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@article{ART002343630},
author={Yoon， Sun Heum},
title={Information leakage and its impact to stock prices in the Korean stock marke},
journal={Asset Management Review},
issn={2288-6672},
year={2015},
volume={3},
number={2},
pages={45-62},
doi={10.23007/amr.2015.3.2.45}

TY - JOUR
AU - Yoon， Sun Heum
TI - Information leakage and its impact to stock prices in the Korean stock marke
JO - Asset Management Review
PY - 2015
VL - 3
IS - 2
PB - Institute of Management Research, SungKyunKwan University
SP - 45
EP - 62
SN - 2288-6672
AB - This paper examines the stock price movements around 2,496 announcements of corporate financing decisions, such as seosoned equity offerings, free issue of new shares, convertible bond issuances, and bond with warrants issuances. The results show that stock prices have moved before the announcements and to the directions expected to be observed after announcements. This paper measures the amount of information leakage in line with Meulbroek (1992) and finds that substantial amount of information which ranges from 63.06% to 85.44% has been leaked before the announcements. KOSDAQ shows relatively severe information leakage compared to KSE which implies that KOSDAQ has more room to improve its market efficiency by enforcing rules and regulations.
KW - Timely Disclosure;Information Leakage;Insider Trading;Effici ent Market Hypothesi
DO - 10.23007/amr.2015.3.2.45
ER -

Yoon， Sun Heum. (2015). Information leakage and its impact to stock prices in the Korean stock marke. Asset Management Review, 3(2), 45-62.

Yoon， Sun Heum. 2015, "Information leakage and its impact to stock prices in the Korean stock marke", Asset Management Review, vol.3, no.2 pp.45-62. Available from: doi:10.23007/amr.2015.3.2.45

Yoon， Sun Heum "Information leakage and its impact to stock prices in the Korean stock marke" Asset Management Review 3.2 pp.45-62 (2015) : 45.

Yoon， Sun Heum. Information leakage and its impact to stock prices in the Korean stock marke. 2015; 3(2), 45-62. Available from: doi:10.23007/amr.2015.3.2.45

Yoon， Sun Heum. "Information leakage and its impact to stock prices in the Korean stock marke" Asset Management Review 3, no.2 (2015) : 45-62.doi: 10.23007/amr.2015.3.2.45

Yoon， Sun Heum. Information leakage and its impact to stock prices in the Korean stock marke. Asset Management Review, 3(2), 45-62. doi: 10.23007/amr.2015.3.2.45

Yoon， Sun Heum. Information leakage and its impact to stock prices in the Korean stock marke. Asset Management Review. 2015; 3(2) 45-62. doi: 10.23007/amr.2015.3.2.45

Yoon， Sun Heum. Information leakage and its impact to stock prices in the Korean stock marke. 2015; 3(2), 45-62. Available from: doi:10.23007/amr.2015.3.2.45

Yoon， Sun Heum. "Information leakage and its impact to stock prices in the Korean stock marke" Asset Management Review 3, no.2 (2015) : 45-62.doi: 10.23007/amr.2015.3.2.45