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이계원(Lee Kay-Won) 조선대학교 지식경영연구원 2005 지역개발연구 Vol.10 No.1
This study investigate the information effect of the inquired disclosure by the disclosure type, timing of disclosure and the firm's response pattern. To this purpose, this study tests the hypothesis that the cumulative abnormal return(CAR) at the announcement day, which disclose a change of supply contract, M&A, and business purpose, has positive returns. Empirical results show that the inquired disclosure with a firm's new supply contract. M&A, a stock price fluctuation have significantly positive CAR. Furthermore, the timing of inquired disclosure highly effective information since the volatility is increasing after the release the inquired disclosure.