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Selective disclosure : The case of the Korean securities market

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  • Selective disclosure
  • Lee, Juhyun
  • The University of Birmingham


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Title Selective disclosure
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Sub Title

The case of the Korean securities market

Material Type Articles
Author(English)

Lee, Juhyun

Publisher

Birmingham:The University of Birmingham

Date 2010-06
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Industry and Technology < Others
Government and Law < Laws and Legislation
Holding The University of Birmingham

Abstract

Korea adopted Regulation Fair Disclosure (FD) in November 2002. Regulation FD, designed with a goal of levelling the playing field among market participants, has created considerable debate among practitioners and academics. This thesis examines the effect of Regulation FD on the Korean securities market, using a large sample of 161,343 forecast-year observations and 2,311 firm-year observations from 2000 to 2007. We uncover four main sets of findings. First, we find that analysts‘ forecast accuracy has increased after the adoption of Regulation FD. We attribute this finding to the improved quality of public information and reduced importance of private access to managers in the post-FD period. Second, we provide evidence of significant change in firms‘ disclosure policy in the post-FD period. We report that private earning guidance and private information in analysts‘ forecasts have decreased as a consequence of curtailing selective disclosure in the post-FD period. (The rest omitted)