This study comparatively analyzes the signaling effects of equity transfer disclosures for inheritance and gift transfers reported under the Statement of Changes in Equity Holdings by the Largest Shareholder and Related Parties. Inheritance is an exogenous event triggered by the death of a natural person and does not satisfy the choice and cost-differential conditions required by signaling theory, whereas gift transfer is an endogenous act in which insiders determine the timing and scale of transfer. Using a quasi-experimental design with inheritance as a control group, event study and regression analyses are conducted on 75 inheritance and 311 gift transfer events from firms listed on the Korea Exchange between 2010 and 2019. Inheritance disclosures generate no significant reactions in any event window, whereas gift disclosures show significant increases in cumulative average abnormal returns (CAAR) and trading volume before the disclosure date. The discretionary accruals ratio prior to gift transfers is significantly positive, rejecting the hypothesis that CAAR decline stems from earnings management. Cumulative abnormal returns around the disclosure show a significant positive association with post-disclosure changes in sales growth. This study confirms that gift transfer disclosures function as signals of firm intrinsic value beyond mere timing choice.