신제품 공개의 공시효과

This study focuses on information asymmetry between component suppliers participating new product preannouncement (NPP) and investors in the smartphone industry. To examine to impact NPP on market value, this study performed an empirical analysis using event study based on component suppliers of iPhone and Galaxy S series from 2007 to 2016. As a result, new partners and new technologies-adopted component suppliers have a higher abnormal return in the short-term than existing partners and existing technologies-applied component suppliers at the time of NPP. In this case, it can be interpreted to support signal theory which can have a positive effect in the market from announcement effect. This is meaningful to identify that NPP could mitigate information asymmetry between component suppliers and investors as a first paper.