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An empirical research on the path through which earnings announcement clustering affects market efficiency

Research Project

Project/Area Number 16H07380
Research Category

Grant-in-Aid for Research Activity Start-up

Allocation TypeSingle-year Grants
Research Field Accounting
Research InstitutionHiroshima University of Economics

Principal Investigator

Moriwaki Toshio  広島経済大学, 経済学部, 助教 (60780830)

Project Period (FY) 2016-08-26 – 2018-03-31
Project Status Completed (Fiscal Year 2017)
Budget Amount *help
¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2017: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2016: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Keywords決算発表 / 市場の効率性 / 注意力の限界 / アナリスト予想 / 新聞報道 / 流動性の供給 / 会計学
Outline of Final Research Achievements

Prior literature find that earnings announcement clustering distracts investors’ attention from firms and lowers market efficiency to earnings information. Investigating the pass through which earnings announcement clustering affects market efficiency, I find that earnings announcement clustering (1) lowers the probability of disseminating performance-related news, (2) delays the speed of disseminating performance-related news, (3) is not related to disclosing cash flow forecast by financial analysts.

Report

(3 results)
  • 2017 Annual Research Report   Final Research Report ( PDF )
  • 2016 Annual Research Report
  • Research Products

    (9 results)

All 2018 2017

All Journal Article (6 results) (of which Open Access: 6 results) Presentation (3 results)

  • [Journal Article] 決算発表の集中化が業績関連ニュースの報道に与える影響2018

    • Author(s)
      森脇敏雄・音川和久
    • Journal Title

      神戸大学大学院経営学研究科ディスカッション・ペーパー

      Volume: -

    • Related Report
      2017 Annual Research Report
    • Open Access
  • [Journal Article] アナリストによるキャッシュ・フロー予想と企業特性2018

    • Author(s)
      森脇敏雄
    • Journal Title

      国民経済雑誌

      Volume: 218

    • Related Report
      2017 Annual Research Report
    • Open Access
  • [Journal Article] The Effects of Earnings Announcement Clustering on Disseminating Perforance-Related News2017

    • Author(s)
      森脇敏雄
    • Journal Title

      広島経済大学経済研究論集

      Volume: 40 Issue: 2・3 Pages: 107-110

    • DOI

      10.18996/keizai2017400209

    • NAID

      120006376359

    • URL

      https://hue.repo.nii.ac.jp/records/482

    • Year and Date
      2017-12-31
    • Related Report
      2017 Annual Research Report
    • Open Access
  • [Journal Article] 選択的開示の特定方法に関する実証的課題2017

    • Author(s)
      森脇敏雄
    • Journal Title

      広島経済大学創立50周年記念論文集

      Volume: 上巻 Pages: 513-535

    • NAID

      120006358990

    • Related Report
      2017 Annual Research Report
    • Open Access
  • [Journal Article] 決算発表時刻と株価反応-日中取引データを用いた実証分析-2017

    • Author(s)
      音川和久・森脇敏雄
    • Journal Title

      JSDAキャピタルマーケットフォーラム(第1期)論文集

      Volume: - Pages: 65-88

    • Related Report
      2017 Annual Research Report
    • Open Access
  • [Journal Article] 有価証券報告書と決算短信の有用性比較2017

    • Author(s)
      音川和久・森脇敏雄
    • Journal Title

      神戸大学大学院経営学研究科ディスカッション・ペーパー

      Volume: -

    • Related Report
      2017 Annual Research Report
    • Open Access
  • [Presentation] 決算発表の集中化と情報仲介機能2017

    • Author(s)
      森脇敏雄
    • Organizer
      第2回JARDISワークショップ
    • Place of Presentation
      北九州市立大学(福岡県北九州市)
    • Year and Date
      2017-03-18
    • Related Report
      2016 Annual Research Report
  • [Presentation] 会計発生高とアナリストによるキャッシュ・フロー予想の公表2017

    • Author(s)
      森脇敏雄
    • Organizer
      日本ディスクロージャー研究学会第16回研究大会(於:法政大学)
    • Related Report
      2017 Annual Research Report
  • [Presentation] 決算発表の集中化が業績関連ニュースの報道に与える影響2017

    • Author(s)
      森脇敏雄
    • Organizer
      日本会計研究学会第76回全国大会(於:広島大学)
    • Related Report
      2017 Annual Research Report

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Published: 2016-09-02   Modified: 2019-03-29  

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