In the wake of the global financial crisis, we compare Korean firms that voluntarily disclosed their revaluation in a timely manner with those that did not. We find that firms are more likely to disclose revaluation when they hire a large, reputable appraisal firm and when they have a large number of revaluation increments. We observe a significantly positive market reaction to the voluntary disclosure of the revaluation results. A positive market reaction is mainly observed for firms that hired a large, reputable appraisal firm, had a large number of revaluation increments, and were under greater financial distress before revaluation.

中文翻译：

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评估质量对资产重估自愿性披露的影响

在全球金融危机之后，我们将及时自愿披露其重估价值的韩国公司与未及时披露其价值的韩国公司进行了比较。我们发现，当公司雇用一家信誉良好的大型评估公司时，并且它们的重估增值幅度较大时，它们更有可能披露重估价值。我们发现，市场对自愿披露重估结果的反应非常积极。对于聘用大型，信誉良好的评估公司，具有大量重估增值，且在重估之前承受更大财务压力的公司，主要观察到积极的市场反应。