조회공시의 정보효과에 관한 연구

The present study examines the information effects of inquired disclosure by the disclosure type, timing of disclosure and the firm's response patterns. In order to achieve the purpose, the study tests the hypothesis that inquired disclosure has information effects. The sample of KSE and KOSDAQ firm was selected from inquired disclosure items which were reported on the DART system of the Financial Supervisory Service (FSS) from 2001 to 2006. The empirical results of the study are summarized as follows: First, it was shown that the mean variation of stock return during the disclosure period is significantly higher than that during the non-disclosure period. The result supports the hypothesis that inquired disclosure on the whole possesses information content, and this can be interpreted as evidence that inquired disclosure is useful for investor decision making. However, the result of the median test, one of the non-parametric statistics, did not support the usefulness of inquired information disclosure. This implies that there may be some items that are not useful to investors in the current inquired disclosure system required by the FSS. Further research should focus on finding these useless items by analyzing the information contents of specific disclosure items. This would contribute to improving the inquired disclosure system. Second, it was shown that the category in the inquired disclosure, the disclosure of material changes in business environments, and the disclosure in investment and financing relationship, cause significantly higher market response than any other categories in the inquired disclosure in both markets.