한-터키 FTA에 대한 기업수준의 이질적 반응

Heterogeneous Firm-Level Responses to the Korea-Turkey Free Trade Agreement : An Event Study Approach to KOSPI

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.