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Jung, Kooyul
School of Business Administration
Research Interests
  • Accounting Information and capital market
  • Analysts’Forecast
  • Governance

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Trading Behavior Prior to Public Release of Analyst Reports: Evidence from Korea

DC Field Value Language
dc.contributor.author Choi, Bobae ko
dc.contributor.author Jung, Kooyul ko
dc.contributor.author Lee, Doowon ko
dc.date.available 2015-03-23T00:11:43Z -
dc.date.created 2015-03-20 ko
dc.date.issued 2015-03 ko
dc.identifier.citation CONTEMPORARY ACCOUNTING RESEARCH, v.32, no.1, pp.105 - 138 ko
dc.identifier.issn 0823-9150 ko
dc.identifier.uri https://scholarworks.unist.ac.kr/handle/201301/10941 -
dc.description.abstract This paper investigates information leakage from analyst reports prior to their public release. Previous studies document abnormal trading by institutions or short selling before announcement of recommendation changes. Such prerelease abnormal trading is interpreted as evidence of information leakage from analyst reports. However, if sophisticated investors obtain information similar to what analysts have from other sources, abnormal prerelease trading patterns would be observed even if there were no information leakage from analyst reports. This paper, using a unique data set from Korea, aims to determine whether a direct causal link between recommendation changes and prerelease trading exists, by comparing trading behavior of client investors with non-client investors. We find that abnormal prerelease trading by client investors, especially client institutions, is earlier in timing and greater in magnitude than that of other investor groups, supporting the information leakage hypothesis. We further find that net buying by client institutions and client large individuals is positively associated with firm, analyst, and earnings forecast change variables that influence formulation of recommendation changes and their impacts ko
dc.description.statementofresponsibility close -
dc.language 영어 ko
dc.publisher WILEY-BLACKWELL ko
dc.title Trading Behavior Prior to Public Release of Analyst Reports: Evidence from Korea ko
dc.type ARTICLE ko
dc.identifier.scopusid 2-s2.0-84924918150 ko
dc.identifier.wosid 000352147600005 ko
dc.type.rims ART ko
dc.description.scopustc 0 *
dc.date.scptcdate 2015-03-20 *
dc.identifier.doi 10.1111/1911-3846.12090 ko
dc.identifier.url http://onlinelibrary.wiley.com/doi/10.1111/1911-3846.12090/abstract?systemMessage=Wiley+Online+Library+will+be+disrupted+on+21st+March+from+10%3A30+GMT+up+to+six+hours+and+from+05%3A30+EDT+up+to+six+hours+for+essential+maintenance.++Apologies+for+the+inconvenience. ko
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