기술성장특례 상장 기업의 이익공시 시장반응과 공매도 거래행태에 관한 연구

This study investigates the market reaction and short selling based on the event study methodology around quarterly profit disclosures of technology based special listing. This study examines a comparative study between technology based special listed companies and general listed companies. Technology based special listing has been implemented since 2014, and short selling trading was banned in march 2020 due to the Coronavirus, so the research period was limited from 2014 to 2019 in korea stock market. The sample is divided into groups according to the KOSPI and KOSDAQ (technology based special, venture, blue chip, and mid sized) markets listed. The main empirical results of this study are as follows. First, for the first time in Korea, short selling of technology based special listed group decreased before and after quarterly profit disclosures, unlike other groups. Second, technology based special listed group have relaxed financial requirements and are listed based on their technological capabilities. Compared to other general listed group, the market reaction to quarterly profit disclosures for these groups was statistically insignificant. Third, as a result of comparative analysis according to operating profit, it was confirmed that the number of samples and the results of each group were different.