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The Effects of Corporate Soft Information on Stock Markets

Research Project

Project/Area Number 18K01716
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Review Section Basic Section 07060:Money and finance-related
Research InstitutionKwansei Gakuin University

Principal Investigator

AMAN Hiroyuki  関西学院大学, 商学部, 教授 (70346906)

Project Period (FY) 2018-04-01 – 2021-03-31
Project Status Completed (Fiscal Year 2020)
Budget Amount *help
¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000)
Fiscal Year 2020: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2019: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2018: ¥2,080,000 (Direct Cost: ¥1,600,000、Indirect Cost: ¥480,000)
Keywordsソフト情報 / ハード情報 / 価格形成 / 投資行動 / 個人投資家 / 市場流動性 / 企業情報 / 株式市場 / 金融リテラシー / マスメディア報道 / マスメディア / 投資家行動
Outline of Final Research Achievements

I have conducted empirical analyses on the question of how corporate soft information affects stock market pricing, trading behaviors and market liquidity, by developing ongoing research projects and launching new research programs. First, I have examined the effects of corporate disclosure and mass media on market liquidity and found that two information flows have impacts on information asymmetries among investors through different mechanisms. Second, I have examined the question of how television advertising is associated with stock market pricing and trading. Third, I have found that a wide variety of information access forms are associated with financial literacy of households by using a questionnaire survey.

Academic Significance and Societal Importance of the Research Achievements

本研究の学術的意義は、社会的に企業ソフト情報の普及は広く認知されているが、その株価形成・取引行動への含意について学術的に検討した研究は希少であるため、そこに新たな独自の知見を加えることにある。多様な情報源を活用して、企業情報が株式市場に与える影響を考察する学術的意義は大きいと考える。社会的意義として、個人投資家によるリスク資産形成の重要性が政策的な課題となる社会的背景のもとで、投資家保護を維持しながら、適切にリスク投資参加へ誘導し、健全な市場育成に関する学術面からの参考材料を提供できる。

Report

(4 results)
  • 2020 Annual Research Report   Final Research Report ( PDF )
  • 2019 Research-status Report
  • 2018 Research-status Report
  • Research Products

    (8 results)

All 2021 2020 2019 Other

All Int'l Joint Research (2 results) Journal Article (2 results) (of which Int'l Joint Research: 1 results,  Peer Reviewed: 1 results) Presentation (4 results)

  • [Int'l Joint Research] オーストラリア国立大学/ウロンゴン大学(オーストラリア)

    • Related Report
      2018 Research-status Report
  • [Int'l Joint Research] ランカスター大学(英国)

    • Related Report
      2018 Research-status Report
  • [Journal Article] 家計の金融リテラシーと情報接触に関する考察2021

    • Author(s)
      阿萬弘行
    • Journal Title

      商学論究

      Volume: 69

    • NAID

      120007126711

    • Related Report
      2020 Annual Research Report
  • [Journal Article] The role of credibility in the relation between management forecasts and analyst forecasts in Japan2019

    • Author(s)
      Aman Hiroyuki、Beekes Wendy、Chang Millicent、Wee Marvin
    • Journal Title

      Pacific-Basin Finance Journal

      Volume: 55 Pages: 29-45

    • DOI

      10.1016/j.pacfin.2019.03.002

    • Related Report
      2018 Research-status Report
    • Peer Reviewed / Int'l Joint Research
  • [Presentation] Disclosure Information, Media Coverage, and their Influence on Market Liquidity: Evidence from Japan2020

    • Author(s)
      阿萬弘行, 森保洋
    • Organizer
      日本ファイナンス学会
    • Related Report
      2020 Annual Research Report
  • [Presentation] Financial Literacy and Mutual Funds in Japan2020

    • Author(s)
      Hiroyuki Aman, Kozo Omori, Kazuhito Ogawa, Taizo Motonishi
    • Organizer
      日本ファイナンス学会第2回秋季研究大会
    • Related Report
      2020 Annual Research Report
  • [Presentation] 金融リテラシーと投資信託2020

    • Author(s)
      阿萬弘行, 大森孝造, 小川一仁, 本西泰三
    • Organizer
      日本金融学会秋季大会
    • Related Report
      2020 Annual Research Report
  • [Presentation] 企業情報が株式流動性に与える効果に関する実証分析2019

    • Author(s)
      阿萬弘行
    • Organizer
      証券経済学会
    • Related Report
      2019 Research-status Report

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Published: 2018-04-23   Modified: 2022-01-27  

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