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The role of accounting information in stock market liberalization: Evidence from Korea

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  • The role of accounting information in stock market liberalization: Evidence from Korea
  • Song, In-Man; Jung, Kooyul; Douthett Jr., Edward B.
  • Elsevier


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Title The role of accounting information in stock market liberalization: Evidence from Korea
Similar Titles
Material Type Articles
Author(English)

Song, In-Man; Jung, Kooyul; Douthett Jr., Edward B.

Publisher

[Amsterdam, Netherlands]:Elsevier

Date 2003
Journal Title; Vol./Issue Advances in International Accounting:vol. 16
Pages 18
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Economy < Economic Administration
Holding SSRN

Abstract

A stock market liberalization is a decision by a country's government to allow foreigners to buy securities in that country's capital market. This study examines how the liberalization of the Korean stock market affected stock price behavior and changed the role accounting information for investment decisions. The Korean stock market opened its door to foreign investment in 1991. Prior to this, market inefficiencies, such as the co-movement of stock prices with industry or market indices or investment based on rumor and speculation, were widespread. Since the opening of the stock market to foreigners, a more rational pricing behavior has emerged. This setting provides a unique opportunity to investigate how stock price behavior has changed with market liberalization and what was the role of accounting information in this process. (The rest omitted)