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- Title
사옥신축목적 시설투자의 장기성과와 정보비대칭 현상에 대한 실증연구.
- Authors
이진훤; 이포상
- Abstract
We analyze the information asymmetry in the capital market by examining the long-term performance by the insider’s trading behavior in the companies that made investment announcements for the construction of the new office building. The results are summarized as follows. On average, the long-term abnormal returns on share prices of sample firms represent a significant positive value. The regression analysis confirmed that there is a statistically significant positive correlation between the factor of the change in equity of large shareholders and the long-term performance. On the other hand, negative correlation was observed between change in equity of small individual investors and long-term performance. These results mean that an insider can determine the authenticity of a manager's private intention. In other words, it supports that the insider is in a position of information superiority. In addition, it is expected to provide practical usefulness to investors in that the change in equity can be used as a predictor of long-term performance.
- Subjects
ABNORMAL returns; INSIDER trading in securities; CAPITAL market; STOCK prices; STOCKHOLDERS equity; OFFICE buildings
- Publication
Journal of Digital Convergence, 2021, Vol 19, Issue 3, p127
- ISSN
2713-6434
- Publication type
Article
- DOI
10.14400/JDC.2021.19.3.127