조회 공시제도 변경에 따른 공시 유형의 변화

The inquired disclosure is a kind of timely disclosure that the Exchange requests a listed corporation to make a disclosure to validate the rumors and news, or to validate the existence of material information when the price or trading volume of stocks issued by a listed corporation falls under the criteria. Before the changes in regulation took place, the firm which denied there was material information should not overrule initial disclosure within thirty days. But after the change in regulation this period of thirty days was reduced to fifteen days. This study investigates the effect that this change in regulation has on the pattern or timing of the disclosure. Empirical results show that prior to regulation change the frequency of the material disclosure regarded as overruled disclosure is evenly spread out through the year. That is to say the firm didn’t obey the regulation. But posterior to regulation change several kinds of disclosure patterns emerged. Just before and after the fifteen days abnormally large material disclosures were made, and during fifteen days few disclosures were made. This implies that after the regulation change a listed corporation obey the disclosure regulation regarding inquired disclosure but in reality it also seems to take advantage of the regulation.