IFRS harmonization and cross-country M&A performance

유승원(Seung Weon Yoo),한승수(Soong Soo Han),이은영(Eun Young Lee) 한국회계정보학회 2018 한국회계정보학회 학술대회발표집 Vol.2018 No.1

This study investigates the effect of International Financial Reporting Standards (IFRS) harmonization on bidder’s M&A profitability. We assume that the usage of a similar business language amongst countries will reduce the costs and errors on identifying profitable investments in foreign countries and thus lead positive market reaction to M&A announcements. We further predict that the positive association between accounting standard convergence and M&A profitability extends to post acquisition performance. Using a sample of cross-country mergers and acquisitions from the period of 2001-2016, we find that the threeday cumulative abnormal return (3-day CAR) and change in return on assets (∆ROA) are greater for M&A deals made after the period when both the bidder’s country and target’s country adopt mandatory IFRS. Further, we document that this positive association between IFRS harmonization and M&A profitability is pronounced when the bidder’s market is developed. In other words, even if IFRS conciliation facilitates the bidder on identifying a profitable project, if the bidder domiciles in less-developed market, then investors do not react positively to the M&A news. This implies that the positive effect of IFRS harmonization is not realized by unification itself, but should be combined with market supporting institutions.

경영자 예측정보에 대한 재무분석가의 반영 정도와 결정요인

유승원(Seung Weon Yoo),추재연(Jae Yon Chu) 한국경영학회 2014 한국경영학회 통합학술발표논문집 Vol.2014 No.8

본 연구는 재무분석가가 경영자 자발적 예측공시에 대해서 자신의 수정예측에 반영하는 정도를 반영정도라 정의 내리고 이를 결정하는 요인을 살펴보았다. 이와 더불어 재무분석가의 반영정도가 예측정확성에는 어떠한 영향을 미치는지 살펴보았다. 2002년부터 2009년까지의 기간 동안213개의 기업에 대하여 470명의 재무분석가가 1,372개의 예측치를 공시하고 있었고, 이에 대한 분석결과는 다음과 같다. 첫째, 재무분석가의 경영자 매출액 예측 정보에 대한 반영정도와 결정요인을 분석한 결과, 활발하게 활동하는 재무분석가일수록 경영자 정보에 대해서 단순히 추종하는 것이 아니라 그 정보를 분석하여 반영하고 있음을 발견했다. 또한, 어떠한 기업을 따르는 재무분석가가 많을수록 재무분석들 간의 경쟁이 치열하므로 경영자 정보에 더 큰 비중을 두고 있음을 발견했다. 둘째, 재무분석가의 경영자 매출액 예측 정보에 대한 반영 정도가 클수록 재무분석가의 매출액 예측 정확성은 높아지고 있었지만, 재무분석가의 이익 예측 정확성에는 아무런 영향을 미치지 못하고 있음을 발견했다. 이는 경영자 매출액 예측 정보는 재무분석가가 매출액 예측을 함에 있어서 유용한 정보이지만 이익 예측을 함에 있어서는 단순히 매출액을 추종하는 것이 재무분석가의 이익 예측 정확성을 높이지는 못함을 의미한다. 즉, 이것은 재무분석가가 경영자 정보에 100% 의존하여 예측을 수정하는 것보다는 자신의 분석에 맞추어서 예측을 수정하는 것이 자본시장에서 중요한 정보전달의 역할을 하는 것이라고 해석할 수 있다.

