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Korean Journal of Financial Studies 2015;44(4):637-662.
Published online September 30, 2015.
Are "Hidden Champion Stocks" Really Hidden Champion in the KOSDAQ Market?
Jin Woo Park, Jang Eun Cho
KOSDAQ 시장에서 "히든챔피언 종목"은 과연 히든챔피언인가?
박진우, 조장은
Abstract
This paper examines the information effect of ‘hidden champion’ selection announcement and investors’ trading behavior in the KOSDAQ market for the period from 2009 to 2013. The empirical results are summarized as follow. First, we find that the information effect of ‘hidden champion’ selection announcement is smaller than expected since the firm value has been reflected in the market prior to the announcement. Second, individual investors exhibit different trading patterns from those of institutional investors by showing that individual investors earn relatively lower returns surrounding the announcement. Finally, using the logit regression, we find that the firm’s profitability and the stock returns prior to the announcement are predictive variables for the selection of ‘hidden champion’ stocks.
Key Words: 정보비대칭,정보효과,코스닥,투자자유형별 매매 패턴,히든챔피언,Hidden Champion,Information Asymmetry,Information Effect,Investors` Trading Behavior,KOSDAQ
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