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Korean Journal of Financial Studies 2013;42(1):79-103.
Published online February 28, 2013.
Impact of Voluntary Disclosures on Information Effects of Investor Relations Announcements
Kang Heum Yon, Han Nah Kim
자율공시의 기업설명회 개최공시에 대한 영향
연강흠, 김한나
Abstract
Voluntary disclosures and investor conferences perform a similar function for investors in that they provide information about the company`s activities and prospects. This paper investigates the impact of a voluntary disclosure (VD) on the usefulness of the information released by the subsequent IR Announcement (IRA) to hold an investor conference in order to examine whether the IR release shortly after the VD has additional information effects in the context of expanding the current voluntary nature of disclosures. The empirical data reveals a significant market reaction to both VD information and the subsequent IRA information, pointing to a complementary relationship between VDs and IRAs. We further found that trading volume was significantly affected by VDs but not by IRAs. The VD information seems to be interpreted variously by investors and then subsequently increases the accuracy of the IRA information due to the dissolution of information heterogeneity among investors. According to the empirical results obtained through the stock market reaction that occurred after the post-VD IRAs, the additional information effects are retained, though the robustness of those effects diminishes as the number of previous IRAs held increases. As a result, we suggest that companies utilize voluntary disclosures prior to holding investor conferences, but we do not recommend frequent announcements of investor conferences.
Key Words: 기업설명회,시장반응,자율공시,정보효과,투자자관계,Information Effects,Investor Conferences,Investor Relations,Market Reaction,Voluntary Disclosures


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