This study analyzes the impact on the Korean stock market of the inter-Korean summits in 2000, 2007, and 2018 and the North Korea–United States summit in 2018 using the event study methodology. Three portfolios, which have high exposures to North Korea risks are constructed: stocks related to Kaesong Industrial Complex (KS portfolio), stocks related to inter-Korean economic cooperation (IEC portfolio), and stocks related to the defense industry (DEF portfolio). Empirical analysis show that the cumulative abnormal returns (CARs) of KS, IEC, and DEF portfolios react positively or negatively to each summit. These results imply that peace does not simply play a role in boosting stock prices and that the stock price reflects all available information related to the summits, including the process and agreement of the summits' discussion and political context. The robustness test (performed by changing the event day to the announcement rather than the agreement) shows that KS and IEC portfolios reflect positive expectation and that the DEF portfolio reflects negative expectation in the financial market. Although each CAR pattern varies, it is true that the stock price reflects all available information of summits swiftly. In other words, our paper shows that the efficient market hypothesis holds in the Korean stock market.

这项研究使用事件研究方法分析了2000年，2007年和2018年的韩朝峰会以及2018年的朝鲜-美国峰会对韩国股市的影响。构建了三个具有高朝鲜风险敞口的投资组合：与开城工业园区相关的股票（KS投资组合），与韩朝经济合作相关的股票（IEC投资组合）以及与国防工业相关的股票（DEF投资组合）。实证分析表明，KS，IEC和DEF投资组合的累积异常收益（CAR）对每个峰会都产生积极或消极的反应。这些结果表明，和平不仅在推动股价上涨中发挥作用，而且股价反映了与峰会有关的所有可用信息，包括峰会的进程和协议。讨论和政治背景。健壮性测试（通过将活动日期更改为公告而不是协议来执行）表明，KS和IEC投资组合反映了积极的期望，而DEF投资组合反映了金融市场的消极期望。尽管每种CAR模式都各不相同，但确实股价能迅速反映出峰会的所有可用信息。换句话说，我们的论文表明有效市场假说在韩国股票市场中成立。的确，股价迅速反映了峰会的所有可用信息。换句话说，我们的论文表明有效市场假说在韩国股票市场中成立。的确，股价迅速反映了峰会的所有可用信息。换句话说，我们的论文表明有效市场假说在韩国股票市场中成立。