한-터키 FTA에 대한 기업수준의 이질적 반응 - KOSPI 시장 사건연구 -
Heterogeneous Firm-Level Responses to the Korea-Turkey Free Trade Agreement: An Event Study Approach to KOSPI
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This paper examines the expectation of market investors in KOSPI for the economic effect of the Korea-Turkey Free Trade Agreement (FTA) through the responses of the cumulative average abnormal return (CAAR). Employing the event study approach, the main findings of this study are as follows: first, the expectation of market investors in KOSPI for the economic effect of the Korea-Turkey FTA shows no statistical significance at the time window (±1 ~ ±5) of all the events, i.e., embargo clearance and effectuation; second, the expectation of market investors varies by industry; last, the overall firm-level responses to KOSPI for the economic effect of the Korea-Turkey FTA, the Korea-US FTA, the Korea-EU FTA, and the Korea-China FTA lead to no meaningful expectation as the reaction of overall CAAR shows no statistical significance.
Abstract
This paper examines the expectation of market investors in KOSPI for the economic effect of the Korea-Turkey Free Trade Agreement (FTA) through the responses of the cumulative average abnormal return (CAAR). Employing the event study approach, the main findings of this study are as follows: first, the expectation of market investors in KOSPI for the economic effect of the Korea-Turkey FTA shows no statistical significance at the time window (±1 ~ ±5) of all the events, i.e., embargo clearance and effectuation; second, the expectation of market investors varies by industry; last, the overall firm-level responses to KOSPI for the economic effect of the Korea-Turkey FTA, the Korea-US FTA, the Korea-EU FTA, and the Korea-China FTA lead to no meaningful expectation as the reaction of overall CAAR shows no statistical significance.
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