사적정보 규제 강화가 정보비대칭에 미치는 영향－공정공시제도 개정을 중심으로－

[Purpose]This study explores the effect of Private Information Regulations on information asymmetry after the Capital Market Act revised and regulatory bodies strengthened the regulation of private information in 2013. [Methodology]We use analyst earnings forecast error and dispersion, stock return volatility, and ask－bid spread as information asymmetry proxies. [Findings]After the analysis, we reached the following conclusions. Firstly, error and dispersion of analyst earnings forecast significantly increase, which means that analytical capability of research analysts decreased after the regulation of private information became strengthened. Secondly, stock return volatility and ask－bid spread significantly increase after the regulation of private information became strengthened, which suggests that information asymmetry between companies and market participants increased after the regulation of private information became strengthened. [Implications]This research provides meaningful implications to market participants and regulatory bodies because it is the first study that examines the change of information asymmetry between companies and market participants after the regulation of private information became strengthened.