{"id":"https://openalex.org/W7225787678","doi":"https://doi.org/10.1007/s10690-026-09651-w","title":"Regulatory Disclosure Sequences and Corporate Distress Risk: Evidence from Korean DART Filings","display_name":"Regulatory Disclosure Sequences and Corporate Distress Risk: Evidence from Korean DART Filings","publication_year":2026,"publication_date":"2026-11-11","ids":{"openalex":"https://openalex.org/W7225787678","doi":"https://doi.org/10.1007/s10690-026-09651-w"},"language":"en","primary_location":{"id":"doi:10.1007/s10690-026-09651-w","doi":"https://doi.org/10.1007/s10690-026-09651-w","is_oa":true,"landing_page_url":"https://doi.org/10.1007/s10690-026-09651-w","pdf_url":null,"source":{"id":"https://openalex.org/S116955675","display_name":"Asia-Pacific Financial Markets","issn_l":"1380-2011","issn":["1380-2011","1387-2834","1573-6946","2213-1264"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","jufo-1","norway-1","poland-40","russia-white-list-2"],"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Asia-Pacific Financial Markets","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://doi.org/10.1007/s10690-026-09651-w","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5139606458","display_name":"Yuyong Kim","orcid":"https://orcid.org/0009-0006-4842-666X","observed_orcids":["https://orcid.org/0009-0006-4842-666X"]},"institutions":[{"id":"https://openalex.org/I135310074","display_name":"University of Wisconsin\u2013Madison","ror":"https://ror.org/01y2jtd41","country_code":"US","type":"education","lineage":["https://openalex.org/I135310074"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Yuyong Kim","raw_affiliation_strings":["University of Wisconsin-Madison, Madison, USA"],"raw_orcid":"https://orcid.org/0009-0006-4842-666X","affiliations":[{"raw_affiliation_string":"University of Wisconsin-Madison, Madison, USA","institution_ids":["https://openalex.org/I135310074"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5139606458"],"corresponding_institution_ids":["https://openalex.org/I135310074"],"apc_list":{"value":3390,"currency":"USD","value_usd":3390},"apc_paid":{"value":3390,"currency":"USD","value_usd":3390},"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11653","display_name":"Financial Distress and Bankruptcy Prediction","score":0.9932000041007996,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11653","display_name":"Financial Distress and Bankruptcy Prediction","score":0.9932000041007996,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12509","display_name":"Corporate Insolvency and Governance","score":0.003599999938160181,"subfield":{"id":"https://openalex.org/subfields/3308","display_name":"Law"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.0007999999797903001,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[],"concepts":[{"id":"https://openalex.org/C139002025","wikidata":"https://www.wikidata.org/wiki/Q3001212","display_name":"Lift (data mining)","level":2,"score":0.6693000197410583},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5196999907493591},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.4327999949455261},{"id":"https://openalex.org/C58471807","wikidata":"https://www.wikidata.org/wiki/Q327120","display_name":"Receiver operating characteristic","level":2,"score":0.41359999775886536},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.4065000116825104},{"id":"https://openalex.org/C2984760201","wikidata":"https://www.wikidata.org/wiki/Q1785212","display_name":"Financial distress","level":2,"score":0.39340001344680786},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.3758000135421753},{"id":"https://openalex.org/C129361004","wikidata":"https://www.wikidata.org/wiki/Q2470236","display_name":"Profitability index","level":2,"score":0.3626999855041504},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.358599990606308},{"id":"https://openalex.org/C63479239","wikidata":"https://www.wikidata.org/wiki/Q7353546","display_name":"Robustness (evolution)","level":3,"score":0.3506999909877777},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.3418000042438507},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.326200008392334},{"id":"https://openalex.org/C504631918","wikidata":"https://www.wikidata.org/wiki/Q152074","display_name":"Bankruptcy","level":2,"score":0.304500013589859},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.30000001192092896},{"id":"https://openalex.org/C169258074","wikidata":"https://www.wikidata.org/wiki/Q245748","display_name":"Random forest","level":2,"score":0.2856999933719635},{"id":"https://openalex.org/C139265228","wikidata":"https://www.wikidata.org/wiki/Q5283089","display_name":"Distress","level":2,"score":0.2802000045776367},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.27649998664855957},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.2721000015735626},{"id":"https://openalex.org/C185798385","wikidata":"https://www.wikidata.org/wiki/Q1161707","display_name":"Benchmark (surveying)","level":2,"score":0.26170000433921814},{"id":"https://openalex.org/C122048520","wikidata":"https://www.wikidata.org/wiki/Q2913954","display_name":"Percentile","level":2,"score":0.26089999079704285}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1007/s10690-026-09651-w","doi":"https://doi.org/10.1007/s10690-026-09651-w","is_oa":true,"landing_page_url":"https://doi.org/10.1007/s10690-026-09651-w","pdf_url":null,"source":{"id":"https://openalex.org/S116955675","display_name":"Asia-Pacific Financial Markets","issn_l":"1380-2011","issn":["1380-2011","1387-2834","1573-6946","2213-1264"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","jufo-1","norway-1","poland-40","russia-white-list-2"],"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Asia-Pacific Financial Markets","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.1007/s10690-026-09651-w","doi":"https://doi.org/10.1007/s10690-026-09651-w","is_oa":true,"landing_page_url":"https://doi.org/10.1007/s10690-026-09651-w","pdf_url":null,"source":{"id":"https://openalex.org/S116955675","display_name":"Asia-Pacific Financial Markets","issn_l":"1380-2011","issn":["1380-2011","1387-2834","1573-6946","2213-1264"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","jufo-1","norway-1","poland-40","russia-white-list-2"],"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Asia-Pacific Financial Markets","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":42,"referenced_works":["https://openalex.org/W148329840","https://openalex.org/W1608194207","https://openalex.org/W1641039719","https://openalex.org/W1966716734","https://openalex.org/W1969100500","https://openalex.org/W1976526581","https://openalex.org/W2008301397","https://openalex.org/W2020848494","https://openalex.org/W2021156448","https://openalex.org/W2048801439","https://openalex.org/W2067126594","https://openalex.org/W2084232675","https://openalex.org/W2098824882","https://openalex.org/W2102665218","https://openalex.org/W2105973145","https://openalex.org/W2116209939","https://openalex.org/W2124532504","https://openalex.org/W2130301625","https://openalex.org/W2131816657","https://openalex.org/W2152136804","https://openalex.org/W2156026066","https://openalex.org/W2158454296","https://openalex.org/W2166559705","https://openalex.org/W2510541067","https://openalex.org/W2606916050","https://openalex.org/W2911964244","https://openalex.org/W2974649893","https://openalex.org/W3121955125","https://openalex.org/W3122094160","https://openalex.org/W3122632517","https://openalex.org/W3122639747","https://openalex.org/W3123201237","https://openalex.org/W3124532889","https://openalex.org/W3125168868","https://openalex.org/W3199753366","https://openalex.org/W3209809080","https://openalex.org/W4240307802","https://openalex.org/W4388125210","https://openalex.org/W4390920136","https://openalex.org/W4401487519","https://openalex.org/W4414535450","https://openalex.org/W4415272960"],"related_works":[],"abstract_inverted_index":{"Abstract":[0],"This":[1],"study":[2],"examines":[3],"whether":[4,128],"sequences":[5],"of":[6,66,106],"regulatory":[7,302],"disclosure":[8,43],"events":[9],"contain":[10],"incremental":[11],"information":[12,306],"about":[13],"future":[14],"corporate":[15],"distress":[16,56,289],"beyond":[17],"accounting":[18],"fundamentals":[19],"and":[20,37,55,81,108,122,152,160,173,195,199,207,227,241,268,277,320],"market-based