비대칭적 원가행태가 기업어음 신용등급에 미치는 영향

유승원(Seung-Weon Yoo),이동헌(Dong Heun Lee) 한국관리회계학회 2017 관리회계연구 Vol.17 No.2

본 연구의 목적은 기업의 비대칭적 원가행태(asymmetric cost behavior)가 자본시장에서 중요한 정보 역할을 하는 기업어음 신용등급에 미치는 영향을 살펴보는 것에 있다. Weiss(2010)는 비대칭적 원가행태가 자본시장의 정보비대칭(Information asymmetry)을 증가시켜 기업외부 재무분석가의 이익예측 정확성에 부정적인 영향을 미치는 것으로 보고하고 있다. 그러나 재무분석가와 더불어 자본시장에서 기업평가에 중요한 역할을 하는 신용평가에 대해 기업의 비대칭적 원가행태 회계정보가 어떠한 영향을 미치는 가에 대해서는 연구가 많은 진행되지 않은 실정이다. 본 연구는 2002년에서 2014년까지 연도 1,092개, 분기 2,971개 표본을 분석대상으로 비대칭적 원가행태와 기업어음 신용평가특성과의 관련성을 살펴보았다. 실증결과는 다음과 같다. 첫째, 비대칭적 원가행태를 보이는 기업은 기업어음 신용등급평가를 신청할 가능성이 높게 나타났다. 둘째, 비대칭적 원가행태와 신용등급과는 유의한 양(+)의 관계가 나타났다. 셋째, 원가의 비대칭성이 높을수록 채권기관의 신용등급의 불일치 가능성은 낮아졌다. 이러한 결과는 비대칭적 원가행태가 재무분석가의 평가에 부정적인 영향을 미친다는 선행연구(Weiss 2010)의 실증결과와는 상반된 것으로 판단할 수 있다. 즉 타인자본시장의 단기채무에 대한 적기상환능력을 평가하는 기업어음 평가의 관점에서는 보수적 회계처리인 원가비대칭성에 대해서 긍정적으로 판단하고 이를 신용등급에 반영하는 것을 의미한다. This paper focuses on the effect of the asymmetric cost behavior (i.e., cost stickiness) on the properties of commercial paper credit ratings. Prior research show that cost stickiness has the negative relation with the accuracy of analysts by increasing the information asymmetry (Weiss 2010). However, there has not been prior research that investigates the relation between asymmetric cost behavior and credit ratings, even though credit rating agency is one of important information source in the capital market regarding firm valuation. Using the firm-quarter data from 2002 to 2014 listed in Korea Stock Exchange (KSE), we provide the following empirical results. First, firms with high asymmetric cost behavior are more likely to ask for credit evaluation when they issue short-term debt. Second, there is a positive relation between credit rating and the level of asymmetric cost behavior. Third, credit split is more likely to occur when there is a high level of asymmetric cost behavior. These empirical results imply that credit rating agencies prefer the conservative accounting aspect of asymmetric cost behavior. This study contributes to prior literature by improving our understanding the effect of asymmetric cost behavior on CP credit ratings which improves efficiency in allocating resources in capital market.

신규 분석기업에 대한 재무분석가의 이익예측특성

고유경(Yoo Kyoung Ko),오광욱(Kwang Wuk Oh),유승원(Seung Weon Yoo),이동헌(Dong Heun Lee),정석우(Seok Woo Jeong) 한국증권학회 2010 한국증권학회지 Vol.39 No.3

본 연구는 2001년부터 2008년까지 Fn-Guide에서 추출된 재무분석가의 17,852개 최초 분석보고서 표본을 기준으로 신규 분석보고서와 계속 분석보고서로 구분한 후, 신규 분석 보고서를 발행하는 재무분석가의 이익예측 특성을 실증 분석하였다. 기존의 연구에서는 재무분석가의 신규 분석 선택유인이 기존의 분석과 다르고, 시장이 이에 대해 차별적으로 반응하고 있음을 발견하였다. 이와 같은 결과를 고려할 때, 신규 분석기업의 이익예측 특성에 대한 연구결과는 시장 참여자들의 반응에 대한 보다 구체적인 원인과 해석을 제공해줄 수 있다. 분석결과, 재무분석가는 기존 분석기업 이익예측치와 비교하여 신규 분석 기업에 대해 상대적으로 덜 낙관적인 예측을 하고 정확한 예측을 하는 것으로 나타났다. 이러한 결과는 시장 최초 표본을 기준으로 한 분석과, 재무분석가 선택 편의를 통제한 이후에도 동일하게 유지되었다. 이는 기존 분석과 비교하여 재무분석가가 신규 분석에 더 많은 시간과 노력을 투입하고 있을 가능성을 의미한다. 또한 신규 분석에 투입되는 노력이 신규 분석의 예측정확성에 부정적으로 영향을 미치는 학습효과 요인 및 정보 접근성의 요인보다 더 중요한 예측특성결정 요인임을 보여준다. 재무분석가의 이익예측치가 신규 분석과 기존 분석이라는 특성에 의해 차별적인 속성을 가진다는 본 연구의 결과는 재무분석가의 종목군의 신규 편입여부가 이익예측치의 특성에 영향을 미치는 요소가 될 수 있음을 보인다. In this study, we examine the forecast properties of newly added firms in the universe of financial analysts using 17,852 firm-year observations provided by Fn-Guide data base from 2001 to 2008. According to prior research, market participants show differential reaction to the analysts` reports of newly added firms in the universe of financial analysts. This suggests that the forecast properties for newly added firms may have their own characteristics and knowledge about the newly added firms forecast properties may be useful not only for potential investors but also for researchers examining financial analysts` roles.

