영업양수도 공시의 정보효과 - 외환위기 이전과 이후의 비교 -

The purpose of this study is to examine the stock reaction to the announcements of partial asset transactions and to compare the pre- and post- Korean financial crisis. Asset transaction, company split and merger are commonly used for company restructuring. Asset transactions differ from company splits or mergers. Company splits result in the formation of two or more new companies. Mergers, on the other hand, result in combinations of two companies. Asset transactions, company splits and mergers must be publicly announced as mandated by Korean Stock Transaction Regulations. However, insignificant asset transactions are not subject to this regulations. Event study methodology was used to measure the size and direction of stock reaction to asset transaction announcements. The results of this study indicate some significant changes in stock prices surrounding the public announcement of asset transactions. Two days prior to the event day, the abnormal returns of the asset purchasing company group was 4%, while the abnormal returns of the asset selling company group was 3.46%. In addition, there was significant difference between pre- and post- financial crisis. Each abnormal return was 0.09% and 4.6%, respectively. However, in the case of the asset buying company group, there was no significant difference. Korean companies experienced dramatic restructuring after the Asian foreign exchange crisis in 1997. Investors favored selling rather than buying assets so that seller's abnormal return is higher than buyer's return and seller's abnormal return increased after the Korean financial crisis in 1997.