":[21],"signals":[22],"in":[23],"the":[24,41,47,99,113,133,166,174,211,232,272,318,349,361],"Korean":[25],"capital":[26],"market.":[27],"Using":[28],"major-event":[29],"disclosures":[30,303],"filed":[31],"with":[32,236,360],"Korea\u2019s":[33],"Data":[34],"Analysis,":[35],"Retrieval":[36],"Transfer":[38],"System":[39],"(DART),":[40],"electronic":[42],"system":[44],"operated":[45],"by":[46,310],"Financial":[48],"Supervisory":[49],"Service,":[50],"from":[51],"2015":[52],"to":[53,165,275],"2024":[54],"outcomes":[57],"observed":[58],"through":[59],"2025,":[60],"we":[61],"construct":[62],"a":[63,136,141,358],"firm-year":[64,150],"panel":[65,363],"19,924":[67],"observations":[68],"covering":[69],"2,798":[70],"firms.":[71],"Out-of-time":[72],"tests":[73],"show":[74],"that":[75,82,258,300,333],"disclosure-sequence":[76],"features":[77],"outperform":[78],"financial-only":[79],"baselines":[80],"combined":[83],"sequence-financial":[84],"models":[85],"substantially":[86],"improve":[87],"watchlist":[88],"ranking.":[89],"The":[90,182,297],"best":[91],"non-market":[92,114,234],"365-day":[93,188],"model":[94,117,216,250],"reaches":[95,118,187,217],"an":[96,344],"area":[97],"under":[98],"receiver":[100],"operating":[101],"characteristic":[102],"curve":[103],"(ROC":[104],"AUC)":[105],"0.906":[107],"top-decile":[109,123,196,208,218,242,351],"lift":[110,124,197,209,219,243],"6.90,":[111],"while":[112,264,317],"730-day":[115,200,213,237],"calibrated":[116,183,214],"ROC":[119,189,201,238],"AUC":[120,190,202,239],"0.900":[121],"6.50.":[125],"To":[126],"address":[127],"equity":[129],"prices":[130],"already":[131],"summarize":[132],"relevant":[134],"information,":[135],"market-price":[137],"extension":[138],"built":[139],"on":[140,253,357],"single,":[142],"independently":[143],"collected":[144],"daily":[145],"price":[146],"source":[147],"covers":[148,335],"96.9%":[149],"anchors":[151],"adds":[153],"50":[154],"trailing":[155,314],"price,":[156],"volume,":[157],"volatility,":[158],"drawdown,":[159],"market-adjusted":[161],"return":[162],"controls":[163],"benchmarked":[164],"Korea":[167,175],"Composite":[168],"Stock":[169],"Price":[170],"Index":[171],"(KOSPI)":[172],"Securities":[176],"Dealers":[177],"Automated":[178],"Quotations":[179],"(KOSDAQ)":[180],"index.":[181],"sequence-financial-market":[184],"random":[185],"forest":[186],"0.9082,":[191],"average":[192,204],"precision":[193,205],"0.1599,":[194],"7.08,":[198],"0.9050,":[203],"0.1751,":[206],"7.13;":[210],"robust":[212],"market":[215,267,315],"7.61.":[220],"Robustness":[221],"checks":[222],"excluding":[223],"weak":[224],"listing-status":[225],"proxies":[226],"SPAC-like":[228],"dissolution":[229],"cases":[230,256,286],"preserve":[231],"core":[233],"result,":[235],"0.895":[240],"6.42.":[244],"A":[245],"supplementary":[246],"no-lookahead":[247],"large":[248],"language":[249],"context":[251,270],"ablation":[252,334],"30":[254,337],"benchmark":[255,338],"shows":[257],"disclosure-only":[259],"prompts":[260],"reach":[261],"0.867":[262],"accuracy,":[263],"adding":[265],"pre-anchor":[266],"graph-retrieval":[269],"lowers":[271],"false-positive":[273],"rate":[274],"0.200":[276],"separates":[278],"post-hoc":[279],"+":[280,295],"20":[281],"trading-session":[282],"excess":[283],"returns":[284],"for":[285,347],"predicted":[287],"as":[288,343,354],"versus":[290,294],"normal":[291],"restructuring":[292],"(-12.0%":[293],"5.6%).":[296],"findings":[298],"suggest":[299],"ordered":[301],"reveal":[304],"distress-related":[305],"not":[307,353],"fully":[308],"captured":[309],"financial":[311],"ratios":[312],"or":[313],"prices,":[316],"LLM":[319],"price-reaction":[321],"screens":[322],"remain":[323],"descriptive":[324],"case-review":[325],"layers":[326],"rather":[327],"than":[328],"causal":[329],"event-study":[330],"evidence.":[331],"Because":[332],"only":[336],"cases,":[339],"it":[340],"is":[341],"reported":[342],"explainable-review":[345],"diagnostic":[346],"post-screening":[348],"model\u2019s":[350],"watchlist,":[352],"quantitative":[355],"validation":[356],"par":[359],"out-of-time":[362],"results.":[364]},"counts_by_year":[],"updated_date":"2026-11-12T12:28:57.059296","created_date":"2026-11-12T00:00:00"}