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Financial Reporting Opacity, R^2, and Crash Risk in the Korean Market : 한국 시장에서 회계적 불투명성, R^2, 그리고 주가 급락 위험과의 관계

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Authors
전세은
Advisor
최혁
Major
경영대학 경영학과
Issue Date
2017-02
Publisher
서울대학교 대학원
Keywords
Financial reporting opacitystock returnsstock price crashR^2
Description
학위논문 (석사)-- 서울대학교 대학원 : 경영학과, 2017. 2. 최혁.
Abstract
I examine the relation between financial reporting opacity and R^2 as well as the relation between opacity and the likelihood of experiencing stock price crash. Following Hutton et al. (2009), I conduct firm-level study for firms listed in Korea Composite Stock Price Index (KOSPI) from 1995 to 2015. Using discretionary accruals as a proxy for reporting opacity, I find positive relation between opacity and crash risk. Moreover, through investigation of outside monitoring effect on crash risk, I conclude that firms with high institutional investors trading ratio are less subject to crash risk. I also test whether the adoption of K-IFRS has any effect on the relation between opacity and R^2 and the relation between opacity and crash risk. Through regression analysis, I conclude that market-wide accounting transparency improved after the adoption of K-IFRS in 2011.
Language
English
URI
https://hdl.handle.net/10371/124706
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College of Business Administration/Business School (경영대학/대학원)Dept. of Business Administration (경영학과)Theses (Master's Degree_경영학과)
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