분석보고서가 정보비대칭에 미치는 영향

• 영문명: The Effect of Analysts" Report on The Information Asymmetry
• 발행기관: 한국상품학회
• 저자명: 조중석(Cho Joong-Seok) 조문희(Jo Mun-Hee)
• 간행물 정보: 『상품학연구』제24권 제3호, 261~276쪽, 전체 16쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2006.12.01

영문 초록

  The existence of information asymmetry in the capital market could affect the essential resource distribution, cause the adverse-selection problem and potentially result in the market failure. In this study, we empirically investigates the effect of analyst reports on the information asymmetry in the capital market. We expect that the analyst reports could reduce the information asymmetry by providing firm"s information to the market.
  Using VOLA(Daily stock return volatility) and VOL(Trading volume turnover) as a proxy of the information asymmetry, we find that as we expected, the firms covered by analysts have less information asymmetry than the firms with no such coverage. Specifically, firms with analyst reports enjoy lower VOLA and higher VOL than firms without them. This result shows that the analyst as an information intermediary, reduces the information asymmetry in the capital market.

목차

Ⅰ. 서론
Ⅱ. 선행연구 및 연구가설
Ⅲ. 연구 모형 및 정보비대칭의 측정
Ⅳ. 실증 분석
Ⅴ. 결론
참고문헌
Abstract

키워드

Analysts" report Information asymmetry disclosure