분기보고공시와 정보비대칭

초록

This study investigates the effect of quarterly reports on information asymmetry. The existence of information asymmetry could affect the economic resource allocation and induce the market failure.The disclosure requirement can work as a remedy for such a problem. The quarterly reports initiated in 2000 required firms to provide accounting information quarterly. Because these reports supply information more frequently, this requirement could enhance the relevance of accounting information and as a result, reduce information asymmetry in the market. Using VOLA(Daily stock return volatility) and Vol(Trading volume turnover) variables, this study investigates the relation between quarterly reports and information asymmetry. We find that this new requirement reduced VOLA(volatility) and increased VOL(liquidity). These results empirically show that as we expected, the new quarterly report requirement reduce information asymmetry.

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