목표주가 괴리율과 공시제도 효과 연구

This study investigates the determinants of the target price disparate ratio and target price accuracy and the changes by period after controlling for them, to examine the effect of the target price disparate ratio disclosure regulation. The results were as follows. First, the target price disparate ratio has a significant positive(+) effect on the target price error and a negative(-) effect on the target price met. Second, we find that the disparate ratio decreased significantly after the disclosure regulation when the variables were not controlled; however, after controlling for the variables, the disparate ratio increased. Third, the target price error showed no significant change or increase after the disclosure regulation, and the probability of meeting the target price decreased. The results show a significant relationship between the target price disparate ratio and the target price error. Considering this relationship, an-alysts are expected to improve the target price accuracy by managing the disparate ratio through disclosure regulations. However, this study shows that disclosure regulations are limited, and it is difficult to reduce target price errors and improve the target price accuracy.