증권관련집단소송의 소 제기와 기업 가치 사이의 관계에 관한 연구

In April 2009, several years after the enactment of the Korean Securities-Related Litigation Act, the first securities-related class action was filed. This fact can be interpreted as a new information to the financial market that investors finally are going to file securities-related lawsuits against companies listed on the Korean stock exchange. This article uses event studies to study the reaction of investors to the news using the cumulative abnormal returns of companies that are both listed on the Korean stock exchange and on the US stock market. From April 14, 2009, when the rumor of the filing started to spread, until April 20, 2009, when the filing was confirmed on the Financial Supervisory Service’s information disclosure system, the cumulative average abnormal return of the 8 dual-listed companies was statistically significantly negative. This result is consistent with the results of a previous research on a series of events leading up to the enactment of the Securities-Related Class Action Act. Therefore, this article adds support to the argument that the Securities-Related Class Action Act is viewed negatively to the investors, even though the number of corporations is admittedly small. The article argues that the result is because of the presumption of damages clause that distorts the incentives of investors to make investments based on information. The article proposes an amendment to the provision that allows the presumption to approximate the actual damages as much as possible.