비교가능성이 기업단위의 주가폭락에 미치는 영향

Accounting information plays an important role for the functioning of an efficient capital market(Bushman and Smith 2001; Healy and Palepu 2001; Lambert et al. 2007). The market participants make their economic decisions about a firm using various information sources including financial statements and analysts’ reports. However, despite of making decisions based on the relevant firm information, investors often suffer a terrific loss due to a sudden stock price crash of the firm. This study examines what are the determinants of the radical price crash and whether financial statement comparability impacts on stock price crash risk. The firm-specific stock price crash is a phenomenon that stock price of a firm sharply declines at the point when the accumulated negative firm-specific information crossed a tipping point suddenly comes out to the market in one fell swoop(Hutton et al. 2009). Several recent studies support that firm-specific stock price crash is caused by the internal factors such as CEO overconfidence, opacity of accounting information and aggressive accounting treatment as well as the external factors such as analysts’ optimistic forecasts and opportunistic behaviour of institutional investors (Hutton et al. 2009; Kim and Zhang 2014; Kim, Li and Li 2014; Kim, Wang and Zhang 2014; Callen and Fang 2013; Xu et al. 2013).