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Disclosure rules and opportunistic behavior of share repurchases

Research Project

Project/Area Number 18K12912
Research Category

Grant-in-Aid for Early-Career Scientists

Allocation TypeMulti-year Fund
Review Section Basic Section 07100:Accounting-related
Research InstitutionFukuoka University (2022)
Yokohama City University (2019-2021)
Kyushu Sangyo University (2018)

Principal Investigator

Kawase Hironori  福岡大学, 商学部, 准教授 (30755781)

Project Period (FY) 2018-04-01 – 2023-03-31
Project Status Completed (Fiscal Year 2022)
Budget Amount *help
¥4,030,000 (Direct Cost: ¥3,100,000、Indirect Cost: ¥930,000)
Fiscal Year 2021: ¥130,000 (Direct Cost: ¥100,000、Indirect Cost: ¥30,000)
Fiscal Year 2020: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2019: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2018: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Keywords自社株買い / ディスクロージャー / 利益発表 / 経営者報酬 / 株式リターン / 株式流動性 / ROE / 公表後リターン / 流動性 / タイミング / Auction買付 / ToSTNeT-3 / ペイアウト
Outline of Final Research Achievements

I have published four papers, including two in refereed journals, during this research period. In these studies, we studied the following aspects: how reputations are formed for share repurchases, whether tender offer prices signal substantial privately negotiated share repurchase (also called targeted repurchases), whether stock liquidity is a source of long-run return following the announcement of share repurchases, and what information content is included in share repurchases that are announced simultaneously with earnings announcements? In addition, there is one working paper that focuses on the private compensation of managers and share repurchases.

Academic Significance and Societal Importance of the Research Achievements

株式会社は株主によって出資された資本をもとにビジネスを行い、その成果は株主に分配される。分配の具体的な方法にはいくつかあるが、伝統的に配当が用いられてきた。その一方で、日本企業ではここ10年で株主還元が強調されるようになり、そのなかで自社株買いもまた重要視されるようになった。しかし、自社株買いの特性は買付手法ごとに異なる一方で、その特性や実態を反映した情報開示制度が整備されていないかもしれない。企業外部の投資家に対して適切かつ十分な情報開示は、企業と投資家間の情報の非対称性の解消を通じて、公平な利益分配を促すためにも重要なものである。ここに本研究の学術的意義および社会的意義があるといえる。

Report

(6 results)
  • 2022 Annual Research Report   Final Research Report ( PDF )
  • 2021 Research-status Report
  • 2020 Research-status Report
  • 2019 Research-status Report
  • 2018 Research-status Report
  • Research Products

    (12 results)

All 2023 2022 2021 2020 2019 2018

All Journal Article (5 results) (of which Int'l Joint Research: 1 results,  Peer Reviewed: 2 results,  Open Access: 2 results) Presentation (6 results) Book (1 results)

  • [Journal Article] Signal strength adjustment behavior: Evidence from share repurchases2022

    • Author(s)
      Ota Koji、Lau David、Kawase Hironori
    • Journal Title

      Journal of Banking & Finance

      Volume: 143 Pages: 106545-106545

    • DOI

      10.1016/j.jbankfin.2022.106545

    • Related Report
      2022 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] 自社株買い公表後のリターンと流動性2021

    • Author(s)
      河瀬宏則, 井上謙仁
    • Journal Title

      証券アナリストジャーナル

      Volume: 59(6) Pages: 45-57

    • Related Report
      2021 Research-status Report
  • [Journal Article] 自社株買い公表後のリターンと流動性2021

    • Author(s)
      河瀬宏則・井上謙仁
    • Journal Title

      証券アナリストジャーナル

      Volume: 59(6)

    • Related Report
      2020 Research-status Report
  • [Journal Article] 実質的な相対取引をシグナルする負の公開買付プレミアム2020

    • Author(s)
      河瀬宏則
    • Journal Title

      横浜市立大学論叢.社会科学系列

      Volume: 71(2) Pages: 103-120

    • NAID

      120006797962

    • Related Report
      2019 Research-status Report
  • [Journal Article] Does reputation matter? Evidence from share repurchases2019

    • Author(s)
      Ota Koji、Kawase Hironori、Lau David
    • Journal Title

      Journal of Corporate Finance

      Volume: 58 Pages: 287-306

    • DOI

      10.1016/j.jcorpfin.2019.05.006

    • Related Report
      2019 Research-status Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Presentation] Share Repurchases using ToSTNeT-3 and Management's Opportunistic Behavior2023

    • Author(s)
      Hironori Kawase
    • Organizer
      TJAR research workshop
    • Related Report
      2022 Annual Research Report
  • [Presentation] 経営者による私的便益獲得のためのToSTNeT 3 を用いた自社株買い2023

    • Author(s)
      河瀬 宏則
    • Organizer
      資本市場・企業統治研究会
    • Related Report
      2022 Annual Research Report
  • [Presentation] An empirical analysis of the share repurchase timing to improve ROE(ROE改善を目的とした自社株買い実施タイミングの検証)2020

    • Author(s)
      河瀬宏則
    • Organizer
      TJAR Workshop
    • Related Report
      2020 Research-status Report
  • [Presentation] 実質的な相対取引をシグナルする負の公開買付プレミアム2019

    • Author(s)
      河瀬宏則
    • Organizer
      日本経営財務研究学会
    • Related Report
      2019 Research-status Report
  • [Presentation] Off-Auction Repurchase Announcement Timing2018

    • Author(s)
      河瀬宏則
    • Organizer
      日本会計研究学会
    • Related Report
      2018 Research-status Report
  • [Presentation] Off-Auction Repurchase Announcement Timing2018

    • Author(s)
      河瀬宏則
    • Organizer
      日本経営財務研究学会
    • Related Report
      2018 Research-status Report
  • [Book] 「第3章 南アジア電力企業の成長性に関する分析―日本の電力企業との財務諸表分析―」澤田英司・B.R.カンデル編『南アジアの社会経済基盤と開発援助』2021

    • Author(s)
      河瀬宏則
    • Total Pages
      151
    • Publisher
      九州大学出版会
    • ISBN
      9784798503097
    • Related Report
      2021 Research-status Report

URL: 

Published: 2018-04-23   Modified: 2024-01-30  

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