Stock Market reaction of disclosure of technological information and R&D intensity

posang lee

Journal of The Korea Society of Computer and Information

Abbr : JKSCI
2016, 21(11), pp.151-158
Publisher : The Korean Society Of Computer And Information
Research Area : Computer Science

posang lee ¹

¹송원대학교

ABSTRACT

This study analyzes the stock market reaction of disclosure of technological information using events which are collected in the Korean stock market for the thirteen-year period between January 2002 and December 2014. We find that abnormal return on the disclosure day of full sample firms is positive and statistically significant. However, abnormal return of high R&D intensity subsample is a larger positive number than that of the low one. Using a longer window, it shows that low R&D intensity negatively decreases the long term performance after the adoption of new technological information. The empirical evidence of the studying is expected to serve as a good judging guide-line for the investors.
KEYWORDS

technological Information, disclosure effect, Stock return, R&D, announcement
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KJC Korea
Journal Central

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