Role and future possibilities of equity analysts in the dialogue with investors

• Project/Area Number: 16K17217
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Accounting
• Research Institution: Meiji University
• Principal Investigator: Nara Saori 明治大学, 商学部, 専任准教授 (40642880)
• Project Period (FY): 2016-04-01 – 2019-03-31
• Project Status: Completed (Fiscal Year 2018)
• Budget Amount: ¥3,510,000 (Direct Cost: ¥2,700,000、Indirect Cost: ¥810,000); Fiscal Year 2018: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000); Fiscal Year 2017: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000); Fiscal Year 2016: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
• Keywords: 業績予想 / アナリスト / アナリスト・カバレッジ / アナリスト予想 / 経営者予想 / ディスクロージャー / 価値関連性 / アナリストカバレッジ / 投資家 / ガバナンス / 企業価値

Outline of Final Research Achievements

This study investigates the effects between the analyst research and firm characteristics, such as corporate funding methods and corporate size. Also, this study investigates the effect of analyst research to equity market. As a result of the research, it become clear that analyst forecast is more accurate in firms which firm size is larger and depend on equity finance. Also, value relevance of analyst forecast is higher than management forecasts, in the firm which size is larger and depend on equity finance. This indicate that analyst forecast is more important than management forecasts in these firm.

Academic Significance and Societal Importance of the Research Achievements

日本企業が投資家との対話を強化するなかで、企業と投資家、株式市場をつなぐ第3者としてアナリストの役割は今後ますます重要になると考えられる。本研究では、アナリストの調査活動が発揮されている企業の特徴について、一端ではあるが明らかにすることができた。さらに、より精度の高いアナリスト予想を入手できる企業では経営者予想よりもアナリスト予想が参照される傾向があることを示した。こうしたことから、アナリストは企業の業績予想を上回る情報価値を提供できる可能性があり、アナリストを育成・増やしていく必要性の根拠を示すことができたと考える。

Research Products

• [Journal Article] The Effect of Bank Loan Dependence on Management and Analyst Forecasts (2019)
  • Author(s): Saori Nara, Mikiharu Noma
  • Journal Title: The Japanese Accounting Review Volume: 9
  • NAID: 130007777006
  • Peer Reviewed / Open Access
• [Journal Article] Forecast Accuracy and Value Relevance by Firm Size: A Comparison of Management and Analyst Forecasts (2017)
  • Author(s): Saori Nara, Mikiharu Noma
  • Journal Title: 明大商学論叢 Volume: 100 Pages: 69-95
  • NAID: 40021800190
  • Peer Reviewed
• [Presentation] Forecast Accuracy and Value Relevance by Firm Size - A Comparison of Management and Analyst Forecasts (2016)
  • Author(s): Saori Nara, Mikiharu Noma
  • Organizer: American Accounting Association Annual Meeting 2016
  • Place of Presentation: New York, The U.S.
  • Int'l Joint Research
• [Book] 企業評価論入門 (2019)
  • Author(s): 奈良 沙織
  • Total Pages: 320
  • Publisher: 中央経済社
  • ISBN: 9784502299612