경영자 이익예측 공시 이후 재무분석가 예측수정의 특성

이동헌 ( Dong Heun Lee ),유승원 ( Seung Weon Yoo ) 한국회계학회 2012 회계학연구 Vol.37 No.3

Management Forecasts are one of voluntary public information in capital market, which plays an affirmative role to reduce information asymmetry and improve the efficiency of market resource allocation (Diamond 1985; Verrecchia 2001). Analysts have a function to transfer and create information about firms in market. Prior research suggest that firms and analysts have mutually interrelated by sharing information about firms. However it has never been empirically investigated how analysts reflect the contents of management earnings forecasts in their revised forecasts. This paper examines what determines analysts` revision decision and how much analysts reflect management earnings forecast in their revised forecasts in Korean capital market for the sample period from 2000 to 2009. The empirical results are as follows. First, the likelihood of analysts` revision increases with analysts` reputation, brokerage size and the difference between management forecast and prior analyst forecasts. This result implies that the properties of management earnings forecasts and the characteristics of analysts affect the revision decision making of analysts. In terms of analysts, analysts make an high effort to maintain their reputation by utilizing the new public information, such as management forecasts. Also analysts, which work for big brokerage, are capable of lower their input for analyzing firms by taking advantage of information accessibility. Second, analysts reflect the difference between management forecasts and their prior earnings forecasts in their revised forecasts. Also, analysts who has the reputation have more tendency to reflect management earnings forecasts. Furthermore, when analysts forecasts error is bigger than management forecasts. Also the more accurate management forecasts are used to revise analysts earnings forecasts, which suggests that management forecasts improves the market efficiency and alleviate information asymmetry. However prior research has focused on analysts revision behaviors after management forecasts, assuming that analysts earnings forecasts are homogeneous. They report that analyst take advantage of management forecasts information, which implies that management forecasts improves the quality of analysts` earnings forecasts overall. Recently analysts forecasts are differentiated by analysts` individual characteristics variables, such as, analysts reputation, work complexity, and brokerage size (Clement 1999; Clement and Tse2005). They imply that analysts respond to new information. Therefore this study examines whether analysts are responsible to management forecasts and how much they reflect management forecasts to their revised forecasts heterogeneously by using individual analysts reports. This paper provides incremental contributions in suggesting the role of analysts characteristics and management forecasts properties. Also this paper extends literature linked to the properties of analysts revisions by presenting the empirical results that diverse and specific characteristics of analysts determine the revision decision after management forecasts. In conclusion, this paper helps understanding the decision making process of analysts regarding revision behavior.

투자자의 관심수준과 경영자의 자발적 이익예측정보 공시 간의 관계

윤용석 ( Yongsuk Yun ),유승원 ( Seung-weon Yoo ) 한국회계학회 2017 회계학연구 Vol.42 No.4

This paper investigates how investor attention affects the manager`s voluntary disclosure decisions. Proxying for investor attention using the search volume index suggested by Da et al.(2011), we examine whether managers react strategically to investor attention via increasing or decreasing the frequency of management earnings forecasts. In addition, we investigate whether the association between investor attention and the frequency of management earnings forecasts is changed when considering bias of management earnings forecasts. Using a sample consisted of listed companies during the period of 2007 to 2013, we find the following results. First, when investor attention is higher, managers` voluntary earnings forecasts are significantly more disclosed. Second, the association between investor attention and the frequency of management earnings forecasts is unchanged even when considering bias of management earnings forecasts. More specifically, the frequency of optimistic and pessimistic management earnings forecasts are more disclosed when the level of investor attention is high. Finally, we examine the change of investor attention during before and after management earnings forecasts periods. The results show that the level of investor attention is high during the periods before management earnings forecasts disclosed, while, the level of investor attention is low during the periods after management earnings forecasts disclosed. These results suggest that high level of information demand of investors before voluntary disclosure goes down after getting information via management earnings forecasts, therefore supporting information views.

