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      회계이익공시의 정보효과와 주식가격제한폭제도

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      https://www.riss.kr/link?id=G3784494

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      다국어 초록 (Multilingual Abstract)

      This paper empirically examines effects of price limits on accounting earnings information contents in the Korean Stock Market.
      The sample consists of 431 companies, listed in Korea Stock Exchange, over the period of 1995 to 1999.
      Empirical tests are conducted by two steps.
      First, two types of the equilibrium stock price of the firm which was traded by the daily price limits during the test period(3days) are estimated(Roll' estimation Maximum likelihood estimation). And then these equilibrium stock prices are compared with real stock prices on the accounting earnings information contents.
      Second, this study examines to what extent firm specific characteristics affect earnings response coefficient(ERC) of Korean firms' membership to conglomerate.
      The result shows that accounting earnings information contents of the firm which was traded by the limits is more than the others' in all periods.
      On the magnitude of accounting earnings information contents in the market, Return Response Coefficients(RRC) of Roll is the lowest(1.504), real stock price' is highest (1.752) and maximum likelihood' is 1.607
      This result of ERC analysis shows as follows
      PLMT and COST, GROW have significant effect on ERC with positive sign.
      And the relation between ERC and LEVG shows negative sign significantly.
      Therefore, ERC are larger for stock prices hitting the upper or the lower limit firms.
      Therefore, it is necessary to controlling for the effects of price limits in the research of accounting earnings information contents.
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      This paper empirically examines effects of price limits on accounting earnings information contents in the Korean Stock Market. The sample consists of 431 companies, listed in Korea Stock Exchange, over the period of 1995 to 1999. Empirical ...

      This paper empirically examines effects of price limits on accounting earnings information contents in the Korean Stock Market.
      The sample consists of 431 companies, listed in Korea Stock Exchange, over the period of 1995 to 1999.
      Empirical tests are conducted by two steps.
      First, two types of the equilibrium stock price of the firm which was traded by the daily price limits during the test period(3days) are estimated(Roll' estimation Maximum likelihood estimation). And then these equilibrium stock prices are compared with real stock prices on the accounting earnings information contents.
      Second, this study examines to what extent firm specific characteristics affect earnings response coefficient(ERC) of Korean firms' membership to conglomerate.
      The result shows that accounting earnings information contents of the firm which was traded by the limits is more than the others' in all periods.
      On the magnitude of accounting earnings information contents in the market, Return Response Coefficients(RRC) of Roll is the lowest(1.504), real stock price' is highest (1.752) and maximum likelihood' is 1.607
      This result of ERC analysis shows as follows
      PLMT and COST, GROW have significant effect on ERC with positive sign.
      And the relation between ERC and LEVG shows negative sign significantly.
      Therefore, ERC are larger for stock prices hitting the upper or the lower limit firms.
      Therefore, it is necessary to controlling for the effects of price limits in the research of accounting earnings information contents.

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      국문 초록 (Abstract)

      Ⅰ. 서론 Ⅱ. 선행연구의 검토 Ⅲ. 표본의 선정과 분석방법 Ⅳ. 실증분석의 결과 및 해석 Ⅴ. 결론

      Ⅰ. 서론
      Ⅱ. 선행연구의 검토
      Ⅲ. 표본의 선정과 분석방법
      Ⅳ. 실증분석의 결과 및 해석
      Ⅴ. 결론

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