| Project/Area Number |
14530167
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Accounting
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| Research Institution | TOYAMA UNIVERSITY |
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Principal Investigator |
HAYASHI Kenji TOYAMA UNIVERSITY, FACULTY OF ECONOMICS, PROFESSOR, 経済学部, 教授 (60231528)
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| Project Period (FY) |
2002 – 2003
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| Project Status |
Completed (Fiscal Year 2003)
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| Budget Amount *help |
¥1,400,000 (Direct Cost: ¥1,400,000)
Fiscal Year 2003: ¥600,000 (Direct Cost: ¥600,000)
Fiscal Year 2002: ¥800,000 (Direct Cost: ¥800,000)
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| Keywords | US GAAP / IFRS / FORM 20-F / RECONCILIATION / ANALYST FORECAST / VALUE-RELEVANCE / LIQUIDITY OF MARKET / ACCOUNTING DIVERSITY / Form 20-F / 情報の非対称性 / 国際会計基準 / 外国上場 / 比較可能性指標 / のれん |
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| Research Abstract |
This study Involves the Securities and Exchange Commission's(SEC) Financial Reporting Requirements for Foreign Firms, the Necessity of Providing a Quantitative Reconciliation to U.S.GAAP(Form 20-F). The Results of Earnings-Returns Research Indicate that the Release of Foreign GAAP Provides Important Information. But the Results of Earnings-Returns Research Using Recociled Information are Mixed. Insead of Earnings-Returns Research Methodology, This Study Utilize Analysts' Revisions as a Market Indicator of the Effect of Information Released in Foreign GAAP and the Reconciled Information in Form 20-F.
Hypothesis 1 : The Abnormal Revision around the Time of Filings Form 20-F Increases with the Divergence of US GAAP Earnings and Foreign GAAP Earnings. I expect that There is a Direct Relationship between Analyst Following and the Amount of Information Disclosed by a Firm. Hypothesis 2 : The Abnormal Revision around the Time of Filings Form 20-F Decreases with the Number of Analyst Following the Firm. A High Level of Dispersion in Earnings Forecast Implies Disagreement amoung Forecasts. Thus It is Hypothesissed. Hypothesis 3 : The Abnormal Revision around the Time of Filings Form 20-F Increases with the Amount of Dispersion of Analyst' Expectation. Samples Consist of Non-US Firms(UK, GERMANY, FRANCE, NETHERLAND, ITALY Firms) on the New York Stock Exchanges. The source of data for the period prior to filings Form 20-F is Institutional Brokers Estimate System(I/B/E/S)International Databases.
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