데이터 3법 개정안 통과에 따른 주식시장 반응에 관한 연구

This study is an analysis of the effect of a series of events on the stock market following the proposal and passage of a revision to the Data 3 Act. The revision, which has the nature of the readjustment and deregulation of the law on the utilization and protection of personal information, was judged to have had a positive effect on the stock price of the related company, so the abnormal return of the stock was observed through the event study methodology. News articles were searched on internet portal sites to analyze the significance and volume of excess return on 35 stocks deemed directly related to the revision of the Data 3 Act. As a result of the empirical analysis, the average abnormal return and cumulative average abnormal returns were positive (+) values for the case in which the revision of the Data 3 Act was proposed, indicating that the stock market was perceived as positive information. And in the case of passing the standing committee of the National Assembly, uncertainty was present and there was no clear share price movement. Finally, in the case of the event that passed the plenary session of the National Assembly, it was observed that the impact of the incident occurred only on the day of the incident and gradually disappeared afterwards. Observing the volume of transactions by investors on sample stocks, institutional and individual investors were judged to show opposite investment behavior. There is a mixed response of the stock market to the events, which is believed to be due to the long-term characteristics of the legislative process and the political specificity of the National Assembly, and consideration is needed for future event studies on legal and institutional changes.