코스닥 기업의 상호변경과 주가반응

Abstract

In the viewpoints that corporate name does related to the firms' value, this study is to analyze the information contents of corporate name changes and to determine the factors that explain. The sample of the study consists of 100 firms listed in the KOSDAQ which changed their name during the period of two years from January, 2000 to December 2002. The event study methodology is used. Noteworthy is that the abnormal stock returns in this study are generated by the unchanged adjusted model [the daily abnormal returns, ARit, for firm i belongs of the same k industry on day t are computed as: ] introduced by Oh(1999) which used 26 trading days starting from day -15 to day +10 surrounding the date of name change announcement. The study finds that several factors of corporate name changes are associated with respective firms' abnormal returns of the stock price. First, the corporate name changes by and large were positively associated with the abnormal stock returns at announced before one day(-1), and during test period of -4 to 0 days(-4～0). Second, the market responded indifferently to the motivation of the name changes. Name changes for the reasons of M&A and for a new direction of corporate business, or for a new identity creating strategies were responded positively by the market. Third, the market also responded indifferently to the name changes depending on the firms and stock markets characteristics, i.e., the property of goods, the kind of industry the firm belongs, by sections in KOSDAQ, fads in the Inital, market trends, advertising expense to sales ratio, debt to assets ratio, and the size of the firm. Corporate strategists as well as investor I hope find the findings of this study useful. The unchanged adjusted model for computing the abnormal returns in this study is new and may shed new light to computing the abnormal returns for this type of research in the future among research analysts.