대주주 대량매도·매수 공시 신고에 따른 시장반응 분석 연구 : 금융업을 중심으로

[Purpose] To search the data on the market response from the public announcement of the bulk buying & sale by major stockholders who mainly focus on financial industry, in this study KOSDAQ Market and listed securities market were analyzed through the report for the change of major stockholder published on DART. [Methodology] The stock price reaction for 10 days or so resulted from official notice of the bulk buying & sale by major stockholders were surveyed through Cumulative Average Residual(CAR). [Findings] Considering that the bulk acquisition is completed before the disclosure because the declaration date for bulk acquisition of stock is stipulated within five days from the date of the obligation of reporting, the information about fluctuations in share holding ratio is known to the market between completion date of acquisition and disclosure date and as a result such analysis results are reflected in the stock market. It can be inferred from this study that based on the changes of the bulk buying & sale by major stockholders of financial industry, the public announcement is being made within 5 days and the smooth exchange of information has a significant effect on decision making and the market response is active and disclosure system is well under way. [Implications] The results of this study suggest that the large－scale shareholder's mandatory sale and purchase disclosure system provides efficient information to investors in the market and that such information is reflected efficiently in the market.