaluations and Stock Prices of Korean Companies after Voluntary IFRS Adoption = 국제회계기준의 자발적인 도입이후 한국기업의 자산재평가와 주식가격

다국어 초록 (Multilingual Abstract)

We study the behavior of stock prices of listed non-financial Korean companies during a period of days surrounding a sample of announcements of asset revaluation after voluntary adoption of International Financial Reporting Standards (IFRS) in Korea.
We primarily use event study methodology and simple regression model. Using the KIS-VALUE Ⅲ database of Korea Information Service Inc., we collect a total of 69 companies that had asset revaluation in the period of 1 January-30 June 2010.
The results show positive cumulative abnormal returns before the announcement date, with the reduced positive level maintained in the post-announcement period. These results indicate that the information of asset revaluations to the capital market is so useful that it conveys a corporate signal about favorable financial performance to stockholders.

목차 (Table of Contents)

• Ⅰ. Introduction
• Ⅱ. Literature Review
• Ⅲ. Research Methodology
• Ⅳ. Empirical Results
• Ⅴ. Conclusion
• References
• 【논문초록】