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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
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.advisor | 최혁 | - |
| dc.contributor.author | 전세은 | - |
| dc.date.accessioned | 2017-07-14T05:21:22Z | - |
| dc.date.available | 2017-07-14T05:21:22Z | - |
| dc.date.issued | 2017-02 | - |
| dc.identifier.other | 000000140868 | - |
| dc.identifier.uri | https://hdl.handle.net/10371/124706 | - |
| dc.description | 학위논문 (석사)-- 서울대학교 대학원 : 경영학과, 2017. 2. 최혁. | - |
| dc.description.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. | - |
| dc.description.tableofcontents | 1 Introduction 1
2 Hypothesis Development 2 3 Data and Research Methodology 5 3.1 Sample Data 5 3.2 Variable Definition 6 3.3 Research Methodology 11 4 Empirical Results 13 4.1 Opacity and R^2 13 4.2 Opacity and Crash Risk 16 4.3 Outside Monitoring and Crash Risk 18 4.4 Adoption of K-IFRS on R^2 and Crash Risk 21 5 Conclusion 23 Reference 24 Tables 26 | - |
| dc.format | application/pdf | - |
| dc.format.extent | 744982 bytes | - |
| dc.format.medium | application/pdf | - |
| dc.language.iso | en | - |
| dc.publisher | 서울대학교 대학원 | - |
| dc.subject | Financial reporting opacity | - |
| dc.subject | stock returns | - |
| dc.subject | stock price crash | - |
| dc.subject | R^2 | - |
| dc.subject.ddc | 658 | - |
| dc.title | Financial Reporting Opacity, R^2, and Crash Risk in the Korean Market | - |
| dc.title.alternative | 한국 시장에서 회계적 불투명성, R^2, 그리고 주가 급락 위험과의 관계 | - |
| dc.type | Thesis | - |
| dc.contributor.AlternativeAuthor | Se Eun Jeon | - |
| dc.description.degree | Master | - |
| dc.citation.pages | 37 | - |
| dc.contributor.affiliation | 경영대학 경영학과 | - |
| dc.date.awarded | 2017-02 | - |
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