재무제표의 비교가능성이 주가표류현상에 미치는 영향 = The Effect of Accounting Comparability on Post-Earnings-Announcement Drift

다국어 초록 (Multilingual Abstract)

This paper investigates how the financial statement comparability(comparability) affects Post-earnings-announcement drift(PEAD). The purpose of this study is whether high comparability contributes to lowering stock price drift after the announcement of earnings by increasing investors' understanding and consent of related disclosure information.
Our sample consists of 4,625 firm-years over 2006-2014 period. The results of this study are as follows: First, consistent with our expectation, relationship between unexpected earnings and subsequent abnormal returns are diminished by comparability. Second, this mitigation effect is prominent in firms with high information uncertainty. Third, comparability significantly alleviates the PEAD prior to the adoption of K-IFRS. In addition, this study re-verified the main hypothesis by measuring various variables of the comparability and other proxies of the earnings announcement date.
This study is meaningful in that the quality of accounting information affects the PEAD by expanding the results of preceding studies and proving that the PEAD is observed differently depending on the financial statements comparability. The main results of this study show that stock price drift after earnings announcement is mitigated as the financial statements comparability increases. In other words, it can be inferred that the increase in the comparability of financial statements contributes to mitigating the PEAD by acting as a factor affecting the understanding of the investors. This suggests that it will be helpful in discussing future practices related to PEAD and the academic community.

참고문헌 (Reference)

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