| Budget Amount *help |
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2019: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2018: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2017: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
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| Outline of Final Research Achievements |
Corporate information disclosure has the following characteristics: (i) manager makes multiple reports to disclose corporate information, (ii) corporate information is disclosed at various timing based on manager’s strategic decision, and (iii) corporate stakeholders such as investors get corporate information through several channels. I empirically investigate how consequences diverse disclosure processes of corporate information have on market participants. I then demonstrate that (i) there are significantly different disclosure timing of and market responses to Summary of Financial Results (Kessan-Tanshin) versus Annual Securities Report, (ii) there are significantly different market responses to earnings announcements made during trading versus non-trading hours, (iii) the impact of concentrated earnings announcements on media coverage, and (iv) the impact of high-quality corporate disclosure on analyst forecast attributes.
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