달력이 분기손익에 미치는 영향과 시장의 평가27 )

This study investigates the impact of the calendar on quarterly earnings and pricing. I pay attention to the fact that Statistics Korea and the Bank of Korea produce seasonal adjustments, including adjustments to calendar factors, to improve the usefulness of statistics. This study expects that the quarterly business days positively affect quarterly earnings. However, the investors do not consider the number of business days when they interpret the quarterly earnings through the seasonal random-walk model, omitting the business days’ effect. Empirical analyses show that the quarterly business days show a significant positive effect on the change in quarterly earnings, but the investors do not fully understand such an effect. This study extends the concept of calendar adjustment in economic statistics to the area of financial reporting. The public holiday systems in Korea and the British-American countries are very different. As the number of quarterly business days varies significantly in Korea than in British-American countries, the effect of calendar factors on quarterly earnings is insignificant in British-American countries but should be significant in Korea. Therefore, it is not easy to know the effect of calendar factors on financial reporting and capital markets through reviewing foreign literature. It means that research on the Korean capital market is needed.