재무보고이익-세무보고이익의 차이 및 재무분석가가 경영자 이익예측에 미치는 영향

김경혜 ( Kyung Hye Kim ),유승원 ( Seung Weon Yoo ),최경수 ( Kyong Soo Choi ) 한국회계학회 2013 회계학연구 Vol.38 No.2

In this paper, we investigate the impact of differences between book income and taxable income (hereafter, book-tax differences) on management earnings forecast accuracy and bias, incorporating the role of financial analysts. Specifically, this paper examines the effect of book-tax differences on management earnings forecasts accuracy and bias. Furthermore, we investigate how the number of analysts affects the relation between management earnings forecasts properties (i.e., accuracy and bias) and book-tax differences. We analyze the hand-collect data of management earnings forecasts for future operating income during fiscal years 2002-2009, from Financial Supervisory Service`s Data Analysis, Retrieval and Transfer System (DART). Our results are given as follows. First, we find that the accuracy of management earnings forecast decrease in the book-tax differences. Also, we show that management earnings forecasts exhibit greater optimistic biases when book-tax differences are relatively high. In sum, book-tax differences not only generates the error of management earnings forecast, but also creates the optimistic forecasting behavior of corporate manager. Based on the prior studies, we predict that a lager book-tax differences decreases the persistence of current earnings, thereby creates a relatively large information asymmetry between manager and outside investors about firm`s future earnings. This information asymmetry which is generated by the differences between book and taxable income is expected to induce a manager to provide less accurate and more optimistic earnings forecasts. Therefore, the systematic associations between management earnings forecasts properties (accuracy and bias) and book-tax differences are consistent with our expectations. Second, as the number of analysts following the firm increases, we find that the relation between management earnings forecasts properties (accuracy and bias) and book-tax differences lessens. We specifically find that the negative association between the management earnings forecasts accuracy and book-tax differences decreases when the number of analysts is relatively high. In addition, the positive relation between the management earnings forecasts bias and book-tax differences gets less positive as the number of analysts increases. These results indicates that a relatively large number of analysts following reduces the distortions induced by book-tax differences because the information asymmetry between a manager and outside shareholder about future earnings diminishes as the number of analysts increases. These findings also stress that our first findings that a larger book-tax differences generate management earings forecast errors and bias are mainly induced by information asymmetry between manager and outside investors regarding firm`s future earnings. Managers communicate information about firms` financial situations to outside investors through two important channels, that is, mandatory and voluntary disclosures. Both mandatory and voluntary disclosures are the main sources from which firm investors gets relevant (or valuable) information that is used in judgment. A considerable literature has, in fact, find that both types of disclosure significantly affects stock prices, and contains value-relevant information about a firm. This paper, by demonstrating the systematic association between the properties of voluntary disclosed information (management earnings forecasts accuracy and bias) and mandatory disclosed information (book-tax differences), provides a new insight about the manager`s disclosure policy. In particular, prior literatures which deal with the relation between voluntary disclosure and mandatory disclosure concentrate mainly on the quantitative aspects (i.e., occurrence or frequency) of voluntary disclosure. Our research adds a new insight by focusing on the management earnings forecast accuracy and bias (i.e., qualitative aspects of voluntary disclosure). By establishing the fact that a relatively large number of analysts following the firm lessens the relation between management earnings forecasts properties and book-tax differences lessens, we also document the analysts` behavior which enhances the quality of management earnings forecasts. It provides a useful information for the outside investors because the result shows the important role of financial analysts as a prominent information intermediaries in the capital market.

기업집단의 자발적 공시와 소속기업의 자발적 공시 간의 관계

김현아(Hyun Ah Kim),유승원(Seung Weon Yoo),정석우(Seok Woo Jeong) 한국경영학회 2016 경영학연구 Vol.45 No.3

자율공시와 보수주의가 자기자본비용에 미치는 영향

정성환 ( Sung Hwan Jung ),유승원 ( Seung Weon Yoo ) 한국회계학회 2012 회계학연구 Vol.37 No.1

This paper examines the effects of the interaction between conditional conservatism and bad-news disclosure on the cost of equity. Prior literature shows that conservative accounting treatments do not decrease the cost of equity (Francis et al. 2004) although they are supposed to decrease information asymmetry in the market (Easley and O`Hara 2004). We claim that it may be a result of information users` lack of confidence on firms` conservative accounting choices. Conservative accounting choices increase earnings variations and reduces earnings persistence. Investors, who have no prior knowledge about firms` conservative accounting choices, may attribute low earnings persistence to low earnings quality, and hence, conservative accounting choices do not decrease the cost of equity as predicted by prior research.

경영자 이익예측의 구성항목을 공시하는 기업의 정보신뢰성

김선미(Seon Mi Kim),유승원(Seung Weon Yoo) 한국경영학회 2014 경영학연구 Vol.43 No.5