S-Space College of Business Administration/Business School (경영대학/대학원) Dept. of Business Administration (경영학과) Theses (Master's Degree_경영학과)
Financial Reporting Opacity, R^2, and Crash Risk in the Korean Market : 한국 시장에서 회계적 불투명성, R^2, 그리고 주가 급락 위험과의 관계
- 경영대학 경영학과
- Issue Date
- 서울대학교 대학원
- 학위논문 (석사)-- 서울대학교 대학원 : 경영학과, 2017. 2. 최혁.
- 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.