지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
이용수
초록· 키워드
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We study the behavior of stock prices of listed non-financial Korean companies during a period of days surrounding a sample of announcements of asset revaluation after voluntary adoption of International Financial Reporting Standards (IFRS) in Korea.
We primarily use event study methodology and simple regression model. Using the KIS-VALUE Ⅲ database of Korea Information Service Inc., we collect a total of 69 companies that had asset revaluation in the period of 1 January-30 June 2010.
The results show positive cumulative abnormal returns before the announcement date, with the reduced positive level maintained in the post-announcement period. These results indicate that the information of asset revaluations to the capital market is so useful that it conveys a corporate signal about favorable financial performance to stockholders.
We primarily use event study methodology and simple regression model. Using the KIS-VALUE Ⅲ database of Korea Information Service Inc., we collect a total of 69 companies that had asset revaluation in the period of 1 January-30 June 2010.
The results show positive cumulative abnormal returns before the announcement date, with the reduced positive level maintained in the post-announcement period. These results indicate that the information of asset revaluations to the capital market is so useful that it conveys a corporate signal about favorable financial performance to stockholders.
목차
Ⅰ. Introduction
Ⅱ. Literature Review
Ⅲ. Research Methodology
Ⅳ. Empirical Results
Ⅴ. Conclusion
References
【논문초록】
참고문헌 (27)
참고문헌 신청
1. [학술지(정기간행물)] - Abody,D / 1999 / Revaluation of fixed assets and future firm performance : Evidence from the UK / Journal of Accounting and Economics 26 : 149 ~ 178
2. [학술지(정기간행물)] - Barth,M / 1998 / Revalued financial, tangible, and intangible assets : Associations with share price and non-market-based value estimates / Journal of Accounting Research 36 (Supplement) : 199 ~ 233
3. [학술지(정기간행물)] - Battalio, R / 2005 / Earnings Expectation, Investor Trade Size, and Anomalous Returns Around Earnings Announcement / Journal of Financial Economics 77 : 289 ~ 319
4. [학술지(정기간행물)] - Bernard, V / 1990 / Evidence that stock prices do not fully reflect the implications of current earnings for future earnings / Journal of Accounting and Economics 13 : 305 ~ 340
5. [보고서] - Christensen, H. B / 2009 / Who uses fair value accounting for non-financial assets after IFRS adoption?
2. [학술지(정기간행물)] - Barth,M / 1998 / Revalued financial, tangible, and intangible assets : Associations with share price and non-market-based value estimates / Journal of Accounting Research 36 (Supplement) : 199 ~ 233
3. [학술지(정기간행물)] - Battalio, R / 2005 / Earnings Expectation, Investor Trade Size, and Anomalous Returns Around Earnings Announcement / Journal of Financial Economics 77 : 289 ~ 319
4. [학술지(정기간행물)] - Bernard, V / 1990 / Evidence that stock prices do not fully reflect the implications of current earnings for future earnings / Journal of Accounting and Economics 13 : 305 ~ 340
5. [보고서] - Christensen, H. B / 2009 / Who uses fair value accounting for non-financial assets after IFRS adoption?
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UCI(KEPA) : I410-ECN-0101-2013-910-000267998