한·미간 회생기업에 대한 초과수익률의 비교

This Paper is intended to compare the stock market performances of South Korea and the United States, and analyze the resulting differences especially considering the effects of the accounting performances upon the stock market performances. The major implications of this research are as follows. First, Cumulative Abnormal Retrun of the reorganized firms of South Korea and the US shows Quite different Patterns as time proceeds after the completion of reorganization. Whereas the stock market Performances of the reorganized firms of the US gradually improves as time goes by, those of South Korea become worse. Second, in short run after the completion of reorganization, there is no significant relationship between the stock market performances and the accounting performances in both countries. Third, in the long－run, the accounting performances affects the stock market performances in both countries, but this relationship between the accounting performances and stock market performances shows very patterns in these two countries. Especially, the improvements in profitability and Stock Performance of the reorganized firms of the US have significant positive effects upon the stock market performances, but these two performances have insignicant or even negative relationships in South Korea. From these three results, we can conclude that, compared to the institution of reorganization called ‘Chapter 11’ of the US, that of South Korea cannot provide sustainable competitiveness to the reorganized firms, and the improvements of the accounting performances cannot provide credible signal or information to the stock market.