본 연구는 1998년 초부터 2003년 6월말까지 증권거래소의 전자공시시스템에 회계변경을 공시한 상장기업을 표본으로 하여, 단순투자자의 비율이 높은 기업에서의 회계이익변경에 대한 주가반...
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https://www.riss.kr/link?id=A95941119
2004
Korean
325.9
KCI등재,SCOPUS
학술저널
145-166(22쪽)
5
0
상세조회0
다운로드국문 초록 (Abstract)
본 연구는 1998년 초부터 2003년 6월말까지 증권거래소의 전자공시시스템에 회계변경을 공시한 상장기업을 표본으로 하여, 단순투자자의 비율이 높은 기업에서의 회계이익변경에 대한 주가반...
본 연구는 1998년 초부터 2003년 6월말까지 증권거래소의 전자공시시스템에 회계변경을 공시한 상장기업을 표본으로 하여, 단순투자자의 비율이 높은 기업에서의 회계이익변경에 대한 주가반응을 살펴보았다. 연구 결과, 단순투자자(naive investor)의 대용치로 사용된 개인소액투자자의 지분이 높은 기업에서 회계변경으로 인한 보고이익의 증가가 높을수록 양(+)의 주가반응이 존재함을 발견하였다. 이 결과는 실증회계이론에서 제시한 보고이익의 증가가 계약비용을 감소시키는 효과를 통제한 후에도 유의하였다. 반면, 전문투자자(sophisticated investor)의 대용치로 사용된 기관투자자 및 외국인투자자의 지분이 높은 기업에서는 회계변경으로 인한 이익증가에 유의적인 시장반응이 관찰되지 않았다. 본 연구의 결과는 한계투자자의 전문성에 따라 회계정보에 대한 주가반응이 상이할 수 있다는 확장된 기능적 고착가설(extended functional fixation hypothesis)을 지지하는 결과이다.
다국어 초록 (Multilingual Abstract)
This study empirically examines whether there is price reaction of the accounting changing companies which have high rate of unsophisticated investors` holdings. That is, this study will analyze whether there is different response to reported earnings...
This study empirically examines whether there is price reaction of the accounting changing companies which have high rate of unsophisticated investors` holdings. That is, this study will analyze whether there is different response to reported earnings changes by accounting change between unsophisticated and sophisticated investors. Most significantly, this study observes the cumulative abnormal returns on the time of disclosing to the accounting change. The final sample consists of 96 listed on the Korean Stock Exchange and disclosed by an Electronic Disclosure System over the period of 1998 to June, 2003. The results of this study are summarized as follows. First, there is positive relation between price reaction of individual investors proxied by naive investors and the reported earnings by accounting changes. This means that unsophisticated investors react naively on the increase of earnings by accounting changes. Second, there is no positive relation between the price reaction of institutional or foreign investors proxied by sophisticated investors and the increasing earnings by accounting changes. This means that sophisticated investors don`t react naively in the increase of earnings by accounting changes. These results supports the extended functional fixation hypothesis that price reactions of the accounting information can be varied according to the marginal investor`s expertise.
