자율공시의 기업설명회 개최공시에 대한 영향: 대체효과와 보완효과

Voluntary disclosures and investor conferences perform a similar presentation to investors in that they provide information about the company’s activities and prospects. This paper investigated the impact of a voluntary disclosure (VD) on the usefulness of the information released by the subsequent IR Announcement (IRA) to hold an investor conference, to examine whether an IR release shortly after a VD has additional information effects in the context of expanding the current voluntary nature of disclosures. The empirical data revealed a significant market reaction to both VD information and the subsequent IRA information, pointing to a complementary relationship between VDs and IRAs. We further found that trading volume was significantly affected by VDs, but not by IRAs. The VD information seems to be interpreted variously by investors, and then increase the accuracy of the IRA information presumably due to the dissolution of information heterogeneity among investors. According to the empirical results through the stock market reaction that occurred after the post-VD IRAs, the additional information effects are retained, though the robustness of that effects diminishes as the number of previous IRAs held increases. As a result, we suggest that companies utilize voluntary disclosures prior to hold investor conferences, but we do not recommend frequent announcements of holding investor conferences.