| Budget Amount *help |
¥2,210,000 (Direct Cost: ¥1,700,000、Indirect Cost: ¥510,000)
Fiscal Year 2016: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2015: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
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| Outline of Final Research Achievements |
The purpose of this study is to examine cross-border information transfers associated with earnings announcements. Specifically, I investigate whether earnings surprises announced by U.S. firms affect investors’ perceptions of non-announcing Japanese firms in the same industry. I hypothesize that earnings surprises released by U.S firms are positively related to abnormal returns of non-announcing Japanese peers because of the relentless globalization of product and capital markets. However, the result shows that U.S. firms’ earnings surprise are not significantly related to abnormal returns of non-announcing Japanese peers.
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