참고문헌 (Reference)
1 "and the Behavior of Security Prices" 320-332, 1972
2 "and K Income Smoothing Effect and Price Reaction of Accounting changes" 1992 (1992): 173-200, m
3 "[printed in Korean]" 1993
4 "Usefulness of Accounting Information in the Capital Market" Shinyoungsa 2003
5 "Theory of Accounting and Control" South Western Publishing 1997
6 "The Effect of the Firm’s Capital Structure on the Choice of Accounting Methods" 78-84, 1980
7 "The Economic Consequences of Accounting Choice:Implications of Costly Contracting and Monitoring" (august) : 77-117, 1983
8 "The Capitalization, Amortization, and Value- relevance of R&D" 21 : 107-138, 1996
9 "Stock Price and Risk Related to Announcing Changes in Inventory Valuation" 305-315, 1975
10 "Stock Market Reaction to the Depreciation Switch-Back" (january) : 22-30, 1972
1 "and the Behavior of Security Prices" 320-332, 1972
2 "and K Income Smoothing Effect and Price Reaction of Accounting changes" 1992 (1992): 173-200, m
3 "[printed in Korean]" 1993
4 "Usefulness of Accounting Information in the Capital Market" Shinyoungsa 2003
5 "Theory of Accounting and Control" South Western Publishing 1997
6 "The Effect of the Firm’s Capital Structure on the Choice of Accounting Methods" 78-84, 1980
7 "The Economic Consequences of Accounting Choice:Implications of Costly Contracting and Monitoring" (august) : 77-117, 1983
8 "The Capitalization, Amortization, and Value- relevance of R&D" 21 : 107-138, 1996
9 "Stock Price and Risk Related to Announcing Changes in Inventory Valuation" 305-315, 1975
10 "Stock Market Reaction to the Depreciation Switch-Back" (january) : 22-30, 1972
11 "Short-Range Market Reaction to Changes to LIFO Accounting Using Earnings Announcement Dates" (spring) : 38-63, 1980
12 "Relationship between Accounting Changes And Stock Prices:Problems of Measurement and Some Empirical Evidence" 1-45, 1973
13 "Predisclosure information and institutional ownership:A cross-sectional examination of market revaluations during earnings announcements periods" 73 : 119-129, 1998
14 "Market liquidity and volume around earnings announcements" 41-67, 1994
15 "Market Reaction to the Special Amortization" 22 (22): 1-21, 1997
16 "Investor sophistication and market earnings expectations" 35 : 157-192, 1997
17 "Investor Sophistication and Patterns in StockReturns after Earnings Announcements" 75 : 43-63, 2000
18 "Institutional ownership, differential predisclosure precision and trading volume at announcements dates" 24 : 129-150, 1997
19 "Evidence that stock prices do not fully reflect the implications of current earnings for future earnings Journal of Accounting and Economics 13" 305-340, 1990
20 "Emerging Market Business Groups, Foreign Investors, and Corporate Governance" 6955 : 1999
21 "Do Stock Price Fully Reflect Information in Accruals and Cash Flows About Future Earnings?" 289-315, 1996
22 "Changes in Accounting Techniques and Stock Prices" 1-38, 1972
23 "Analysts Forecasts Errors and Stock Price Behavior Near the Earnings Announcement Dates of LIFO Adopters" (autumn) : 169-194, 1988
24 "An informational efficiency perspective on the post- earnings-announcement drift" 45-65, 1994
25 "A test of the extended functional fixation hypothesis" 740-763, 1990
26 "A Study in Managers’ Strategic Accounting Choice: Accounting changes versus Discretionary Accruals" 26 (26): 105-125, 2001
학술지 이력
연월일 | 이력구분 | 이력상세 | 등재구분 |
---|---|---|---|
2020 | 평가예정 | 계속평가 신청대상 (등재유지) | |
2015-01-01 | 평가 | 우수등재학술지 선정 (계속평가) | |
2011-01-01 | 평가 | 등재학술지 유지 (등재유지) | |
2009-01-01 | 평가 | 등재학술지 유지 (등재유지) | |
2007-01-01 | 평가 | 등재학술지 유지 (등재유지) | |
2005-01-01 | 평가 | 등재학술지 유지 (등재유지) | |
2002-01-01 | 평가 | 등재학술지 선정 (등재후보2차) | |
1999-07-01 | 평가 | 등재후보학술지 선정 (신규평가) |
학술지 인용정보
기준연도 | WOS-KCI 통합IF(2년) | KCIF(2년) | KCIF(3년) |
---|---|---|---|
2016 | 1.96 | 1.96 | 2.48 |
KCIF(4년) | KCIF(5년) | 중심성지수(3년) | 즉시성지수 |
2.65 | 2.74 | 5.829 | 0.22 |